MIRA INFORM
REPORT
|
Report
Date : |
26.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
S. N. Q. S. INTERNATIONAL SOCKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
NO. 19,
Indira Nagar, |
|
|
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Country
: |
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|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
16.10.2001 |
|
|
|
|
Com.
Reg. No.: |
18-9927 |
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|
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CIN
No.: [Company
Identification No.] |
U17309TZ2001PTC009927 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS03964C |
|
|
|
|
Legal
Form : |
Private limited liability company |
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|
|
|
Line
of Business : |
Manufacturer and |
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
320000 |
|
|
|
|
Status
: |
Satisfactory |
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|
|
|
Payment
Behaviour : |
Usually
Correct |
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|
|
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Litigation
: |
Clear |
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|
Comments
: |
Subject is well-established company having satisfactory
track. Directors are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are fair. Payments are usually
correct and as per commitments. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
NO. 19,
Indira Nagar, |
|
Tel.
No.: |
91-421-2232838 |
|
Email
: |
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|
Head
Office : |
Lakshmi Feeder
Industrial, Complex, |
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Tel.
No.: |
91-422-2360736 |
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Fax
No.: |
91-422-3095159 |
DIRECTORS
|
Name : |
Mr. V. Elangovan |
|
Designation
: |
Managing Director |
|
Address
: |
19,
Indira Nagar, |
|
Date
of Birth : |
11.12.1959 |
|
Date
of Appointment : |
12.10.2001 |
|
|
|
|
Name : |
Mrs. Santhy Elangovan |
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Designation
: |
Director |
|
Address
: |
19,
Indira Nagar, |
|
Date
of Birth : |
04.07.1961 |
|
Date
of Appointment : |
12.10.2001 |
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|
|
|
Name : |
Mr. T. M. Muthukumar |
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Designation
: |
Director |
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|
|
|
Name : |
Mr. Santhimuthukumar |
|
Designation
: |
Director |
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Address
: |
104, |
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Date
of Appointment : |
12.10.2001 |
|
|
|
|
Name : |
Mr. Viswanathan Mullai |
|
Designation
: |
Director |
|
Address
: |
19,
Indira Nagar, |
|
Date
of Appointment : |
12.10.2001 |
|
|
|
|
Name : |
Mr. D Ravichandran |
|
Designation
: |
Director |
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Address
: |
1993 Krishna Colony, |
|
Date
of Appointment : |
12.10.2001 |
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|
|
|
Name : |
Mr. M Muthukumar |
|
Designation
: |
Director |
|
Address
: |
104, |
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Date
of Appointment : |
12.10.2001 |
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|
|
|
Name : |
Mr. K Viswanathan |
|
Designation
: |
Director |
|
Address
: |
19,
Indira Nagar, |
|
Date
of Appointment : |
12.10.2001 |
|
|
|
|
Name :
|
Mr. L Mahesh |
|
Designation
: |
Additional Director |
|
Address
: |
54 E B Colony, Gabdhi Nagar, Tirupur – 641 603, |
|
Date
of Appointment : |
21.01.2004 |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. V. Elangovan |
|
250 |
|
Mrs. Santhy Elangovan |
|
250 |
|
Mr. T. M. Muthukumar |
|
100 |
|
Mr. Viswanathan Mullai |
|
100 |
|
Mr. D Ravichandran |
|
100 |
|
Mr. Santhimuthukumar |
|
100 |
|
Mr. K Viswanathan |
|
100 |
|
Names
of Shareholders |
|
Percentage of Holding |
|
Directors and Relative of Directors |
|
100.00 |
BUSINESS
DETAILS
|
Line of
Business : |
Manufacturer and |
|
|
|
|
Products
: |
Knitted Socks |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Knitted
Socks (per annum) |
Dozen Pairs |
541580 |
290046 |
GENERAL
INFORMATION
|
Suppliers
: |
|
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|
|
|
Customers
: |
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|
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No. of
Employees : |
-- |
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|
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Bankers
: |
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|
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Banking Relations : |
Satisfactory |
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|
|
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Auditors
: |
|
|
Name : |
N.R. Doraiswami and Company Chartered Accountants |
|
Address : |
|
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs. 100/- each |
Rs. 70.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs. 100/- each |
Rs. 70.000 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 |
|
70.000 |
0.110 |
|
|
2] Share
Application Money |
|
0.000 |
81.068 |
|
|
3]
Reserves & Surplus |
|
10.022 |
3.444 |
|
NETWORTH
|
|
80.022 |
84.622 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
67.375 |
45.629 |
|
|
2]
Unsecured Loans |
|
0.980 |
0.980 |
|
TOTAL
BORROWING
|
|
68.355 |
46.609 |
|
|
DEFERRED
TAX LIABILITIES |
|
1.992 |
3.429 |
|
|
|
|
|
|
|
TOTAL
|
|
150.369 |
134.660 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
|
89.310 |
90.281 |
|
Capital work-in-progress
|
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
34.970 |
37.196 |
|
|
Sundry Debtors
|
|
28.769 |
18.914 |
|
|
Cash & Bank Balances
|
|
4.500 |
1.364 |
|
|
Loans & Advances
|
|
11.533 |
6.090 |
Total Current Assets
|
|
79.772 |
63.564 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
15.577 |
18.734 |
|
|
Provisions
|
|
3.136 |
0.490 |
Total Current Liabilities
|
|
18.713 |
19.224 |
|
Net
Current Assets
|
|
61.059 |
44.340 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
|
0.000 |
0.039 |
|
|
|
|
|
|
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TOTAL
|
|
150.369 |
134.660 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 (Estimated) |
31.03.2005 (Estimated |
Sales Turnover [including other income]
|
|
125.000 |
100.000 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
2.11 |
1.82 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
4.26 |
3.30 |
LOCAL
AGENCY FURTHER INFORMATION
Operations:
The directors are happy to report that 290046 dozen pairs of
socks were produced during the year 2002-2003 as against 54332 dozen pairs
during the 5 months ended 31/03/2002. The total turnover for the year ending
31/03/2003 amounts to Rs. 72.516 millions as against Rs. 10.664 millions for
the 5 months ended 31/03/2002. 17 Nos. used machines were imported from
During the current year the company has commenced its
expansion programme by importing 40 new knitting machines at a cost of Rs.
