MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUNRISETHANGAM SPINNING MILLS PRIVATE LIMITED |
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Registered Office : |
59-A, SIPCOT Industrial Complex, Hosur, Dharmapuri – 635126, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.02.1995 |
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Com. Reg. No.: |
18-5884 |
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CIN No.: [Company
Identification No.] |
U17111TZ1995PTC005884 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES23982A |
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PAN No.: [Permanent
Account No.] |
AACCS1542A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Open end cotton yarn and Synthetic yarn |
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 59000 |
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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. Trade relations are reported as fair. The company has some accumulated
losses but in view of the improving profitability, it is expected to be wiped
– off soon. Business is active. Payments are reported as 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 / Factory : |
59-A, SIPCOT Industrial Complex, Hosur, Dharmapuri – 635126,
Tamilnadu, India |
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Tel. No.: |
91-4344-277279 |
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Mobile No.: |
91-9845012538 |
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Fax No.: |
91-4344-383523 |
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E-Mail : |
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Corporate Office : |
# 98, 5th Main Road, Sriramapuram, Sunrise Arunchalam
Circle, Bangalore – 560021, Karnataka, India |
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Tel. No.: |
91-80-23120336 / 23125928 |
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Fax No.: |
91-80-23123523 |
DIRECTORS
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Name : |
Mr. A. Narasumhan |
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Designation : |
Managing Director |
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Address : |
No. 974-A, Ii Main Road, IV Block, Rajaji Nagar, Bangalore – 560010,
Karnataka, India |
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Date of Birth/Age : |
30.12.1961 |
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Date of Appointment : |
28.02.1995 |
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Name : |
Mr. A. Arumurgam |
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Designation : |
Director |
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Address : |
No. 974-A, Ii Main Road, IV Block, Rajaji Nagar, Bangalore – 560010,
Karnataka, India |
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Date of Birth/Age : |
27.12.1963 |
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Date of Appointment : |
28.02.1995 |
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Name : |
Ms. N. Vijaya |
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Designation : |
Director |
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Address : |
No. 974-A, Ii Main Road, IV Block, Rajaji Nagar, Bangalore – 560010,
Karnataka, India |
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Date of Birth/Age : |
21.02.1963 |
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Date of Appointment : |
28.02.1995 |
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Name : |
Ms. A Bharathi |
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Designation : |
Director |
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Address : |
No. 974-A, Ii Main Road, IV Block, Rajaji Nagar, Bangalore – 560010,
Karnataka, India |
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Date of Birth/Age : |
07.07.1971 |
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Date of Appointment : |
28.02.1995 |
KEY EXECUTIVES
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Name : |
Mr. C Ramasubramaniam |
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Designation : |
Company Secretary |
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Address : |
No. 20-B, Kamarajar Street, Ambal Nagar Extension, Ramapuram, Chennai
– 600089, Tamilnadu, India |
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Mobile No. : |
91-9840682292 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.07.2003
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Names of Shareholders |
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No. of Shares |
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A. Narasumhan |
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4350 |
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A. Arumurgam |
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3750 |
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N. Vijaya |
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2200 |
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A Bharathi |
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2200 |
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A. Suguna |
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1500 |
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M. Gangadharan |
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500 |
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A. Varalakshmi |
|
500 |
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Total |
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15000 |
As on 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Open end cotton yarn and Synthetic yarn |
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Exports : |
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Countries : |
South Korea, Bangladesh and Sri Lanka |
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Imports : |
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Countries : |
CZECH Republic |
GENERAL
INFORMATION
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Bankers : |
Federal Bank Limited, P R Plaza, No. 5, Okalipuram Main Road,
Bangalore - 560021 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. Thayagarajan and Company Chartered Accountants |
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Address : |
15, Yogambal Street, T. Nagar, Chennai – 600017, Tamilnadu, India |
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Memberships : |
EEPC |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 1000/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs. 1000/- each |
Rs. 15.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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15.000 |
15.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[0.170] |
[2.406] |
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NETWORTH |
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14.830 |
12.594 |
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LOAN FUNDS |
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1] Secured Loans |
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2.643 |
3.680 |
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2] Unsecured Loans |
|
60.318 |
58.955 |
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TOTAL BORROWING |
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62.961 |
62.635 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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77.791 |
75.229 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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19.842 |
21.253 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.621
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3.430 |
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Sundry Debtors |
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0.349
|
0.145 |
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Cash & Bank Balances |
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0.000
|
0.315 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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0.830
|
0.871 |
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Total
Current Assets |
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7.800
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4.761 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.425
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0.283 |
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Provisions |
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0.990
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0.000 |
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Total
Current Liabilities |
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1.415
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0.283 |
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Net Current Assets |
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6.385
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4.478 |
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MISCELLANEOUS EXPENSES |
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51.564 |
49.498 |
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TOTAL |
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77.791 |
75.229 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover
[Including Other Income] |
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18.417 |
5.519 |
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Profit/(Loss) Before Tax |
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[0.170] |
[2.406] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.170] |
[2.406] |
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Total Expenditure |
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18.587 |
7.925 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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[0.92]
|
[43.59] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[0.92]
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[43.59] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.62]
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[9.25] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.01]
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[0.19] |
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Debt Equity Ratio (Total Liability/Networth) |
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4.34
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5.00 |
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Current Ratio (Current Asset/Current Liability) |
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5.51
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16.82 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SUNRISETHANGAM
SPINNING MILLS PRIVATE LIMITED |
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Presented By |
SUNRISETHANGAM
SPINNING MILLS PRIVATE LIMITED, Plot
No. 59-A, SIPCOT Industrial Complex, Hosur, Dharmapuri – 635126, Tamilnadu |
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1) Date and description of instrument creating the change |
23.10.1996 – Regd
on 29.11.1996 Agreement of Cash
Credit –
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 7.000
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 |
Hypothecation of
the whole of the present and future stocks and bookdebts belonging to the
company; Secured charge on plant and machineries financed by SIPCOT Limited |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
– At 22.25 % p.a. Repayable on
Demand |
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5) Name and Address and description of the person entitled to the charge. |
Federal Bank Limited, P R Plaza, No. 5, Okalipuram Main Road,
Bangalore – 560021 |
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6) Date and brief description of instrument modifying the charge |
31.03.2000
Composite Agreement |
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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. |
By the above, the
amount secured by chare stands increased from Rs. 7.000 Millions to Rs. 9.500
Millions [Cash Credit Rs. 7.000 Millions; Bank Guarantee Rs. 2.500 Millions]
Rate of interest @ 19.38 % p.a. with quarterly rests; Margin 25 % against
stocks; 50 % against book debts. All other terms
and conditions remain unchanged. |
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.40.77 |
|
UK Pound |
1 |
Rs.82.10 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING
EXPLANATIONS
|
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 |
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 |
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 |
|
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
|
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 |
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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 |
|
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 |
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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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