MIRA
INFORM REPORT
|
Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
VICTORIA STEEL ENTERPRISES LIMITED |
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Registered
Office : |
Premises No.3, 2nd Floor, Preeth Complex, Opp Mch Market,
Ameerpet, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
16.02.2000 |
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Com. Reg. No.: |
01-033585 |
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CIN No.: [Company Identification
No.] |
U27109A2000PLC033585 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV03723G |
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PAN No.: [Permanent Account No.] |
AABCV5089Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
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RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 960000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Premises No.3, 2nd Floor, Preeth Complex, Opp Mch Market,
Ameerpet, |
|
Tel. No.: |
91-40-65976954 |
|
E-Mail : |
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Murali Bellari |
|
Designation : |
Additional Director |
|
Address : |
8-3-167/R/32/3, Erragadda, |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
20.04.2009 |
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DIN : |
01851989 |
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Name : |
Mr. Sudhakar Reddy Pesaladinne |
|
Designation : |
Director |
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Address : |
8-3-222/3/A/202 C-66, Block –C, Madhura Nagar, |
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Date of Birth/Age : |
31.08.1962 |
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Date of Appointment : |
12.07.2002 |
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DIN : |
00181847 |
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Name : |
Mr. Sriniwas Reddy Katmula |
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Designation : |
Director |
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Address : |
8-4-379/4/368/5/1, Borabanda, HRR Puram, |
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Date of Birth/Age : |
11.10.1975 |
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Date of Appointment : |
15.06.2007 |
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DIN : |
01641417 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Prasada Reddy |
|
Designation : |
Company Secretary |
|
Address : |
H. No.12-6-2/236, 1st Floor, Vivek Nagar, Kukatpally, |
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Tel No.: |
91-40-23155059 |
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Contact No.: |
91-9989234576 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
Paturi Sriniwas |
|
10 |
|
G.Samba Siva Rao |
|
10 |
|
Rayapati Krishnaiar |
|
10 |
|
Rayapati Archana |
|
10 |
|
Rayapati Padmaja |
|
10 |
|
Mupparaju Samba Siva Rao |
|
10 |
|
Mupparaju Sasi |
|
10 |
|
M.H. Reddy |
|
15000 |
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M. Ramakrishna |
|
18000 |
|
Prime Infoinvest Limited, |
|
150550 |
|
Swain Finance and Trading Private Limited, |
|
299465 |
|
BHagyanagar Invest,ent and Trading Private Limited, |
|
215335 |
|
G.B. Trading and Investment Private Limited, |
|
60323 |
|
Golkonda Finance and Trading Private Limited, |
|
294300 |
|
Total |
|
1053043 |
As on 29.09.2009
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
|
|
Bodies corporate |
96.86 |
|
Directors or relatives of Directors |
1.72 |
|
Other top fifty shareholders |
1.42 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
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Products : |
Iron and Steel (Ferrous Products) |
GENERAL INFORMATION
|
Bankers : |
Allahabad Bank, Himayatnagar, Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G.V. Suryanarayana Murthi Chartered Accountant |
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Address : |
B-166, Sanjeeva Reddy Nagar Colony, |
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PAN No.: |
AJDPM5800C |
CAPITAL STRUCTURE
As on 29.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,100,000 |
Equity Shares |
Rs.10/-each |
Rs.11.000 million |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,053,043 |
Equity Shares |
Rs.10/-each |
Rs.10.530 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.530 |
10.530 |
10.530 |
|
|
2] Share Application Money |
134.562 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
94.932 |
93.875 |
92.879 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
240.024 |
104.405 |
103.409 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.550 |
16.248 |
17.141 |
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|
2] Unsecured Loans – Supplier Credit |
260.000 |
50.000 |
50.000 |
|
|
TOTAL BORROWING |
275.550 |
66.248 |
67.141 |
|
|
DEFERRED TAX LIABILITIES |
0.827 |
