MIRA
INFORM REPORT
|
Report Date : |
07.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
JAIMURUGAN TEXTILES LIMITED |
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Registered Office : |
L. K. Building, Suramangalam Main Road, Three Roads, Salem - 636009,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.02.1990 |
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Com. Reg. No.: |
002634 |
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CIN No.: [Company
Identification No.] |
U17111TZ1990PLC002634 |
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Legal Form : |
A Closely Held Public Limited
Liability Company |
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Line of Business : |
Manufacturer of Superior Quality Yarn |
RATING &
COMMENTS
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MIRAs Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 180000 |
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Status : |
Sick Company |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject has substantial accumulated losses and its networth has been
eroded. Financial position is considered to be poor. As such the company is a
sick unit. Trade relations are fair. Payments are slow and delayed. The company can be considered for small to mediocre business dealings
on safe and secured trade terms and conditions, only. |
LOCATIONS
|
Registered Office : |
L. K. Building, Suramangalam Main Road, Three Roads, Salem - 636009,
Tamilnadu |
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Tel. No.: |
91-4286-248343 |
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E-Mail : |
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Administrative Office: |
RRGF Compalex, 693 1A, Dharapuram Road, Tirupur 641608, Tamilnadu,
India |
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Tel. No.: |
91-421-4252522 |
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Fax No.: |
91-421-4252525 |
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E-Mail : |
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Factory 1 : |
Navani Village, Pudhuchatram 637018, Namakkal District |
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Tel. No.: |
91-4286-248343 |
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Fax No.: |
91-4286-243193 |
DIRECTORS
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Name : |
Mr. V. G. Ravichandran |
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Designation : |
Managing Director |
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Address : |
1/3, Kurinji Nagar, II Cross, Sheriff Colony Extn., Tirupur,
Coimbatore, District Tamilnadu 641604 |
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Date of Appointment : |
11.12.2003 |
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Name : |
Mr. V. G. Manisekaran |
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Designation : |
Managing Director |
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Address : |
27/28,Town Extn., 4th Street, Sheriff Colony, Tirupur,
Coimbatore, District Tamilnadu 641604 |
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Date of Appointment : |
11.12.2003 |
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Name : |
Mrs. G. Rajeswari |
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Designation : |
Director |
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Address : |
27/28,Town Extn., 4th Street, Sheriff Colony, Tirupur, Coimbatore,
District Tamilnadu 641604 |
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Date of Appointment : |
11.12.2003 |
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Name : |
Mrs. R. Vasantharani |
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Designation : |
Director |
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Address : |
1/3, Kurinji Nagar, II Cross, Sheriff Colony Extn., Tirupur, Coimbatore,
District Tamilnadu 641604 |
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Date of Appointment : |
11.12.2003 |
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Name : |
Mrs. M. Jothisundari |
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Designation : |
Director |
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Address : |
27/28,Town Extn., 4th Street, Sheriff Colony, Tirupur, Coimbatore,
District Tamilnadu 641604 |
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Date of Appointment : |
11.12.2003 |
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Name : |
Mr. PL. Ramanathan |
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Designation : |
Director |
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Address : |
13, Vasantham Buildings, Salem District Tamilnadu 636005 |
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Date of Ceasing: |
11.12.2003 |
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Date of Appointment : |
27.02.1990 |
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Name : |
Mr. PL. Vivekkanandan |
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Designation : |
Director |
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Address : |
79, New Fairlands, Salem, District Tamilnadu 636016 |
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Date of Ceasing: |
11.12.2003 |
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Date of Appointment : |
27.02.1990 |
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Name : |
Mr. A.M.P.A. Palaniappan |
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Designation : |
Director |
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Address : |
19, Raman Street, T. Nagar, Chennai, District Tamilnadu 600016 |
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Date of Ceasing: |
11.12.2003 |
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Date of Appointment : |
27.02.1990 |
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Name : |
Mr. A. Lakshmanan |
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Designation : |
Director |
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Address : |
Plot No 17, Gokulam Colony, 4th Street Extn. V. Pudur,
Coimbatore (District), Tamilnadu 641041 |
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Date of Ceasing: |
11.12.2003 |
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Date of Appointment : |
26.03.1990 |
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Name : |
Mr. RMK. L. Ramakrishnan |
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Designation : |
Director |
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Address : |
Sri Rama Vilas, 39, Sri Ranga Palayam Main Road, Salem (District),
Tamilnadu 636007 |
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Date of Ceasing: |
11.12.2003 |
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Date of Appointment : |
26.03.1990 |
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Name : |
Mr. V. R. Narayanan |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. V. G. Ravichandran |
895341 |
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Mr. V. G. Manisekaran |
