MIRA
INFORM REPORT
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Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TCS TEXTILES PRIVATE LIMITED |
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Formerly Known As : |
SRI KUMARAN SILKS TRADE PRIVATE LIMITED |
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Registered Office : |
68, College Road, Tirupur, Coimbatore – 641602, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.02.1995 |
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Com. Reg. No.: |
18-5857 |
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CIN No.: [Company
Identification No.] |
U17111TZ1995PTC005857 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBS06393C CMBT04122G CMBT04487A |
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PAN No.: [Permanent
Account No.] |
AABCT7921K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Exporting of Cotton Yarn, 100% Cotton Fabric,
Knitted Fabric and Garments. |
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 4000000 |
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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 satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
PARTED BY
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Name : |
Mr. Shanmugavelu |
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Designation : |
Chartered Accountant |
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Contact No.: |
91-9791901788 |
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Date : |
01.10.2008 |
LOCATIONS
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Registered Office : |
68, Collage Road, Tirupur, Coimbatore – 641602, Tamilnadu, India |
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Tel. No.: |
91-421-2242888 |
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E-Mail : |
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Website : |
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Locations : |
Owned (All premises are owned premises) |
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Factory : |
S F No.39, N G Palayam Pirivu Thekkalwr Tirupur, Avinashi, Coimbatore
– 641654, India |
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Tel No.: |
91-4296-255774/3 |
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Showroom : |
Located at:
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DIRECTORS
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Name : |
Mr. Chandiran Kulandaivelu Tirupur |
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Designation : |
Chairman |
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Address : |
Sree Guru Kiran Illam, 11 Kalidass Road, Ramnagar Coimbatore,
Tamilnadu – 641009 |
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Date of Birth/Age : |
24.06.1950 |
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Date of Appointment : |
24.02.1995 |
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Email : |
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Name : |
Mr. Manickam Kulandaivelu |
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Designation : |
Managing Director |
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Address : |
Sree Ambaal Kiruba Illam, 2/5 Desabanth Street, Ramnagar, Coimbatore, Tamilnadu
– 641009 |
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Date of Birth/Age : |
17.06.1954 |
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Date of Appointment : |
24.02.1995 |
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Name : |
Mr. Sivalingam Kulandaivelu |
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Designation : |
Managing Director |
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Address : |
Sri Ram Kiruba Illam Bangala Road, Ootakkadu, Tirupur, Coimbatore,
Tamilnadu - 641602 |
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Date of Birth/Age : |
31.03.1954 |
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Date of Appointment : |
24.02.1995 |
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Email : |
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Name : |
Mr. Arumukam Kulandaivelu |
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Designation : |
Whole Time Director |
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Address : |
32/34, K. V. P. Layout Alankadu, Tirupur, Coimbatore, Tamilnadu –
641604 |
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Date of Birth/Age : |
13.05.1959 |
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Date of Appointment : |
24.02.1995 |
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Email : |
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Name : |
Mr. Vinayakam Kulandaivelu |
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Designation : |
Whole Time Director |
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Address : |
52, Krishna Takies Road, Erode, Tamilnadu – 638003 |
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Date of Birth/Age : |
05.03.1962 |
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Date of Appointment : |
24.02.1995 |
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Name : |
Mr. Nandagopal Kulandaivelu |
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Designation : |
Whole Time Director |
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Address : |
Sree Gokulam Illam, No. 40 Bangala Road, Ootakkadu, Tirupur CBE,
Tamilnadu -641602 |
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Date of Birth/Age : |
10.04.1964 |
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Date of Appointment : |
24.02.0995 |
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Email : |
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Name : |
Mr. P P K Paramasivam |
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Designation : |
Whole Time Director |
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Address : |
97, Karunampalayam Privu, ABT Road, First Street, Tirupur, Coimbatore,
Tamilnadu - 641604 |
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Date of Birth/Age : |
12.12.1968 |
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Date of Appointment : |
24.02.1995 |
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Email : |
KEY EXECUTIVES
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Name : |
Mr. G. Ayyaswamy |
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Designation : |
Company Secretary |
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Address : |
80, MGR Nagar, Industrial 80, MGR Nagar, Industrial Estate Post,
Coimbatore, India |
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Tel. No.: |
91-422-2672764 |
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Fax No.: |
91-422-2672764 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2004)
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Name of
Shareholders |
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No
of Shares |
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Chandiran Kulandaivelu Tirupur |
|
9950000 |
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Manickam Kulandaivelu |
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9950000 |
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Sivalingam Kulandaivelu |
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9950000 |
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Arumukam Kulandaivelu |
|
9950000 |
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Vinayakam Kulandaivelu |
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9950000 |
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Nandagopal Kulandaivelu |
|
9950000 |
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P P K Paramasivam |
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9950000 |
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K Paranjothi |
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187500 |
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Total |
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69837500 |
(As on 31.03.2007)
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Names of Shareholders |
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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 : |
Manufacturing and Exporting of Cotton Yarn, 100% Cotton Fabric Knitted
Fabric and Garments. |
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Products : |
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Brand Name : |
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Exports: |
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Products : |
All Products |
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Countries : |
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Imports: |
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Products : |
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Countries : |
Japan |
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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 : |
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No. of Employees : |
6000 (Office – 2000 and Showroom – 4000) |
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Bankers : |
30, White Road, Whites Road Branch, Chennai – 600014
Overseas Branch, 13 M S Puram, Titupur – 641601. Tamilnadu.
