MIRA
INFORM REPORT
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Report Date : |
27.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SRK EXPORTS PRIVATE LIMITED |
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Registered Office : |
13-A, Melony Road, T-Nagar, Chennai;600 017, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.06.2001 |
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Com. Reg. No.: |
18-47273 |
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CIN No.: [Company
Identification No.] |
U18101TN2001PTC047273 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES20175B |
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PAN No.: [Permanent
Account No.] |
AAFCS5894Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Readymade Garments |
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 40000 |
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Status : |
Satisfactory |
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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 and respectable businessmen. Trade
relations are reported as fair. Business is active. 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 : |
13-A, Melony Road, T-Nagar, Chennai;600 017, |
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Tel. No.: |
91-44-24345737, 24348487, 24340616 |
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Fax No.: |
91-44-24343968 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. A Ganesan |
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Designation : |
Director |
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Address : |
13 A Melony Road, T. Nagar, Chennai;600 017 |
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Date of Birth/Age : |
15.08.1942 |
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Date of Appointment : |
14.06.2001 |
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Name : |
Mrs. Udayarani Ganesan |
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Designation : |
Director |
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Address : |
13 A Melony Road, T. Nagar, Chennai;600 017 |
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Date of Birth/Age : |
05.04.1960 |
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Date of Appointment : |
14.06.2001 |
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Name : |
Mr. Shyam Sunder Bhandari |
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Designation : |
Director |
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Date of Birth/Age : |
04.09.1966 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mr. Rajendra Koolwal |
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Designation : |
Director |
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Date of Birth/Age : |
14.01.1956 |
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Date of Appointment : |
22.03.1995 |
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Name : |
Ms. Sadhna Koolwal |
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Designation : |
Director |
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Date of Birth/Age : |
28.10.1963 |
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Date of Appointment : |
07.04.1995 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
holding Shares |
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A Ganesan |
515000 |
NA |
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Udayarani Ganesan |
245000 |
NA |
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Mr. Rajendra Koolwal |
95700 |
95.70 |
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Ms. Sadhna Koolwal |
4200 |
4.20 |
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Ms. Karan Koolwal |
100 |
0.10 |
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Equity Share Break up:
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Category |
Percentage |
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Director or relatives of directors |
100.000 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Readymade Garments |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
Winsons Garments Sigru |
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No. of Employees : |
About 100 |
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Bankers : |
State Bank of Overseas Branch 86,Rajaji Slai, Chennai:600001 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. R K Malpani and Associates Chartered Accountants |
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Address : |
103 – A, Shyam Anukampa, O – 11, Ashok Marg, C – Scheme, Jaipur –
302001, Rajasthan |
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Tel No.: |
91-141-2364313 / 2364513 |
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Fax no.: |
91-141-2364413 |
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E-Mail: |
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Associates/Subsidiaries : |
M/s Siguru Exports M/s SRK Exports Private Limited
(100% EOU) |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
8.600 |
8.600 |
10.000 |
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2] Share Application Money |
0.000 |
1.400 |
0.000 |
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3] Reserves & Surplus |
1.400 |
20.459 |
13.550 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.000 |
30.459 |
23.550 |
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LOAN FUNDS |
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1] Secured Loans |
22.096 |
10.256 |
9.200 |
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2] Unsecured Loans |
19.643 |
6.994 |
7.046 |
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TOTAL BORROWING |
41.739 |
17.250 |
16.246 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.739 |
47.709 |
39.796 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.270 |
18.269 |
20.953 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
13.521
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19.545 |
10.269 |
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Sundry Debtors |
4.793
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5.567 |
13.525 |
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Cash & Bank Balances |
0.459
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0.233 |
(0.077) |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
8.850
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5.380 |
4.755 |
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Total
Current Assets |
27.623
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30.725 |
28.472 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.299
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1.459 |
