MIRA
INFORM REPORT
|
Report Date : |
29.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHRI VAARI ELECTRICALS PRIVATE LIMITED |
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Registered
Office : |
C-37, Thiruvika Industrial Estate , Guindy, Chennai-600032,
Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.04.2005 |
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Com. Reg. No.: |
18-055967 |
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Capital
Investment / Paid-up Capital : |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U31200TN2005PTC055967 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES26153B |
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PAN No.: [Permanent Account No.] |
AAJCS5545E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Electrical Control
Panels. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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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. It has
recorded some growth in its sales and profits during 2012. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered 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 |
|
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 and Long Term Loan) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
13.12.2011 |
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Rating Agency Name |
CRISIL |
|
Rating |
A4+ (Bank Guarantee and Letter of Credit) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
13.12.2011 |
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 : |
C-37, Thiruvika Industrial Estate , Guindy, Chennai-600032, |
|
Tel. No.: |
91-44-22500912 / 22500241 / 22501286 |
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Fax No.: |
91-44-22501557 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Venkatachalam Rengarajan |
|
Designation : |
Director |
|
Address : |
18/2, No.4, Second Street East, Abiramaflram, Chennai-600004, |
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Date of Birth/Age : |
05.10.1964 |
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Date of Appointment : |
13.04.2005 |
|
DIN No.: |
01788999 |
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|
|
|
Name : |
Mr. Shanmugam Pillai Jayanthi |
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Designation : |
Director |
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Address : |
No.43th Cross Street, suresh Nagar, Porur, Cehnnai-600116, |
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Date of Birth/Age : |
10.10.1960 |
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Date of Appointment : |
11.06.2007 |
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DIN No.: |
01789109 |
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|
|
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Name : |
Mr. Natarajaa Pillai Sivagaminathan |
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Designation : |
Director |
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Address : |
No.43th Cross Street, suresh Nagar, Porur, Cehnnai-600116, |
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Date of Birth/Age : |
31.09.1955 |
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Date of Appointment : |
11.06.2007 |
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DIN No.: |
01840694 |
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|
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Name : |
Ms. Govindraja Kousalya Rengarajan |
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Designation : |
Director |
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Address : |
18/2, No.4, Second Street East, Abiramaflram, Chennai-600004, |
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Date of Birth/Age : |
08.05.1967 |
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Date of Appointment : |
13.04.2005 |
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DIN No.: |
01841398 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Venkatac Halam Rengarajan |
152000 |
|
Govindar Ajan Kouslya Rengarajan |
98000 |
|
Shanmugam Pillai Jayanthi |
152000 |
|
Nataraja Pillai Sivagaminathan |
98000 |
|
TOTAL
|
500000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electrical Control
Panels. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Indian Bank, Guindy Branch, No.131, ·
HDFC bank ·
State Bank of ·
Canara Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Arul Selvam Chartered Accountant |
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Address : |
C/407, |
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Tel. No.: |
44-24898147 |
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E-Mail : |
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PAN No.: |
AADPA4380L |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.000 |
5.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
3.270 |
|
|
3] Reserves & Surplus |
46.906 |
37.345 |
31.541 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
51.906 |
42.345 |
34.911 |
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|
LOAN FUNDS |
|
|
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|
1] Secured Loans |
24.617 |
36.011 |
28.662 |
|
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2] Unsecured Loans |
12.764 |
13.231 |
12.214 |
|
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TOTAL BORROWING |
37.381 |
49.242 |
40.876 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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TOTAL |
89.287 |
91.587 |
75.787 |
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APPLICATION OF FUNDS |
|
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|
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FIXED ASSETS [Net Block] |
35.864 |
37.816 |
30.164 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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|
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INVESTMENT |
1.730 |
2.000 |
2.000 |
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DEFERREX TAX ASSETS |
1.822 |
0.890 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
0.000
|
0.000 |
0.215 |
|
|
Sundry Debtors |
7.783
|
37.542 |
43.957 |
|
|
Cash & Bank Balances |
0.828
|
0.685 |
0.075 |
|
|
Other Current Assets |
50.991
|
35.614 |
0.000 |
|
|
Loans & Advances |
57.244
|
53.753 |
48.880 |
|
Total
Current Assets |
116.846
|
127.594 |
