MIRA
INFORM REPORT
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Report Date : |
18.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SRI JAYAJOTHI AND COMPANY LIMITED |
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Registered Office : |
70, Alagai Nagar, Rajapalayam – 626117. Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.04.1981 |
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Com. Reg. No.: |
18-8702 |
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CIN No.: [Company
Identification No.] |
L51102TN1981PLC008702 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIS02272E |
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PAN No.: [Permanent
Account No.] |
AACCS0542E |
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Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
Stock Exchanges. |
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Line of Business : |
Manufacturing of yarn. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
70, Alagai Nagar, Rajapalayam – 626117. Tamilnadu, India |
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Tel. No.: |
91-4563-230441/226321/5/ 235321 |
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Fax No.: |
91-4563-230270/ 235370 |
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E-Mail : |
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Website : |
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Factories : |
SPINNING UNIT
70, Alagai Nagar, Ramanathapuram, Tamilnadu, India OE DIVISION
Sulakkarai, Virudhunagar, Tamilnadu wind generator division
Panangudi, Tirunelveli Dist, Tamilnadu |
DIRECTORS
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Name : |
Mr. Thathasamy Ramasamy Dhinakaran |
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Designation : |
Chairman |
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Address : |
36, Vadugarkottai – 626101, Virudunagar, Tamilnadu |
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Date of Birth/Age : |
10.01.1939 |
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Date of Appointment : |
04.12.1981 |
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Name : |
Mr. Thathinaicker R. Jayaraman |
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Designation : |
Whole Time Director |
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Address : |
51, Pillaimar Street, Aruppukottai – 626101, Tamilnadu |
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Date of Birth/Age : |
15.05.1935 |
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Date of Appointment : |
07.04.1981 |
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Name : |
Mr. Thathasamy R. Kannan |
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Designation : |
Whole time Director |
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Address : |
36, Vadugarkottai – 626101, Virudunagar, Tamilnadu |
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Date of Birth/Age : |
09.08.1956 |
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Date of Appointment : |
07.04.1981 |
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Name : |
Mr. Thathasamy R. Vardarajan |
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Designation : |
Director |
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Address : |
51, Pillaimar Street, Aruppukottai – 626101, Tamilnadu |
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Date of Birth/Age : |
10.06.1940 |
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Date of Appointment : |
07.04.1981 |
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Name : |
Mr. Jayaraman Seethalakshmi |
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Designation : |
Director |
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Address : |
51, Pillaimar Street, Aruppukottai – 626101, Tamilnadu |
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Date of Birth/Age : |
05.03.1938 |
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Date of Appointment : |
20.03.1995 |
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Name : |
Mr. Kannan Krishnaveni |
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Designation : |
Director |
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Address : |
Flat No.9, Gee Gee Castle, 186, Avvai Shanmugam Salai, Gopalapuram,
Chennai-600086, Tamilnadu |
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Date of Birth/Age : |
16.03.1957 |
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Date of Appointment : |
20.03.1995 |
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Name : |
Mr. Kannan Gokul |
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Designation : |
Director |
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Address : |
Flat No.9, Gee Gee Castle, 186, Avvai Shanmugam Salai, Gopalapuram,
Chennai-600086, Tamilnadu |
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Date of Birth/Age : |
12.09.1981 |
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Date of Appointment : |
03.04.2002 |
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Name : |
Mr. T R Subbaraj |
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Designation : |
Director |
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Name : |
Mr. Thathi Naicjer Ramasamy Varadarajan |
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Designation : |
Director |
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Address : |
1, T Ramanaicker Street, Vadugarkottai, Aruppukottai-626101, Tamilnadu |
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Date of Birth/Age : |
25.07.1940 |
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Date of Appointment : |
07.04.1981 |
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Name : |
Ms. Divya Kannan |
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Designation : |
Director |
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Address : |
Flat No.9, Gee Gee Castle, 186, Avvai Shanmugam Salai, Gopalapuram,
Chennai-600086, Tamilnadu |
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Date of Birth/Age : |
25.10.1985 |
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Date of Appointment : |
