MIRA
INFORM REPORT
|
Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SRI SELVAKUMAR MILLS PRIVATE LIMITED |
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Registered Office : |
C/o. Kumaran Ginning Mills, SF 33/1B, Kulathupalayam, Pirivu, Uthukuli Main Road, Tirupur – 641607, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.04.2003 |
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Com. Reg. No.: |
18 -10562 |
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CIN No.: [Company
Identification No.] |
U17111TZ2003PTC010562 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS04911E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Fabrics and Yarns |
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 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Kumaresan of the company confirmed the details. Subject has been successful in wiping out all previous losses. The company’s
products are well received in overseas market. Trade relations are fair.
Payments are usually correct and as per commitments The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Kumaresan |
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Designation : |
Director |
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Date : |
28.05.2008 |
LOCATIONS
|
Registered Office : |
C/o. Kumaran Ginning Mills, SF 33/1B, Kulathupalayam, Pirivu, Uthukuli Main Road, Tirupur - 641607, Tamil Nadu, India |
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Tel. No.: |
91-421-2375794 / 2374909 / 2374594 |
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Fax No.: |
91-421-2375794 |
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E-Mail : |
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Websites: |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory : |
198/2, Uthukkuli Main Road, Chennagapalli, Perundurai, Erode – 638812, Tamilnadu, India |
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Tel. No.: |
91-421-2375494/91-4294-266123 |
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Fax No.: |
91-4294-266770 |
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Area : |
7.5 acres |
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Location : |
Owned |
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Corporate Office : |
5/1-D, Vadugapalayam Road, Pollachi Main Road, Palladam , Coimbatore –
641 664, India |
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Tel. No.: |
91-4255-252581 |
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Fax No.: |
91-4255-253193 /251826 |
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Mobile No.: |
91-9843063193 / 9952153967 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ganesan Narmadhadevi |
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Designation : |
Director |
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Address : |
10. K P S, 5th
Street, K P N Colony, Tirupur – 641 601, Tamil Nadu, India |
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Date of Birth/Age : |
11.10.1958 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mr. Kandasamy Ganesan |
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Designation : |
Director |
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Address : |
10. K P S, 5th
Street, K P N Colony, Tirupur – 641 601, Tamil Nadu, India |
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Date of Birth/Age : |
07.10.1958 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mr. Ganesan Pradeep |
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Designation : |
Director |
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Address : |
10. K P S, 5th
Street, K PN Colony, Tirupur – 641 601, Tamil Nadu, India |
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Date of Birth/Age : |
10.08.1985 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mrs. Narmada devi |
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Designation : |
Director |
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Date of Birth/Age : |
20.05.1967 |
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Date of Appointment : |
23.04.2003 |
KEY EXECUTIVES
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Name : |
Mr. Mariappa |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
|
Mr. K Ganesan |
|
200000 |
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Mrs. G Narmada devi |
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25000 |
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Mr. G Pradeep |
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25000 |
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Total
|
250000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007)
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fabrics and Yarns |
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Products : |
· 100% Cotton Yarn · Gray Fabric |
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Exports : |
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Products : |
Finished Products |
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Countries : |
USA, Spain, Italy |
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Imports : |
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Countries : |
Italy (Stopped Now) |
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Terms : |
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Selling : |
Credit (30-90 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and Manufacturer |
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No. of Employees : |
200 |
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Bankers : |
