1. Summary Information
|
|
|
Country |
|
|
Company Name |
VISHWANATHAN AND
COMPANY |
Principal Name 1 |
Mr. V Venkatesan |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ravi Venkatesan |
|
|
|
Registration # |
-- |
|
Street Address |
A2 III Phase, Guindy Industrial Area, Chennai – 600032, |
||
|
Established Date |
1975 |
SIC Code |
-- |
|
Telephone# |
91-44-22501276 |
Business Style 1 |
Manufacturer |
|
Fax # |
Not Available |
Business Style 2 |
Exporter |
|
Homepage |
Not Available |
Product Name 1 |
Finished Leathers |
|
# of employees |
510 (Approximately) |
Product Name 2 |
Shoes |
|
Paid up capital |
Not Divulged |
Product Name 3 |
Shoes Uppers |
|
Shareholders |
Not Available |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
37 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba
(50) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Sister
Concern |
India
|
Subramnian and Company |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
-- |
Current Liabilities |
-- |
|
Inventories |
-- |
Long-term Liabilities |
-- |
|
Fixed Assets |
-- |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
-- |
|
Invest& other Assets |
-- |
Retained Earnings |
-- |
|
|
|
Net Worth |
-- |
|
Total Assets |
-- |
Total Liab. & Equity |
-- |
|
Total Assets (Previous Year) |
-- |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Turnover |
250,000,000 |
Net Profit |
-- |
|
Turnover (Previous yr) |
-- |
Net Profit(Prev.yr) |
-- |
|
Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
VISHWANATHAN AND COMPANY |
|
|
|
|
Registered Office
: |
A2 III Phase, Guindy Industrial Area, Chennai – 600032, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Year of
Establishment : |
1975 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Not Divulged |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Finished Leathers, Shoes and
Shoes Uppers. |
|
|
|
|
No. of Employees
: |
510 (Approximately) (In Factory 500) (In Office 10) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Sundaram |
|
Designation : |
Manager |
|
Contact No.: |
91-44-22501431 |
|
Date : |
14.09.2012 |
LOCATIONS
|
Registered Office : |
A2 III Phase, Guindy Industrial Area, Chennai – 600032, |
|
Tel. No.: |
91-44-22501276 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Factory : |
45A, Sipcot Industrial Area, Ranipet, District |
PARTNERS
|
Name : |
Mr. V Venkatesan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Ravi Venkatesan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Hari Venkatesan |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Karthik Venkatesan |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Sundaram |
|
Designation : |
Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Finished Leathers, Shoes and
Shoes Uppers. |
|
|
|
|
Exports : |
|
|
Products : |
·
Finished Leathers ·
Shoes ·
Shoes Uppers |
|
Countries : |
·
·
|
|
|
|
|
Imports : |
|
|
Products : |
·
Chemicals |
|
Countries : |
·
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End
Users |
|
|
|
|
No. of Employees : |
510 (Approximately) (In Factory 500) (In Office 10) |
|
|
|
|
Bankers : |
State Bank of |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Available |
|
|
|
|
Sister Concern : |
Kaushik Leathers Private Limited Name: Subramnian and
Company Address: A2 III Phase,
Guindy Industrial Area, Chennai – 600032, |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Divulged |
|
Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
250.000 |
|
|
|
|
|
The above information has been parted by Mr. Sundaram
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
No |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
No |
PROFILE
This is a partnership firm started in the year
1975. One of the oldest leather manufacturers in Tamilnadu it is a family firm.
The partners are :
1. Mr.
V Venkatesan
2. Mr.
V Ravi Venkatesan
3. Mr.
Hari Venkatesan
4. Mr.
Karthik Venkatesan
The head office is situated in Chennai in the
Guindy Industrial Area and the factory is situated in Ranipet. The firm has been in business for the past 35
years and has a very good reputation. They are manufacturers of Cow finished
leather, Shoes and shoe uppers. The office at Guindy Industrial estate-serves
as a liaison office for all their group concerns. The group consists of:
1. Vishwanathan and Company
2. Subramanian and company
3. Kaushik leathers Private Limited
The factory is situated in Ranipet and employs
about 500 people. A word about Ranipet must be said here. Ranipet is situated
about 3 hours drive from Chennai and has a large concentration of tanneries
processing hides and skins from raw to finish. Various items of leather like
lining, upper and suede leathers are made here for supply to national and
international customers. There are any number of factories that are doing job
tanning here.
Besides these, there are many highly
sophisticated and modern units where world class shoes, garments and leather
goods are made. Sipcot industrial complex is dedicated to leather and heavy
engineering industries. The Sipcot Industrial complex houses leather factories
whose products are known worldwide. Now
the factory is called Kaushik Leather Industries Private Limited and is in the
Sipcot Industrial area. The extent of the factory is 1.49 acres. They have the
state of the art machinery to manufacture quality finished leather and shoes.
The capacity in finished leather is about 10,000 sq.ft per month. The products
manufactured here and sent to Chennai from where they are exported to USA and
UK. Their export activities are large while their import activities are
negligible.
They are members of AISHTMA.
The All India Skin and Hide Tanners and Merchants Association,
"Leather Centre",
43/53, Raja Muthiah Road, Periamet, Chennai -
600 003, Tamilnadu, India
Telephone: 0091-44-25610636, 25615247
Fax: 0091-44-25615292
E-mail: aishtma@vsnl.com and assn@aishtma.com
Website: http://www.aishtma.com
According to Aishtma Tamilnadu is in the forefront
in leather with an annual production of more than 1.2 billion sq.ft. of
finished leather. It is about 60% share
in total finished leather production of their country and 45% share in total
export from India. There are about 750
tanneries in Tamilnadu and the raw material processed per day is 500-1000 tons
and annual turnover more that Rs.100000.000 Millions. The number of operations
CETPs is 16 catering to 630 tanneries, the number of ETPs is 94 and there are
more that 56 RO plants in Tamilnadu. No Tannery operates without access to any
Effluent Treatment plant and 100% connectivity to pollution control devices is
a specialty of Tamilnadu. There are 497 leather products units in Tamilnadu
producing about 59 million pairs of full shoes, 27 million pairs of shoe
uppers, 7.1 million pieces of leather garments and 29.5 million pieces of
leather goods. The quality of various leathers being produced here is of high
standard and comparable with that of any advanced country. Consequently the
state of Tamilnadu once popular for E.I. Tanned hides and skins throughout the
world particularly in countries like the USA, the UK, Italy, West Germany,
France and Papen is now popular for leather and leather products in these and
many other countries. While Chennai, Ambur, Vaniyambadi, Perrambut, Ranipet,
Trichy, Erode and Dindigul are the main centers for leather, Chennai, Ambur and
Ranipet are the major hub for leather products such as leather shoes, garments
and goods. Their country has earned laurels as a good and reliable supplier of
leather and leather products in the world market.
So, you can imagine the extent of the leather
manufactured in Tamilnadu. The firm has a turnover of Rs.250.000 Millions per
year and employs about 500 people. Their bankers are State Bank of India,
Sipcot, Ranipet and other banks here in Chennai.
A large sized leather exporter who is more
than three decades old and has a very good reputation. Their factory is
registered with the Registrar of companies at Chennai and the registration
number is U 19119 TN 1981 PTC 008927. The authorized capital of the company is
5.000 Millions and the paid up capital is Rs4.560 Millions. They are a cash
rich company and do not have any major outstanding loans.
The sale arm is Vishwanathan and Company.
Situated in Chennai they look after sales and Logistics. About 10 people work
here. Packing, shipping is all done through Vishwanathan and Company.
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.54.73 |
|
UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.