- Summary Information
|
|
|
Country |
|
|
Company Name |
VIVEK LIMITED |
Principal Name 1 |
Mr. Bysani Aswathanarayana
Kodandarama Setty |
|
Status |
MODERATE |
Principal Name 2 |
Mr. Bysani Aswathanarayana
Chandrashekara Setty |
|
|
|
Registration # |
18-28470 |
|
Street Address |
Old No.150, New No:68, |
||
|
Established Date |
31.08.1994 |
SIC Code |
-- |
|
Telephone# |
91-44-24989439/ 42221790 / 262021166 |
Business Style 1 |
DEALER |
|
Fax # |
91-44-42221770 / 24996783 |
Business Style 2 |
DISTRIBUTORS |
|
Homepage |
Product Name 1 |
Consumer Durables |
|
|
# of employees |
-- |
Product Name 2 |
- |
|
Paid up capital |
Rs.48,221,500/- |
Product Name 3 |
- |
|
Shareholders |
DIRECTORS OR
RELATIVES OF DIRECTORS – 95% OTHER TOP FIFTY SHAREHOLDERS –
5% |
Banking |
South Indian
Bank |
|
Public Limited Corp. |
NO |
Business Period |
17 YEARS |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ca
(19) |
|
Related
Company |
|||
|
Relation
|
COUNTRY
|
Company
Name |
CEO |
|
Subsidiaries |
|
Vivek Retail ( |
-- |
|
Associates |
- |
|
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
194,191,000 |
Current Liabilities |
143,021,000 |
|
Inventories |
285,289,000 |
Long-term Liabilities |
583,729,000 |
|
Fixed Assets |
131,396,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
726,750,000 |
|
Invest& other Assets |
2,905,000 |
Retained Earnings |
107,000 |
|
|
|
Net Worth |
(112,969,000) |
|
Total Assets |
613,781,000 |
Total Liab. & Equity |
613,781,000 |
|
Total Assets (Previous Year) |
645,630,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
3,044,202,000 |
Net Profit |
(51,596,000) |
|
Sales(Previous yr) |
3,247,451,000 |
Net Profit(Prev.yr) |
(140,593,000) |
MIRA
INFORM REPORT
|
Report Date : |
07.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIVEK LIMITED |
|
|
|
|
Registered Office : |
Old No.150, New
No:68, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
31.08.1994 |
|
|
|
|
Com. Reg. No.: |
18-28470 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.48.222 Million |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51909TN1994PLC028470 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEV02035F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACV1186B |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business : |
Dealer and Distributors of Electrics Products. |
|
|
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appear huge
accumulated losses recorded by the company. However trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealing on a safe and
secured 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
Old No.150, New
No:68, |
|
Tel. No.: |
91-44-24989439 /
42221790 / 262021166 |
|
Fax No.: |
91-44-42221770 / 24996783 |
|
Email : |
|
|
Website : |
|
|
Area : |
Large |
|
Locations : |
Owned |
|
|
|
|
Corporate
Office 1 : |
New. No. 171, Old
No. 74, LUZ Church Road, 2nd Street, Mylapore, Chennai - 600004,
Tamilnadu, India |
|
Tel. No.: |
91-44-262021166/62169495/62169330/
24992015/24996783 |
|
Fax No.: |
91-44-24996783 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office 2 : |
150
(New No.68), |
|
Tel. No.: |
91-44-42221700 |
|
Fax No.: |
91-44-42221770 |
|
|
|
|
Regional
Office: |
No.