City Union Bank Limited Address: 94, Court Street, Tirupur, - 641
601, Tamil Nadu, India |
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Facilities : |
Cash Credit and Over Draft |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name: |
Mr. G. Krishnamurthy Chartered Accountants |
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Address: |
No. 22/55, Universal Road, Tirupur-641 601, Tamil Nadu, India |
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Tel. No.: |
91-421-2201912 / 2201913 |
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Mobile No.: |
91-9865292637 |
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Name: |
P S Krishnan and Company Chartered Accountants |
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Address: |
55, Universal Road, Tirupur – 641 601, Tamil Nadu, India |
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Associates/Subsidiaries : |
· M/S. Kumaran Ginning Mills Private Limited 3F 33/1B, Kulathupalayam, Pirivu, Uthukuli Main Road, Tirupur – 641607 Line Of Business: Ginning · K G Cotton Corporation |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.051] |
[6.520] |
[10.591] |
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NETWORTH |
2.449 |
[4.020] |
[8.091] |
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LOAN FUNDS |
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1] Secured Loans |
98.453 |
99.318 |
51.668 |
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2] Unsecured Loans |
30.233 |
21.194 |
22.943 |
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TOTAL BORROWING |
128.686 |
120.512 |
74.611 |
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DEFERRED TAX LIABILITIES |
0.645 |
0.000 |
0.000 |
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TOTAL |
131.780 |
116.492 |
66.520 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
98.332 |
90.747 |
44.569 |
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Capital work-in-progress |
0.000 |
0.343 |
0.359 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
16.347
|
38.795 |
21.083 |
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Sundry Debtors |
19.735
|
9.144 |
9.348 |
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Cash & Bank Balances |
1.175
|
0.838 |
0.501 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.044
|
12.679 |
11.798 |
|
Total
Current Assets |
48.301
|
61.456 |
42.730 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
13.947
|
35.691 |
21.179 |
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Provisions |
0.920
|
0.390 |
0.000 |
|
Total
Current Liabilities |
14.867
|
36.081 |
21.179 |
|
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Net Current Assets |
33.434
|
25.375 |
21.551 |
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MISCELLANEOUS EXPENSES |
0.014 |
0.027 |
0.041 |
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TOTAL |
131.780 |
116.492 |
66.520 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
212.249 |
110.592 |
75.390 |
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Other Income |
1.183 |
1.316 |
0.881 |
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Total Income |
213.432 |
111.908 |
76.271 |
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Profit/(Loss) Before Tax |
8.057 |
4.461 |
[4.772] |
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Provision for Taxation |
1.589 |
0.390 |
0.000 |
|
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Profit/(Loss) After Tax |
6.468 |
4.071 |
[4.772] |
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Export Value |
5.301 |
5.953 |
NA |
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Expenditures : |
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|
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Increase/(Decrease) in Finished Goods |
[2.868] |
[1.025] |
[5.937] |
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Interest |
10.111 |
7.519 |
5.950 |
|
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Depreciation & Amortization |
14.636 |
10.439 |
11.892 |
|
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Other Expenditure |
183.496 |
90.514 |
69.138 |
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Total Expenditure |
205.375 |
108.472 |
86.980 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.03
|
3.64 |
[6.26] |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.79
|
4.03 |
[6.34] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.49
|
2.92 |
[5.44] |
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|
Return on Investment (ROI) (PBT/Networth) |
|
3.28
|
[1.11] |
[0.58] |
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Debt Equity Ratio (Total Liability/Networth) |
|
[58.61]
|
[38.95] |
[11.84] |
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Current Ratio (Current Asset/Current Liability) |
|
3.25
|
1.70 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
Mostly to all Tirupur Banian (Vest and Briefs) Manufacturing Companies.
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U17111TZ2003PTC010562 |
|
Name of the company |
SRI SELVAKUMARAN
TEXTILE INDIA PRIVATE LIMITED |
|
Address |
C/o. Kumaran Ginning Mills, SF 33/1B, Kulathupalayam, Pirivu, Uthukuli Main Road, Tirupur - 641607 |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Book debts · Movable property |
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Particular of the charge holder
|
City Union Bank Limited Address: Court Street, Tirupur, - 641 601, Tamil Nadu, India Email ID: pskcbe@airtelbroadband.in
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Nature or description of the instrument creating charge |