36.500 millions and construction of new building and other capital works at an
estimated cost of Rs. 13.500 millions. The company has availed a term loan of
Rs. 29.300 millions from Union Bank of
Fixed Assets :
- Land
- Building
- Building
under construction
- Compressor
lines
- Electrical
equipments
- Electrical
fittings
- Fire
fighting equipments
- Gene
sets
- Miscellaneous
equipments
- Office
equipments
- Canteen
equipments
- Humidification
plant
- Machineries
– Local
- Machineries
– Imported
- Transformer
- Vehicles
- Computers
- Furniture
and fixtures
FORM 8
|
Name
of the company |
S. N. Q. S.
INTERNATIONAL SOCKS PRIVATE LIMITED |
||||||||||||||||||||||||||||||||||||||
|
Presented By |
Mr. V. Elangovan, Managing Director |
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|
1) Date
and description of instrument creating the
change |
a.
agreement of loan for overall limit dated 29.06.2005 b. loan –
cum – hypothecation for term loan dated 29.06.2005 c.
agreement of pledge of goods and assets dated 29.06.2005 d.
agreement of hypothecation of goods and assets dated 29.06.2005 e. letter
regarding the grant of individual limit within the dated 29.06.2005 |
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2) Amount
secured by the charge/amount owing on the securities of charge |
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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 |
A. First charge
by way of hypothecation of raw material, work in progress and finished goods,
movables and other assets present. B. Book
debts and receivables C. All
plant and machinery |
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4) Gist
of the terms and conditions and extent and operation of the charge. |
Interest for: FBWC: 3.75% below SBAR with minimum 6.50% p.a. with
monthly rests. Term Loan: 0.75% below SBAR with minimum 9.50% p.a. with
monthly rests. Term Loan: : 0.75% below SBAR with minimum 9.50% p.a. with
monthly rests. Stand by Limit: 3.75% below SBAR with Minimum 6.50% p.a.
with monthly rests. Working Capital: repayable on demand Term Loan: repayable in monthly installments Margin: 25% |
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5) Name
and Address and description of the person entitled to the charge. |
State Bank of 718 and 719, Opp Anakara Street, |
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6)
Date and brief description of
instrument modifying the charge |
Mortgage by
deposit of title deeds for factory land and building by the company on
13.10.2005 in favour of State Bank of No
instrument executed |
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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. |
i) factory
land and building belonging to the company situated at in Tirupur Regn. Dt.
Sulur Sub-Regn. Dt. In
In this
an extent of 1.25 acres as agricultural land situated in G S No. 510/ B Part
512/3 and 513/2 Part covering the following
ii) In
Tirupur Regn. Dt. Sulur Sub Regn, Dt in
In this
an extent of 2.25 acres as agricultural land situated in foloowing G S No.
511/A 1 iii) in
Erode Regn. Dist. In Dharapuram Sub-Regn. Dt Dharapuram TK, Ponnapuram Village
in S F No. 377 of total Punjabi Ac 11/07, in lands measuring punchai HC
1.22.0 corresponding Ac 3.01 in New SF No. 377/2 of Naranapuram Village a
specific extent of land measuring punchai HC 0.29.0 corresponding punchai Ac
0.72 ˝ kist assessed at Rs. 9.800
millions comprised in New S F No. 377/2B (as per present sub division) patta
no. 963 is bounded on the south by east west road, west by Nachannal’s land,
east by land of Kandasamy Gounder and Northy by the lads of Duraisamy Gounder
and amidst this, the aforesaid specific extent land measuring punchai H C
0.29.0 corresponding punchai AC 0.72 ˝
agricultural lands and measuring punchai AC 0.29.0 in entirely to
secure the aggregate limit fo Rs, 111.000 millions |
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations, prosecutions
or other official proceeding for making any prohibited payments or other
improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.95 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.55.09 |
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 |
NO |
|
--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 |