MIRA
INFORM REPORT
|
Report Date : |
08.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ARUPPUKOTTAI SRI JAYAVILAS LIMITED |
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Registered Office : |
Thiruchuli Road, Melakandamangalam, Aruppukottai - 626129, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.06.1951 |
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Com. Reg. No.: |
00161 |
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CIN No.: [Company
Identification No.] |
U60221TN1951PLC000161 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIA00867G |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
The company is engaged in producing Cotton Yarn, and is holding
dealership of Indian Oil Corporation for their Diesel outlet and transport
business. |
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 1906772 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established and reportable company having fine
track. Available information indicares high financial rportabily of the company.
Trade relations are fair. Payments are currect and as per commitments. Nothing adverse reported. The company can be considered good for any normal business dealings.
It can be requrted as a promising business partner in a mediocrn to long –
run. |
LOCATIONS
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Registered Office/ Factory : |
Thiruchuli Road, Melakandamangalam, Aruppukottai - 626129, Tamil Nadu, India. |
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Tel. No.: |
91-4566-282377 |
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Fax No.: |
91-4566-70090 |
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Email: |
DIRECTORS
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Name : |
Mr. T.R.S. Vijairam |
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Designation : |
Chairman |
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Address : |
2/854, Jayavilas Bungal, Tiruchuli Road, Aruppukottai |
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Date of Birth/Age : |
01.12.1958 |
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Date of Appointment : |
21.06.1985 |
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Name : |
Mr. T. R. S. Babu |
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Designation : |
Whole Time Director |
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Address : |
No.12, P. T. Rajan Road, Iind Street, Madurai |
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Date of Birth/Age : |
28.07.1960 |
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Date of Appointment : |
21.11.1994 |
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Name : |
Mr. T. R. S. Karthikeyan |
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Designation : |
Whole Time Director |
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Address : |
No. 54, Pillaimar street, Aruppukottai |
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Date of Birth/Age : |
27.02.1964 |
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Date of Appointment : |
21.11.1994 |
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Name : |
Mrs. S. Subbulakshmi Ammal |
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Designation : |
Director |
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Address : |
No.12, P. T. Rajan Road, Iind Street, Madurai |
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Date of Birth/Age : |
15.05.1938 |
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Date of Appointment : |
30.10.1996 |
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Name : |
Mrs. R. Chempakadevi |
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Designation : |
Director |
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Address : |
Vadugarkottai Street, Aruppukottai |
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Date of Birth/Age : |
11.11.1946 |
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Date of Appointment : |
01.08.1986 |
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Name : |
Mrs. Krishnaveni Kannan |
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Designation : |
Director |
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Address : |
36, Vadugarkottai Street, Aruppukottai |
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Date of Birth/Age : |
16.03.1957 |
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Date of Appointment : |
05.07.1985 |
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Name : |
Mr. T.R.D. Senthilkumar |
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Designation : |
Director |
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Address : |
Vadugarkottai Street, Aruppukottai |
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Date of Birth/Age : |
16.01.1966 |
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Date of Appointment : |
05.07.1985 |
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Name : |
Mr. Kodur Venkatramam Rengasamy
Krishnasamy |
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Designation : |
Director |
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Address : |
51, Jawahar Street, NRT Nagar, Theni – 625531, India |
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Date of Birth/Age : |
07.12.1938 |
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Date of Appointment : |
28.09.1995 |
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Name : |
Mrs. K. Gopalakrishnan |
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Designation : |
Director |
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Address : |
No.8 – State Bank Colony, Nehruji Nagar, Main Road, Dindigual – 7 |
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Date of Birth/Age : |
05.03.1945 |
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Date of Appointment : |
28.09.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mr. T. R. Varadarajan |
1685 |
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Mr. T. R. Kannan |
215 |
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Mr. T. R. S. Vijairam |
5249 |
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Mr. T.R.S. Babu |
5212 |
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Mr. T. R. S. Karthikeyan |
5246 |
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Mr. T.R.D. Senthilkumar |
57 |
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Mr. T. R. V. Ramkumar |
1695 |
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Mr. T. R. Varadarajan |
800 |
|
Alagar Transports (Private) Limited |
5 |
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Mr. K. Gokul |
50 |
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Mrs. Subbulakshmi |
2949 |
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Mrs. R. Chempakadevi |
150 |
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Mrs. Krishnaveni Kannan |
150 |
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Mrs. V. Venkatalakshmi |
308 |
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Mrs. Selvi V. Powerna |
300 |
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Mrs. Selvi K. Dhivya |
50 |
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Mrs. T. R. S. Chitra |
472 |
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Mrs. V. Umadevi |
75 |
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Mrs. B. Sumathi |
90 |
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Total |
24759 |
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Category |
