MIRA
INFORM REPORT
|
Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
VENUS FURNITURE PRIVATE LIMITED |
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Registered Office : |
Plot No.8, Kalawa Block, TTC Industry Area, Digha Tallow, Digha Village, Belapur Road, Thane, Navi
Mumbai- 400708, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
30.04.2004 |
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Com. Reg. No.: |
146036 |
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CIN No.: [Company
Identification No.] |
U36100MH2004PTC146036 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV12111B |
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PAN No.: [Permanent
Account No.] |
AABCV9128J |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Manufacturer of Office Furniture |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 40000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
The company has improved its performance and has done well in 2007-08.
Trade relations are fair. Payments are reported as slow but correct. However, 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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sachin |
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Designation : |
Finance Department |
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Contact No.: |
91-22-25173558 |
LOCATIONS
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Registered Office / Factory : |
Plot No.8, Kalawa Block, TTC Industry Area, Digha Tallow, Digha Village, Belapur Road, Thane, Navi
Mumbai - 400708, Maharashtra, India |
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Tel No. : |
91-22-25173558 |
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Mobile No.: |
91-9819580061 [Mr. Sachin – Finance
Department] |
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E-Mail : |
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Location : |
1 Lakh Sq. ft. [Owned] |
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Administrative Office : |
C-26, |
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Tel. No.: |
91-9819580061 [Owned] |
DIRECTORS
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Name : |
Mr. Chandresh Prajivandas
Thakkar |
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Designation : |
Director |
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Address : |
A-802, Somnath Enclave, B/4, Sargat Shopping centre, Parle Point,Surat-395007, Gujarat |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
30.04.2004 |
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Name : |
Mr. Hitesh Kantilal
Dalwadi |
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Designation : |
Director |
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Address : |
9 – C, Trimurti Apartment, |
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Date of Birth/Age : |
12.04.1962 |
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Date of Appointment : |
30.04.2004 |
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Name : |
Mrs. Parul Sunil Dalwadi |
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Designation : |
Director |
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Address : |
401, |
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Date of Birth/Age : |
08.06.1968 |
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Date of Appointment : |
30.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.08.2008
|
Names of Shareholders |
No. of Shares |
|
Mr. Thakker Chandresh
Pradivndas |
162000 |
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Mr. Dalwadi Hitesh
Kantilal |
162000 |
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Mrs. Dalwadi Parul
Sunil |
162000 |
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Décor Home ( |
100 |
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|
20 |
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Total |
486120 |
AS ON 31.03.2008
|
Equity Share
Breakup |
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Office Furniture |
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Products : |
Office Furniture |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
L/C and Cash |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
70 [In Office : 20; In Factory : 50] |
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Bankers : |
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Facilities : |
Secured Loans Working Capital Loans :
Rs.48.871 millions Term Loan :
Rs. 2.110
millions ---------------------------- Total :
Rs.50.981 millions =============== |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.K Kabra and Company Chartered Accountants |
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Address : |
1006, |
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Tel. No.: |
91-261-2320131, 3108596 |
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E-Mail : |
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Associates/Subsidiaries : |
Décor Home India Private Limited, Vikhroli,
Mumbai |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- Each |
Rs.5.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
486120 |
Equity Shares |
Rs. 10/- Each |
Rs.4.861 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
4.861 |
4.883 |
4.965 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.982 |
0.000 |
0.168 |
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4] (Accumulated Losses) |
0.000 |
(0.328) |
0.000 |
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NETWORTH |
8.843 |
4.555 |
5.133 |
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LOAN FUNDS |
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1] Secured Loans |
50.981 |
35.147 |
6.807 |
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2] Unsecured Loans |
4.657 |
16.072 |
8.898 |
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TOTAL BORROWING |
55.638 |
51.219 |
15.705 |
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DEFERRED TAX LIABILITIES |
0.932 |
1.238 |
0.000 |
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TOTAL |
65.413 |
57.012 |
20.838 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.949 |
37.516 |
7.930 |
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Capital work-in-progress |
0.000 |
0.000 |
10.012 |
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INVESTMENT |
0.097 |
0.097 |
0.149 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories
|
15.384
|
15.850 |
2.874 |
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Sundry
Debtors
|
16.052
|
14.683 |
3.122 |
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Cash
& Bank Balances
|
3.716
|
3.282 |
2.703 |
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Other
Assets
|
0.442
|
0.296 |
0.000 |
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Loans
& Advances
|
4.230
|
2.562 |
0.184 |
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Total
Current Assets |
39.824
|
36.673
|
8.883
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Liabilities
|
18.918 |
17.652
|
6.546 |
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Provisions
|
0.565 |
0.174
|
0.306 |
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Total
Current Liabilities |
19.483
|
17.826 |
6.852 |
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Net Current Assets |
20.341
|
18.847 |
2.031 |
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MISCELLANEOUS EXPENSES |
