MIRA
INFORM REPORT
|
Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
YOUNGMAN
WOOLLEN MILLS PRIVATE LIMITED |
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|
|
|
Registered Office : |
Village Seera, Rahon Road, Ludhiana – 141007,
Punjab |
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Country : |
India |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.05.1981 |
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Com. Reg. No.: |
16-4536 |
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CIN No.: [Company
Identification No.] |
U17117PB1981PTC004536 |
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|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
JYDY00060E/JLDY00037C |
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Legal Form : |
Private
Limited Liability Company |
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|
|
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Line of Business : |
Manufacturer,
Exporter, Importer and Trader of Fabrics and Mink Blankets. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
325000 |
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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 and reputed company having satisfactory track.
Directors are reported as experienced, respectable and having satisfactory
means of their own. Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions |
LOCATIONS
|
Registered Office/Factory : |
Village Seera, Rahon Road, Ludhiana – 141007,
Punjab, India |
|
Tel. No.: |
91-161-2690176/2690116/2691154/2691155 |
|
Mobile No.: |
91-9872700092 |
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Fax No.: |
91-161-2690133 |
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E-Mail : |
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Website : |
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Area : |
20086
Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
86,
Industrial Area, A, Maya Nagar, Ludhiana – 141001, Punjab |
|
Tel.
No.: |
91-161-2609411 |
|
Area : |
2.5
acrs |
DIRECTORS
|
Name : |
Mr.
Ramesh Kumar Jagota |
|
Designation : |
Chairman and Managing Director |
|
Address : |
143 HBRS Nagar, Civil Lines, Ludhiana,
Punjab |
|
Date of Birth/Age : |
12.08.1951 |
|
Qualification : |
B.Com |
|
Experience : |
35 years |
|
Date of Appointment : |
14.05.1981 |
|
|
|
|
Name : |
Mrs.
Reema Jagota |
|
Designation : |
Director |
|
Address : |
143 HBRS Nagar, Civil Lines, Ludhiana,
Punjab |
|
Date of Birth/Age : |
05.01.1956 |
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Qualification : |
Graduate |
|
Experience : |
10 years |
|
Date of Appointment : |
20.04.1995 |
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|
|
|
Name : |
Mr.
Nitesh Jagota |
|
Designation : |
Director |
|
Address : |
143 HBRS Nagar, Civil Lines, Ludhiana,
Punjab |
|
Date of Birth/Age : |
03.02.1978 |
|
Qualification : |
MBA |
|
Experience : |
8
Years |
|
Date of Appointment : |
26.11.2001 |
|
|
|
|
Name : |
Mr.
Dishant Jagota |
|
Designation : |
Director
|
|
Address : |
143 HBRS Nagar, Civil Lines, Ludhiana,
Punjab |
|
Date of Birth/Age : |
19.07.1984 |
|
Qualification : |
MBA |
|
Experience : |
2
Years |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Ramesh Kumar Jagota |
|
1436916 |
|
Mr.
Nitesh Jagota |
|
699948 |
|
Mr.
Ramesh Kumar Jagota and Sons |
|
79268 |
|
Mrs.
Reema Jagota |
|
373480 |
|
Master
Dishant Jagota |
|
489160 |
|
Baby
Riti Jagota |
|
53228 |
|
Youngman
Investments Private Limited |
|
868000 |
|
Total |
|
4000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter, Importer and Trader of Fabrics and Mink Blankets. |
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|
|
|
Products : |
v
Acrylic
Blankets v
Knitted
Fabrics v
Pile
Fabrics v
Mink
Blankets v
Rags |
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|
|
|
Exports to : |
Australia,
New Zealand, U.K., USA, Greek, Turkey, Switzerland, Germany, Spain, Italy,
Cyprus, Canada, Portugal and France. |
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|
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Imports from : |
Japan,
Korea, Malaysia, The Netherlands, Spain, Belgium, China, France and U.K |
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Terms : |
|
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Selling : |
L/C
& Cash (60 days) terms |
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|
|
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Purchasing : |
L/C
& Cash (60 days) terms |
GENERAL
INFORMATION
|
Customers : |
Wholesalers,
Retailers, End Users and OEM’s |
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|
|
|
No. of Employees : |
200 |
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|
|
|
Bankers : |
v
State Bank of India, Overseas Branch, Sunder Nagar, Ludhiana - 141008,
Punjab, India v
HDFC Bank v
Citi Bank N.A. |
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|
|
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Facilities : |
State Bank of India – Rs. 20.000 Millions |
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|
|
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Banking Relations : |
Satisfactory |