93.127 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.720
|
54.592 |
29.146 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
32.255
|
22.148 |
20.412 |
|
Total
Current Liabilities |
66.975
|
76.740 |
49.558 |
|
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Net Current Assets |
49.871
|
50.854 |
43.569 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.027 |
0.054 |
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|
|
|
|
|
|
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TOTAL |
89.287 |
91.587 |
75.787 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
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SALES |
|
|
|
|
|
|
|
Income |
319.135 |
184.462 |
232.926 |
|
|
|
Other Income |
2.333 |
2.064 |
2.631 |
|
|
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TOTAL (A) |
321.468 |
186.526 |
235.557 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
296.485 |
128.155 |
164.096 |
|
|
|
Personal, Administrative and Selling Expenses |
|
38.990 |
42.386 |
|
|
|
TOTAL (B) |
296.485 |
167.145 |
206.482 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
24.983 |
19.381 |
29.075 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
3.987 |
4.699 |
1.202 |
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|
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|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.996 |
14.682 |
27.873 |
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|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.417 |
5.697 |
1.417 |
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|
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
14.579 |
8.985 |
26.456 |
|
|
|
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|
|
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Less |
TAX (H) |
5.950 |
4.003 |
9.839 |
|
|
|
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|
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|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
8.629 |
4.982 |
16.617 |
|
|
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|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
37.345 |
31.541 |
14.864 |
|
|
|
|
|
|
|
|
|
|
Deferred
Tax Liabilities or Assets |
0.932 |
0.822 |
0.060 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
46.906 |
37.345 |
31.541 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.26 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.68
|
2.67 |
7.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.57
|
4.87 |
11.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.43
|
5.40 |
21.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.21 |
0.76 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.01
|
2.98 |
2.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.66 |
1.88 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
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 |
BUSINESS
ACTIVITIES AND FINANCIAL RESULTS
The Company has achieved a turnover of Rs. 319.135 millions for the year
ended 31.03.2011. The Company has posted Net Profit of Rs. 14.580 Millions
before tax and provision for Rs. 4.004 millions has been made toward Income
tax. The Net Profit and the surplus of amount has been transferred to the
Reserves and Surplus accounts amounting to Rs. 46.906 millions
FORM 8
|
Corporate
identity number of the company |
U31200TN2005PTC055967 |
|
Name of the
company |
SHRI VAARI
ELECTRICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-37, Thiruvika Industrial Estate , Guindy, Chennai-600032, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10018998 |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
Indian Bank, Guindy Branch, No.131, |
|
Nature of
instrument creating charge |
1) Agreement of
Hypothecation of Movables (D 101) 2) Counter
Guarantee (F 44) and 3) Letter from
party to bank confirming extension of equitable mortgage (D 33) |
|
Date of
instrument Creating the charge |
18.01.2012 |
|
Amount secured by
the charge |
Rs. 126.680
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest OCC : BR + 4.75 +
TP 0.50% presently 16.00% Guarantee :
Commission at card rates. MTL I and IV :
BPLR + TP 0.50% presently 16.00% Terms of repayment MTL I and MTL IV
: Repayment terms as per existing terms of sanction Margin OCC : 25% Guarantee : 25% Guarantee : 25%
(New) MTL I : 30% MTL IV : 25% /
30% Extent and operation of the charge As per Agreement Other Facility Existing Proposed (Rs. in Millions) OCC Rs.10.000 Rs. 10.000 Guarantee Rs.40.000 Rs. 50.000 Guarantee --- Rs. 30.000 MTL I Rs.17.620 Rs. 17.620 MTL II Rs.19.060 Rs. 19.060 Note: Inl / Imp LC
Limit has been cancelled MTL II and MTL
III limit has been cancelled |
|
Short particulars
of the property charged (Including location of the property) |
Primary Security
:- OCC :
Hypothecation of fully paid stocks and book debts up to 90 days MTL I : Extension
of EM of factory land situated at No.54, Mevalurukuppam village, Chettimedu
–Kuthampakkam Road, Sriperumbudur Taluk, Kanchipuram District. MTL IV :
Hypothecation of equipments purchased. Guarantee : Cash
Margin of 25% Collateral
Securities :- Extension of
Equitable Mortgage of land and building measuring an extent of 2.28 acres in
S No.70/2B, 71/3, Situated at 100 Mevalurukuppam village, Sriperumbudur
Taluk, Kanchipuram District Pledge of Deposit
of Rs.5.100 Millions accepted as security in lieu of property situated at
Vadapalani. (vide their letter dated 29.06.2011) RIP 956562327 for
Rs.2.500 Millions maturity date 21.05.2013 RIP 957076517 for
Rs.2.600 Millions maturity date 24.05.2013 Hypothecation of
existing plant and machinery WDV as on 31.03.10 |
|
Date of
instrument modifying the charge |
14.06.2010 |
|
Particulars of
the present modification |
By the present
modification, New Guarantee limit
sanctioned for Rs.30.000 Millions Existing Guarantee Limit has been increased
from Rs.40.000 Millions to Rs.50.000 Millions. The Overall
Credit facilities now has been enhanced to Rs.126.680 Millions Existing
Securities to continue the enhanced limit. |
FIXED ASSETS
·
Computer
·
Printer
·
Motor Car
·
Transport Vehicle
·
Two Wheelers
·
Office Equipments
·
Furniture and Fittings
·
Tools and Implements
·
Plant and Machinery
·
Building
·
Land
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. 53.63 |
|
|
1 |
Rs. 86.17 |
|
Euro |
1 |
Rs. 69.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
|
44 |
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.