310, 15th Cross, 5th Phase, J.P. Nagar, |
|
Tel. No.: |
91-80-
41461901, 41461920, 41461921 |
|
Fax No.: |
91-80-41461900 |
|
|
|
|
Branches : |
Located at:
Tel. No. 91-44-22316970
Tel. No. 91-44-26422462/26422486
Tel. No. 91-44-28140062/28144129
Tel. No. 91-44-28232020/28233005
Tel. No. 91-44-24845454/24845444
Tel. No. 91-44-26261841/26212107
Tel. No. 91-44-28524247/28524248/
24425270 Fax No.:91-44-24425306
Tel. No. 91-44-22261470
Tel. No. 91-80-26532338
Tel. No. 91-80-2125437/23121772
Tel. No. 91-80-25286240/25286241
Tel. No. 91-80-3337868/3337869
Tel. No. 91-80-22247122/22247123
Tel. No. 91-80-22206546/22206547 Tel. No. 91-422-2200329/2200330
Tel. No. 91-427-2334343/2334344
Tel. No. 91-462-2578983 |
DIRECTORS
As On 30.10.2010
|
Name : |
Mr. Bysani
Aswathanarayana Kodandarama Setty |
|
Designation : |
Managing Director |
|
Address : |
64, |
|
Date of
Birth/Age : |
07.02.1939 |
|
Date of
Appointment : |
31.08.1994 |
|
DIN No.: |
00026448 |
|
|
|
|
Name : |
Mr. Bysani
Aswathanarayana Chandrashekara Setty |
|
Designation : |
Joint Managing Director |
|
Address : |
|
|
Date of
Birth/Age : |
09.06.1946 |
|
Date of Appointment
: |
31.08.1994 |
|
DIN No.: |
00026506 |
|
|
|
|
Name : |
Mr. Bysani
Aswathanarayana Srinivasa |
|
Designation : |
Joint Managing Director |
|
Address : |
23, 1st Cross Street, |
|
Date of
Birth/Age : |
13.03.1957 |
|
Date of
Appointment : |
31.08.1994 |
|
DIN No.: |
00026698 |
|
|
|
|
Name : |
Mr. Srinivasan
Rangachari |
|
Designation : |
Additional
Director |
|
Address : |
Old No. 27, New
No. 6, 1st Cross Street, Sriram Nagar, TTK Road, Alwarpet, Chennai
– 600018, Tamilnadu, India |
|
Date of
Birth/Age : |
07.04.1928 |
|
Date of
Appointment : |
09.03.2010 |
|
DIN No.: |
02993720 |
|
|
|
|
Name : |
Mr. Srinivasachari Rajagopal |
|
Designation : |
Additional Director |
|
Address : |
Varenya 1043, 10th |
|
Date of
Birth/Age : |
10.03.1940 |
|
Date of
Appointment : |
09.03.2010 |
|
DIN No.: |
00022609 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.10.2010
|
Names of Shareholders |
No of Shares |
|
B. L.
Aswathanarayana Setty |
120100 |
|
B. A.
Vasanthalakshmi |
198600 |
|
B. K. Nalini
Jayanthi |
191100 |
|
B. C. Padmavathi |
116100 |
|
B. A. Kodandarama
Setty |
860274 |
|
B. A.
Chandrasekara Setty |
845513 |
|
B. A. Srinivasa |
1185263 |
|
B K Shanker |
18000 |
|
B K Anand |
52500 |
|
B K Sridhar |
42500 |
|
B A Nanda
Srinivas |
407000 |
|
B. C.
Sathyanarayana |
21750 |
|
B. C. Kishore Kumar |
21750 |
|
M. V. Raghavamma |
2500 |
|
Subadra Prahlad |
2500 |
|
T. R. Venkatraman |
2500 |
|
M Dharmchand
Gulecha |
2500 |
|
Basthichand
Gulecha |
2500 |
|
R Uma Mhaeswari |
2500 |
|
|
7500 |
|
S |
5000 |
|
Vimala Srinivasan |
2500 |
|
Manjula Dinaker |
2500 |
|
T K Subbarayan |
2500 |
|
R Kalyani |
5000 |
|
R T Verghese |
2500 |
|
Annu Verghese |
2500 |
|
A Bhaskaran |
500 |
|
R Aaarthi |
2500 |
|
D Baby |
500 |
|
B V Ramachandran |
5000 |
|
B R Premaleela |
5000 |
|
B R Devendrakumar |
5000 |
|
B R Hemavathi |
2500 |
|
T L
Munikrishnaiah Sheety |
2500 |
|
B |
1800 |
|
|
3000 |
|
R V Hemalatha |
2500 |
|
Pramila
Dyaneshwar Kachewar |
2500 |
|
Suresh V Kulkarni |
2500 |
|
D L Meenakshmma |
2500 |
|
B K
Sanjeevamurthy |
2500 |
|
M |
2500 |
|
M |
2500 |
|
Kiran I Hingorani |
2500 |
|
R D Badrinath |
10000 |
|
R B Rajeshwari |
5000 |
|
B Chandrasekharan |
2500 |
|
N K Nagaraj Gupta |
3000 |
|
P R Sarala |
5000 |
|
P H Raghavendra
Setty |
5000 |
|
B A Mahalakshmi |
12500 |
|
K |
2500 |
|
R L Umashankar |
500 |
|
R Suneetha Uma
Shankar |
500 |
|
B |
2500 |
|
M Sheela Devi |
2500 |
|
|
500 |
As On 30.10.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
95.00 |
|
Other top fifty shareholders |
5.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Dealer and Distributors
of Electrics Products. |
|
|
|
|
Products : |
Consumer Durables |
GENERAL INFORMATION
|
Customers : |
As
on 31.03.2009 ·
Wholesalers ·
Retailers ·
End users |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank, 129, ·
Laxmi Vilas Bank Limited, ·
South Indian Bank, Mylapore, Chennai - 600004, ·
The South India Bank Limited, Musore Branch, 146 Royapettah
High Road, Chennai – 600004, Tamil Nadu, India ·
Andhra Bank Limited, ·
ICICI
Bank Limited, Small Enterprises
Group, ICICI Towers, 6th Floor, West Wing, 93, Santhome High Road,
Chennai – 600 028, Tamilnadu, India
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountant |
|
Address : |
ASV N Ramanas
Tower, 52, |
|
Tel. No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
PAN.: |
AACFD3771D |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiaries |
·
Vivek
Retail ( CIN No.: U52334TN2007PLC065041 ·
Infiniti
Retail Ventures Limited CIN No.: U52334TN2007PLC065040 |
CAPITAL STRUCTURE