0.695 |
0.472 |
|
|
|
|
|
|
|
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TOTAL |
516.401 |
171.347 |
171.022 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.519 |
6.475 |
5.141 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
6.837 |
6.837 |
16.276 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
53.518
|
14.003 |
24.134 |
|
|
Sundry Debtors |
559.455
|
122.281 |
201.479 |
|
|
Cash & Bank Balances |
2.075
|
0.548 |
4.903 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1368.451
|
437.873 |
311.731 |
|
Total
Current Assets |
1983.499
|
574.705 |
542.247 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1145.943
|
230.353 |
188.345 |
|
|
Other Current Liabilities |
334.114
|
186.055 |
204.125 |
|
|
Provisions |
0.411
|
0.281 |
0.198 |
|
Total
Current Liabilities |
1480.468
|
416.689 |
392.668 |
|
|
Net Current Assets |
503.031
|
158.016 |
149.579 |
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.014 |
0.020 |
0.026 |
|
|
|
|
|
|
|
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TOTAL |
516.401 |
171.348 |
171.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SALES |
|
|
|
|
|
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Income |
4001.273 |
4242.905 |
1781.825 |
|
|
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Other Income |
0.000 |
0.291 |
0.000 |
|
|
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TOTAL |
4001.273 |
4243.196 |
1781.825 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
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Purchases |
4011.201 |
4218.637 |
1783.601 |
|
|
|
Selling and Administrative Expenses |
26.838 |
12.185 |
11.626 |
|
|
|
Preliminary Expenses Written off |
0.001 |
0.001 |
0.001 |
|
|
|
Pre-operative Expenses written off |
0.005 |
0.005 |
0.005 |
|
|
|
Increase / Decrease in stock |
(39.515) |
10.131 |
(15.234) |
|
|
|
TOTAL |
3998.530 |
4240.959 |
1779.999 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2743 |
2.237 |
1.826 |
|
|
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.143 |
0.737 |
0.527 |
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|
|
|
|
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|
PROFIT BEFORE
TAX |
1.600 |
1.500 |
1.299 |
|
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|
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Less |
TAX |
0.290 |
0.281 |
0.197 |
|
|
|
|
|
|
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|
|
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PROFIT AFTER TAX |
1.190 |
1.219 |
1.102 |
|
|
|
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|
|
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|
Less |
PROVISION FOR
DEFERRED TAX |
0.132 |
0.224 |
0.292 |
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.606 |
2.611 |
1.801 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.664 |
3.606 |
2.611 |
|
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|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.13 |
1.16 |
1.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.03
|
0.03 |
0.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.04
|
0.04 |
0.07 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.08
|
0.26 |
0.24 |
|
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.32
|
4.63 |
4.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.38 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 50-1-40/13, APSEB Colony, Seethammadhara,
Vishakapatnam to the present address w.e.f. 19.03.2005
Company
Performance :
During the period, the company has achieved a turnover of Rs.4001.273
millions (Previous Year Rs.4242.904 million) and earned a net profit of
Rs.1.189 million (Previous Year Rs.1.218 million) after providing for all
expenses. The directors are hopeful to project better financial results in the
forth coming years.
FIXED ASSETS:
- Computer
- Office Equipment
- Vehicles
Bankers Charges
Report as per Registry
|
Name of the company |
VICTORIA STEEL ENTERPRISES LIMITED |
|
Presented By |
M. Ramakrishna,
Director |
|
1) Date and description of instrument creating the change |
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit /
Letter of Credit of Rs.20.000 millions |
|
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 |
Hypothecation of stock
and book debts and their movable assets created under general letter of
hypothecation. Mortgage of
residential plots bearing plot no.51 and 52, in survey no.1009, KPHB colony, Mortgage of
residential house on plots no.28
bearing H. no.8-2-269/5/28, Road no.2, Banjara Hills, |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per norms as
mentioned in sanction letter dated 15.04.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Allahabad Bank,
Himayat nagar Branch, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.45.21 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.