|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
VENUS HOME APPLIANCES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi –
628103, Tamilnadu |
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|
Country : |
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Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
05.04.1995 |
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Com. Reg. No.: |
18-030812 |
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Capital
Investment / Paid-up Capital : |
Rs.28.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U30007TN1995PTC030812 |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCV6878P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electric Water Heaters. |
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|
No. of Employees:
|
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 708000 |
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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 a satisfactory track record. The
latest financial are not made available with the government department. As per previous year’s record, the company performance seems to be
good. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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) |
|
India |
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long term rating) |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation. It carry Moderate credit risk. |
|
Date |
February, 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 : |
5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi –
628103, |
|
Tel. No.: |
91-461-2271891 |
|
Fax No.: |
91-461-2271890 |
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E-Mail : |
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|
Central Marketing Office : |
4/993, Chennai-600096, |
|
Tel. No.: |
91-44-43401515 |
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Fax No.: |
91-44-43401525 |
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|
|
|
Branches : |
Located at v
Bangalore v
Chennai v
Cochin v
Coimbatore v
Chandigarh v
Guwahati v
Indore v
Jammu v
Kolkata v
Madurai v
Mumbai v
New Delhi v
Noida v
Jaipur v
Secunderabad v
Patna |
DIRECTORS
AS ON 05.09.2011
|
Name : |
Mr. N. Subbiah |
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Designation : |
Managing Director |
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Address : |
89, New Colony, Thoothukudi – 628 003, Tamilnadu, India |
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Date of Birth/Age : |
12.03.1948 |
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Date of Appointment : |
24.05.2004 |
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DIN No.: |
00016629 |
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Name : |
Mr. G. Vijayal |
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Designation : |
Director |
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Address : |
C-106, North east Extension, Thillai Nagar, Trichy – 620 018,
Tamilnadu, India |
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|
Date of Birth/Age : |
27.06.1936 |
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Date of Appointment : |
05.04.1995 |
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DIN No.: |
00016673 |
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Name : |
Mr. S. Mangayarkarasi |
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Designation : |
Director |
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Address : |
89, New Colony, Thoothukudi – 628 003, Tamilnadu, India |
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Date of Birth/Age : |
09.09.1949 |
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Date of Appointment : |
24.05.2004 |
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DIN No.: |
00394641 |
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|||||||||||||||||||||||||||
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Name : |
Mr. R. Murali Ganesan |
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Designation : |
Director |
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Address : |
12/4, Bucklepuram, Thoothukudi – 628 003, Tamilnadu, India |
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Date of Birth/Age : |
22.08.1973 |
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Date of Appointment : |
24.05.2004 |
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DIN No.: |
00016682 |
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Name : |
Mr. I. Ramkumar |
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Designation : |
Director |
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Address : |
B 206, B 207, TVH Park Villa, Vinayaga Nagar, Thoraipakkam,
Chennai-96, Tamilnadu, India |
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Date of Birth/Age : |
09.07.1968 |
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Date of Appointment : |
24.05.2004 |
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DIN No.: |
00027206 |
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|||||||||||||||||||||||||||
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Name : |
Mr. R. Iyadurai |
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Designation : |
Director |
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Address : |
3/634, Jegannathan Street, Kottivakkam, Chennai – 600 041, Tamilnadu,
India |
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Date of Birth/Age : |
06.04.1938 |
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Date of Appointment : |
18.09.2006 |
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DIN No.: |
00027236 |
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|
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Name : |
Mr. S. Sundararaj |
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Designation : |
Director |
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Address : |
22, Parangusapuram, Kodambakkam, Chennai – 600 024, Tamilnadu, India |
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Date of Birth/Age : |
03.08.1958 |
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Date of Appointment : |
21.08.2006 |
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DIN No.: |
00106014 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
N. Subbiah |
|
240800 |
|
G. Vijayal |
|
291200 |
|
I. Ramkumar |
|
420000 |
|
R. Murali Ganesan |
|
420000 |
|
S. Mangayarkarasi |
|
420000 |
|
I. Yasodha |
|
421800 |
|
Subbiah Kannan |
|
266000 |
|
R. Iyadurai |
|
1000 |
|
S. Singaravel |
|
500 |
|
S. Sundararaj |
|
106566 |
|
S. Jayaram |
|
106067 |
|
S. Ranjan |
|
106067 |
|
Total |
|
2800000 |
AS ON 05.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electric Water Heaters. |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Storage Heaters |
219000 |
184690 |
|
Instant Heaters |
54750 |
49184 |
GENERAL INFORMATION
|
Bankers : |
UTI Bank
Limited, 181, Palayamkottai Road, Tuticorin - 628003, Tamil Nadu, India |
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|
