MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
K. L. TEXTILE MILLS LIMITED |
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Registered Office : |
45 -D Appankadumudaliar Street, Komarapalayam, Tamilnadu – 638183, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.06.1991 |
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Com. Reg. No.: |
18-3294 |
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CIN No.: [Company
Identification No.] |
U17115TZ1991PLC003294 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK05817A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Bed sheets, Towels, Napkins |
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 1100000 |
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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 fair. 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. The company had not filed any financials with the Government
department after 31.03.2006 and the management declined to part with latest
financials. |
INFORMATION PARTED
BY
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Name : |
Mr. Lognathan |
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Designation : |
Managing Director |
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Date : |
24.04.2008 |
LOCATIONS
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Registered Office : |
45 -D Appankadumudaliar Street, Komarapalayam, Tamilnadu – 638183,
India |
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Tel. No.: |
91-4283-260966 |
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E-Mail : |
tnramachandhiran@yahoo.co.in |
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Area : |
1700 sq ft (Leased) |
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Factory 1 : |
130/ 43-C, Thammanna Chetty Road, Komarapalayam– 638183, Salem,
Tamilnadu, India |
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Tel. No.: |
91-4288-260966/ 263968/ 264969 |
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Fax No.: |
91-4288-260079 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. K. Loganathan |
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Designation : |
Managing Director |
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Address : |
51, Mudaliar Street, Komaraalayam, Namakkal, Tamilnadu -638183, India |
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Date of Birth/Age : |
13.02.1951 |
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Date of Appointment : |
12.06.1991 |
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Name : |
K. Shanmuga Sundaram |
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Designation : |
Director |
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Address : |
52-B, Ragavendra Street, Komarapalayam, Namakkal, Tamilnadu-63813,
India |
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Date of Birth/Age : |
04.01.1956 |
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Date of Appointment : |
12.06.1991 |
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Name : |
K. Dhanasekaran |
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Designation : |
Director |
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Address : |
52-B, Ragavendra Street, Komarapalayam, Namakkal, Tamilnadu-63813,
India |
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Date of Birth/Age : |
24.11.1969 |
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Date of Appointment : |
12.06.1991 |
SHAREHOLDING PATTERN
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2006
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Category |
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Percentage |
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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 Bedsheets, Towels and Napkins. |
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Exports : |
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Products : |
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Countries : |
South Africa, Dubai |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
7 |
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Bankers : |
State Bank of India, Bhavani and E Road. |
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Facilities : |
Cash Credit Rs. 20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. T. N. Ramchandhiran Chartered Accountant |
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Address : |
358, Ambal Complex, Main Road, Komarapalayam, Tamil Nadu- TN- 638138,
India |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.741 |
6.307 |
4.443 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.741 |
11.307 |
9.443 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
7.860 |
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2] Unsecured Loans |
1.102 |
3.241 |
1.643 |
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TOTAL BORROWING |
1.102 |
3.241 |
9.503 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
14.843 |
14.548 |
18.946 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.531 |
3.574 |
4.530 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.311 |
0.062 |
0.090 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.310
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11.371 |
15.229 |
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Sundry Debtors |
13.945
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8.181 |
8.043 |
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Cash & Bank Balances |
0.324
|
0.077 |
0.335 |
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Other Current Assets |
0.001
|
0.629 |
0.019 |
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Loans & Advances |
0.000
|
0.000 |
0.248 |
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Total
Current Assets |
21.580
|
20.258 |
23.874 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.538
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9.331 |
8.594 |
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Provisions |
0.082
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0.056 |
0.000 |
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Total
Current Liabilities |
15.620
|
9.387 |
8.594 |
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Net Current Assets |
5.960
|
10.871 |
15.280 |
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MISCELLANEOUS EXPENSES |
0.041 |
0.041 |
0.046 |
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TOTAL |
14.843 |
14.548 |
19.946 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
127.565 |
140.749 |
96.229 |
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Other Income |
1.262 |
2.224 |
0.233 |
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Total Income |
128.827 |
142.973 |
96.462 |
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Profit/(Loss) Before Tax |
3.635 |
3.013 |
1.666 |
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Provision for Taxation |
-- |
1.122 |
0.585 |
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Profit/(Loss) After Tax |
3.635 |
1.891 |
1.081 |
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Earnings in Foreign Currency |
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22.355 |
5.149 |
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Expenditures : |
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Raw material Consumed |
77.298 |
75.993 |
45.230 |
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Purchase made for re-sale |
0.000 |
12.018 |
2.331 |
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Salaries, Wages, Bonus, etc. |
0.210 |
0.206 |
0.197 |
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Payment to Auditors |
0.019 |
0.020 |
0.018 |
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Interest |
0.568 |
0.787 |
0.633 |
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Insurance Expenses |
0.114 |
0.082 |
0.067 |
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Power and Fuel |
0.000 |
0.155 |
0.071 |
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Depreciation & Amortization |
0.472 |
0.000 |
0.000 |
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Other Expenditure |
46.511 |
50.699 |
46.249 |
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Total Expenditure |
125.192 |
139.960 |
94.796 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.82
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1.32 |
1.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.85
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2.14 |
1.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.48
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12.64 |
5.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.27 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.22
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1.12 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.38
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2.16 |
2.78 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
K. L. TEXTILE MILLS LIMITED |
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Presented By |
Mr. K. Loganathan, Managing Director |
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1) Date and description of instrument creating the change |
General Agreement of SSI for Rs. 2.500 Millions, Ancillary agreement for Rs. 1.800 Millions, Ancillary. Agreement No. 1 for Rs. 0.700 Million Ancillary agreement No. 2 for Rs. 2.500 Million, Arrangement leater, Agreement for Rs. 2.500 Million all dated 31.03.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.500 Million as working capital loan. |
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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 |
Stock of raw materials. Stocks in process, finished goods, debtors, Land, Building and Plant and Machinery belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
CC Hypothecation of Stocks Rs. 0.800 Milliion bookdebts Rs. 0.700 Million, Interest 1% above and Bar minimum 16%, Insurance to be done. Submission of stock statement every fortnight and other terms and conditions contained in sanction letter dated 31.03.1995 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank Of India, Commercial Branch, Erode. |
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6) Date and brief description of instrument modifying the charge |
1) Agreement for grant of small Industrial advance working capital finance pledge of goods movable and other assets for Rs15.000 Millions dated 19.05.2005 2) Supplementary general agreement for small industrial advance and hypothecation of goods bookdebts etc., for Rs. 15.000 Millions dated 19.05.2005 3) Agreement for grant of small industrial advance ancillary agreement No. 1 for Rs. 15.000 Millions dated 19.05.2005 4) Agreement for grant of small industrial advance pledge of goods movable and others for Rs. 15.000 Millions dated 19.05.2005 5) Agreement for grant of small industrial advances. Advances against receivables and bills for Rs. 15.000 Millions dated 19.05.2005 6) Guarantee agreement for small industrial advance for Rs. 15.000 Millions dated 19.05.2005 7) Sabctuion communication dated 20.04.2005 containing terms and conditions for the above agreements. |
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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. |
Cash credit hypothecation limit against stock and debtors has been enhanced from existing level of Rs. 10.000 Millions to Rs. 15.000 Millions against the charge of stock of Raw materials, stock of finished goods and sundry Debtors and Plant and Machinery belonging to the Company present and future ad detailed in the agreement conditions specified in above class six. |
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.41.38 |
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UK Pound |
1 |
Rs.80.76 |
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Euro |
1 |
Rs.63.89 |
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 |
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 |
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 |
YES |
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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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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 |
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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 |
|
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 |
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