MIRA
INFORM REPORT
|
Report Date : |
29.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
CLASSIC KNIT PROCESSORS – UNIT OF ROYAL CLASSIC MILLS PRIVATE
LIMITED |
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Registered Office : |
31, Puliamarathottam, Mangalam
Road, Tirupur - 641 604, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.09.1994 |
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Com. Reg. No.: |
18-5325 |
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CIN No.: [Company
Identification No.] |
U17111TZ1994PTC005325 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBC03616E / CMBR03923D |
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PAN No.: [Permanent
Account No.] |
AABCR1226M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Dealer, Importer and Exporter of Fabrics made from
natural and Synthetic Fabrics. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2400000 |
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Status : |
Good |
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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 fine track.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Business is active. Fundamentals are strong and
healthy. Payments are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office / Head Office : |
31, Puliamarathottam, Mangalam
Road, Tirupur - 641 604, Tamilnadu, India |
|
Tel. No.: |
91-421 – 2247488 / 5510000 |
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Mobile No.: |
Mr.
S. N. Venkatachalam - 93666 75656 |
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Fax No.: |
91-421 – 2230030 / 2240624 |
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E-Mail : |
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Website : |
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Area : |
12 cents [Owned] |
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Corporate Office : |
45, Jaylakshmi, G.F. Compound, Alangadu, Mangalam Road, Tirupur,
Tamilnadu, India |
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Area : |
100000 sq. ft. [Rented] |
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Factory 1 : |
SF/ No. 52/1, Karaipudur Village, Chinnakarai, Arulpuram (Post), Tirupur – 641605, Tamilnadu, India |
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Tel. No.: |
91 -421 - 6610000 / 2215600 |
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Fax No.: |
91 - 421 – 2215856 |
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E-Mail : |
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Area : |
19 Acres [Owned] |
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Factory 2 : |
Classic Compound, Andipalayam, Tirupur, Tamilnadu, India |
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Area : |
22 Acres [Owned] |
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Factory 3 : |
SF/ No. 224, Vagarai Village, Thoppampati (Post), Palani |
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Area : |
250 Acres [Owned] |
DIRECTORS
|
Name : |
Mr. Gopalkrishnan R |
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Designation : |
Chairman |
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Address : |
31, Puliamarathottam, Mangalam Road, Tirupur - 641 604,
Tamilnadu, India |
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Date of Birth/Age : |
26.05.1960 |
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Date of Appointment : |
05.09.1994 |
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Name : |
Mr. Shanmugam R |
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Designation : |
Director |
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Address : |
31, Puliamarathottam, Mangalam Road, Tirupur - 641 604,
Tamilnadu, India |
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Date of Birth/Age : |
21.03.1964 |
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Date of Appointment : |
05.09.1994 |
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Name : |
Mr. Sivaram R |
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Designation : |
Director |
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Address : |
31, Puliamarathottam, Mangalam Road, Tirupur - 641 604,
Tamilnadu, India |
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Date of Birth/Age : |
17.06.1971 |
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Date of Appointment : |
05.09.1994 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Gopalkrishnan R |
|
1487840 |
|
Shanmugam R |
|
1545203 |
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Sivaram R |
|
1508100 |
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Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Dealer, Importer and Exporter of Fabrics made from
natural and Synthetic Fabrics. |
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Brand Names : |
‘CLASSIC POLO‘ |
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Exports : |
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Countries : |
US and Europe |
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Imports : |
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Products : |
Machinery |
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Countries : |
Europe |
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Terms : |
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Selling : |
L/C, Cash and Credit [30-60 days] |
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Purchasing : |