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
M. Arumugam Chartered Accountant |
|
Address : |
4B, A8, Mangal Mall, Mani Nagar, Tuticorin – 628103, Tamilnadu, India |
|
PAN No.: |
AARPA3590L |
|
|
|
|
Associates: |
Standard Electrical Services |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2800000 |
Equity Shares |
Rs.10/- each |
Rs. 28.000 Millions |
|
|
|
|
|
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 |
28.000 |
28.000 |
28.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
149.077 |
88.697 |
39.177 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
177.077 |
116.697 |
67.177 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
284.347 |
100.295 |
99.031 |
|
|
2] Unsecured Loans |
37.899 |
44.651 |
41.089 |
|
|
TOTAL BORROWING |
322.246 |
144.946 |
140.120 |
|
|
DEFERRED TAX LIABILITIES |
20.829 |
11.297 |
5.429 |
|
|
|
|
|
|
|
|
TOTAL |
520.152 |
272.940 |
212.726 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
338.183 |
97.453 |
48.568 |
|
|
Capital work-in-progress |
3.459 |
1.318 |
0.498 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
139.287
|
89.639
|
99.695 |
|
|
Sundry Debtors |
78.370
|
61.065
|
104.320 |
|
|
Cash & Bank Balances |
22.924
|
60.174
|
35.046 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
56.353
|
53.307
|
17.950 |
|
Total
Current Assets |
296.934
|
264.185
|
257.011 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
58.250
|
55.145
|
63.909 |
|
|
Other Current Liabilities |
47.450
|
10.444
|
10.302 |
|
|
Provisions |
12.724
|
24.428
|
19.143 |
|
Total
Current Liabilities |
118.424
|
90.017
|
93.354 |
|
|
Net Current Assets |
178.510
|
174.168
|
163.657 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
520.152 |
272.940 |
212.726 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1087.665 |
835.482 |
703.793 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
752.390 |
662.964 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
39.350 |
83.091 |
40.829 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
17.375 |
28.664 |
16.639 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
21.975 |
54.427 |
24.190 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
20.893 |
26.443 |
|
|
|
Finished Goods |
NA |
33.002 |
27.718 |
|
|
|
Capital Goods |
NA |
4.657 |
0.195 |
|
|
TOTAL IMPORTS |
NA |
58.552 |
54.356 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.85 |
19.44 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.62
|
9.95
|
5.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.20
|
22.98
|
13.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.71
|
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.49
|
2.01
|
3.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.51
|
2.93
|
2.75 |
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 |
Yes |
|
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 |
No |
|
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 |
PERFORMANCE
During the year 2010-11,
the company showed very good performance in sales of Water Heaters and other
products. Overall sales turnover increased by 30% to Rs.1185.400 millions in
2010-11. However, there was a drop in Net Profit from Rs.51.400 millions to
Rs.22.000 millions due to sharp increase in prices of copper, the main raw
material. Average copper prices rose to Rs.489.53 per kg from Rs.389.62 per kg
in the previous year. The company was unable to recover the full cost increase
by higher selling prices.
In March, 2011 the
new plant for production of Vitreous Enamelled inner tanks was commissioned.
This was done in a record time of 12 months, due to the dedicated work of all
the employees who worked on this project. The new models produced with enamel
tanks will result in major cost reduction in the next financial year while
giving a thrust to the sales with their innovative features and benefits.
Water Heaters:
Venus is a market
leader in Water Heaters with a reputation for Quality, Reliability and
Innovation. The products of the company enjoy a premium among customers. In
2010-11 the company introduced new models with innovative features to maintain
its leadership position. This helped to increase the turnover of Water Heater
by 30% over the previous year.
The company has
invested in a world class, automated plant for the production of Vitreous
Enamelled tanks for its water Heaters. These will substitute the copper tanks
in use at present. This technology up gradation is expected to result in
significant cost savings while adding new customer benefits like higher
pressure rating and energy efficiency. The new plant set up in Tuticorin is
expected to commence production from April 2011.
Solar Water Heaters:
Venus has recently
made an entry into the Solar Water Heater segment. This product category is
expected to show exponential growth with the increasing awareness of renewable
energy sources and the Government’s thrust on popularizing solar energy
devices. Currently the products are being sourced from OEM suppliers. The
company has plans to start manufacturing very soon. In 2010-11 Solar Water
contributed Rs.6.700 millions to the sales turnover with an increase of 394%
over the previous year.
Mixer Grinder and
Gas Water Heaters:
Venus also markets
Gas Water Heaters and Mixer Grinders with the objective of diversifying its
portfolio of products and maximizing the use of, its distribution channel.
These 2 products contributed Rs.28.000 millions to the sales in 2010-11 with an
increase of 237% over the previous year.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U30007TN1995PTC030812 |
|
Name of the
company |
VENUS HOME
APPLIANCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
5/54, Senthilampannai, Mangammal Salai, Pudukottai, Thoothukkudi –
628103, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
90288657 |
|
Type of charge |
Immovable
property Any
interest in immovable property |
|
Particular of
charge holder |
Axis Bank Limited, V.V.D. Mahal 181, Palayamkottai Road, Tuticorin – 628003,
Tamilnadu, India |
|
Nature of
instrument creating charge |
Declaration cum
deed of confirmation for the extension of mortgage dated 11.07.2012. |
|
Date of
instrument Creating the charge |
11.07.2012 |
|
Amount secured by
the charge |
Rs. 336.245
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per agreed
terms Terms of
Repayment As per agreed
terms Margin As per agreed
terms Extent and
Operation of the charge Extension of EM
of immovable properties. Extension of existing mortgage to rank pari
passu/subservient to the existing charge in favour of Axis Bank Limited. |
|
Date of instrument
modifying the charge |
03.07.2012 |
|
Particulars of
the present modification |
The Equitable
Mortgage of immovable properties belonging to the company to cover the
enhanced credit limits of Rs.336.245 millions |
FIXED ASSETS
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 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.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.