MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
VENUS WIRE INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
19, Raghuvanshi Mills Compound, S. B. Marg, Lower Parel (West),
Mumbai – 400 013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
15.03.1990 |
|
|
|
|
Com. Reg. No.: |
11-055812 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.904
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31300MH1990PTC055812 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV04136G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV1421F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Stainless Steel Wire, Bars
and Bright wire and Bars. |
|
|
|
|
No. of Employees
: |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
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 a part of “Venus Group of Companies”. It is an established
company having satisfactory track record. Management has failed to file its financial statements since 2010,
with the government department. Ms. Pinky from administration department provided general information
and denied to disclose any financial details to us. As per indirect source, we found that the company has possesses a
favorable financial profile marked by comfortable liquidity position and
strong debt protection metrics. Moreover, management has reported a healthy total operating income as
well as the net material prices as well as fluctuation in foreign exchange
rates. However, trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of experienced promoters, the subject can be considered for
business dealings at usual trade terms and conditions. Note: Financials for the year 2013, 2012 and 2011 are taken from indirect
source i.e. CARE |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in gold imports due to
restrictions on overseas purchases and muted import of capital goods helped
shrink the current account deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half
of 2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to
lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68
countries by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
18.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
18.03.2014 |
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 : |
Ms. Pinky |
|
Designation : |
Administration Department |
|
Contact No.: |
91-22-30451000 |
|
Date : |
01.07.2014 |
LOCATIONS
|
Registered Office : |
19, Raghuvanshi Mills Compound, S. B. Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-24978840 / 30451000 / 24978839 / 30451001 / 30451000 |
|
Fax No.: |
91-22-24978846 / 66459735 / 30451045 |
|
E Fax No. (Mumbai): |
91-22-66459735 |
|
E Fax No. (USA): |
+ 001 208 4391355 |
|
E Fax No. (Germany): |
+49 1805 48201 51388 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
16000 Sq. Fts. |
|
Location : |
Owned |
|
|
|
|
Factory / Sales
Office : |
Atkargaon, Takai -Adoshi, Khopoli – 410 203, Maharashtra, India |
|
Tel. No.: |
91-2192-304800 / 263404 / 262612 |
|
Fax No.: |
91-2192-268873 / 304850 |
|
E-Mail : |
|
|
Area : |
7.5 Acres |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Babulal Parasmal Bohra |
|
Designation : |
Director |
|
Address : |
401, Chetana Apartment, Bharat Nagar, Grant Road, Mumbai –
400 007, Maharashtra, India |
|
Date of Birth/Age : |
01.01.1951 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
15.03.1990 |
|
DIN No.: |
01453687 |
|
|
|
|
Name : |
Mr. Gheverchand Parasmal Bohra |
|
Designation : |
Director |
|
Address : |
401, Chetana Apartment, Bharat Nagar, Grant Road, Mumbai – 400 007,
Maharashtra, India |
|
Date of Birth/Age : |
24.12.1954 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
15.03.1990 |
|
DIN No.: |
01491771 |
|
|
|
|
Name : |
Mr. Motilal Parasmal Bohra |
|
Designation : |
Director |
|
Address : |
401, Chetana Apartment, Bharat Nagar, Grant Road, Mumbai – 400 007,
Maharashtra, India |
|
Date of Birth/Age : |
19.10.1961 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
15.03.1990 |
|
DIN No.: |
01601492 |
|
|
|
|
Name : |
Mr. Gheverchand Raghunath Sanghvi |
|
Designation : |
Director |
|
Address : |
D/1/16, Bharat Nagar, Grant Road, Mumbai – 400 007, Maharashtra, India