02.08.2006 |
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Name : |
Mr. Kannan Ramasamy Naicker |
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Designation : |
Director |
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Address : |
Flat No.9, Gee Gee Castle, 186, Avvai Shanmugam Salai, Gopalapuram,
Chennai-600086, Tamilnadu |
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Date of Birth/Age : |
09.08.1956 |
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Date of Appointment : |
07.04.1981 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Thathasamy Ramasamy Jayaraman |
2749 |
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Mr. Thathasamy Ramasamy Jayaraman |
650 |
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Mr. Thathasamy Ramasamy Jayaraman |
250 |
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Mr. Thathasamy R Subbaraj |
297 |
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Mr. Thathasamy R Dhinakaran |
1374 |
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Mr. Thathasamy R Varadarajan |
2749 |
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Mr. Thathasamy R Kannan |
1404 |
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Mr. T RAmasamy S Vijairam |
50 |
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Mr. T Ramasamy S Babu |
50 |
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Mr. T Ramasamy S Karthikeyan |
50 |
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Mr. Jayaraman Seethalakshmi |
1300 |
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Mr. Jayaraman Seethalakshmi |
375 |
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Mr. Jayaraman Seethalakshmi |
50 |
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Mr. Jayaraman Sree Rajasekaran |
750 |
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Mr. Jayaraman Sree Rajasekaran |
850 |
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Mr. Jayaraman Sree Rajasekaran |
850 |
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Mr. Jayaraman Sree Rajasekaran |
200 |
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Mr. Jayaraman Sree Rajasekaran |
1375 |
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Mr. Jayaraman Sree Rajasekaran |
202 |
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Mr. Subbaraj Subbulakshmi |
50 |
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Ms. Dhinakaran Nirmala |
650 |
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Mr. Dhinakaran Senthilkumar |
375 |
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Varadarajan Senbagadevi |
1300 |
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Ms. Kennan Divya |
650 |
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Mr. Varadarajan Ramkumar |
750 |
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Mr. Krishnaveni Kannan |
1300 |
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Mr. Gokul Kannan |
2095 |
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Mr. Gokul Kannan |
1250 |
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Mr. T Ramasamy S Karthikeyan |
5 |
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Total |
24000 |
The company’s entire share capital (100%) is held by directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturing of yarn. |
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Products : |
Generic Names of Principal Products/Services of the company are as under :
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Exports to : |
The company exports to Belgium,
Germany, Portugal, Spain, Switzerland, Israel, Far-east countries Bangladesh,
Morocco. |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Spinning Division, Rajapalayam (Spindles) |
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107400 |
92488 |
1722977 |
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O.E. Division, Virudhunagar (Rotors) |
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5512 |
2656 |
499402 |
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Fabric Division, Rajapalayam (Looms) |
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15 |
15 |
1963 |
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Surgical Division |
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-- |
-- |
3850 |
GENERAL
INFORMATION
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No. of Employees : |
About 800 |
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Bankers : |
v State Bank of
India, Commercial Branch, 381/A, Singarajakottai St., Rajapalayam-626117 v State Bank of India, Commercial Branch, Rajapalayam – 626117, Tamilnadu v ICICI Bank Limited, Rajapalayam, Tamilnadu v Tamilnad Mercantile Bank, Rajapalayam, Tamilnadu v UTI Bank Limited, Chennai, Tamilnadu v
Exim Bank of India v
City Union bank Limited v Industrial Development Bank of India, IDBI Tower, Cuffe Parade, Mumbai-400005 Branch Office : Industrial Development of India, 115, Anna Salai, Chennai-600015 v
Sundaram Finance Limited, 21, Patullos Road,
Chennai-600002, Tamilnadu, India |
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Facilities : |
Secured
Loans : As on 31.03.2005
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. V. Raman Chartered Accountants |
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Address : |
40-B, Sevalpatti South Street, Rajapalayam-626117, Tamilnadu, India |
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Associates/Subsidiaries : |
Associates v Jayalakshmi Textiles Private Limited Subsidiaries v Sri Jayajothi Textile Mills Private Limited v Sir Jayajothi Power Management Company Private Limited v Sri
Jayajothi Textile Mills Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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24000 |
Equity Shares |
Rs.100/-
each |
Rs.2.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.400 |
2.400 |
2.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
750.276 |
643.511 |
601.085 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
752.676 |
645.911 |
603.485 |
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LOAN FUNDS |