9.832 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.299
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1.459 |
9.832 |
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Net Current Assets |
27.324
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29.266 |
18.640 |
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MISCELLANEOUS EXPENSES |
0.145 |
0.174 |
0.203 |
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TOTAL |
51.739 |
47.709 |
39.796 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
0.186 |
27.308 |
51.882 |
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Other Income |
0.001 |
0.000 |
0.000 |
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Total Income |
0.187 |
27.308 |
51.882 |
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Profit/(Loss) Before Tax |
(0.072) |
2.345 |
6.825 |
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Provision for Taxation |
(0.064) |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
(0.595) |
2.345 |
6.825 |
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Expenditures : |
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Manufacturing Expenses |
NA |
3.691 |
5.528 |
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Administrative Expenses |
NA |
3.029 |
3.605 |
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Raw Material Consumed |
0.134 |
16.160 |
28.557 |
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Increase/(Decrease) in Finished Goods |
NA |
(0.613) |
4.507 |
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Depreciation & Amortization |
0.011 |
2.695 |
2.857 |
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Other Expenditure |
0.076 |
NA |
NA |
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Total Expenditure |
0.221 |
24.962 |
45.054 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
(34.22)
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8.58 |
13.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
(38.50)
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8.58 |
13.15 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.13)
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4.78 |
13.80 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.21
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0.07 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.02
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0.04 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
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92.38
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21.05 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
M/s. S R K
Exports Private Limited |
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Presented By |
State Bank of Overseas Branch, Chennai;600 001 |
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1) Date and description of instrument creating the change |
Dated:07.07.2004 ·
General
Agreement for the Grant of Small Industrial Advances and Hypothecation f
Movables, Book Debts and Other Assets(Working Capital Finance) ·
Agreement
for the Grant of Small Industrial advances (working Capital Finance)
Hypothecation of Goods, Book Debts, Movables and Other Assets Ancillary
Agreemetn No.1 ·
Agreement
for the Grant of Small Industrial Advance (working Capital Finance) Letter of
Credit, Guarantees and Indemnities Ancillaryn agreement No.6. ·
Concessionary
Rate of Interest, Export Packing/ Related Credit Facility. All dated 07.07.2004 and relates to one and the single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.27.500
Millions
Together with interest,
costs, charges and other expenses which may be debited to the said account
form time to time. |
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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
current assets in the favor of Raw materials, semi-finished goods, finished
goods, stores and spares and other current assets and all present and future
goods, book debts and all other movable assets of the company including
document of title to goods/ accepted bill of exchange, outstanding monies
receivables by way of cash assistance and / or cash incentive scheme or any
other scheme, bills, invoice, documents, contracts, insurance polices,
guarantees, engagements, securities, investments and right and all present
and future machinery belonging to or in the possession or under the control
of the company wherever lying stored and kept and whether in possession of the company or of the bank or
any third party whether in India or throughout the world (including all such
goods other movable assets as may be in course of shipment transit or
delivery ) ad primary security shall stand hypothecated to the bank by way of
1st charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
FDBL Demand Bills for
transit period a sspecified by FEDAI-3.00% below SBAR (10.25%) i.e 7.25% Usance Bills- for
total period comprision usance period of export bill, transit period as specified by FEDAI and grace
export period whever applicable.
Margin : Raw
Materials , Stock in Process, Store/ Spares, Finished Goods, Letter of
Credit, Bank Guarantee: 25% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Overseas Branch 86,Rajaji Slai,
Chennai:600001 |
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6) Date and brief description of instrument modifying the charge |
Dated 29.08.2005
All dated
29.08.2005 and relates to one and the same charge. |
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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. |
The Credit
Facility extended to the company has now been Revised to Rs. 17.500 Millions
Comprising of :
Not forming part
of total indebtedness. Securities:
Rate of Interest,
Margin and other terms and condition as per the Agreement. All other terms
and conditions remain the same. |
Fixed Assets:
Furniture and Fitting
Machinery
Building
Vechicle-Yamaha
Electrical fittings
Other Contingent Liabilities:
The company has been registered as a 100% export
oriented unit as per the scheme of the Government of India and the company has
executed a bound as per the scheme to avail concessions and privileges in the
even of non-fulfillment of the conditions laid down, the company may be liable
to pay the duties and taxes.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.95 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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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
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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/normal. |
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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