Percentage |
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Director or relatives directors |
99.98 |
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Bodies Corporate (not mentioned above) |
0.02 |
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Total |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
The company is engaged in producing Cotton Yarn, and is holding
dealership of Indian Oil Corporation for their Diesel outlet and transport
business. |
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Products : |
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PRODUCTION STATUS (As on
31.03.2005)
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Particulars |
Unit |
LicensedCapacity |
Installed
Capacity |
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Cotton Spinning Mills |
Spindles |
75.000 |
70.080 |
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GENERAL
INFORMATION
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No. of Employees : |
800 |
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Bankers : |
· State Bank of India, Aruppukottai, Tamil Nadu · The South Indian Bank Limited, Aruppukotai, Tamil Nadu · ING Vysya Bank Limited, Madurai |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
K. Subramaniam and Company Chartered Accountants |
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Address : |
153, North Veli Street, Simmakkal, Madurai – 625001, Tamilnadu, India |
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Associates Compalies: |
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Associates Firms: |
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Subsidiaries |
Sri Ramalinga Builders Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity shares |
Rs.100/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
24750 |
Equity shares |
Rs.100/-
each |
Rs.2.475
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 |
2.475 |
2.475 |
2.475 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
474.218 |
411.665 |
381.519 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
476.693 |
414.140 |
383.994 |
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LOAN FUNDS |
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1] Secured Loans |
874.843 |
644.947 |
648.702 |
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2] Unsecured Loans |
112.650 |
111.354 |
101.325 |
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TOTAL BORROWING |
987.493 |
756.301 |
750.027 |
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DEFERRED TAX LIABILITIES |
23.805 |
34.719 |
39.231 |
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TOTAL |
1487.991 |
1205.160 |
1173.252 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
698.993 |
358.290 |
345.348 |
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Capital work-in-progress |
4.024 |
30.068 |
0.128 |
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INVESTMENT |
9.307 |
9.016 |
5.122 |
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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 |
381.895
|
315.900 |
317.827 |
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Sundry Debtors |
182.463
|
178.185 |
230.670 |
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Cash & Bank Balances |
15.739
|
20.299 |
11.284 |
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Other Current Assets |
9.075
|
10.311 |
4.642 |
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Loans & Advances |
307.305
|
447.111 |
425.152 |
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Total
Current Assets |
896.477
|
971.806 |
989.575 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
105.354
|
55.606 |
50.757 |
|
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Provisions |
15.456
|
108.414 |
116.164 |
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Total
Current Liabilities |
120.810
|
164.020 |
166.921 |
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Net Current Assets |
775.667
|
807.786 |
822.654 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1487.991 |
1205.160 |
1173.252 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
1100.910 |
1061.346 |
756.307 |
|
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Other Income |
17.744 |
18.170 |
24.156 |
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Total Income |
1118.654 |
1079.516 |
780.463 |
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Profit/(Loss) Before Tax |
52.570 |
21.339 |
14.560 |
|
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Provision for Taxation |
5.456 |
0.000 |
0.000 |
|
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Profit/(Loss) After Tax |
47.114 |
29.339 |
14.560 |
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Earnings in Foreign Currency : |
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Export Earnings |
347.708 |
343.917 |
256.652 |
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Total Earnings |
347.708 |
343.917 |
256.652 |
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Imports : |
|
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Raw Materials |
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Stores & Spares |
0.000 |
0.000 |
3.377 |
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Capital Goods |
0.000 |
22.830 |
0.000 |
|
|
Others |
0.000 |
22.362 |
16.571 |
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Total Imports |
0.000 |
45.192 |
19.948 |
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Expenditures : |
|
|
|
|
|
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Raw Material Consumed |
630.196 |
636.225 |
423.341 |
|
|
Consumption of stores and spares parts |
3.446 |
1.402 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
75.659 |
72.294 |
0.000 |
|
|
Managerial Remuneration |
5.763 |
5.400 |
0.000 |
|
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Payment to Auditors |
0.035 |
0.027 |
0.000 |
|
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Interest |
58.613 |
77.395 |
0.000 |
|
|
Insurance Expenses |
2.794 |
2.625 |
59.017 |
|
|
Power & Fuel |
225.541 |
164.444 |
0.000 |
|
|
Depreciation & Amortization |
47.054 |
35.798 |
34.791 |
|
|
Other Expenditure |
364.691 |
390.678 |
258.231 |
|
Total Expenditure |
1413.792 |
1386.288 |
775.380 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.22
|
1.98 |
1.87 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.78
|
2.01 |
1.93 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.30
|
1.61 |
1.09 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.06 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.43
|
0.45 |
0.42 |
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|
Current Ratio (Current Asset/Current Liability) |
|
7.42
|
5.93 |
5.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U60221TN1951PLC000161 |
|
Name of the
Company |
ARUPPUKOTTAI SRI JAYAVILAS LIMITED |
|
Address |
Thiruchuli Road, Melakandamangalam, Aruppukottai - 626129, Tamil Nadu, India |
|
This form is for |
Modification on
charge |
|
Type of Charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particulars of
the charge holder |
South India Bank Limited 23, Pandalgudi
Road, A. N. U. T. Complex, Aruppukottai – 626101, Tamilnadu, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
|
|
Date of the
instrument creating or modifying the charge |
09.01.2007 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
CCOL – BPLR –
4.00% WCDL – 4.00% with
a minimum of 10%p.a.
Running account
and working capital limit – Payable at demand
CCOL – 25% for
stock and bookdebts not older than 6 months WCDL – 25% for
stock and bookdebts not older than 90 days PC – 10% for
stock
The overall
exting limit now enhanced to
Rs.150.00 Millions |
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Short particulars
of the property charged (including location of the property) |
|
|
Particular of the
present modification |
The overall
existing limit enhance to Rs.150.000 Millions. |
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Name of the company |
ARUPPUKOTTAI SRI JAYAVILAS LIMITED |
|
Presented By |
Mr. T. R. S.
Karthikeyan, (Director) |
|
1) Date and description of instrument creating the change |
Cash credit Hypothecation
limit Rs.132.000 Millions Sub limit: FDBN
Rs.(30.000) Millions EPC
Rs.(60.000) Millions Letter of
Credit
Rs. 30.000 Millions Letter of
Credit Rs.22.500 Millions Bank
Guarantee
Rs.10.000 Millions Total Rs.194.500
Millions |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total working
capital limit of Rs. 194.500 Millions as details below: Cash credit Hypothecation
Limit of Rs.132.000 Millions Sub Limit FDBN
Rs.(30.000) Millions EPC Rs.(60.000) Millions Letter of
Credit
Rs. 30.000 Millions Letter of
Credit
Rs.22.500 Millions Bank
Guarantee
Rs.10.000 Millions Total Rs.194.500 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 |
Charge over all
the movable assets including current assets including stock in trade, Book
debts, Stores etc., are mortqaqed to State Bank of India, Aruppukottai, by
way of agreements by hypothecation of goods and assets and agreements for
Hypothecation of stock in trade, Machinery, Book debts, Bills and all other
Movable for total working capital limit of Rs.194.500 Millions as detailed
belows: Cash credit Hypothecation
Limit of Rs.132.000 Millions Sub Limit FDBN
Rs.(30.000) Millions EPC Rs.(60.000) Millions Letter of
Credit
Rs. 30.000 Millions Letter of
Credit
Rs.22.500 Millions Bank
Guarantee
Rs.10.000 Millions Total Rs.194.500
Millions From State Bank
of India, Aruppukottai |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit Loan Limit
is Operative in nature. The rate of Interest for cash credit lomit is
@10.25%, for EPC limit is at @7.10% |
|
5) Name and Address and description of the person entitled to the charge. |
|
|
6) Date and brief description of instrument modifying the charge |
Letter dated
02.11.2005 for confirming extension of equitable mortaqaqe of property of the
company spinning mills devision land admeasuring 3090 sq. ft. situated in
town surveyno. 1588/1of chokkikulam village Madurai Taluka together with all
buildings. |
|
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. Bank Nature of limit Cash Credit hypothecation limit FBD/FBN Letter of Credit Bank Guarantee Total |
Collateral
security of the land admesuring 3090 sq. ft. situated intown surve no. 1588/1
of chokkikulam village Madurai Taluka together with all buildings, exiting
and to be construcded there on in future was created with the south indian
bank limited aruppukottai, was now extended as collateral security for the
following working capital limit already availed by the spining mill divisions
of the company under consortium basis from State Bank of India, Aruppukottai,
India Bank, Junction Branch, Tirunelveli, and The south India Bank limited,
Aruppukottai as detailed below. SBI Indian Bank SBI
Total Rs.132.000 130.000 65.000
327.000 Rs. -- 40.000 30.000 70.000 Rs. 30.000 26.000
35.000 91.000 Rs. 10.000 6.000 5.000 21.000 Rs. 172.000 202.000
135.000 509.000 |
Fixed Assets:
- Land
- Site for Building
- Land for Wind Mill
- Building
- Electrical Fittings
- Furniture and Fixture
- Office Machinery
- Vehicles
- Generator
- Bore well and Pumpset
- Dlesel Tank
- Under strsight Line Method:
- Machinery
- Workshop Machinery
- Humidification Machinery
- Nigatta 4MW Power Plant
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.39.41 |
|
UK Pound |
1 |
Rs.79.81 |
|
Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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. |
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 |
|