As On 30.10.2010
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4822150 |
Equity Shares |
Rs.10/- each |
Rs.48.222 Millions |
|
|
|
|
|
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 |
48.222 |
48.222 |
48.222 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.107 |
0.107 |
30.998 |
|
|
4] (Accumulated Losses) |
(161.298) |
(109.702) |
0.000 |
|
|
NETWORTH |
(112.969) |
(61.373) |
79.220 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
295.978 |
383.794 |
359.084 |
|
|
2] Unsecured Loans |
287.751 |
221.194 |
160.752 |
|
|
TOTAL BORROWING |
583.729 |
604.988 |
519.836 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
18.344 |
|
|
|
|
|
|
|
|
TOTAL |
470.760 |
543.615 |
617.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
131.396 |
135.134 |
112.452 |
|
|
Capital work-in-progress |
0.805 |
0.266 |
0.106 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.100 |
2.100 |
1.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
285.289
|
288.806 |
299.366 |
|
|
Sundry Debtors |
25.740
|
32.313 |
62.428 |
|
|
Cash & Bank Balances |
14.061
|
17.859 |
23.116 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
154.390
|
169.152 |
208.218 |
|
Total
Current Assets |
479.480
|
508.130 |
593.128 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
112.430
|
83.485 |
76.570 |
|
|
Other Liabilities |
28.300
|
16.250 |
9.828 |
|
|
Provisions |
2.291
|
2.280 |
2.988 |
|
Total
Current Liabilities |
143.021
|
102.015 |
89.386 |
|
|
Net Current Assets |
336.459
|
406.115 |
503.742 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
470.760 |
543.615 |
617.400 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3044.202 |
3247.451 |
3634.124 |
|
|
|
Income from Services |
25.779 |
28.751 |
14.682 |
|
|
|
Other Income |
9.625 |
12.109 |
18.354 |
|
|
|
TOTAL (A) |
3079.606 |
3288.311 |
3667.160 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
2650.277 |
2939.580 |
3177.457 |
|
|
|
Employee Cost |
108.354 |
122.485 |
91.261 |
|
|
|
Administrative and Other Expenses |
277.197 |
295.969 |
307.720 |
|
|
|
TOTAL (B) |
3035.828 |
3358.034 |
3576.438 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.778 |
(69.723) |
90.722 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
71.887 |
68.131 |
60.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(28.109) |
(137.854) |
29.992 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.791 |
19.252 |
17.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(48.900) |
(157.106) |
12.963 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.696 |
(16.513) |
5.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(51.596) |
(140.593) |
7.493 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(109.702) |
30.819 |
3.487 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(161.298) |
(109.702) |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Imported Goods |
0.000 |
1.527 |
4.284 |
|
|
|
Imported Capital Goods |
0.000 |
0.000 |
4.286 |
|
|
TOTAL IMPORTS |
0.000 |
1.527 |
8.57 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(10.70) |
(29.16) |
1.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.67)
|
(4.27) |
0.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.61)
|
(4.84) |
0.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.00)
|
(24.42) |
1.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
2.56 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(6.43)
|
(11.52) |
7.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.35
|
4.98 |
6.63 |
LOCAL AGENCY FURTHER INFORMATION
Change of Address:
Registered Office of the company has been shifted from 133,
Contingent
Liability:
|
Name of the
Statue |
Nature of Dues |
Forum Where Pending |
Assessment Year |
Amounts (In
Millions) |
Amount Deposited
(In Millions) |
|
Income Tax Act 1961 |
Income Tax |
CIT (Appeals) |
2003-04 |
0.415 (0.415) |
0.415 (0.415) |
|
Income Tax Act 1961 |
Income Tax |
ACIT |
2006-07 |
0.399 (0.399) |
0.399 NIL |
Note:
Figures in Brackets relate to previous Year.
OPERATIONS
During the year the company has achieved a turnover of Rs. 3390.000
Millions (Gross) as against Rs. 3590.000 Millions for previous year. The
reduction was due to continuation of meltdown in Global Economy during the
first quarter of the current year under consideration. However, the company had
taken adequate steps to protect the bottom line by introducing various
austerity measures. In this process the EBITDA of the company had shown a
positive figure Rs. 43.800 Millions compared to a negative figure of Rs. 69.700
millions during the same period in the previous year. The directors are taking
constant efforts are taking constant efforts to improve the performance in the
years to come.
