MIRA
INFORM REPORT
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Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
JAYA VARMA TEXTILES PRIVATE LIMITED |
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Registered Office : |
S F No. 105 237/1, 239/1, 239/2, C, Sakthi Nagar (North), Pooluvapatti
(Post), P N Road, Tirupur – 641 603, 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 : |
11.06.1997 |
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Com. Reg. No.: |
007968 |
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CIN No.: [Company
Identification No.] |
U17111TZ1997PTC007968 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBJ03233G/ CMBJ03236C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Synthetic all kinds including Agriculture and
Chemical Fibres and any other Fibrous substances Natural or Synthetic and all
other Textile Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 800000 |
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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 a well established company having satisfactory track. Trade
relations are fair. Financial
position is satisfactory. 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 : |
S F No. 105 237/1, 239/1, 239/2, C, Sakthi Nagar (North), Pooluvapatti
(Post), P N Road, Tirupur – 641 603, Tamil Nadu, India |
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Tel. No.: |
91-421-2478813 |
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Fax No.: |
91-421-2473376 |
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E-Mail : |
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Corporate Office : |
61/2 Sastri Nagar, Angeripalayam main Road, Tirupur – 641 602, Tamil
Nadu, India |
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Tel. No.: |
91-421-2478813, 478111 |
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Fax No.: |
91-421-2474412 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. V Palanisamy |
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Designation : |
Managing Director |
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Date of Birth/Age : |
13.02.1955 |
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Date of Appointment : |
11.06.1997 |
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Name : |
Mrs. P Vasanthi |
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Designation : |
Director |
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Date of Birth/Age : |
05.05.1962 |
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Date of Appointment : |
11.06.1997 |
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Name : |
Mr. K Pannir Selvam |
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Designation : |
Director |
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Date of Birth/Age : |
04.02.1958 |
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Date of Appointment : |
11.06.1997 |
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Name : |
Mr. S Mahendran |
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Designation : |
Director |
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Date of Birth/Age : |
01.07.1965 |
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Date of Appointment : |
11.06.1997 |
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Name : |
Mr. A Vinayagappa Gounder |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. V Palanisamy |
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10 |
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Mrs. P Vasanthi |
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10 |
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Mr. K Pannir Selvam |
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10 |
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Mr. S Mahendran |
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10 |
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Mr. A Vinayagappa Gounder |
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10 |
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Total |
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50 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Synthetic all kinds including Agriculture and
Chemical Fibres and any other Fibrous substances Natural or Synthetic and all
other Textile Products. |
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Products : |
v Cotton Staple
Fibre v Synthetic Fibres v Rayon Silk v Artificial Silk v Wool v Hemp v Jute v Synthetic all
kinds including Agriculture and Chemical Fibres v Fibrous
substances Natural or Synthetic v All other
Textile Products. |
GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
v Indian Overseas
Bank Velampalayam Branch, 61-c, 3 and 4, Gandhi
Road, Periar Colony, Annupparpalaym, Tirupur – 641 652, Tamil Nadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Radha Ganesh and Company |
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Address : |
19 Ponnurangam Road, East, R S Puram, Coimbatore, Tamil Nadu – 641
002, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 100/- each |
Rs. 80.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
598690 |
Equity Shares |
Rs. 100/-
each |
Rs. 59.869 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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59.869 |
59.869 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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149.623 |
80.290 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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209.492 |
140.159 |
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LOAN FUNDS |
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1] Secured Loans |
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222.849 |
206.595 |
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2] Unsecured Loans |
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79.314 |
151.855 |
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TOTAL BORROWING |
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302.163 |
358.450 |
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DEFERRED TAX LIABILITIES |
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76.900 |