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Auditors : |
Jain Subash and Company Chartered Accountants |
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Address |
B-1-645/3, Dr. Bindraban Road, Civil Lines, Ludhiana – 141001, Punjab,
India |
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Tel. No.: |
91-161-2445911 |
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|
|
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Associates/Subsidiaries : |
Youngman
Textiles Limited, 86, Industrial Area, A Maya Nagar, Ludhiana – 141001,
Punjab Line
of Business – Shody Yarn Youngman
Industries Limited Youngman
Exports, Ludhiana, Punjab Line
of Business – Mink Blankets, T-Shirts & others |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
40,00,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 40.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
40,00,000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 40.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
40.000 |
40.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
43.929 |
40.900 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
83.929 |
80.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
100.545 |
92.700 |
|
|
2] Unsecured Loans |
|
2.536 |
2.100 |
|
|
TOTAL BORROWING |
|
103.081 |
94.800 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
187.010 |
175.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
51.582 |
49.500 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
3.500 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
61.343 |
70.500 |
|
|
Sundry Debtors |
|
67.128 |
53.700 |
|
|
Cash & Bank Balances |
|
9.378 |
4.500 |
|
|
Other Current Assets |
|
1.931 |
0.000 |
|
|
Loans & Advances |
|
12.919 |
15.100 |
|
Total Current Assets |
|
152.699 |
143.800 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13.622 |
21.100 |
|
|
Provisions |
|
3.649 |
0.000 |
|
Total Current Liabilities |
|
17.271 |
21.100 |
|
|
Net Current Assets |
|
135.428 |
122.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
187.010 |
175.700 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
296.400 |
262.000 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
2.300 |
3.100 |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
2.300 |
3.100 |
|
|
|
|
|
|
Export
Value |
|
NA |
NA |
|
|
|
|
|
|
Import
Value |
|
8.500 |
9.500 |
|
|
|
|
|
|
Total
Expenditure |
|
294.100 |
258.900 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA |
0.77
|
1.18 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
NA |
0.77
|
1.18 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
NA |
1.18
|
NA |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
NA |
0.02
|
NA |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.43 |
1.43
|
NA |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
8.84 |
6.81
|
NA |
LOCAL AGENCY
FURTHER INFORMATION
It is
in trade terms with:
v
Cannon
Steels Private Limited
v
S.
Bouver S.A
v
Hoyoung
Moolsan
v
S.
Preet Hosiery Private Limited
v
Vinaik
Spinning Mills Limited
v
Vardhman
Thread Limited
v
Amarson
Yarn Limited
v
Arora
Fabres Limited
v
Baba
Enterprises
v
Venus
Packers
v
Pacific
Packers
v
Indian
Auds and Chemicals Private Limited
v
Radha
Yarns Private Limited
v
Arunoday
Mills Limited
v
Flora
International
|
Name of the company |
YOUNGMAN WOOLLEN MILLS PRIVATE LIMITED |
||||||||||||||||||||||||||||||||||||||||||||
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Presented By |
MR. RAMESH KUMAR JAGOTA, DIRECTOR |
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1) Date and description of instrument creating the change |
Agreement
of Loan for Overall limits [Form C-1] Agreement
of Hypothecation of goods and assets [Form-C2] Letter
regarding grant of Individual limits [Form – C-5] All
the above mentioned agreements dated 24.05.1999 between the company of the
one part and SBI, SCB, Deol Complex, Civil Lines, Ludhiana of the other part.
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2) Amount secured by the charge/amount owing on the securities of charge |
The
loan are secured with interest, future interest, liquidated damages costs
charges, expenses and all other moneys payable by the company to SBI, SCB, Deol Complex, Civil Lines, Ludhiana
in terms of the loan agreement dated the 24.05.1999 between the company of
the one part and SBI of the other part. |
||||||||||||||||||||||||||||||||||||||||||||
|
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
movable plant, machinery and assets purchased / to be purchased out of the
above term loan. All
immovable properties owned by the company to the mortgaged detailed hereunder
: Factory
land and building situated at Rahon Road, Village Seera, Ludhiana
All
goods, book debts movables and / or pledged to SCB, Deol Complex, Civil
Lines, Ludhiana and all unencumbered movable or immovable property. |
||||||||||||||||||||||||||||||||||||||||||||
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4) Gist of the terms and conditions and extent and operation of the charge. |
RATE
OF INTEREST Cash
credit 2.25 %
above SBAR plus interest tax effective rate of interest 14.53 % p.a. MTL
2.50 % above SBTL plus interest tax effective rate of interest 17.34 % p.a.