FUTURE PROSPECTS
The entire economy has slowly moved into the growth path from the second
half of the year under consideration. The directors are confident that there is
bright future ahead for the retail sector.
The directors are confident that with the growth in entire economy
coupled with geographical growth of the company would result in increase of top
line and consequent enhancement in the bottom line of the company.
SUBSIDIARY
COMPANIES
There were no operations in the subsidiary companies during the year.
Form No. 8
|
Corporate
identity number of the company |
U51909TN1994PLC028470 |
|
Name of the
company |
VIVEK LIMITED |
|
Address of the registered
office or of the principal place of
business in |
133, |
|
This form is for |
Creation
of charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
South Indian Bank, Mylapore, Chennai- 600004, |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of entire Stock & Receivables of the Company, Credit
Facility Agreement for CCOL-65.000 Millions, Peak level – 30.000 Millions, LC
– 7.000 Millions, BG – 2.500 Millions, Agreement of Guarantee and Demand
Promissory Note |
|
Date of
instrument Creating the charge |
20.03.2010 |
|
Amount secured by
the charge |
Rs. 104.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CCOL BPLR - 3.50%
(FLOATING) PEAK LEVEL BPLR -
3.50% + 0.50% (FLOATING) Terms of
Repayment :
Margin : 25% for stock and
40% for receivables In respect of LC
- 15% by way of Term Deposits. In respect of BG
- 15% by way of Term Deposits. Extent and
Operation of the charge : Hypothecation of entire
current and fixed asset(excluding vehicles and goodwill) on paripassu basis.
Equitable mortgage on Immovable Property belonging to Vivek and Company,
(Partnership Firm). Unconditional and
Irrrevocable Guarantees of the directors. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
Fixed Assets
Tangible Assets:
- Showroom Equipments
- Electrical Installation
- Office Equipments
- Computers
- Vehicles
- Furniture and Fixtures
- Improvement in Leasehold Buildings
Intangible Assets:
- Goodwill
Web Details
Profile:
Subject is a professionally managed public Limited company
carrying three retail brands – viveks, Jainsons, adding to the formidable
strength of 1000 employees. Subject is one of the most respected consumer
electronics and home appliances retail chain in
Vivek popularized several brands by creating visibility and has the distinction of being a market leader and trendsetter with continuous support from the principal companies. Reliable services are ensured through cordial customer relationships. CII and Mickinsey raved about the Viveks brand as “more trusted than the brands it sells”.
The story of Viveks
B.A Lakshmi Narayana Setty influenced by the ideals of Swami Vivekananda set up a small shop of 200Sq.ft., at Mylapore Chennai, with an investment of only Rs.0.010 Million ( USD 230) to sell electrical fitting and folding chairs. Added slowly radios, fans, mixers, irons, heaters and other household equipments. He named his business Viveks and Company inspired by his Guru Swami Vivekananda. B.A Kodandaraman took over his reins of Viveks after the demise of his brother B.A Lakshmi Narayana Shetty and increased the turnover of Rs.0.165 Millions ( USD 3,840) in the first year to a stunning figure of 280.000 Millions (643680) by 1980.
During the initial stages the consumer durable electronics were consolidated luxury to make them reach the mass middle class families. Viveks started an in-house easy monthly installments scheme. This also helped the company to increase its business and gain new customers.
History:
Founder Vision
The Founder had a vision, of
- Offering the best products to people on the most affordable terms;
- Rendering uncompromising customer care
- Offering employment to the deserving and the needy
- Serving the larger interests of the Society in ways dear to him
The Concept of “more”
With the opening of two new showrooms at Purusaiwalkam (1968) and T. Nagar (1980), Subject broke new ground by being the first to the widest range of consumer durables under one roof.
Subject had spent several years laying the foundation for an
explosive growth. Its mission was to be
- Geographical expansion,
- Upgrading operational standards,
- Widening its product range,
- Offering easy finance solutions and
- Quality advertizing, publicity and promotional efforts, creating consumer awareness in the process.
ITS STRATEGY WAS TO
OFFER CUSTOMERS “MORE” OF EVERYTHING, VIZ.
- More space,
- More
products,
- More brands
and models,
- More service,
- More
attractive promotions
Thus, was born the concept of Subject “The unlimited Shop”.
While the first 30 years saw the setting up only 3 showrooms, the subsequent
4 years saw spurt of growth – an addition of 41 more showrooms through the
expansions and acquisitions.
By these strategic initiative for rapid expansion, by incorporating
Viveks Ltd in 1994, established its dominance in the two states on Tamil Nadu
and Karnataka with 44 showrooms covering a retail space over 1,80,000 sq.ft and
boasting of a group turnover of Rs. 4000.000 Millions
The future plans envisage setting up of 50 more showrooms in south
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.44.78 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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.