L/C, Cash and Credit [30-60 days] |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End Users and OEM’s |
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No. of Employees : |
3500 |
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Bankers : |
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Facilities : |
Machinery and Working Capital : Above Rs. 1000 Millions |
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Banking
Relations : |
Satisfactory |
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Financial Institution : |
Sundaram Home
Finance Limited S F Towers, First
Floor, 46, Whites Road, Royapettah, Chennai – 600014, Tamilnadu, India |
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Auditors : |
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Name : |
M Ganeshan and Company Chartered Accountants |
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Address : |
No. 8, Binny Compound, 3rd Floor, Kumaran Road, Tirupur -
641601, Tamilnadu, India |
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Tel. No.: |
91-421-2246681 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000
Millions |
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 |
|
50.000 |
50.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
544.033 |
398.189 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
594.033 |
448.189 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1369.772 |
924.526 |
|
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2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
1369.772 |
924.526 |
|
|
DEFERRED TAX LIABILITIES |
|
77.452 |
50.831 |
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TOTAL |
|
2041.257 |
1423.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1463.882 |
1042.206 |
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Capital work-in-progress |
|
71.313 |
10.411 |
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INVESTMENT |
|
1.139 |
1.139 |
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|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
534.814 |
362.031 |
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Sundry Debtors |
|
289.381 |
205.559 |
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Cash & Bank Balances |
|
65.924 |
33.743 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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|
Loans & Advances |
|
166.629 |
72.507 |
|
Total
Current Assets |
|
1056.748 |
673.840 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
512.043 |
281.600 |
|
|
Provisions |
|
39.782 |
22.450 |
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Total
Current Liabilities |
|
551.825 |
304.050 |
|
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Net Current Assets |
|
504.923 |
369.790 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
2041.257 |
1423.546 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.23 |
2.74 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.92 |
2.22 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference
- Shopper’s
Stop
- Pantaloons
Bankers Charges
Report as per Registry
|
Name of the company |
ROYAL CLASSIC MILLS PRIVATE LIMITED
|
|
Presented By |
ROYAL CLASSIC MILLS PRIVATE LIMITED
AND SUNDARAM HOME FINANCE LIMITED, CHENNAI |
|
1) Date and description of instrument creating the change |
06.06.2005 Loan Agreement Letter confirming
deposit of title deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 40.000
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 |
Pursuant to the execution
of the above documents and creation of equitable mortgage by way of deposit
of title deeds pertaining to the immovable properties situated at [1] in
Tirupur Registration District, Tirupur Joint I sub Registration, Tirupur
Taluk, Mangalam Village, SF No 388/3 Acres 12.80, out of this in a specific
extent measuring 2.41 Ľ bounded as follows : South of Peria Ramathals Land,
East of North South cart Track, North of Samalai Gounders property, West of
Andipalayam Village Limits and the properties of Venkatachala Mudaliar
[2] in Tirupur Registration District,
Tirupur Joint sub District, Tirupur Taluk Mangalam Village, SF No 388 Acre
19.29 in this out of specific extent of Acre 3.61 ˝ an undivided Acre 1.20.
this is in SF No 388/3 and SF No 387 Acre 11.17 in this out of specific
extent of Acre 1.40 on the western side a common extent of Acre 0.46 [3] in
SF No 388/1 Hec 0.77.0 in this Acre 1.83 ˝ South of East West Thadam, West of
SF No 388/3, East of North South Iteri in SF No 389, North of SF No 388/3 purchased
by S Balasubramanian Total extent Acre 3.41 ˝ [4] SF No 388/3 Hec 6.38.5 Acre
15.79 in this on the southern side Acre 2.32, North of SF No 387, East of SF
No 386/1, 2, South of SF No 388/2 belonging to Murugasamy and others, West of
th land sold by Ammaisathal and others [5]
in Tirupur Registration District, Tirupur Joint I sub Registration,
Tirupur Taluk, Mangalam Village, SF No 387 Acre 11.71 in this [a] Acre 1.66
on the North Western side South of the land of Palaniammal an others, East of
the land of Karuppa Gounder and others, North of the land of Ramalinga
mudaliar and others, west of another portion purchased by Durai Chakravarthy
[b] Acre 2.79 on theWestern border, North of the land of Vellappa gounder and
others, east of the land of Chennimalai gounder and others, south of SF No
388, West of SF No 191 of Andipalayam village, out of this Acre 2.79 an
undivided Acre 1.39 ˝ [c] Acre 1.66
