MIRA
INFORM REPORT
|
Report Date : |
03.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
VENUS ROLLING
MILLS PRIVATE LIMITED |
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Registered
Office : |
E-8, MIDC,
Butibori, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation
: |
03.06.2005 |
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Com. Reg. No.: |
11-153734 |
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Capital
Investment / Paid-up Capital : |
Rs.25.458
millions |
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|
|
CIN No.: [Company Identification
No.] |
U27100MH2005PTC153734 |
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|
|
|
Legal Form : |
Private Limited Liability
Company |
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|
Line of Business
: |
Manufacturer of Mild Steel (MS) Angles which are used in the
construction and power transmission sectors. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 482000 |
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|
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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 an
established company having satisfactory track. There appears a huge external borrowings
recorded by the company. However, it has achieved better growth in its sales
turnover and profitability of the company. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BB- (Cash Credit) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
January 19, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
E-8, MIDC,
Butibori, |
|
Tel. No.: |
91-7104-202557 |
|
Fax No.: |
91-7104-202558 |
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E-Mail : |
DIRECTORS
As on 06.08.2012
|
Name : |
Mr. Yatendra Singh Rajendra Singh Panwar |
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Designation : |
Director |
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Address : |
349, Gandhi Colony, |
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Date of Birth/Age : |
15.11.1956 |
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Date of Appointment : |
03.06.2005 |
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DIN No.: |
00189142 |
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Other Directorship :
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Name : |
Mr. Narendra Singh Rajendra Singh Panwar |
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Designation : |
Director |
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Address : |
349, Gandhi Colony, |
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Date of Birth/Age : |
07.07.1959 |
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Date of Appointment : |
03.06.2005 |
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DIN No.: |
00189160 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Yatendra Singh Panwar |
|
59100 |
|
Narendra Singh Panwar |
|
34875 |
|
Ashok Sharma |
|
33375 |
|
Chaudhary Ingots Private Limited, |
|
1250 |
|
Pawar Steels Private Limited, |
|
1250 |
|
Yatendra Singh Panwar and H.U.F. |
|
18750 |
|
Narendra Singh Panwar and H.U.F. |
|
17000 |
|
Ashok Sharma and H.U.F. |
|
14975 |
|
Bartech Exports Private Limited, |
|
50000 |
|
Wada Dealcom Private Limited, |
|
2000 |
|
Positive Retail Private Limited, |
|
2000 |
|
Hora Vanijya Private Limited, |
|
8000 |
|
Ceremony Marketing Private Limited, |
|
3000 |
|
Devansh Tie-up Private Limited, |
|
5000 |
|
Khyati Merchants Private Limited, |
|
4000 |
|
Total |
|
254575 |
As on 06.08.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
70.93 |
|
Other
top fifty shareholders |
|
29.07 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mild Steel (MS) Angles which are used in the
construction and power transmission sectors. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v Bank of v Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sanjay Kumar Agarwal and Associates Chartered Accountants |
|
Address : |
190/2-1, South Civil Lines, Muzaffarnagar – 251 001, |
|
Income-tax
PAN of auditor or auditor's firm : |
ABNPA9278Q |
CAPITAL STRUCTURE
As on 06.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.100/- each |
Rs.35.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
254575 |
Equity Shares |
Rs.100/- each |
Rs.25.458
millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.458 |
20.758 |
20.758 |
|
|
2] Money received against share warrants |
6.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
89.092 |
71.468 |
67.626 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
120.550 |
92.226 |
88.384 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
137.401 |
136.411 |
78.000 |
|
|
2] Unsecured Loans |
1.345 |
0.020 |
0.216 |
|
|
TOTAL BORROWING |
138.746 |
136.431 |
78.216 |
|
|
DEFERRED TAX LIABILITIES |
6.081 |
4.445 |
3.553 |
|
|
|
|
|
|
|
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TOTAL |
265.377 |
233.102 |
170.153 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
88.752 |
76.378 |
67.991 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT/ SECURITY |
7.363 |
7.219 |
2.137 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
148.567
|
65.649 |
89.082 |
|
|
Sundry Debtors |
87.314
|
77.921 |
49.741 |
|
|
Cash & Bank Balances |
36.119
|
15.882 |
4.503 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
19.387
|
22.753 |
23.498 |
|
Total
Current Assets |
291.387
|
182.205 |
166.824 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
102.701
|
|
60.321 |
|
|
Other Current Liabilities |
0.234
|
0.318 |
|
|
|
Provisions |
19.190
|
3.368 |
6.500 |
|
Total
Current Liabilities |
122.125
|
32.700 |
66.821 |
|
|
Net Current Assets |
169.262
|
149.505 |
100.003 |
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
265.377 |
233.102 |
170.153 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
892.382 |
719.263 |
739.984 |
|
|
|
Other Income |
24.126 |
11.544 |
0.103 |
|
|
|
TOTAL (A) |
916.508 |
730.807 |
740.087 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
878.919 |
708.325 |
721.938 |
|
|
|
Administrative Expenses |
|
|
|
|
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Advertising Expenses |
|
|
|
|
|
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TOTAL (B) |
878.919 |
708.325 |
721.938 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
37.589 |
22.482 |
18.149 |
|
|
|
|
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|
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|
Less |
INTEREST (D) |
20.093 |
12.231 |
10.061 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.496 |
10.251 |
8.088 |
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.427 |
4.358 |
3.873 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
12.069 |
5.893 |
4.215 |
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|
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|
Less |
TAX (H) |
2.300 |
1.093 |
0.681 |
|
|
|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
9.769 |
4.800 |
3.534 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
38.37 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.07
|
0.66 |
0.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.35
|
0.82 |
0.57 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.17
|
2.28 |
1.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.16
|
1.83 |
1.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
5.57 |
2.50 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
OPERATION:
During the period total production was
23845.705 M.T. together with this the company also tried to keep cost of
production under control.
Bankers Charges Report
as per Registry
|
Corporate
identity number of the company |
U27100MH2005PTC153734 |
|
Name of the
company |
VENUS ROLLING
MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-8, MIDC,
Butibori, E-Mail: mcafilling@rediffmail.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of E-Mail: emailroc@rediffmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
12.10.2011 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @ base
rate + 3.50% (Min. 13% p.a.) or at such other rate as agreed between the
borrower company and the bank from time to time. Terms of
Repayment: Repayment on
demand or at such other rate as agreed between the borrower company and the
bank form time to time. Margin: Cash Credit @ 25% Letter of Credit
and Bank Guarantee @ 20% Extent and
Operation of the charge: At the request of
the borrower company, the bank has sanctioned overall banking limits of Rs.150.000
millions against Mortgage of the immovable property i.e. piece and parcel of
Non-Agricultural land bearing Plot No.E-8 situated within the village limits
of Kinhi, Taluka Hingana, District and Registration Sub-District Hingana,
Nagpur, Maharashtra containing by admeasurement 30,081.58 Sq. Mtrs. |
|
Short particulars
of the property charged |
Mortgage of the
immovable property i.e. piece and parcel of Non-Agricultural land bearing
Plot No.E-8 situated within the village limits of Kinhi, Taluka Hingana. |
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.53.66 |
|
|
1 |
Rs.86.37 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.