MIRA
INFORM REPORT
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Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
COIMBATORE POLYTEX PRIVATE LIMITED |
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Registered Office : |
244, A. T. D. Street, Race Course, Coimbatore – 641018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
29.01.2003 |
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Com. Reg. No.: |
18-10452 |
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CIN No.: [Company
Identification No.] |
U17111TZ2003PTC010452 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBC03429G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and dealer of cotton, synthetic viscose and all other
types of yarn. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively
small 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 for small business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office / Factory : |
244, A. T. D. Street, Race Course, Coimbatore – 641018, Tamilnadu,
India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. S. Jagadish Chandran |
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Designation : |
Director |
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Name : |
Ms. Sabitha Chandran |
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Designation : |
Director |
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Name : |
Mr. D. Rajendran |
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Designation : |
Director |
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Name : |
Dr. K V Srinivasan |
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Designation : |
Director |
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Name : |
Mr. Sridhar Varadaraj |
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Designation : |
Director |
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Name : |
Mr. T S Jayachandran |
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Designation : |
Director |
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Address : |
# 28, ATT Colony, Coimbatore – 641018, Tamilnadu, India |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. R Jayabal |
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Designation : |
Director |
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Address : |
# 31, ATT Colony, Coimbatore – 641018, Tamilnadu, India |
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Date of Appointment : |
01.04.2003 |
SHAREHOLDING
PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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10.00 % |
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Directors or Relatives of Directors |
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90.00 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and dealer of cotton, synthetic viscose and all other
types of yarn. |
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Products : |
Ø Cotton Ø Synthetic
viscose Ø Yarn Ø Textiles Ø Textile articles Ø Woven or
non-woven |
GENERAL
INFORMATION
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No. of Employees : |
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Bankers : |
Andhra Bank 17 Mill Road, Coimbatore – 641001, Tamilnadu, India The Bank of Nova Scotia Trichy Road, Coimbatore – 641018, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Jagannathan and Visvanathan Chartered Accountants |
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Holding Company
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Premier Polytronics Private Limited |
CAPITAL STRUCTURE
As on 31.03.2006
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 |
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10000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
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Total |
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Rs. 1.100
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
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10000 |
Preference Shares |
Rs. 10/- each |
Rs. 0.100 Millions |
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Total |
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Rs. 0.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Cash & Bank Balances |
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0.143 |
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Total
Current Assets |
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0.143 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.050 |
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Total
Current Liabilities |
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0.050 |
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Net Current Assets |
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0.093 |
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MISCELLANEOUS EXPENSES |
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0.007 |
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TOTAL |
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0.100 |
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KEY RATIOS
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PARTICULARS |
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31.03.2003 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.50 |
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Current Ratio (Current Asset/Current Liability) |
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2.86 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from No. 1, Nava India
Road, Coimbatore – 641028, Tamilnadu, India to the present address w.e.f.
24.01.2007.
The company was incorporated as Private Limited Company on January 29, 2003 as a Wholly Owned Subsidiary of Premier Polytronics Private Limited Effective from April 1, 2003, the company has acquired from the Holding Company its Textiles Division 100 % Export Oriented Undertaking of Premier Polytronics Private Limited – as a going on concern.
Bankers Charges
Report as per Registry
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Name of the company |
COIMBATORE
POLYTEX PRIVATE LIMITED |
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Presented By |
Mr. T S
Jayachandran, Director |
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1) Date and description of instrument creating the change |
18.08.2003 Hypothecation of goods and Receivables to secure a Overdraft
/ Working Capital / Demand Loan / Short Term Working Capital Loan / Export
packing Credit / Export Bills Discounting / Letter of Credit/ Guarantee 18.08.2003 Deed of hypothecation of movable fixed assets. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 75.000 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 |
Raw Materials, work in progress, consumable stores, spares, finished
goods, receivables and other current assets. All movable machinery of the company both present and future. |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The charge operates as security for the repayment of the working
capital credit facilities sanctioned with The Bank of Nova Scotia to the
company. |
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5) Name and Address and description of the person entitled to the
charge. |
The Bank of Nova Scotia Trichy Road Coimbatore – 641018, Tamilnadu, India |
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6) Date and brief description
of instrument modifying the charge |
26.02.2004 No Instrument. Mortgage by deposit of title deeds by constructive delivery
of all those pieces and parcels of land situate at Arasur Village, Palladam
Taluk, Coimbatore District admeasuring 36 Acres and 75 cents bearing the
following survey numbers and extent mentioned against them
Together with all the buildings and structures thereon and all plant
and machinery attached to the earth or permanently fastened to anything
attached to the earth. |
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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 company has created the equitable mortgage to secure working
capital facilities aggregating to Rs. 75.000 millions sanctioned by The Bank
of Nova Scotia. The charge operates as security on a second charge basis
ranking pari-passu with other banks providing working capital facilities to
the company. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.39 |
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UK Pound |
1 |
Rs.85.16 |
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Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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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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28 |
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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