2. Business Details: Business 1 : Details of Share Holding and Management. 1. Details of Individuals: Name of the Applicant : VISWANATHAN
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1 1. Details of Individuals: Date : 12 Nov, 2014 Name of the Applicant : VISWANATHAN Names of the Co-applicants : 1. V. RADHIKA Name of the person interviewed : C. Viswanathan Place of interview : At his jewellery shop, Batlagundu Date & time of interview : 04:30 PM Whether ITRs are filed : Yes How many years : 3 Applicant PAN : ABLPV5804D Co-applicant PAN V. RADHIKA : AFWPR4981C Whether returns are filed by Chartered Accountant : Yes Name of the Auditor : B. Murugesan Membership Number : Address of the Auditor : 27-B, Naicker New Street, Madurai Remarks : N/A 2. Business Details: Business 1 : Name of the Business : Subalakshmi Jewellers Constitution Of Business : Sole Proprietorship Details of Share Holding and Management
2 Name Relationship with the applicant Share Holding(%) Not Applicable Not Applicable Not Applicable Director / Management : Not Applicable Date of Commencement : 1998 Is the Business Entity Filing Returns : No PAN Card : Not Applicable For how many years : Not Applicable Is the Business entity registered with Sales Tax, VAT etc : Yes Registration Statute VAT Registration Number Description of the business premises Nature of Occupancy Nature of the Accomodation Size of the Accomodation Market Value / Rent pm Ownership Shop 850 sq ft 200 lacs Remarks : -- Nature of the Business : Retail sale of gold & silver ornaments Business Description : The applicant Mr.C. Viswanathan aged 41 is a native of Madurai. He has completed his B Sc. His Spouse V. Radhika aged 31 is the co-applicant. Applicant established a jewellery shop at Batlagundu in 1996 in the name Subalakshmi Jewellers where he is the proprietor. The shop is located on the main road and it has 850 sq ft space. This premise is owned by the applicant and value of this property is around Rs 200 lacs. As the business volume grew he established another shop in the year 1999 in the name Sri Subhalakshmi Nagai Maligai where his wife is the proprietor. The shop is also located on the main road and the rented premise has 128 sq ft space where rent pm is Rs Nature of business is retail selling of gold ornaments and silver articles. Average monthly sales in both the shops put together would be Rs 100 lacs on normal days and during wedding and harvest seasons sales T/o would be more. Apart from selling readymade items, orders to make gold ornaments according to specific designs are also accepted from customers.
3 Readymade items are purchased from Chennai and Madurai from whole sale merchants who allow a credit period of 15 days normally. Only 10% of the purchases are in credit and most of the purchases are in metal to metal terms. The applicants collect 10 to 15% as wastages and making charges from their customers whereas they pay 2 to 6% to merchants and goldsmiths according to the design and quality. No credit is involved in sales. Average stock holding of gold is 12to 14 kgs and in silver it is 100 kgs in both the shops. There are 8 employees in total and salary outlay pm is Rs 41k. PD Observations : PD was at the jewellery shops. Stock holding of gold and silver would be around Rs lacs. Proper books were not maintained for purchase and sale and particulars were noted in sheets of paper. Few invoices were available with the applicant for bullion purchase and the same were produced for perusal. Stock statements submitted to the bank for CC and OD accounts were produced for verification. Stock statement (quantity in grams) Subalakshmi Jewellers Sri Subhalaksmi Nagai Maligai Month Gold Silver Gold Silver Apr Apr May Jul June Oct July Aug Sep Stock Estimation : Rs 200 lacs VAT Return Details Period Sales Purchase Subalakshmi Jewellers N/A N/A April, May, June, July, August, September, Sri Subhalakshmi Nagai Maligai N/A N/A April, May, June, July, August, September, Total
4 Purchase Bill Details Period Suppliers Amount Subalakshmi Jewellers N/A Consolidated figures Various Various Various Various Various Various Various Sri Subhalakshmi Nagai Maligai N/A Consolidated figures Various Various Various Various Various Various 7181 Total Sales Bill Details Period Customers Amount Subalakshmi Jewellers N/A Consolidated figures various various various various various various various Sri Subhalakshmi Nagai Maligai N/A Consolidated figures various various various various various Total Customers : General Public
5 Suppliers : Various suppliers Competition Scenario : In a small town like Batlagundu there are many jewellery shops and the competition in business is high. Since the applicants have been in this trade for nearly two decades they have got their own acquaintances with which they have developed a customer base. More over people from small towns and villages prefer such shops for small ornaments and silver articles where they think they can bargain and get prices of their choice. In view of this competition is sustainable to some extent. Industrial Outlook : The demand for gold and gold ornaments is always high in spite of rise in prices. Even poor families tend to buy gold ornaments for occasions like marriage, auspicious occasions and celebrations and rich consider gold and silver as safe investment. Hence outlook for this business appears stable always. Strength 1. Business vintage Weaknesses 1. Competition 2. Cash based business 3. Details of Banking : Business Name : Subalakshmi Jewellers Name of the A/c Holder : Subalakshmi Jewellers Name of the Bank : Karur Vysya Bank Ltd Account Type : Current Account with CC Account Number : Limits : 30 lacs
