MIRA
INFORM REPORT
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Report Date : |
24.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SOLO KNIT PROCESS PRIVATE LIMITED |
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Formerly Known as : |
CRYSTAL KNIT PROCESS PRIVATE LIMITED |
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Registered Office : |
14, Angeripalayam Road, Avinashi Road, Tirupur – 641603, Tamilnadu |
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Country : |
India |
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Date of Incorporation : |
27.09.1984 |
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Com. Reg. No.: |
001487 |
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CIN No.: [Company
Identification No.] |
U18101TZ1984PTC001487 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS03924E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Knitted Cotton 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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
The company’s estimated turnover can be around Rs.25.000 millions to
Rs.45.000 millions having manpower strength of 80 / 100 people. The company appears to be poor in corporate governance since it’s no
financial are available. No payments are available. The company is not known in the market and as such nothing adverse
could be heard. Initially the company can be considered normal for business dealings
with slight caution. In the meantime, we continued to access financial from unofficial
sources and if available, it may be supplemented, soon |
LOCATIONS
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Registered Office : |
14, Angeripalayam Road, Avinashi Road, Tirupur – 641603, Tamilnadu, India |
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Tel. No.: |
91-421-2472375 / 2472981 |
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Mobile No.: |
91-9363040211 / 9344225099 / 9363036417 |
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Fax No.: |
91-421-2486572 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. S. Jayabal |
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Designation : |
Director |
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Address : |
21, Bungalow Road Extension, Tirupur – 641602, Coimbatoree |
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Date of Birth/Age : |
10.11.1943 |
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Date of Appointment : |
24.09.1984 |
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Name : |
Mrs. J Sakuntkala |
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Designation : |
Director |
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Address : |
21, Bungalow Road Extension, Tirupur – 641602, Coimbatoree |
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Date of Birth/Age : |
02.07.1956 |
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Date of Appointment : |
24.09.1984 |
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Name : |
Mr. J. Sridharan |
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Designation : |
Director |
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Address : |
21, Bungalow Road Extension, Tirupur – 641602, Coimbatoree |
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Date of Birth/Age : |
13.02.1978 |
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Date of Appointment : |
28.09.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. S. Jayabal |
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80101 |
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Mr. J. Sridharan |
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101 |
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Vijay Granites Private Limited |
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119798 |
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Category |
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Percentage of
Holding |
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Directors or relatives of director |
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40.00 |
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Others |
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60.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Knitted Cotton Yarn |
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GENERAL
INFORMATION
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Bankers : |
The Karur Vysya
Bank Limited P.B. No. 113,
315, Kumaran Road, Tirupur – 641601, Tamilnadu E-Mail: tirupurmain@kvbmail.com |
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Financial Institutions : |
Sakthi Finance
Limited 90, Dr. Nanjappa
Road, Coimbatore – 641018 |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.100/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Unfortunately, no financial are available
since incorporation of the company.
Management remained non-cooperative during
currect investigation.
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
SOLO KNIT PROCESS PRIVATE LIMITED |
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Presented
By |
Mr. S. Jayabal - Director |
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1) Date and description of instrument creating the change |
Hire Purchase
refinance agreement dated:31.03.2004
(A/c. No. 434419) |
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2) Amount secured by the charge/amount owing on the securities of charge |
HP refinance
advance amount of Rs.0.600 million @10.00%p.a. for a period of 24 months (11
installments of Rs.0.038 million, 10 installments of Rs.0.027 million and 1
installment of Rs.0.027 aggregating Rs.0.720 million) |
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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 |
One Nos 2004 Model
“PS High speed double sided soft package winder machine with cast steel
drumsof 120 spindles bearing machine Sr. No. 1475” |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Finance charge
@10.00% p.a. for a period of 24 months repayable in 23 installments
(aggregating Rs.0.720 million) |
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5) Name and Address and description of the person entitled to the charge. |
Sakthi Finance
Limited 90, Dr. Nanjappa
Road, Coimbatore – 641018 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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Corporate identity
number (CIN) Foreign company registration number |
U18101TZ1984PTC001487 |
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Name of the
Company |
SOLO KNIT PROCESS PRIVATE LIMITED |
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Address |
14, Angeripalayam Road, Avinashi Road, Tirupur – 641603, Tamilnadu |
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This form is for |
Creation of
Charge |
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Type of Charge |
Immovable
property and movable property (not being pledge) |
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Particulars of
the charge holder |
The Karur Vysya
Bank Limited P.B. No. 113,
315, Kumaran Road, Tirupur – 641601, Tamilnadu E-Mail: tirupurmain@kvbmail.com |
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Amount secured by
the charge |
Rs.51.733
millions |
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Brief of the
principal terms and conditions |
Rate of Interest: OCC: BPLR – 1.50%
with a minimum 11%p.a. at monthly rest Term loan: BPLR –
0.50% with a min. 12% p.a. at monthly rest FLC comm. As per
cir. 278 / 2000 of the bank BG Comm as per 20
/ 2000 of the bank Term of repayment OCC, FLC and BG
limits are tenable till 31.10.2007 Term Loan
repayable in 60 months. Bank retains interest reset option once in 1 years Margin: OCCC – stock 25% Book Debts: 50% Term Loan: Nil FLC: 10% BG: 10% Extent and
operation of the charge: The fund based
credit limit of Rs.45.733 millions and non fund based limit of Rs.6.000 millions
thereby for a total credit limit of Rs.51.733 millions extended to the
company by the Karur Vysya Bank Limited. Tirupur main is covered additionally
covered by equitable mortgage charge on the properties stated under para 14
of this form – 8 Others: Through the above
instrument crating to equitable mortgage charge on the properties of the
company specifically stated in and under Schedule A and B of the document
favoring the by bank the properties and assets covered by the document was
charged for the fund based credit limit of Rs.42.733 millions and non fund
based limit of Rs.6.000 millions there by for a total credit limit of
Rs.51.733 millions |
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Date of
Instrument creating the charge |
29.11.2006 |
Company Profile:
Profile
Subejct is located in an ideal location in
south India, where water is abundant for yarn/ fabric processing and finishing.
The process house has installed most modern machinery with latest technology -
imported from USA, Germany, France, UK, China, Hongkong, Taiwan and Japan.
The total numbers of machines are fifty covering various processes of knitted
fabric and yarn, such as Bleaching, Dyeing, Washing, Mercerizing, Squeezing,
Drying, Calendering, etc.
Being one of the pioneers in the field of textile processing, SKPPL can process
and deliver in time meeting the requirements of knitted garment manufacturers
and exporters.
Subject is meets with stringent pollution control norms and its products are
Azo free and eco- friendly.
Subject meets with OEKO TEX STANDARD 100
of the Swiss Textile Testing Institute of Zurich.
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.39.57 |
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UK Pound |
1 |
Rs.81.95 |
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Euro |
1 |
Rs.59.04 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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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 |
NO |
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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 |
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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32 |
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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