895258 |
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Mrs. M. Jothi Sundari |
454670 |
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Mrs. R. Vasantharani |
454676 |
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Mr. M. Vigneshraj |
11 |
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Mr. K. Rajarajeswari |
11 |
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Mr. G. Rajesewari |
11 |
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Mr. M. Vishnu Mahesh |
11 |
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Mr. T. R. Harisaran |
11 |
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Mr. V. G. Ravichandran |
900000 |
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Mr. V. G. Manisekaran |
900000 |
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Total |
4500000 |
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Category |
Percantage |
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Directors or relatives of directors |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Superior Quality Yarn |
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Products : |
Yarn |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
City Union Bank Limited Tirupur Branch, Tirupur 641601, Tamilnadu, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
P. S. Krishnan and Company Chartered Accountants |
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Address : |
55, Universal Road, Tirupur 641601, Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity shares |
Rs.10/- each |
Rs.45.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
45.000 |
45.000 |
45.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
45.000 |
45.000 |
45.000 |
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LOAN FUNDS |
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1] Secured Loans |
72.460 |
77.526 |
0.000 |
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2] Unsecured Loans |
43.472 |
45.537 |
68.039 |
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TOTAL BORROWING |
115.932 |
123.063 |
68.039 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
160.932 |
168.063 |
113.039 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
86.819 |
74.620 |
64.096 |
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Capital work-in-progress |
0.354 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
29.609 |
20.495 |
18.883 |
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Sundry Debtors |
26.832 |
37.935 |
0.000 |
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Cash & Bank Balances |
0.544 |
1.374 |
0.377 |
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Other Current Assets |
0.000 |
0.000 |
0.030 |
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Loans & Advances |
29.269 |
9.744 |
3.919 |
|
Total
Current Assets |
86.254 |
69.548 |
23.209 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
45.726 |
17.244 |
16.820 |
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Provisions |
0.668 |
0.000 |
0.000 |
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Total
Current Liabilities |
46.394 |
17.244 |
16.820 |
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Net Current Assets |
39.860 |
52.304 |
6.389 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Profit and Loss account |
33.899 |
41.139 |
42.554 |
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TOTAL |
160.932 |
168.063 |
113.039 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
214.858 |
130.036 |
8.986 |
|
|
Other Income |
0.347 |
0.790 |
25.082 |
|
|
Increase/(Decrease) in stock |
0.000 |
0.000 |
3.074 |
|
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Total Income |
215.205 |
130.826 |
37.142 |
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|
|
|
|
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Profit/(Loss) Before Tax |
7.908 |
1.631 |
2.353 |
|
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
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Profit/(Loss) After Tax |
7.908 |
1.631 |
2.353 |
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Imports : |
|
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|
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|
Raw Materials |
0.000 |
0.000 |
5.912 |
|
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Others |
0.000 |
0.000 |
1.896 |
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Total Imports |
0.000 |
0.000 |
7.808 |
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Expenditures : |
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|
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Raw Material Consumed |
139.546 |
82.431 |
5.912 |
|
|
Consumption of stores and spares parts |
7.295 |
7.413 |
1.896 |
|
|
Increase/(Decrease) in Finished Goods |
(1.696) |
(3.621) |
1.114 |
|
|
Salaries, Wages, Bonus, etc. |
2.959 |
1.573 |
0.104 |
|
|
Payment to Auditors |
0.045 |
0.048 |
0.000 |
|
|
Interest |
8.031 |
5.482 |
0.000 |
|
|
Administrative Charges |
0.000 |
0.000 |
0.825 |
|
|
Financial Charges |
0.000 |
0.000 |
0.016 |
|
|
Insurance Expenses |
0.571 |
0.310 |
0.000 |
|
|
Power & Fuel |
27.560 |
23.328 |
19.594 |
|
|
Depreciation & Amortization |
7.526 |
5.809 |
5.325 |
|
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Other Expenditure |
15.460 |
6.422 |
0.004 |
|
Total Expenditure |
207.297 |
129.195 |
34.790 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.68
|
1.25 |
6.34 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.68
|
1.26 |
26.19 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.57
|
1.14 |
2.70 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.04 |
0.06 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.61
|
3.12 |
1.89 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
4.04 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporation identity number or foreign company registrations number of
the company |
U17111TZ1990PLC002634 |
|
Name of the company |
JAIMURUGAN TEXTILES LIMITED |
|
Address |
L. K. Building, Suramangalam Main Road, Three Roads, Salem - 636009,
Tamilnadu, India |
|
This Form is for |
Modification of charge |
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Type of Charges |
|
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Particular of the charge holder
|
City Union Bank Limited Tirupur Branch, Court Street, Tirupur
641601, Tamilnadu, India |
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Nature or description of the instrument creating charge |
Agreement of loan cum hypothecation |
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Date of the instrument creating charge |
11.08.2007 |
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Amount Secure by the charge |
Rs.191.571 Millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
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Description of the property charge whether it is a charge on |
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Particulars of the Present Modification |
