MIRA
INFORM REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
VENUS HOME APPLIANCES PRIVATE LIMITED |
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Registered
Office : |
5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi –
628103, Tamilnadu, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.04.1995 |
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Com. Reg. No.: |
030812 |
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CIN No.: [Company Identification
No.] |
U30007TN1995PTC030812 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electric Water Heaters. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 466788 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi –
628103, |
|
Tel. No.: |
91-461-2271891 |
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Fax No.: |
91-461-2271890 |
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E-Mail : |
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Central Marketing Office : |
4/993, Chennai-600096, |
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Tel. No.: |
91-44-43401515 |
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Fax No.: |
91-44-43401525 |
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|
|
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Branches : |
Located at v
v
Ernakulam v
Guwahati v
v
v
Noida v
Kolkata v
Mumbai v
|
DIRECTORS
AS ON 04.09.2010
|
Name : |
Mr. N. Subbiah |
|
Designation : |
Managing Director |
|
Address : |
89, New Colony, Thoothukudi – 628 003. |
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Date of Birth/Age : |
12.03.1948 |
|
Date of Appointment : |
24.05.2004 |
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|
Name : |
Mr. G. Vijayal |
|
Designation : |
Director |
|
Address : |
C-106, North east Extension, Thillai Nagar, Trichy – 620 018. |
|
Date of Birth/Age : |
27.06.1936 |
|
Date of Appointment : |
05.04.1995 |
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|
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|
Name : |
Mr. S. Mangayarkarasi |
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Designation : |
Director |
|
Address : |
89, New Colony, Thoothukudi – 628 003. |
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Date of Birth/Age : |
09.09.1949 |
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Date of Appointment : |
26.06.2004 |
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|
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|
Name : |
Mr. R. Murali Ganesan |
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Designation : |
Director |
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Address : |
12/4, Bucklepuram, Thoothukudi – 628 003. |
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Date of Birth/Age : |
22.08.1973 |
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Date of Appointment : |
26.06.2004 |
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Name : |
Mr. I. Ramkumar |
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Designation : |
Director |
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Address : |
B 206, B 207, |
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Date of Birth/Age : |
09.07.1968 |
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Date of Appointment : |
26.06.2004 |
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Name : |
Mr. R. Iyadurai |
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Designation : |
Director |
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Address : |
3/634, |
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Date of Birth/Age : |
06.04.1938 |
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Date of Appointment : |
18.09.2006 |
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Name : |
Mr. S. Sundararaj |
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Designation : |
Director |
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Address : |
22, Parangusapuram, Kodambakkam, Chennai – 600 024. |
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Date of Birth/Age : |
03.08.1958 |
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Date of Appointment : |
18.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.09.2010
|
Names of Shareholders |
|
No. of Shares |
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|
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N. Subbiah |
|
240800 |
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G. Vijayal |
|
291200 |
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I. Ramkumar |
|
420000 |
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R. Murali Ganesan |
|
420000 |
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S. Mangayarkarasi |
|
420000 |
|
I. Yasodha |
|
421800 |
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Subbiah Kannan |
|
266000 |
|
R. Iyadurai |
|
1000 |
|
S. Singaravel |
|
500 |
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S. Sundararaj |
|
106566 |
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S. Jayaram |
|
106067 |
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S. Ranjan |
|
106067 |
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Total |
|
2800000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electric Water Heaters. |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Installed
Capacity |
Actual
Production |
|
|
|
|
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Storage Heaters |
219000 |
134749 |
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Instant Heaters |
54750 |
27501 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
M. Arumugam Chartered Accountant |
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Address : |
4B, A8, Mangal Mall, Mani Nagar, Tuticorin – 628103, Tamil |
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Associates/Subsidiaries : |
v
Standard Electrical Services v
Standard Electric Company |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 28.000 Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
