MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SREE VISHNU MAGNETICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit Nos. 1 and 2, Block II, SIDCO Electronic Complex, Guindy
Industrial Estate, Chennai – 600032, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.03.2003 |
|
|
|
|
Com. Reg. No.: |
18-050543 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.31.030 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31909TN2003PTC050543 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Coils and Transformers |
|
|
|
|
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 360000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There appears a slight dip in the sales turnover as well as the
profitability during 2012. The ratings, however, take into account the experience of promoters
for more than two decades in the business. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: BB |
|
Rating Explanation |
Moderate risk of default |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March 2013 |
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 : |
Unit Nos. 1 and 2, Block II, SIDCO Electronic Complex, Guindy Industrial
Estate, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22501789/ 6544582/ 26341217 |
|
Fax No.: |
91-44-22501789 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No.9/1, Thiruvalluvar Salai, Kannivakkam Village,
Guduvancherry Kancheepuram District Pin 603 202, Tamilnadu, India |
|
Tel. No.: |
91-44-27438531 / 27438532/ 43534642 |
|
Fax No.: |
91-44-27438522/ 22501789 |
|
E-Mail : |
DIRECTORS
As on 03.09.2012
|
Name : |
Mr. Meka Hemalatha |
|
Designation : |
Director |
|
Address : |
No. 7, Old No. 1, Gandhi Street, Kaveri Nagar, Chennai – 600015,
Tamilnadu, India |
|
Date of Birth/Age : |
02.06.1963 |
|
Date of Appointment : |
20.03.2003 |
|
DIN No.: |
00220318 |
|
|
|
|
Name : |
Mr. Meka Ramprasad |
|
Designation : |
Director |
|
Address : |
No. 7, Old No. 1, Gandhi Street, Kaveri Nagar, Chennai – 600015,
Tamilnadu, India |
|
Date of Birth/Age : |
10.06.1961 |
|
Date of Appointment : |
20.03.2003 |
|
DIN No.: |
00220326 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 03.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
M Ramprasad |
|
1377000 |
|
Mr. M Hemalatha |
|
1671000 |
|
M Rajashree |
|
40000 |
|
M Tejashree |
|
15000 |
|
|
|
|
|
Total |
|
3103000 |
As on 20.03.2013
|
Names of Allottees |
|
No. of Shares |
|
M Ramprasad |
|
350000 |
|
Mr. M Hemalatha |
|
240000 |
|
M Rajashree |
|
50000 |
|
M Tejashree |
|
40000 |
|
|
|
|
|
Total |
|
680000 |
Equity Share Break up (Percentage of Total Equity)
As on 03.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coils and Transformers |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Panneer Chelvana Chartered Accountants |
|
Address : |
No.10, Krishna Street, Off Valluvarkottam High Road, Nungambakkam,
Chennai – 600034, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAOPP8549D |
CAPITAL STRUCTURE
After 03.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3783000 |
Equity Shares |
Rs.10/- each |
Rs. 37.830
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3103000 |
Equity Shares |
Rs.10/- each |
Rs. 31.030
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
31.030 |
24.830 |
|
(b) Reserves & Surplus |
|
57.968 |
48.278 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
0 |
|
(2) Share Application money pending
allotment |
|
1.741 |
1.400 |
|
Total
Shareholders’ Funds (1) + (2) |
|
90.739 |
74.508 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
67.820 |
82.111 |
|
(b) Deferred tax liabilities (Net) |
|
5.829 |
6.353 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
73.649 |
88.464 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
127.097 |
129.600 |
|
(b) Trade
payables |
|
31.046 |
33.352 |
|
(c) Other
current liabilities |
|
25.250 |
29.748 |
|
(d) Short-term
provisions |
|
5.901 |
7.300 |
|
Total Current
Liabilities (4) |
|
189.294 |
200.000 |
|
|
|
|
|
|
TOTAL |
|
353.682 |
362.972 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
165.975 |
180.926 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
18.131 |
16.907 |
|
(e) Other
Non-current assets |
|
0.008 |
0.012 |
|
Total Non-Current
Assets |
|
184.114 |
197.845 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
1.500 |
1.250 |
|
(b)
Inventories |
|
101.118 |
80.821 |
|
(c) Trade
receivables |
|
59.962 |
75.348 |
|
(d) Cash
and cash equivalents |
|
2.166 |
2.746 |
|
(e)
Short-term loans and advances |
|
2.367 |
2.923 |
|
(f) Other
current assets |
|
2.455 |
2.039 |
|
Total
Current Assets |
|
169.568 |
165.127 |
|
|
|
|
|
|
TOTAL |
|
353.682 |
362.972 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
24.830 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
30.424 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
55.254 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
164.818 |
|
|
2] Unsecured Loans |
|
|
22.475 |
|
|
TOTAL BORROWING |
|
|
187.293 |
|
|
DEFERRED TAX LIABILITIES |
|
|
4.581 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
247.128 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
160.161 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
48.431
|
|
|
Sundry Debtors |
|
|
102.138
|
|
|
Cash & Bank Balances |
|
|
8.426
|
|
|
Other Current Assets |
|
|
12.199
|
|
|
Loans & Advances |
|
|
17.006
|
|
Total
Current Assets |
|
|
188.200
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
84.653
|
|
|
Other Current Liabilities |
|
|
9.132
|
|
|
Provisions |
|
|
7.469
|
|
Total
Current Liabilities |
|
|
101.254
|
|
|
Net Current Assets |
|
|
86.946
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.021 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
247.128 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
73.542 |
88.422 |
63.221 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
30.126 |
33.305 |
17.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
43.416 |
55.117 |
45.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
28.129 |
27.490 |
24.661 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
15.287 |
27.627 |
20.798 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
INCOME - TAX |
6.000 |
8.000 |
7.450 |
|
|
|
|
|
|
|
|
|
|
PROVISION FOR
DEFERRED - TAX |
(0.525) |
1.773 |
1.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
9.690 |
17.854 |
12.111 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
48.278 |
30.424 |
18.312 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
57.968 |
48.278 |
30.424 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
198.070 |
268.941 |
176.059 |
|
|
|
Capital Goods |
6.725 |
19.362 |
7.546 |
|
|
TOTAL IMPORTS |
204.795 |
288.303 |
183.605 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.12 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.32
|
7.61 |
11.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.37 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.15
|
2.84 |
3.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90
|
0.83 |
1.86 |
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 |
No |
|
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 |
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 |
No |
FINANCIAL RESULT
The company has made a profit after tax of Rs.9.689 Millions as compared
to earlier year figure of Rs.17.854 Millions.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and Advance From Related Parties – Sree Vishnu Electron |
19.119 |
19.016 |
|
Other Loans and Advances – Thirumala Travels |
0.050 |
0.050 |
|
Total |
19.169 |
19.066 |
.
FIXED ASSETS
- Land
- Building
- Pant
Equipment
- Factory
Equipment
- Electrical
Fittings
- Electrical
Motors
- Furniture’s
and Fixtures
- Air
Conditioner
- Call Phone
- Office
Equipment
- Water Filter
- Vehicle
- Computer
Software
- Weighing
Scale
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.59.70 |
|
|
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.