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1] Secured Loans |
1001.256 |
1098.940 |
769.343 |
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2] Unsecured Loans |
503.627 |
449.150 |
358.599 |
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TOTAL BORROWING |
1504.883 |
1548.090 |
1127.942 |
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DEFERRED TAX LIABILITIES |
59.300 |
18.500 |
0.000 |
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TOTAL |
2316.859 |
2212.501 |
1731.427 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1307.851 |
1244.637 |
1046.994 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
210.804 |
255.874 |
263.313 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.000
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0.000 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1178.300
|
884.504 |
704.792 |
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Total
Current Assets |
1178.300
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884.504 |
704.792 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
380.096
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172.514 |
283.672 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
380.096
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172.514 |
283.672 |
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Net Current Assets |
798.204
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711.990 |
421.120 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2316.859 |
2212.501 |
1731.427 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
1515.257 |
1309.266 |
1078.219 |
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Other Income |
195.815 |
90.733 |
117.209 |
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Total Income |
1711.072 |
1399.999 |
1195.428 |
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Profit/(Loss) Before Tax |
162.587 |
69.427 |
65.390 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
162.587 |
69.427 |
65.390 |
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Total Earnings |
NA |
90.828 |
NA |
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Imports : |
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Raw Materials |
NA |
29.582 |
253.530 |
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Capital Goods |
NA |
91.234 |
42.484 |
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Total Imports |
NA |
120.816 |
296.014 |
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Expenditures : |
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Manufacturing Expenses |
NA |
NA |
257.946 |
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Administrative Expenses |
NA |
NA |
45.098 |
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Raw Material Consumed |
686.378 |
698.180 |
566.530 |
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Purchases made for re-sale |
NA |
NA |
72.696 |
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Increase/(Decrease) in Finished Goods |
3.182 |
27.292 |
NA |
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Salaries, Wages, Bonus, etc. |
65.581 |
60.468 |
NA |
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Interest and Financial Expenses |
130.712 |
78.757 |
72.859 |
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Insurance Expenses |
7.239 |
3.633 |
NA |
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Power & Fuel |
211.226 |
185.479 |
NA |
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Depreciation & Amortization |
95.211 |
87.669 |
68.078 |
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Other Expenditure |
348.956 |
189.094 |
29.348 |
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Total Expenditure |
1548.485 |
1330.572 |
1112.555 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
9.50
|
4.96 |
5.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.50
|
4.96 |
5.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.54
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3.26 |
3.73 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22
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0.11 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.50
|
2.66 |
2.34 |
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Current Ratio (Current Asset/Current Liability) |
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3.10
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5.13 |
2.48 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
L51102TN1981PLC008702 |
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Name of the company |
SRI JAYAJOTHI AND COMPANY LIMITED |
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Address |
70, Alagai Nagar, Rajapalayam – 626117. Tamilnadu, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Hire purchase |
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Particular of the charge holder |
Sundaram Finance Limited 21, Patullos Road, Chennai-600002, Tamilnadu, India |
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Nature or description of the instrument creating charge |
Hire purchase agreement (17.01.2007) cont No.-BT-8590 |
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Date of the instrument creating charge |
17.01.2007 |
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Amount Secure by the charge |
Rs.24.260 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest : 7.10% p.a. Terms of repayment : The total amount of Rs.24.260 millions (Finance Amount Rs.20.000 millions + Finance Charges Rs.4.260 millions) is repayable in 36 monthly installments of Rs.0.674 millions each. Extent and operation of the charge The total amount of Rs.24.260 millions (Finance Amount Rs.20.000 millions + Finanace Charges Rs.4.260 millions) is repayable in 36 monthly installments. 1st installment (17.02.2007) of Rs.0.674 millions and 35 installments of rs.0.674 millions each. |
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Particulars of the Property charged |
1 No textile machinery and other accessories bearing Serial No.8270 Locating at No.70, Alagal Nagar, Rajapalayam-626117 |
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Name of the company |