0.026 |
0.552 |
0.716 |
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TOTAL |
65.413 |
57.012 |
20.838 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
121.288 |
61.712 |
16.382 |
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Other Income |
6.173 |
2.780 |
6.137 |
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Total Income |
127.461 |
64.492 |
22.519 |
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Profit/(Loss) Before Tax |
4.600 |
0.817 |
0.288 |
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Provision for Taxation |
0.289 |
1.313 |
0.126 |
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Profit/(Loss) After Tax |
4.311 |
(0.496) |
0.162 |
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Expenditures : |
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Raw Material Cons / Purchases |
90.372 |
52.103 |
17.065 |
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Manufacturing Expenses |
8.316 |
6.508 |
0.000 |
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Administrative & Gen Expenses |
8.764 |
5.292 |
4.542 |
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Employees Documents |
8.441 |
2.385 |
0.600 |
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Increase/(Decrease) in Finished Goods |
-3.127 |
-8.563 |
0.000 |
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Interest & Financial Charges |
5.279 |
2.830 |
0.000 |
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Depreciation & Amortization |
4.805 |
2.955 |
0.000 |
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Preliminary Exp W/O |
0.008 |
0.163 |
0.000 |
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Total Expenditure |
122.858 |
63.673 |
22.207 |
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Particulars |
|
31.03.2010 |
31.03.2009 |
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Sales Turnover |
|
70.000 [Due to
Recession] |
100.000 |
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Expected Sales ( 2010-11 ) : Rs. 120.000
Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
3.38
|
(0.77) |
1.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.79
|
1.32 |
1.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.05
|
0.01 |
0.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.18 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.49
|
15.16 |
4.39 |
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Current Ratio (Current Asset/Current Liability) |
|
1.95
|
2.06 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE
- Reliance
Energy Limited
- Reliance
Industry
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U36100MH2004PTC146036 |
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Name of the
company |
VENUS FURNITURE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
401, |
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Type of charge |
v
Immovable
Property v
Movable
Property |
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Particular of
charge holder |
The Cosmos
Co-operative Bank Limited Lubina, Plot No.76, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of Further
Charge |
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Date of
instrument Creating the charge |
07.07.2008 |
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Amount secured by
the charge |
Rs 71.500 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest – 1) Cash
credit(hypothecation of Stocks and Book Debts Rs.
50.000 Million- 12.50% p.a. 2) Chq. Pur Rs.1.500 Millions-18.00% p.a. . Terms of Repayment –On Demand Margin- 1)Cash Credit
(hypothecation of Stock and Book Depts Rs.50.000
millions at margin 25% in Banks Favour 2)Bill
Discounting Facility Cheque Purchase Rs. 1.500 millions –nil 3)Letter of
Credit (Inland /import) Rs. 5.000 millions at
Margin 15% in Banks Favour 4)Bank Guarantee Rs. 15.000 millions at Margin 25% in Bank’s Favour Extent and Operation of the charge- The Charge will
operate to the extent of Rs.71.500 millions on the security offered by the
company Others – Nil |
|
Short particulars
of the property charged |
1) The Hypothecated Stock and Debtors etc 2) All that piece and parcel of land being
plot no.8A-1/2B, TTC industrial Area Dighe District
Thane Municipal Corporation limits and freehold portion of the land adm. About 3992 square meters. And leasehold portion of
5820 square meters and present limits are as under 1)
C.C.(stocks
and book debts)-RS.50.000 millions 2)
C.P-Rs.1.500
millions 3)
B.G-Rs.15.000
millions 4)
L.C.-Rs. 5.000 millions ------------------------------------- Total Rs. 71.500 millions of limits for the sanctioned to M/s.
Decors Home India Private Limited |
|
Name of the company |
VENUS FURNITURE PRIVATE LIMITED |
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Presented
By |
THE COSMOS CO-OPERATIVE BANK LIMITED Bandra
(West) Mumbai – 400050, |
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1) Date and description of instrument creating the change |
Deed of Mortgage
Date : - 11.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 26.500 Millions
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1) All that piece
and parcel of the and known as plot No.8A-1/2B Situate in TTC Industrial Area
within the village limits of Dighe and now within
the limits of day is Mumbai municipal corporation taluka
and registration sub dist. And Registration Dist. Thane and the said free
hold portion of the plot is ad About 3992 sq.mts.
together with the construction made and being thereon and the said property
is bounded as under On or towards
North : By plot No. 8A-1/2A On or towards
West : By thane On or towards South
: By On or towards
East : By plot No. 8A-1/2A 2) All that piece
and parcel of the land known as plot no. 8A-1/2B Situate in TTC Industrial
Area within the village limits of Navi Mumbai
Municipal Corporation, Taluka and Registration sub
Dist and Registration Dist. Thane and the said lease hold portion of the plot
is right for the remaining period as hold and possessed by the Borrower
company and together with the construction made and to be made thereon and
the said property is bounded as under. On or towards
North : By plot No. 8A-1/2A On or towards
West : By thane On or towards
South : By On or towards
East : By plot No. 8A-1/2A Schedule II of
the Hypothecation stock, Book Debts, Raw Material, Plant and Machinery fixtures
etc. The list of
stock, book dents, raw material, plant and machinery. Furniture, fixtures
etc. Hypothecated
under this indenture is given separately In witnesseth whereof the Borrower / mortgage company
through its directors has put its seal and signature on this day month and
year first hereinabove written witness. |
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|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per Bank Rule |
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5) Name and Address and description of the person entitled to the charge. |
The Cosmos
Co-operative Bank limited Bandra (West) Mumbai – 400050, |
FIXED ASSETS
- Land
- Building
- Furniture
- Plant &
Machinery
- Equipments
- Vehicles
- Computers,
etc.
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 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.44.84 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
42 |
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.