Letter of confirmation for extension of mortgage by deposit of title
deed covering enhanced limits for deposits of title deeds on 30.03.2007 |
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Date of the instrument creating charge |
30.03.2007 |
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Amount Secure by the charge |
Rs. 81.729 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: For term loan I – 13.84% p.a For term loan II – 13.84% p.a For Term loan III 114.00% p.a For term loan IV – 10.50% .p.a. For term loan V – 11.00% p.a For term loan VI – 12.25% p.a Terms Of Repayments: For term loan I – 60 monthly installments of Rs. 11.800 millions each For term loan II –60 monthly installments of Rs. 0.586 million For Term loan III - 60 monthly installments of Rs. 0.033 million For term loan IV – 60 equated monthly installments of Rs. 1.117
millions each For term loan V – 60 equated monthly installments of Rs. 0.097 million For term loan VI – 84 monthly installments of Rs. 0.217 million
each Margin: For term loan I – 25% For term loan II –25% For Term loan III - 25% For term loan IV – 25% For term loan V – 25% For term loan VI – 25% Extent and operation of
charge: Extension of equitable mortgage of the land (6.90 acres ) and building
thereon at Chengapalli village , perundurai Taluk, Uthukuli, erode District
in S F No. 198/2 belonging to the company to cover the revised limits and
hypothecation of all existing machinery and machinery to be purchased , stock
of cotton, yarn, etc situated in SF No. 198/2 Uthukuli Main road,
Chengapalli, Perundurai Taluk , Erode district and book debts and receivable
belonging to the company |
|
Short particulars of the
Property charged |
Extension of equitable mortgage of the land (6.90 acres ) and building
thereon at Chengapalli village , perundurai Taluk, Uthukuli, erode District
in S F No. 198/2 and 198/3 belonging to the company to cover the revised limits
and hypothecation of all existing machinery and machinery to be purchased ,
stock of cotton, yarn, etc situated in SF No. 198/2 Uthukuli Main road,
Chengapalli, Perundurai Taluk , Erode district and book debts and receivable
belonging to the company |
|
Particulars of the present modification |
Extension of equitable mortgage of the land (6.90 acres ) and building
thereon at Chengapalli village , perundurai Taluk, Uthukuli, erode District
in S F No. 198/2 belonging to the company to cover the revised limits of Rs. 81.729 millions (comprising of TL -1
Rs. 1.783 millions out of Rs. 5.000 millions , TL -2 Rs. 15.616 million out
of Rs. 35.200 millions , TL -3 Rs. 0.971 millions out of Rs. 2.000 millions
Tl-4Rs. 46.553 millions out of Rs. 52.000 millions, TL- 5 Rs. 4.305 out of
Rs. 4.500 millions and TL- 6 Rs. 12.500 millions) |
|
Name of the
company |
SRI
SELVAKUMARAN TEXTILE INDIA PRIVATE LIMITED |
||||||||||||
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Presented
By |
Mr. K Ganesan , Managing Director |
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1) Date and
description of instrument creating the change |
Letter evidencing
deposit of title deeds dated 21.01.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Term Loan – Rs.
5.000 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 |
Equitable
mortgage of 6.90 acres of land and building at senagappalli Village,
Perundurai Taluk, Uthukuli Sub registration District, Erode registration district in New S F No. 198/2
and 198/3 in the name of the company |
||||||||||||
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayable in 60 monthly installments of Rs. 11.800 millions Rate of interest – 13.84% p.a |
||||||||||||
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5) Name and
Address and description of the person entitled to the charge. |
The City Union Bank Limited, Tirupur. |
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6) Date and brief description of instrument
modifying the charge |
· Hypothecation ( Machinery) · Agreement dated 21.06.2004 · Agreement of hypothecation of book debts dated 21.06.2004 · Hypothecation (goods) · Agreement dated 21.06.2004 |
||||||||||||
|
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. |
Term loan enhance
ed from Rs. 5.000 millions to Rs. 40.200 millions as detailed below:
Term Loan II –
Repayable in 60 monthly installments of Rs. 0.586 millions Hypothecation of
stock in trade and book debts, all machinery including tube Lights, Switch, Air
Conditioner Plant Dia Gauge, Drayer, Meter, Transformer, Cone Winding
Machine, Speed Frames, Ring Frames, Testing Equipments, Weighting Machines,
Crates And Bins, Generator Micro Yarn Clearer, PVC Insulated Cables, Can,
Copper Flat, Draw Frames, Heavy Cables, Over Head Clearer, Diesel Tank,
Bobbins, Blow Room Cards, Stabiliser, Class Wool, Dust And Metal Extraction
Machine. |
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WEBSITE DETAILS:
Profile:
The company was established in 1996 to meet the growing demands of a changing market. A spinning plant for Cotton yarn with state-of-art machines.
CLIENTS:
Domestic Markets
Their production and marketing strategies have been geared towards niche markets. The market for the product (yarn) is extensive. In domestic markets they supply to the market leaders and exporters.
Other Countries
They’re looking out for Export market and they are sure to supply quality grey fabric.
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 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.42.89 |
|
UK Pound |
1 |
Rs.84.84 |
|
Euro |
1 |
Rs.67.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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 |
|