SRI JAYAJOTHI
AND COMPANY LIMITED (hereinafter
referred to as the company) |
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Presented By |
Mr. T R Kannan, Director |
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1) Date and description of instrument creating the change |
29.03.2001 – Deed of hypothecation executed by the company in favour of Industrial Development Bank of India (IDBI) as modified by deposit of title deeds created on 11.05.2001 in respect of the properties situate at Unit I 18/29 PSK Road, Inam Thoppupatti Village, Rajapalayam Taluk, Virudhunagar Distrcict in the State of Tamilnadu. |
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2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of Rs.47.300 millions agreed to be lent and advanced by IDBI to the company together with interest, additional interest, liquidated damages, premia on prepayment or on all other moneys payable by the company to IDBI in terms of the loan agreement dated 29.03.2001 entered into between the company of the one part and IDBI of the other part. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the movable properties of the company including it movable plant and machinery, machinery spares, tools and accessories and other movables, both present and future (save and except book debts) whether installed or not and whether now lying loose or in cases or which are now lying or stored in or about or shall hereafter from time to time during the continuance of the security be brought into or upon or be stored in or about the company’s factories premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the company or in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the company and either by way of substitution or addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge and mortgage operates as security, inter alia for the due repayment by the company to IDBI of its term loan of Rs.47.300 millions sanctioned together with interest, additional interest, liquidated damages premia on prepayment or on redemption costs, charge, expenses and all other moneys payable by the company ot IDBI in terms of the said loan agreement. |
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5) Name and Address and description of the person entitled to the charge. |
Industrial Development Bank of India IDBI Tower, Cuffe Parade, Mumbai-400005 Branch Office : Industrial Development of India 115, Anna Salai, Chennai-600015 |
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6) Date and brief description of instrument modifying the charge |
02.07.2004. No instrument was executed. A joint mortgage by release and redeposit of title deeds was created in favour of Industrial Development Bank of India (IDBI) acting for itself and as an agent of ICICI Bank Limited, UTI Bank, Tamilnadu Mercantile Bank Limited, State Bank of India and City Union Bank Limited in respect of the properties situate at Unit I 18/29 PSK Roiad, Inam Thoppupatti Village, Rajapalayam Taluk, Virudhunagar District in the State of Tamilnadu inter alia for the due payment and discharge by the company to IDBI of its Rupee term loan of Rs.47.300 millions together with interest, compound interest, additional interest, liquidated damages, premia on prepayment or on redemption, costs, charges, expenses and other moneys payable by the company to IDBI under its loan agreement. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The IDBI loan of Rs.47.300 millions together with interest, compound interest, additional interest, liquidated damages, costs, charges, expenses and all other moneys payable by the company to IDBI in terms of the said loan agreement which is secured by the said deed of hypothecation dated 29.03.2001 being the original charge is modified by the mortgage created by deposit of title deeds by way of constructive delivery with ICICI Bank Limited on 11.05.2001 and further by a mortgage by release and redeposit of title deeds IDBI on 02.07.2004 in favour of IDBI. |
The company is a fast developing textile
centre of South India, which is about 90 km from Madurai of Tamil Nadu.
The Mill was started in 1946,
with a modest capacity of 6000 Spindles. The present Management, Sri Jayajothi
& Company took over the Mills in 1969 since then, the Mill has undergone a
steady growth. It is part of the Sri Jayavilas - Ramalinga Group, based in
Aruppukottai, Tamil Nadu. A multi-faceted industrial conglomerate, Sri
Jayavilas Group is active in Textiles, and Transport sectors. Now the company
is successfully lead by Mr. T. R. Kannan as a Director of the company. The
company is the flagship company of a major Spinning mills group with a
reputation for excellence.
The company is a prominent
Spinning Unit from Southern India. is a company having a capacity around 80,000
Nos. Ring Spindles, 26 Combers, around 2500 TFO Spindles, 15,000 Ring Doubling
Spindles and 1880 Rotors.
The company’s products come
through sophisticated production facilities. The plant and machinery are top
notch and the latest technology is employed to produce very high quality of
yarn. To maintain quality that meets international standards the company had
made major investments in technology that is the very latest in the field. In fact
its Mill showcases the latest advancements made in the world of spinning.
The company exports to Belgium,
Germany, Portugal, Spain, Switzerland, Israel, Far-east countries Bangladesh,
Morocco.
Its Open-End Spinning unit which
is situated in Sulaikari near Virudhunagar, Tamilnadu having a capacity of 1880
Rotors.
Its sister concern, Jayalakshmi
Textiles Private Limited, situated near Aruppukottai, Tamilnadu is having a
capacity of 25,056 Ring Spindles and 5,728 Ring Doubling Spindles.
Subject employs about 800 persons
in its set up.
Sri Jayavilas Group has got a
group spindlage of over 7,00,000, has a fleet of over seventy routes for
passenger transportation and has a range of trucks and trailers number over 200
for Cargo movement. The group had wider presence in south Tamil Nadu catering
needs to various segments of population.