1057, Jaya Enclave, Avanashi Road, Coimbatore – 641018. Tamilnadu
1078, Viscose Towers, Avanashi Road, Coimbatore – 641018, Tamilnadu,
India
No.48 Global Trade Centre, Tirupur – 641604, Tamilnadu, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Rajan Associates Chartered Accountant |
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Address : |
160/22, Srinivasa Trade Cement, II Floor, D.B. Road, R.S. Puram,
Coimbatore. Tamilnadu – 641002. |
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Subsidiary : |
U36911TZ2006PTC012701
U18101TZ2006PTC012698
U18101TZ2006PTC012697
U17111TZ2006PTC12699 |
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Associates : |
Gold Ornaments & Silve Vessels with latest fashions/ design. Showrooms : Chennai, Coimbatore, Erode, Tirupur and Trichy Shop online at http://www.sreekumaranthangamaligai.com
Garment’s for Domestic and International Markets. Tirupur Visit at : http://www.scmgroups.com
For both Woven/ Knit Fabric Erodw Visit at : http://www.scmtpm.in
All kind of Fabrics/Radymade Garment Suit for all Showrooms : Chennai, Coimbatore, Erode, Tirupur, and Trichy. Shop online at : http://ww.thechennaisilks.com
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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70000000 |
Equity Share |
Rs.10/- each |
Rs.700.000 Millions |
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Issued, Subscribed & Paid-up Capital :s
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No. of Shares |
Type |
Value |
Amount |
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69837500 |
Equity Share |
Rs.10/- each |
Rs.698.375
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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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 |
698.375 |
698.375 |
635.375 |
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2] Share Application Money |
0.000 |
0.000 |
17.023 |
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3] Reserves & Surplus |
99.604 |
83.500 |
154.757 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
797.979 |
781.875 |
807.155 |
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LOAN FUNDS |
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1] Secured Loans |
2094.391 |
1287.853 |
736.160 |
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2] Unsecured Loans |
56.005 |
32.500 |
0.030 |
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TOTAL BORROWING |
2150.396 |
1320.353 |
736.190 |
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DEFERRED TAX LIABILITIES |
62.597 |
65.100 |
70.081 |
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TOTAL |
3010.972 |
2167.328 |
1613.426 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1804.103 |
1507.293 |
1345.044 |
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Capital work-in-progress |
144.802 |
0.000 |
0.000 |
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INVESTMENT |
20.400 |
21.000 |
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 |
828.750
|
520.297 |
456.501 |
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Sundry Debtors |
121.167
|
122.134 |
56.765 |
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Cash & Bank Balances |
100.749
|
19.092 |
18.658 |
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Other Current Assets |
204.408
|
48.182 |
58.388 |
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Loans & Advances |
53.467
|
69.373 |
3.624 |
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Total
Current Assets |
1308.541
|
779.078 |
593.936 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
266.874
|
140.043 |
314.096 |
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Provisions |
0.000
|
0.000 |
11.458 |
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Total
Current Liabilities |
266.874
|
140.043 |
325.554 |
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Net Current Assets |
1041.667
|
639.035 |
268.382 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3010.972 |
2167.328 |
1613.426 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
5611.721 |
4203.023 |
3709.518 |
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Other Income |
12.372 |
16.936 |
2.987 |
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Total Income |
5624.093 |
4219.959 |
3712.505 |
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Profit/(Loss) Before Tax |
14.960 |
(76.239) |
141.460 |
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Provision for Taxation |
(1.143) |
(4.981) |
53.368 |
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Profit/(Loss) After Tax |
16.103 |
(71.258) |
88.092 |
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Export Value |
NA |
56.433 |
15.978 |
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Import Value |
NA |
44.962 |
31.671 |
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Expenditures : |
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Financial Charge |
111.008 |
84.534 |
32.923 |
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Depreciation & Amortization |
442.431 |
451.199 |
16.469 |
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Other Expenditure |
5055.694 |
3760.465 |
3521.653 |
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Total Expenditure |
5609.133 |
4296.198 |
3571.045 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(0.29)
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(1.68) |
2.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
(0.27)
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(1.80) |
3.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.48
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(99.99) |
7.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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(0.09) |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.03
|
1.86 |
1.31 |
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Current Ratio (Current Asset/Current Liability) |
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4.90
|
5.56 |
1.82 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Profile:
It was in the year 1962 when the first made their foray into
the world of business. Since then, from a simple weaving unit to a conglomerate
with varied business interests, they have come a long way. Today, they have
established their expertise in Textile Retailing, Jewellery Manufacturing &
Retailing, Garment Exports, Spinning, Fabric Processing and Energy, with
growing strengths in research, design, product development, manufacturing and
marketing. Backed by the of efforts of their 15000 employees, the
patronage of their esteemed customers and support of their reliable vendors.