|
|
Date of Birth/Age : |
10.08.1964 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
15.03.1990 |
|
DIN No.: |
01597211 |
|
|
|
|
Name : |
Mr. Hitesh Babulal Bohra |
|
Designation : |
Director |
|
Address : |
401, Chetana Apartment, Bharat Nagar, Grant Road, Mumbai – 400 007, Maharashtra,
India |
|
Qualification : |
B. Com |
|
Date of Appointment: |
10.12.2005 |
|
DIN No.: |
01596934 |
KEY EXECUTIVES
|
Name : |
Mr. Nitesh |
|
Designation : |
Export Manager |
|
|
|
|
Name : |
Mrs. Pratiksha |
|
Designation : |
Administration Department |
MAJOR SHAREHOLDERS
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Babulal P. Bohra |
|
10010 |
|
Ghevarchand P. Bohra |
|
8510 |
|
Motilal P. Bohra |
|
11010 |
|
Gheverchand R. Sanghvi |
|
9210 |
|
Manju Surana |
|
500 |
|
Moolchand Sanghvi |
|
1000 |
|
Bacharaj Sanghvi |
|
1000 |
|
Bhavarlal S Bohra |
|
1000 |
|
Ramesh B Bafna |
|
1000 |
|
Hemant G Bohra |
|
1000 |
|
Reena M Bohra |
|
1500 |
|
Babulal P Bohra and Shantaben B Bohra |
|
11800 |
|
Hitesh B Bohra |
|
1500 |
|
Total |
|
59040 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Stainless Steel Wire, Bars
and Bright wire and Bars. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS as on (31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Steel Alloy Steel and S.S. Steel Wire |
M/Tons |
12000 |
12000 |
-- |
|
Semi Finished Iron and Steel Products i.e. Steel Bright Bars |
M/Tons |
8000 |
8000 |
-- |
|
S S Wire |
M/Tons |
-- |
-- |
7507 |
|
S S Bright Bars |
M/Tons |
-- |
-- |
2440 |
|
S S Scrap |
M/Tons |
-- |
-- |
504 |
|
Dross |
M/Tons |
-- |
-- |
167 |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
700 (Approximately) |
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|
|
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|
Bankers : |
·
Dena Bank, Industrial Finance Branch, Maker
Tower E, 9th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra,
India ·
Bank of Baroda, Nariman Point, Mumbai,
Maharashtra, India |
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|
|
|
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|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. C. Doshi and Company Chartered Accountants |
|
Address : |
307, Vaishali Apartments, 30/31, Parekh Street, Prarthana Samaj, Mumbai – 400 004, Maharashtra, India |
|
Tel No.: |
91-22-67437416 / 17 |
|
Fax No.: |
91-22-23824232 |
|
E mail: |
|
|
PAN No.: |
AACPD4437A |
|
|
|
|
Enterprises Where Transactions have taken place : |
·
Precision Metals ·
Venusl Metal Corporation ·
Sieves Manufacturer India Private Limited ·
Venus Edelstahl |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.5.904 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5.904 |
5.904 |
5.904 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
490.483 |
430.354 |
373.488 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
496.387 |
436.258 |
379.392 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
278.081 |
141.381 |
527.413 |
|
|
2] Unsecured Loans |
35.000 |
113.500 |
53.500 |
|
|
TOTAL BORROWING |
313.081 |
254.881 |
580.913 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
809.468 |
691.139 |
960.305 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
124.675 |
115.538 |
102.422 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
4.529 |
|
|
Advance Against Capital Expenditure |
2.563 |
0.875 |
5.063 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.492 |
1.491 |
1.491 |
|
|
DEFERREX TAX ASSETS |
5.699 |
5.986 |
5.405 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
268.070
|
111.510 |
501.653 |
|
|
Sundry Debtors |
479.518
|
455.329 |
552.972 |
|
|
Cash & Bank Balances |
27.391
|
39.901 |
36.411 |
|
|
Other Current Assets |
0.838
|
1.129 |
0.752 |
|
|
Loans & Advances |
128.965
|
147.104 |
229.642 |
|
Total
Current Assets |
904.782
|
754.973 |
1321.430 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
200.150 |
166.753 |
451.562 |
|
|
Other Current Liabilities |
24.203
|
15.257 |
22.420 |
|
|
Provisions |
5.390
|
5.714 |
6.053 |
|
Total
Current Liabilities |
229.743
|
187.724 |
480.035 |
|
|
Net Current Assets |
675.039
|
567.249 |