55.706 |
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TOTAL |
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588.555 |
554.315 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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356.831 |
322.377 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.015 |
0.480 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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199.270 |
189.080 |
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Sundry Debtors |
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75.170 |
82.992 |
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Cash & Bank Balances |
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6.099 |
2.882 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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45.636 |
63.976 |
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Total
Current Assets |
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326.175 |
338.930 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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94.466 |
107.472 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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94.466 |
107.472 |
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Net Current Assets |
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231.709 |
231.458 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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588.555 |
554.315 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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600.000 |
550.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.89 |
3.32 |
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Current Ratio (Current Asset/Current Liability) |
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3.45 |
3.15 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90008541 |
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Corporate
identity number of the company |
U17111TZ1997PTC007968 |
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Name of the
company |
JAYA VARMA TEXTILES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
S F No. 105 237/1, 239/1, 239/2, C, Sakthi Nagar (North), Pooluvapatti
(Post), P N Road, Tirupur – 641 603, Tamil Nadu, India |
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Type of charge |
Book Debts,
Movable Property ( not being pledge), Stock of Raw materials, WIP, FG,
Consumables |
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Particular of
charge holder |
v Indian Overseas
Bank Velampalayam Branch, 61-c, 3 and 4, Gandhi
Road, Periar Colony, Annupparpalaym, Tirupur – 641 652, Tamil Nadu, India |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
30.03.2007 |
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Amount secured by
the charge |
Rs. 406.325
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR (-1)% Terms of repayment Fresh term loan
is repayable in 60 equal monthly installments of Rs. 0.287 Million commencing
from May 2007 Margin 25% Extent operation of the charge Hypothecation of
Stock of Raw Material, WIP, FG, Book Debts, P and M, Other Sundry Assets
Present and Future available at the premises of the borrower or elsewhere |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
26.12.2006 |
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Particulars of
the present modification |
Machinery term
loan of Rs. 16.900 millions full and fresh Machinery Term loan of Rs. 17.250
Millions sanctioned overall limit increased from Rs. 405.975 millions to Rs.
406.325 Millions |
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Name of the company |
JAYA VARMA
TEXTILES PRIVATE LIMITED |
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Presented By |
Mr. V Palanisamy, Managing Director |
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1) Date and description of instrument creating the change |
Term Loan
agreement dated 07.01.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 70.000
Millions |
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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 |
Hypothecation of
Blow room with 2 scutchers-1, Cards LC 300-8, Draw Frame RSB 851-3, Draw
Frame DO 6-1, Simplex LF 1465-5, Ring Frames 1008 Spindles-12, Cone Winders
RJK-5, Yarn clearers-5, Overhead Cleaners Elgi/ Jacobi-22, Air Compressor 20
HP-1, Automatic Waste Evaluation System-1, plastic Crates/ Card cane/
Bobbins, Ring Tubes, Cot Grinding Machine, Spinning, Maintenance, Testing
Equipments, Work Shop Equipments, Humidification Plant Weighting Balances,
Fire Fighting Equipments, Generator 380 KVA-3, Transformer and Electrical
Cables, Capacitors etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at
16.83% p.a. repayment in 26 quarterly installments. First 10 Quarters
Rs. 2.400 Millions Next 15 Quarters
Rs. 2.900 Millions 26th
Quarter Rs. 2.500 Millions |
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5) Name and Address and description of the person entitled to the charge. |
v Indian Overseas
Bank Velampalayam Branch, 61-c, 3 and 4, Gandhi
Road, Periar Colony, Annupparpalaym, Tirupur – 641 652, Tamil Nadu, India |
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6) Date and brief description of instrument modifying the charge |
31.03.2005 Complete
repayment of term loan of Rs. 70.000 Millions Letter of
Hypothecation (For securing Machineries/ Vehicles/ Goods/ Book Debts) |
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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. |
Rs. 70.000
Millions Term Loan availed repaid in full on 31.03.2005 Fresh Term Loan
of Rs. 40.000 Millions sanctioned by the Bank Overall Limit
stands modified as below: (Rs. in Millions)
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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
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.41 |
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UK Pound |
1 |
Rs. 79.81 |
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Euro |
1 |
Rs. 57.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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