Founder
Subject
they uphold the visionary values of their founder Mr. A. Kulandaivel Mudaliar.
Though he started with modest beginnings, he envisioned a grand future, one
that would transcend time for generations to come. It was his vision that
revolutionised a humble weaving unit into what is today, a conglomerate with
diverse business interests. His enterprising spirit continues to inspire to
scale new heights of success in all their endeavours
Management:
A dynamic Management at the helm of affairs ensures that
they draw from the glorious repository of their past while continuing to draw
ambitious blueprints for the future. It is their Management’s sense of foresight
that has marked their expertise in different ventures and made a much-revered
group in the industry.
Heritage:
Nearly five decades have been witness to their transition from modest khadi stores to the largest textile kingdom in Tamilnadu. Their rich legacy has not just taught us the finer points of business, but also helped us see beyond business. It was one man’s penchant and passion for the art of weaving that initiated the group in 1962. Today, as they look back at a glorious past and look forward to a fine future, it is their patriarch’s vision that continues to guide every step of the way.
Form 8:
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Name of the Company |
TCS TEXTILESS PRIVATE LIMITED |
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Presented By |
TCS Textiles Private Limited (herein after
called “The borrower”) & State Bank of Patiala, Whites Road Branch,
Chennai – 600014. |
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1. Date and description of the instrumental
creating the charge |
14.02.2005 a. Agreement of Hypothecation of goods and
Assets in Form C.2. B. Letter
regarding the grant of individual limits within the Overall Limit in Form C.5 Both dated 14.02.2005 and related to one and
the same charge. |
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2) Amount secured by the charge/amount owning on
security of the charge |
Rs.160.000 Millions Together with interest, costs, charges and
other expenses which may accrue and be debited to the account from time to
time. Facility
: Term 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 |
Whole of the Company’s Current Assets
consisting of cotton, semi-finished goods, finished goods and other current
assets of spinning unit of the
Company and all present and future goods, book-debts and all other movable assets
of the goods, outstanding moneys, receivables including receivables by way
cash assistance and or cash incentives under the Cash Incentive Scheme or any
other scheme claim including claim by way of refund of customs/excise duties
under the Duty Drawback Credit Scheme or any other Scheme or Bills, Invoices
Documents, Contracts, Insurance, Policies, Guarantee, Engagements,
Securities, Investments and rights and the present machinery and all future
machinery belonging to or in the possession or under the control of the
Borrower wherever lying store and kept and wherrther in possession or the
Borrower or the Bank or of any third party whether in India or elsewhere
throughout the world/ (including all such goods, other movable assets as may
be in course of shipment transit or delivery) (hereinafter referred to as
“the said goods and assets”) shall stand hypothecated to the Bank, as
security, by way of first charge on Pari Passu basis with State Bank of
India, Overseas Branch,, |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of Patiala 30, White Road, Whites Road Branch, Chennai
– 600014 |
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6) Date and brief description
of instrument modifying the charge |
Nil |
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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. |
Nil |
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Corporate
identity number of the company |
U17111TZ1995PTC005857 |
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Name of the
company |
TCS TEXTILES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
68, College Road, Tirupur, Coimbatore – 641602, Tamilnadu, India |
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This form is for |
Modification of charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
1078, Viscose Towers, Avanashi Road, Coimbatore – 641018, Tamilnadu,
India |
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Nature of
instrument creating charge |
Supplemental
Agreement of Hypothecation of goods and Assets for increase in the overall
limit date 23.01.2008 |
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Date of
instrument Creating the charge |
23.01.2008 |
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Amount secured by
the charge |
Rs.300.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: To be decided at
the time of drawdown. Terms of
Repayment: Max tenor 90
days/ Validity – one years Margin: 25% on current assets Extent and
operation of the charge: First exclusive
charge on the entire current assets of the trading division of the company.
Hypothecation of present and future goods, book debts and other movable
assets of the trading division of the company. |
|
Particulars of
the property charged |
First exclusive
charge on the entire current assets of the trading division of the company.
Hypothecation of present and future goods, book debts and other movable
assets of the trading division of the company. |
|
Particulars of
the present modification |
This modification
is for the purpose of increase in the aggregate limit of the facilities from
Rs.200.000 Millions to Rs.300.000 Millions |
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|