The group had been backed with
adequate financial resources. Group turn over will cross 10000.000 millions
during the year 2002-03
The Company’s fixed assets include
Land and Buildings, Plant and Machinery, Vehicles, other Assets, Wind Electric
Generator Division, Fabric Division, Rajapalayam, Spinning Division and Open
end Division.
Website Details :
Subject belong to the prestigious 'Sri Jayavilas Group' of South India, engaged in Textile,
Automobile, Non-conventional energy Sources (Wind Mills) and Financial
activities.
Their Sri Jayavilas Group has got a group spindlage of over
7,00,000, has a fleet of over seventy routes for passenger transportation and
has a range of trucks and trailers number over 200 for Cargo movement. They
have wider presence in south Tamil Nadu catering needs to various segments of
population.
Their Director Sri
T. R. Kannan is a graduate in Engineering, looking after automobile and
textile industries over last 2 decades. He has got very good business acumen.
With his innovative ideas and managerial skills his talent is known worldwide,
especially in exports and imports sectors.
All his passenger and commercial transport is handled by
various personalities developed over the same field and the division is
equipped with various modernised equipments. The name 'JAYAVILAS' will spell the punctuality and quality of services to
user public.
Their group has been backed with adequate financial
resources. Group turn over will cross 1000 Crores this year, of which Sri
Jayajothi & Co. Limited, will cross 1200 millions.
Sri Jayajothi & Company
Limited is located at No.70, Alagai Nagar, Rajapalayam, a fast developing
textile centre of South India which is about 90 km from Madurai of Tamil Nadu,
India.
The Mill was started in 1946, with a modest capacity of 6000 Spindles. The present
Management, Sri Jayajothi & Company took over the Mills in 1969 since then
the Mill has undergone a steady growth. It is part of the Sri Jayavilas - Ramalinga Group, based
in Aruppukottai, Tamil Nadu. A multi-faceted industrial conglomerate, Sri
Jayavilas Group is active in Textiles, and Transport sectors. Now the company
is successfully lead by Mr.T.R.Kannan
as a Director of the Company. They are the flagship company of a major Spinning
mills group with a reputation for excellence.
Subject, a prominent Spinning Unit from Southern India, is a
Company having a capacity around 80,000 Nos. Ring Spindles, 26 Combers, around
2500 TFO Spindles, 15,000 Ring Doubling Spindles and 1880 Rotors.
Well Equipped with Trutzschler
Blow Room with Trutzschler DK 740
and DK 780 Cards and Lakshmi -
Rieter (LR) Blow Room with LC 100
Cards, Lakshmi RSB 851, Draw
Frames, Rieter RSB D30 Draw
Frames, LR E7/4 Combers, 8 Nos. Schlafhorst Auto Coners, Two-For-One
Twisters and modern testing equipments such as Uster Tester-3, Premier HFT 9000 and Uster AFIS.
Their products come through sophisticated production facilities.
The plant and machinery are top notch and the latest technology is employed to
produce very high quality of yarn. To maintain quality that meets international
standards they have made major investments in technology that is the very
latest in the field. In fact their Mill showcases the latest advancements made
in the world of spinning.
Exports are being made to Belgium, Germany, Portugal, Spain,
Switzerland, Isreal, Far-east countries Bangladesh, Morocco. Export growth
remarkably has achieved year by year.
Their Open-End Spinning unit which is situated in Sulaikari
near Virudhunagar, Tamilnadu, India having a capacity of 1880 Rotors.
Their Sister concern, Jayalakshmi Textiles (Private)
Limited, situated near Aruppukottai, Tamilnadu, India is having a capacity of 25,056 Ring Spindles and 5,728 Ring Doubling Spindles.
The pursuit of excellence is never means an end. It's an end
in itself. Because, they believe that excellence is its own reward. And, the
fact that they are a leading name in the world of spinning owes more to their
ability to translate their passion for excellence into everything they do.
What finally emerges is the profile of a company, a pioneer
in many ways, equipped to meet the demand for quality yarn of international
standards.
Products
Subject, Sree Shanmugar Mills produces around 6 million Kgs
of Yarn per annum with emphasis on the production of very coarse to super fine
combed as well as carded cotton yarns in the range of 3s to 120s both single as
well as multiply yarn.