bounded as follows : East of subbian gounder land , south of SF No 388, North
of the land of Ramalinga Mudaliar and others, West of Ramasamy Mudaliar and
others. [d] SF No 388 Acre 19.29 in this on the southern side acre 0.90 West
of Palaniappa Mudaliar land, north of the share of the minors Balasubramaniam
and Shanmughasudaram East of Subbian Gounder land and south of the shares of
Chinnasamy, Palanisamy and Arumugham. As per sub division SF No 388/3 [6] in
Tirupur Registration District, Tirupur Joint I sub Registration, Tirupur
Taluk, Mangalam Village, SF No 190/1 Hec 2.43 Acre 6.00 and SF No 196/1A Hec
0.42.5 Acre1.05 for the due repayment of the Corporate Loan of Rs. 40.000
Millions including interest, additional interest, premia on prepayment, cost,
expenses and such other dues to the lender by the company |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 8.5
% p.a. Re payable in 36
EMIs of Rs. 1.263 Millions each |
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Home
Finance Limited S F Towers, First
Floor, 46, Whites Road, Royapettah, Chennai – 600014, Tamilnadu, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10006166 |
|
Corporate
identity number of the company |
U17111TZ1994PTC005325 |
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Name of the
company |
ROYAL CLASSIC MILLS PRIVATE LIMITED
|
|
Address of the
registered office or of the principal place of business in India of the company |
31, Puliamarathottam, Mangalam Road, Tirupur - 641 604,
Tamilnadu |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Sundaram Home
Finance Limited S F Towers, First
Floor, 46, Whites Road, Royapettah, Chennai – 600014, Tamilnadu, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
modification of charge issued by the charge holder dated 28.02.2007 |
|
Date of
instrument Creating the charge |
28.02.2007 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per loan
agreement dated 31.05.2006 Executed by the company with the lender Terms of
repayment : As per loan
agreement dated 31.05.2006 Executed by the company with the lender Margin : As per loan
agreement dated 31.05.2006 Executed by the company with the lender Extent and
operation of the charge : Immovable
properties situated at 190/1, 196/1, 196/1A, 189/2, 189/3B, 190/3A and 190
for an extent of around 10.50 acres in Andipalayam Village, Tirupur Taluk,
Coimbatore District all other terms and conditions as per the loan agreement
dated 31.05.2006 between the Sundaram Home Finance and the company remain
unchanged. The personal guarantee given the directors of the directors of the
company will continue till the loan are fully repaid. |
|
Short particulars
of the property charged |
Immovable
properties situated at 190/1, 196/1, 196/1A, 189/2, 189/3B, 190/3A and 190
for an extent of around 10.50 acres in Andipalayam Village, Tirupur Taluk,
Coimbatore District all other terms and conditions as per the loan agreement
dated 31.05.2006 between the Sundaram Home Finance and the company remain
unchanged. The personal guarantee given the directors of the directors of the
company will continue till the loan are fully repaid. |
|
Particulars of
the present modification |
No change in the
over all credit limit of Rs. 40.000 Millions extended to the company. Release
of title deeds pertaining to certain properties as detailed in SL No 14 above.
All other terms and conditions remain unchanged and same. |
AS PER WEBSITE
Profile
The
Royal Classic Group, A$ 48 Million, 100% Vertically Integrated Textile major has
been at the forefront of quality and innovation since its inception four
decades ago. It has its customers across the world with a current supply a
quarter of a million pieces per months.
RCG is on of the few completely backward integrated entities in the garment
industry with its own cotton cultivation to Ginning, Spinning and Knitting /
Weaving to Dyeing, Finishing and Garments infrastructure. This infrastructure
aids RCG in maintaining tight quality control processes and self-reliance
within the vertical, providing them with ample scope for further expansions.
As performance bars got rasised to new heights and requirements started
becoming more demanding in nature, RCG realized that operational efficiencies
way the key to acquire the all important competitive edge. The Group, Then
Methodically spread its roots to all the areas which it believed was critical
for growth, and once this aws done, they made sure that the roots work as a
single unit with the singular objective of helping the organization achieve its
Goals.
RCG now deals with all knids of Textiles such as 100% cotton, 100% mercerised,
Poly / cotton Blended, Cotton / Rayon Blended, Linen / Cotton blended, Spandex,
Hydrotec, Polyester, Micro Fabric and permimum knits such as micro cross, Waffles,
Square structures, Interlock knit and so on. More Than 2000 well Trained
Employeente care of The capacity requirements.
Vision
Royal Classic
Group's Core valves are centered on maintaining the highest standards of ethics
and business practices in order to achieve the overall objective of being a
global player through the Relentless pursult of perfection.
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.39.42 |
|
UK Pound |
1 |
Rs.78.26 |
|
Euro |
1 |
Rs.57.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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. |
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 |
|