841.395 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
809.468 |
691.139 |
960.305 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
2640.055 (Gross Sales) |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL (A) |
1652.566 |
2316.846 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
1520.489 |
2159.790 |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
1520.489 |
2159.790 |
NA |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
132.077 |
157.056 |
181.745 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.204 |
46.490 |
52.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
115.873 |
110.566 |
129.650 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.204 |
23.284 |
21.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
93.669 |
87.282 |
108.605 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.540 |
30.417 |
40.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
60.129 |
56.865 |
68.590 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
426.854 |
369.988 |
301.398 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
486.983 |
426.854 |
369.988 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1089.094 |
1759.921 |
2118.164 |
|
|
TOTAL EARNINGS |
1089.094 |
1759.921 |
2118.164 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
54.968 |
96.821 |
333.736 |
|
|
|
Trading Goods |
5.010 |
0.000 |
0.000 |
|
|
|
Components and Spares |
3.238 |
11.634 |
4.861 |
|
|
|
Capital Goods |
18.623 |
1.616 |
0.129 |
|
|
TOTAL IMPORT
VALUE |
81.839 |
110.071 |
338.726 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1018.45 |
NA |
NA |
|
AS PER INDIRECT
SOURCE I.E. CARE
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
1267.900 |
2353.000 |
2524.400 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
74.600 |
111.200 |
148.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.64
|
2.45 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.10 |
10.03 |
7.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.20 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.63 |
0.58 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.94 |
4.02 |
2.75 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2008 |
31.03.2009 |
31.03.2010 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Share Capital |
5.904 |
5.904 |
5.904 |
|
Reserves & Surplus |
373.488 |
430.354 |
490.483 |
|
Net
worth |
379.392 |
436.258 |
496.387 |
|
|
|
|
|
|
long-term borrowings |
527.413 |
141.381 |
278.081 |
|
Short term borrowings |
53.500 |
113.500 |
35.000 |
|
Total
borrowings |
580.913 |
254.881 |
313.081 |
|
Debt/Equity
ratio |
1.531 |
0.584 |
0.631 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2009 |
31.03.2010 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
|
2,316.846 |
1,652.566 |
|
|
|
|
(28.672) |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2009 |
31.03.2010 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
|
2,316.846 |
1,652.566 |
|
Profit |
|
56.865 |
60.129 |
|
|
|
2.45% |
3.64% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
six years |
Yes |
|
12] |
Profitability for last si
x 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 |
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 |
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 |
UNSECURED LOANS:
|
Particular |
31.03.2010 Rs.
in Millions |
31.03.2009 Rs.
in Millions |
|
Short Term Loans
and Advances |
|
|
|
Corporate Deposits |
0.000 |
65.000 |
|
Other Loans and
Advances |
|
|
|
Corporate Deposits |
35.000 |
48.500 |
|
Total |
35.000 |
113.500 |
OPERATIONS
The company has performed not satisfactorily during the year due to
recession globally in this year also. Total sale for the year was Rs.1720.000
Millions (Export Rs.1089.100 Millions) as against Rs.2343.700 Millions (Export
Rs.1759.900 Millions) in the previous year. Though there is improvement in
domestic sale; the export turnover was reduced considerably due to global
recession. They hope the export for next year will improve since the situation
is favorable during the 1st half of this year. The net Profit after
tax is increased to Rs.60.129 Millions as compared to previous year’s figure of
Rs.56.865 Millions.