With its rich experience in the production of yarn, it
caters to sophisticated markets including European Countries, Israel, Far East,
USA etc. as well as domestic markets.
Subject is also equipped with a doubling capacity of about
15000 Ring Doubling Spindles and about 2500 TFO Spindles.
|
SPECIFICATION
FOR NE 5/1, NE 10/1, NE 20/1 KARDED & NE 30/1 COMBED WEAVING SINGLE YARN
SPLICED & AUTOCONED, DOUBLE YARN, RING DOUBLED, EYC, WET SPL |
||||
|
DESCRIPTION |
NE
5/1 KARDED WEAVING AUTOCONED |
NE 10/1
KARDED WEAVING AUTOCONED |
NE
20/1 KARDED WEAVING AUTOCONED |
NE
30/1 KARDED WEAVING AUTOCONED |
|
COUNT C.V.% |
1.80 |
1.80 |
1.80 |
1.80 |
|
STRENGTH C.V. % |
5.80 |
5.80 |
5.80 |
5.80 |
|
C.S.P |
2500 |
2200 |
2500 |
2450 |
|
TWIST PER INCH |
9.5 +/-
0.5 |
19.5
+/- 0.5 |
19.5
+/- 0.5 |
23.0+/-
0.5 |
|
USTER TESTER-III |
||||
|
U % |
9.00 |
13.75 |
12.25 |
13.50 |
|
THIN (-50%) / Km |
0 |
50 |
25 |
50 |
|
THICK (+50%) / Km |
10 |
225 |
150 |
275 |
|
NEPS (+200%) /Km |
10 |
275 |
150 |
350 |
|
TOTAL |
20 |
550 |
325 |
675 |
|
SPECIFICATION
FOR NE 40/1, NE 50/1, NE 60/1 COMBED WEAVING SINGLE YARN SPLICED &
AUTOCONED, DOUBLE YARN, RING DOUBLED, EYC, WET SPL |
|||
|
DESCRIPTION |
NE
40/1 COMBED WEAVING AUTOCONED |
NE 50/1
COMBED WEAVING AUTOCONED.(GIZA COTTON) |
NE
60/1 COMBED WEAVING AUTOCONED.(PIMA COTTON) |
|
COUNT C.V.% |
1.80 |
1.50 |
1.80 |
|
STRENGTH C.V. % |
5.50 |
5.50 |
5.80 |
|
C.S.P |
2750 |
3700 |
3600 |
|
TWIST PER INCH |
27.0
+/- 0.5 |
29.0
+/- 0.5 |
31.0
+/- 0.5 |
|
USTER TESTER-III |
|||
|
U % |
11.00 |
8.50 |
10.90 |
|
THIN (-50%) / Km |
10 |
0 |
10 |
|
THICK (+50%) / Km |
40 |
30 |
40 |
|
NEPS (+200%) /Km |
45 |
40 |
60 |
|
TOTAL |
95 |
70 |
110 |
|
SPECIFICATION
FOR NE 80/2, NE 100/2, NE 120/2 COMBED WEAVING SINGLE YARN SPLICED &
AUTOCONED, DOUBLE YARN, RING DOUBLED, EYC, WET SPL |
|||
|
DESCRIPTION |
NE
80/2 COMBED WEAVING RD,WETSPLICED.(PIMA COTTON) |
NE
100/2 COMBED WEAVING RD,WETSPLICED.(CHINESE) |
NE 120/2
COMBED WEAVING RD,WETSPLICED.(CHINESE) |
|
COUNT C.V.% |
1.50 |
1.80 |
1.50 |
|
STRENGTH C.V. % |
5.80 |
5.80 |
5.80 |
|
C.S.P |
3800 |
3550 |
3450 |
|
TWIST PER INCH |
26.0
+/- 0.5 |
28.0+/-
0.5 |
30.5
+/- 0.5 |
|
USTER TESTER-III |
|||
|
U % |
9.00 |
9.80 |
10.25 |
|
THIN (-50%) / Km |
0 |
0 |
5 |
|
THICK (+50%) / Km |
20 |
20 |
20 |
|
NEPS (+200%) /Km |
20 |
40 |
45 |
|
TOTAL |
40 |
60 |
70 |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.40.97 |
|
UK Pound |
1 |
Rs.82.18 |
|
Euro |
1 |
Rs.56.91 |
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 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|