28.000 |
28.000 |
28.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
88.697 |
39.177 |
17.286 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
116.697 |
67.177 |
45.286 |
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|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
100.295 |
99.031 |
110.560 |
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|
2] Unsecured Loans |
44.651 |
41.089 |
36.664 |
|
|
TOTAL BORROWING |
144.946 |
140.120 |
147.224 |
|
|
DEFERRED TAX LIABILITIES |
11.297 |
5.429 |
3.020 |
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|
|
|
|
|
|
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TOTAL |
272.940 |
212.726 |
195.530 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
97.453 |
48.568 |
64.156 |
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Capital work-in-progress |
1.318 |
0.498 |
0.000 |
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|
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|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
89.639
|
99.695 |
90.749 |
|
|
Sundry Debtors |
61.065
|
104.320 |
57.529 |
|
|
Cash & Bank Balances |
60.174
|
35.046 |
19.369 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
53.307
|
17.950 |
20.244 |
|
Total
Current Assets |
264.185
|
257.011 |
187.891 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.145
|
63.909 |
39.321 |
|
|
Other Current Liabilities |
10.444
|
10.302 |
8.451 |
|
|
Provisions |
24.428
|
19.143 |
8.750 |
|
Total
Current Liabilities |
90.017
|
93.354 |
56.522 |
|
|
Net Current Assets |
174.168
|
163.657 |
131.369 |
|
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|
MISCELLANEOUS EXPENSES |
0.001 |
0.003 |
0.005 |
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|
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|
|
|
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TOTAL |
272.940 |
212.726 |
195.530 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
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|
|
|
Income |
835.482 |
703.793 |
662.337 |
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EXPENSES |
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TOTAL |
752.390 |
662.964 |
NA |
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PROFIT BEFORE
TAX |
83.091 |
40.829 |
17.879 |
|
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Less |
TAX |
28.664 |
16.639 |
6.835 |
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|
PROFIT AFTER TAX |
54.427 |
24.190 |
11.044 |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
20.893 |
26.443 |
NA |
|
|
|
Finished Goods |
33.002 |
27.718 |
NA |
|
|
|
Capital Goods |
4.657 |
0.195 |
NA |
|
|
TOTAL IMPORTS |
58.552 |
54.356 |
NA |
|
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|
|
|
Earnings Per
Share (Rs.) |
19.44 |
8.64 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
--
|
-- |
-- |
|
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.94
|
5.80 |
2.69 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.97
|
13.36 |
7.09 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.71
|
0.60 |
0.39 |
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.01
|
3.47 |
4.49 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.93
|
2.75 |
3.32 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
After the fire
accident in Sept. 2008 all the employees of the company and the management team
worked very hard and managed the year 2008-09 very well. During the summer of
2009 reconstruction of the factory was started. Alongside, the production also
was continued. Reconstruction was successfully completed in August, 2009 and
the new factory was inaugurated on 3rd August, 2009. We could see the bright
smile on the face of each employee and the management team. It was a
culmination of collective efforts and hard work of all. They congratulate all
the employees and the management team for this achievement.
After the completion
of the shed new machines were erected with a little modification in the layout.
The brand new machines and the assembly line with conveyor system were the
gateway to better productivity. Employees were happy and proud to see all new
machines and some new system. The working environment also has improved. They
hope that all these will give better production and employee satisfaction in
the coming years.
All the above have
shown result in the performance of the year. With the active and willing
support of their bankers, Axis Bank and their supplies they have been able to
show good performance during the 2009-10.
Form 8
|
Corporate
identity number of the company |
U30007TN1995PTC030812 |
||||||
|
Name of the
company |
VENUS HOME APPLIANCES PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi –
628103, |
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|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property Any interest in
immovable property |
||||||
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Particular of
charge holder |
|
||||||
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Nature of
instrument creating charge |
Declaration cum
confirmation deed dated 23.11.2010 |
||||||
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Date of
instrument Creating the charge |
23.11.2010 |
||||||
|
Amount secured by
the charge |
Rs. 305.751
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreed
terms Terms of
Repayment As per agreed
terms Margin As per agreed
terms Extent and
Operation of the charge Equitable Mortgage
of the properties belonging to the company at Others Nil |
||||||
|
Date of
instrument modifying the charge |
06.09.2010 |
||||||
|
Particulars of
the present modification |
Equitable
Mortgage of the properties belonging to the company at |
Fixed Assets
- Land
- Factory Buildings
- Furniture
- Plant and Machinery
- Computers
- Mould for Plastic Body
- Patent Right
- Transport Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.