The Quantum of the limit have been
modified from Ra.171.571 Millions o Rs.191.571 Millions by way of agreement
of loan cum hypothecation (Comprising of OLCC 60.000 Millions, LN 30.000
Millions, LN 4.756 Millions, LN 8.500 Millions, LN 1.125 Millions, LN 11.500
Millions, LN 2.000 Millions, LN 16.500 Millions, LN 6.190 Millions, LN 15.300
Millions, LN 6.700 Millions, LN 10.000 Millions, ILC5.000 Millions, BG14.000
Millions |
|
Name of the
company |
JAIMURUGAN TEXTILES LIMITED |
|
Presented By |
V. G.
Ravichandran (Joint Managing
Director) |
|
1) Date and
description of instrument creating the change |
For OLCC Limit
For Term Loan
|
|
2) Amount secured
by the charge/amount owing on the securities of charge |
OLCC - Rs.40.000 Millions Term Loan - Rs.30.000 Millions Total - Rs.70.000 Millions |
|
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 |
Hypothecation of
stock in trade of cotton, yarn and book debts Hypothecation of
following machineries:
|
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
For
OLLC Limit : Repayble on demand Rate of Interest : 10.41%p.a. For
Term Loan : Repaybale in 72 monthly instalments Rate of Interest 10.41%p.a. |
|
5) Name and
Address and description of the person entitled to the charge. |
City Union Bank Limited Tirupur - 641601 |
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6) Date and brief description of instrument
modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
Company Profile:
Subject is one
of the leading manufacturers of superior quality yarn in Tirupur, India. It was
established by Mr. V.G. Ravi Chandran who is the Managing Director of this
company.
With strong business acumen, successfully demonstrated by its promoter, the
company has progressed steadily from dealing in cotton waste to the position of
eminence it holds in manufacture of superior quality yarn.
Armed with superior technology and a mission to deliver top quality at
affordable costs. They follow by the innovative methods and latest technology.
Their success is based on attaining the total customer satisfaction.
With a highly dedicated workforce and sophisticated machines; adopting the
policy of quality and quick turn around time, has lead them grow from strength
to strength. They believe in high quality, on-time delivery, cost effective.
Products:
100% cotton - Superior Quality Yarn / Auto Coro Yarn
Count Range : 20 s to 60 s
Their count ranges from 20s to 60s in both cheese and cone
form from Auto Coro. Yarn can be doubled in tfo and also given in hank form of
SHPR / DHCR / DHPR. Package size of cheese can be given upto 4 Kg's.
Speciality
Their Speciality of the unit enables production of multiple
types of yarn at a time, simplifying the entire manufacturing process.
Different varieties of yarn like the electronically cleared yarn, without eyc,
warp yarn, weft, hosiery yarn, slub yarn, doubled yarn, contaminated cleared
yarn all can be produced at a time.
Fixed Assets:
- Loan
- Building
- Machinery
- Electric Machinery
- Furniturer
- Computer
- Tools
- Motor Vehicls
- Live Stock
The Rehabilitation Scheme of the company has
been sanctioned by the BIFRvide its order 13.11.2003 and the scheme inter alia
provides for the following:
- The cut off date has been fixed as 30th September 2002,
date of implement of the scheme has been fixed as 31.03.2004 and the
scheme period has been fixed as 3 years from the date of implementation.
- ICICI and IIBI to accept for a one time settlement of Rs.25.000
Millions and the balance amount of Rs.18.000 Millions towards Principal is
tobe waived.
- SBI to accepct for one time settlement of Rs. 11.500 Millions as againt Rs. 29.748 Millions outstanding towards working capital loan, resulting in a waiver of Rs.18.248 Millions
- The Sundram finance limited and eigi finance limited the leasing and Hire purchase companies to accept for a one time settlement of Rs.2.400 Millions as against Rs.5.700 Millions resulting in a waiver of Rs.3.300 Millions.
- An one time settlement of Rs.8.000 Millions to cotton parties and Rs.0.800 Million to store parties to be paid resulting in a waiver of Rs. 10.400 Millions against the original outstanding amount of RS. 19.200 Millions
- The new promoter V. G. group to buy out 1800000 shares of Rs.10/- each held by ICICI ventures and Ind Bank for a consideration of Rs. 0.900 Millions at Rs. 0.50 per shares.
- The new promoter V.G.group to bring in addittional funds to the extent of Rs. 52.800 Millions in the form of unsecured loans.
- Penal/compound Intrest and liqudated damages if any have all been waived and the waiver of above interest will be to the extent of Rs.67.600 Millions
The package of reliefs / concessions are subject to the following :
- Monthly review by the management committee
- Appointment of cuncurrent auditors and direct reporting to monitoring agency
- Submission of half yearly progress reports to BIFR and monitoring agency
- Finalisation of auditors annual accounts within six months of the close of each accounting year.
- Submission of audited annual accounts eithin one month of the finalisation there of.
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 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 Intl
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 companys 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.39.47 |
|
UK Pound |
1 |
Rs.80.09 |
|
Euro |
1 |
Rs.57.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
25 |
This score serves as a reference to assess SCs 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. |
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 |
|