6 Collateral : House property Month Withdrawals Deposits Balance Apirl May June July August September Average Banking Analysis Statement available : From : To : Average no. of transactions per month : upto 20 Statement Missing : No Most of the deposits are in the form of Most of the withdrawals are in the form : Cash : Both cheque and transfers EMIs Noticed : Yes Institution Amount Month Sundaram Finance Ltd From June, 14 Abnormal Amounts Noticed : No Internal transfers noticed : No Any other remarks : -- Name of the A/c Holder : Sri Subhalakshmi Nagai Maligai Name of the Bank : Karur Vysya Bank Ltd
7 Account Type : Current with OD Account Number : Limits : 20 lacs Collateral : House property Month Number of Bounces Type of Bounce Remarks July 1 Outward Month Withdrawals Deposits Balance Apirl May June July August September October Average Banking Analysis Statement available : From : To : Average no. of transactions per month : upto 20 Statement Missing : No Most of the deposits are in the form of Most of the withdrawals are in the form : Cash : Both cheque and transfers EMIs Noticed : No Abnormal Amounts Noticed : No Internal transfers noticed : No
8 Any other remarks : -- Name of the A/c Holder : C. Viswanathan Name of the Bank : Indian Overseas Bank Account Type : Savings Bank Account Number : Month Withdrawals Deposits Balance Apirl May June July August September Average Banking Analysis Statement available : From : To : Average no. of transactions per month : upto 5 Statement Missing : No Most of the deposits are in the form of Most of the withdrawals are in the form : Cash : Both cheque and transfers EMIs Noticed : Yes Institution Amount Month Axis Bank All months Abnormal Amounts Noticed : No
9 Internal transfers noticed : No Any other remarks : -- Name of the A/c Holder : V. Radhika Name of the Bank : Indian Overseas Bank Account Type : Savings Bank Account Number : Month Withdrawals Deposits Balance Apirl May June July August September Average Banking Analysis Statement available : From : To : Average no. of transactions per month : upto 5 Statement Missing : No Most of the deposits are in the form of Most of the withdrawals are in the form : Both cash and Cheque : Both cash and Cheque EMIs Noticed : Yes
10 Institution Amount Month Sundaram BNP Paribas Home Finance Ltd All months Abnormal Amounts Noticed : Yes Month Narration Debit/Credit Amount August by cash Credit August JL trf Debit Client Clarification Internal transfers noticed : No Any other remarks : -- Loan Amount : 50 (Amt in Lacs) Type of Loan : Mortgage Loan Purpose : To purchase a land property. Security Property Type Location LandArea BUA Market Value Residential Madurai 2422 sq ft 3600 sq ft 100 lacs Remarks : 1 ) -- Loan Details :
11 Loan Type Home Loan Home Loan Vehicle Loan Cash Credit Overdraft Institution Sundaram BNP Paribas Home Finance Ltd Name of the Borrower EMI Amount Outstanding Source V. RADHIKA Reflecting in Bank Statemnt Axis Bank VISWANATHAN Reflecting in Bank Statemnt Sundaram Finance Ltd Karur Vysya Bank Ltd Karur Vysya Bank Ltd VISWANATHAN Reflecting in Bank Statemnt Subalakshmi Jewellers Reflecting in Bank Statemnt V. RADHIKA Reflecting in Bank Statemnt Total Track record / Remarks Track not provided. EMI debits seen in bank account every month. Track not provided. EMI debits seen in bank account every month. Track not provided. EMI debits seen in bank account every month. Working Capital Working Capital Remarks : Applicants are successful in their jewellery business with a fair customer base. Income generation and cash flow are reasonable. They are existing SF and SHF customers with satisfactory track record. Present request is for of a mortgage loan of Rs 50 lacs for land purchase. The request may be viewed in light of weaknesses mentioned elsewhere in the report. Caveat :
12 All the above information is extrapolated based on our interaction with the applicant and circumstances prevailing at the time of visit.the report is exclusively for the perusal of Sundaram Home and shall not be considered as certification of the applicants income For Divakar Vijayasarathy & Associates
13 Business Name : Subalakshmi Jewellers & Sri Subhalakshmi Nagai Maligai Direct Expenses Estimated Profit and Loss A/c Direct Incomes Amount in ( Lacs) To 92% By Rs 70 lacs pm 840 To Gross Margins 67.2 Total 840 Total 840 To 12% on OD/ CC 6 By Gross Profit 67.2 To 14% on Secured Loans To 18% on Unsecured Loans To Admin & OH Rs 80k pm 0.88 To Net Profit Total 67.2 Total 67.2 Estimated Balance Sheet Capital and Reserves Fixed Assets 152 Secured Loans 6.30 Investments 0 Un Secured Loans 0 Bank OD/ CC 50 Stock 200 Creditors 15 Sundry debtors 0 Other Liabilities 0 Other Assets 0 Cash in hand & bank 5 Total 357 Total 357 Asset Opening Written down value Assets Depreciation Rate Depreciation Amount Closing Written down value Fixtures Premises Vehicle Total Networth Statement
14 Total Value Of Capital and Reserves as per Balance Sheet : Assets Market Value House properties (3) at Batlagundu 90 House properties (3) at Madurai 300 Vacant site at Madurai 25 Total Assets 415 Liabilities Home loan with SHF 20.8 Home loan with Axis Bank 22.5 Total Liabilities 43.3 Total Networth 657.4
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