FINANCE
The company has not obtained any term loan for its expansion / backward
integration but carried out the same with internal generation.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
|
a Guarantees given by Company's Bankers |
13.980 |
|
b Self Gaurantee given to The Custom Department USA against deposit |
2.577 |
|
b Letters of Credit opened |
Nil |
|
c Bonds executed in respect of machinery imported under E.P.C.G. Scheme - There is, however, no default to date. |
20.650 |
|
e Income Tax Demand disputed in Appeals (Paid without prejudice to submissins in appeal - Rs.21.983 Millions
Previous year Rs.23.572 Millions) |
36.751 |
|
f Claims against the company not acknowledged as debts: (i) In respect of: Excise Duty- Demand stayed by the Honorable Custom,
Excise and Service Tax Appellate Tribunal |
6.407 |
|
(ii) In respect of interest and penalty related to disputed Cenvat
Credit claim of Rs5.377 Millions on purchases from M/s Viraj Limited reversed
and shown recoverable from Viraj Limited subject to protest. The company does
not expect any liability in relation to interest and penalty for which
proceedings are initated |
As may be
decided |
|
(iii) In respect of Service Tax credit taken on payments to foreign
based Commission Agents. The Company has paid Rs.2.523 Millions on protest
against the above demand which has not been provided and shown under Balances
with the Excise Authorities in Balance Sheet. |
18.948 |
|
(ii) Others |
0.751 |
|
g Estimated amount of contracts remaining to be executed on capital
accounts and not provided for (Net of payments Rs.2.563 Millions- Previous year - Rs.0.875 Million) |
0.986 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90242494 |
27/02/2004 |
656,000.00 |
Centurian Bank Limited |
322; Swastik Chamber, Trombay Road, Mumbai, Maharashtra, India |
- |
|
2 |
80008538 |
29/03/2007 * |
529,750,000.00 |
Dena Bank |
Industrial Finance
Branch, Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra -
400005, |
- |
|
3 |
90242449 |
29/03/2007 * |
529,750,000.00 |
Dena Bank |
Industrial Finance
Branch, Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra -
400005, |
- |
|
4 |
90242329 |
23/09/2004 * |
245,000,000.00 |
Dena Bank |
Industrial Finance Branch,
Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, |
- |
|
5 |
90242298 |
17/10/2000 |
30,000,000.00 |
Sicom Limited |
Nirmal Ist Floor, Nariman Point, Mumbai, Maharashtra, India |
- |
|
6 |
90242259 |
04/12/2003 * |
154,875,000.00 |
Centurian Bank Limited |
322; Swastik Chamber, Trombay Road, Mumbai, Maharashtra, India |
- |
|
7 |
90242190 |
10/06/1998 |
154,875,000.00 |
Dena Bank |
Industrial Finance Branch,
Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, |
- |
|
8 |
90242079 |
15/04/1996 |
20,000,000.00 |
Dena Bank |
Industrial Finance
Branch, Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra -
400005, |
- |
|
9 |
90242017 |
10/06/1998 * |
44,300,000.00 |
Dena Bank |
Industrial Finance
Branch, Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra -
400005, |
- |
|
10 |
90242016 |
18/05/1994 |
8,000,000.00 |
Dena Bank |
Industrial Finance
Branch, Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra -
400005, |
- |
|
11 |
90242010 |
17/03/2003 * |
44,500,000.00 |
Dena Bank |
Industrial Finance Branch,
Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, |
- |
|
12 |
90242008 |
19/01/2000 * |
4,000,000.00 |
Dena Bank |
Gulawdi
Brnch, Maker Tower; Cuffe Parade, Mumbai, Maharashtra, India |
- |
|
13 |
90241982 |
26/03/1993 * |
1,400,000.00 |
Dena Bank |
Gulawdi
Brnch, Maker Tower; Cuffe Parade, Mumbai, Maharashtra, India |
- |
|
14 |
90241975 |
19/01/1994 * |
9,400,000.00 |
Dena Bank |
Gulawdi
Brnch, Maker Tower; Cuffe Parade, Mumbai, Maharashtra, India |
- |
|
15 |
90241959 |
15/05/1992 |
1,500,000.00 |
Dena Bank |
Gulawdi
Brnch, Maker Tower; Cuffe Parade, Mumbai, Maharashtra, India |
- |
|
16 |
90241937 |
11/07/1991 |
11,600,000.00 |
Dena Bank |
Industrial Finance Branch,
Maker Tower 'E', 9th Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, |
- |
|
17 |
90241935
|
20/12/1999
* |
11,600,000.00
|
SICOM LIMITED |
Nirmal Ist Floor, Nariman Point, Mumbai,
Maharashtra, India |
- |
*Date of modification Charges
FIXED ASSETS
·
Freehold Land- Khopoli
·
Land and Residential
Building at Sanchore
·
Office Premises
·
Factory Building
·
Residential Premises
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fixture
·
Vehicles
·
Office Equipment’s
·
Dies and Mould
·
Air conditioners
·
Computers
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.59.97 |
|
|
1 |
Rs.102.89 |
|
Euro |
1 |
Rs.80.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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 |
|
s |
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.