for term loan of Rs. 0.600 Millions and 16.83 % p.a. for term loan of Rs. 14.600
Millions MTL
2.00 % above SBTL plus interest tax effective rate of interest 14.28 % p.a. EXTENT
AND OPERATION OF CHARGE 100 % REPAYMENT Cash
Credit on Demand MTL As
per Repayment Schedule MARGIN
OTHER
TERMS AND CONDITIONS The
charge operates exclusive charge to secure the due repayment loan of the
overall limits together with interest, further interest liquidated damages,
costs, charges, expenses and all other moneys payable by the company under
the said loan agreement. The
company has undertaken to keep the hypothecated goods in marketable and good
condition at its own costs and to insure the same in the joint names of the
company SBI. All
the goods hypothecated and all realizations and insurance proceeds thereof
and all documents in respect of the said security are to be kept
distinguishable and held as the exclusive property of SBI. The
security created under the said agreement of loan is to be a continuing term
security. |
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|
5) Name and Address and description of the person entitled to the charge. |
State
Bank of India, SCB, Deol Complex, Civil Lines, Ludhiana |
||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Supplemental
agreement of loan for increase in the overall limit [C-1-A] Supplemental
agreement of Hypothecation of goods and assets for interest in the overall
limit [C-2-A] Supplemental
agreement of pledge of goods and assets for increase in the overall limit
[Form C-3-A] Supplemental
deed of agreement for increase in the overall limit [FormC4-A] Letter
regarding the grant of individual limits with in the overall limit all dated
23.06.2005 between the company of one part and SBI, SHB, Sunder Nagar,
Ludhiana of the other part. |
||||||||||||||||||||||||||||||||||||||||||||
|
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. |
RATE
OF INTEREST Cash
credit 1.50 %
above SBAR minimum rate of interest 11.75 % p.a. with monthly rests subject
to revision from time to time. ECP
and FBP 3.75 %
below SBAR minimum rate of interest 6.50 % p.a. with monthly rests subject to
remission from time to time or as directed by RBI SLC 2.50%
above SBAR minimum rate of interest 12.75 % p.a. with monthly rests subject
to revision from time to time. Term
Loan [Existing] At PLr
Rate i.e. minimum 10.25 % p.a. with monthly rests subject to revision from
time to time. Term
Loan [Fresh] 0.25 %
below SBAR i.e. minimum 10.00 %p.a. with monthly rests subject to revision
form time to time. MARGIN
Name
and address of the person entitled to charge State
Bank of India, SCB, Deol Complex, Civil Lines, Ludhiana All
other terms and conditions remaining unchanged. |
|
Corporate
identity number of the company |
U17117PB1981PTC004536 |
|
Name
of the company |
YOUNGMAN
WOOLLEN MILLS PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
Village Seera, Rahon Road, Ludhiana – 141007,
Punjab, India |
|
This
form is for |
Modification
of Charges |
|
Type
of charge |
Hypothecation and Equitable mortgage or mortgage of property by deposition the title deeds |
|
Particular
of charge holder |
State
Bank of India, SCB, Sunder Nagar, Deol Complex, Civil Lines, Ludhiana –
141008, Punjab, India |
|
Nature
of instrument creating charge |
|
|
Date
of instrument Creating the charge |
30.06.2006 |
|
Amount
secured by the charge |
Rs.
85.700 Millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
CC [Hypothecation]
107.5 Millions at SBAR CC Rs. 40 Millions at SBAR, EPC Rs. 15 Millions Export
bill purchase Rs. 7.000 Millions, term loan Rs. 22 Millions, Term Loan – Ii
Rs. 12 Millions at 0.25 % above on SBAR FLC Rs. 42.500 Millions, B/ G Rs.
1.00 Millions, one time FLC Rs. 5.2 Millions and SLC 7.5 Millions Extent of
charge 100 % |
|
Description
of the property charged indicating whether it is a charged on |
Immovable
properties, plant and machinery, stock in trade and book dents |
|
Particulars
of the property charged |
The
movable plant / machinery and assets, all goods, book dents movable and
pledged to SBI Factory
land and building situated at Rahon Road, Village Seera, Ludhiana vide vaskia
no. 1983 dated 25.05.1981 8 K 4 Marle registered in the name of the company |
|
Charge
identification number of the charge to be modified |
80009430 |
|
Brief
description of the instrument modifying the charge u under section 135 |
Form C
– 1 A, A – 2 – A, Form C – 3 – A And
From - 5 |
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.44.17 |
|
UK
Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |