MIRA INFORM REPORT

 

 

Report Date :

08.10.2007

 

IDENTIFICATION DETAILS

 

Name :

COIMBATORE POLYTEX PRIVATE LIMITED

 

 

Registered Office :

244, A. T. D. Street, Race Course, Coimbatore – 641018, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

29.01.2003

 

 

Com. Reg. No.:

18-10452

 

 

CIN No.:

[Company Identification No.]

U17111TZ2003PTC010452

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CMBC03429G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and dealer of cotton, synthetic viscose and all other types of yarn.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

Small

 

Maximum Credit Limit :

USD 940000

 

 

Status :

Small Company

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small company having satisfactory track records. 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

 

Registered Office  /

Factory  :

244, A. T. D. Street, Race Course, Coimbatore – 641018, Tamilnadu, India

Tel No. :

91-422-4312100

Fax No.:

91-422-4312188

E-Mail :

mail@premill.in

secretary@premiermills.com

 

 

DIRECTORS

 

Name :

Mr. R. Jagadish Chandran

Designation :

Director

 

 

Name :

Ms. Sabitha Chandran

Designation :

Director

 

 

Name :

Mr. D. Rajendran

Designation :

Director

 

 

Name :

Dr. K V Srinivasan

Designation :

Director

 

 

Name :

Mr. Sridhar Varadaraj

Designation :

Director

 

 

Name :

Mr. T S Jayachandran

Designation :

Director

Address :

# 28, ATT Colony, Coimbatore – 641018, Tamilnadu, India

Date of Appointment :

01.04.2003

 

 

Name :

Mr. R Jayabal

Designation :

Director

Address :

# 31, ATT Colony, Coimbatore – 641018, Tamilnadu, India

Date of Appointment :

01.04.2003

 

 

Name :

Mr. Rohit Rajendran

Designation :

Executive Director

 

 

Name :

Ms. Sheela Rajendran

Designation :

Director

 

 

Name :

Mr. K Rama Sundaram

Designation :

Director

 

 

SHAREHOLDING PATTERN

 

Names of Equity Shareholders

 

No. of Shares

D. Rajendran

 

9000

Prima Products Private Limited

 

1000

Total

 

10000

 

 

 

Names of Preferential Shareholders

 

No. of Shares

D. Rajendran

 

6000

Sheela Rajendran

 

2000

Rohit Rajendran

 

1000

Sameera Gopikumar

 

1000

Total

 

10000

 

 

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies Corporate

 

10.00 %

Directors or Relatives of Directors

 

90.00 %

Total

 

100.00 %

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and dealer of cotton, synthetic viscose and all other types of yarn.

 

 

Products :

Ř       Cotton

Ř       Synthetic viscose

Ř       Yarn

Ř       Textiles

Ř       Textile articles

Ř       Woven or non-woven

 

 

GENERAL INFORMATION

 

Bankers :
  • Andhra Bank

            17 Mill Road, Coimbatore – 641001, Tamilnadu, India

 

  • The Bank of Nova Scotia

             Trichy Road, Coimbatore – 641018, Tamilnadu, India

 

  • Punjab National Bank

 

  • Industrial Development Bank of India Limited

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

S Jagannathan and Visvanathan

Chartered Accountants

Address :

6 D B Road, R S Puram, Coimbatore – 641002, Tamilnadu, India

 

 

Holding Company :

Premier Polytronics Private Limited

 

 

Subsidiaries Company :
  • Holiday Travels Private Limited
  • Lakshmi Narasimha Textiles Private Limited
  • Premier Cotton Textiles
  • Premier Evolvics Private Limited
  • Premier Polyweaves Private Limited
  • Premier Spinning and Weaving Mills Private Limited
  • Prima Product Private Limited
  • Sree Narasimha Textiles Private Limited

 

 

CAPITAL STRUCTURE

 

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10/- each

Rs. 1.000 Million

10000

Preference Shares

Rs. 10/- each

Rs. 0.100 Million

 

Total

 

Rs. 1.100 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs. 10/- each

Rs. 0.100 Million

10000

Preference Shares

Rs. 10/- each

Rs. 0.100 Million

 

Total

 

Rs. 0.200 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.200

0.200

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

235.789

156.478

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

235.989

156.678

LOAN FUNDS

 

 

 

1] Secured Loans

 

602.172

334.490

2] Unsecured Loans

 

120.000

200.000

TOTAL BORROWING

 

722.172

534.490

DEFERRED TAX LIABILITIES

 

52.795

21.655

 

 

 

 

TOTAL

 

1010.956

712.823

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

649.643

318.453

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

264.630

277.321

 

Sundry Debtors
 

21.280

17.334

 

Cash & Bank Balances
 

29.740

102.469

 

Other Current Assets
 

10.052

19.252

 

Loans & Advances
 

86.783

30.477

Total Current Assets
 

412.485

446.853

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

50.328

51.605

 

Provisions
 

0.844

0.878

Total Current Liabilities
 

51.172

52.483

Net Current Assets
 

361.313

394.370

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

1010.956

712.823

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

Sales Turnover

 

633.564

527.875

Other Income

 

2.209

0.000

Total Income

 

635.773

527.875

 

 

 

 

Profit/(Loss) Before Tax

 

120.839

109.052

Provision for Taxation

 

41.528

37.456

Profit/(Loss) After Tax

 

79.311

71.596

 

 

 

 

Earnings in Foreign Currency :

 

 

 

Total Earnings

 

454.688

405.678

 

 

 

 

Imports :

 

 

 

 

Stores & Spares

 

5.530

1.557

 

Capital Goods

 

10.900

11.058

Total Imports

 

16.430

12.615

 

 

 

 

Expenditures :

 

 

 

 

Interest

 

17.311

8.094

 

Depreciation & Amortization

 

33.782

30.283

 

Other Expenses

 

463.841

380.446

Total Expenditure

 

514.934

418.823

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

12.47

13.56

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

19.07

20.66

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

11.38

14.25

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.51

0.70

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

3.28

3.75

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

8.06

8.51

 

 

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

 

Name of the company

COIMBATORE POLYTEX PRIVATE LIMITED

Presented By

Mr. T S Jayachandran, Director

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.

2) Amount secured by the charge/amount owing on the securities of charge

Rs. 75.000 Millions

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.

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.

5) Name and Address and description of the person entitled to the charge.

The Bank of Nova Scotia

Trichy Road

Coimbatore – 641018, Tamilnadu, India

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

 

S. F. No.

Extent in acres and cents

44/2B

2.74

44/2C

2.35

44/2D

2.24

45/2A

2.35

45/2B

1.20

45/2C

2.96

45/2E

2.05

45/2F

1.78

47/1

3.29

47/2A

1.79

47/2B

1.78

48/1

3.22

48/2A

1.70

48/2B

1.75

108/1A

0.20

108/1B

5.35

 

36.75

 

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.

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.39

UK Pound

1

Rs.85.16

Euro

1

Rs.57.60

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

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

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions