MIRA
INFORM REPORT
|
Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SPIN – COT TEXTILES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Door No. 6-20-14, 1st Floor, Near UCO Bank, 9/1,
Arundelpet, Guntur – 522002, Andhra Pradesh, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
30.12.2005 |
|
|
|
|
Com. Reg. No.: |
01-48639 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17301AP2005PTC048639 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS17243C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Cotton Yarn. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
|
|
|
|
|
Maximum Credit Limit : |
USD 30000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company and project has been recently implemented.
Trade relations are fair. No payments are known. Initially, the company can be considered for small to medium sized dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Door No. 6-20-14, 1st Floor, Near UCO Bank, 9/1,
Arundelpet, Guntur – 522002, Andhra Pradesh, India |
|
Tel. No.: |
91-863-26643152 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Kameswara Rao Ghanta |
|
Designation : |
Managing Director |
|
Address : |
Door No. 4-5-60/2A, Saibaba Road, Guntur – 522002, Andhra Pradesh,
India |
|
Date of Appointment : |
04.05.2006 |
|
Email : |
|
|
Other Directorship : |
Ghanta Creative Exports Private Limited U51311AP2004PTC042642 |
|
Partnership Held in partnership firm : |
Indian Cotton Company Door No. 4-5-60/2A, Saibaba Road, Guntur – 522002, Andhra Pradesh,
India |
|
|
|
|
Name : |
Ms. Kasturi Ghanta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sambaiah Vakkalagadda |
|
Designation : |
Director |
|
Address : |
Door No. 4-5-29/26 B, Gowtham Residency, 3/5, Vidya Nagar, Guntur –
522007, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.07.1961 |
|
Date of Appointment : |
04.05.2006 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Seethaiah Ghanta |
|
Designation : |
Director |
|
Address : |
Door No. 41B, No. 6, Palaniappa Nagar, Kongu Nagar Extension, Ramantha
Puram, Coimbatore – 641045, Tamilnadu, India |
|
Date of Birth/Age : |
01.07.1967 |
|
Date of Appointment : |
30.10.2007 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 27.12.2005)
|
Names of Shareholders |
|
No. of Shares |
|
Ghanta Kemeswara Rao |
|
4500 |
|
Ghanta Kasturi |
|
4500 |
|
|
|
|
|
Total |
|
9000 |
(As on 30.03.2007)
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Ghanta Kemeswara Rao |
|
595500 |
|
Ghanta Kasturi |
|
195500 |
|
Kancharla Venkateswara Rao |
|
200000 |
|
Kottapalli N Rao |
|
50000 |
|
Vakkalagadda Venkatarathnam |
|
50000 |
|
|
|
|
|
Total |
|
1091000 |
(As on 31.03.2006)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn |
GENERAL
INFORMATION
|
Bankers : |
Chandramauli Nagar Branch, Guntur – 522006
Station Road, Guntur – 522001, Andhra Pradesh, India
|
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Dhasarath Associates Chartered Accountants |
|
Address : |
7-16/181, 7/1 Srinaar, Guntur – 522002, Andhra Pradesh, India |
|
Tel. No.: |
91-863-2358993 |
|
Mobile No.: |
91-9848113950 |
|
E-Mail : |
|
|
|
|
|
Name : |
B. Gopalakrishna Chartered Accountant |
|
Address : |
7-16/181, 7/1, Srinagar, Guntur – 522002, Andhra Pradesh, India |
|
|
|
|
Associates/Subsidiaries : |
U51311AP2004PTC042642]
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000 |
Equity Shares |
Rs.100/- each |
Rs.0.900 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.900 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4.690 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
5.590 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
12.750 |
|
|
TOTAL BORROWING |
|
|
12.750 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
18.340 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4.577 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.614 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
14.028 |
|
Total
Current Assets |
|
|
14.642 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
1.180 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
1.180 |
|
|
Net Current Assets |
|
|
13.462 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.301 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
18.340 |
|
NOTE:
The subject company was incorporated on December 30, 2005 and there were
no commercial operations during the period i.e. 30.12.2005 to 31.03.2006.
Hence, there was no Turnover & PBT / PAT is also Nil.
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
12.41 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10022313 |
|
Corporate
identity number of the company |
U17301AP2005PTC048639 |
|
Name of the
company |
SPIN COT TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Door No. 6-20-14, 1st Floor, Near UCO Bank, 9/1,
Arundelpet, Guntur – 522002, Andhra Pradesh, India |
|
Type of charge |
|
|
Particular of
charge holder |
Indian Overseas Bank, Chandramauli Nagar Branch, Guntur – 522007, Andhra Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
13.05.2008 |
|
Amount secured by
the charge |
Rs.308.800
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Term loan: @
BPLR+1.25% at present 14.50% For Fresh Term
loan: @ BPLR+1.25% at present 14.50% For Cash Credit:
@ BPLR+0.75% at present 14 % For LC and Letter
of Guarantee: Commission As per co circulars Terms of
repayment Term Loan I and
II Repayable in 33 Equal Quarterly Installment Commencing From March 2009 and
Interests Should be services monthly. Margin For Term Loan:
25.58% For Fresh Term
loan:28.58% For Cash
Credit:25% on Stocks and 50% on Book Debts For Letter of
Guarantee 10% Extent operation
of the charge First Pari Passu
charge on entire fixed block assets, and second Pari Passu charge on entire
current assets of the company for term Loans, First Pari Passu charge on
entire Current assets of the company with Punjab National bank for CC and the
second Pari Passu charge on entire fixed assets of the company for working
capital limit. |
|
Short particulars
of the property charged |
First Pari Passu
charge on entire fixed block assets, and second Pari Passu charge on entire
current assets of the company for term Loans, First Pari Passu charge on
entire Current assets of the company with Punjab National bank for CC and the
second Pari Passu charge on entire fixed assets of the company for working
capital limit. |
|
Particulars of
the present modification |
The overall
limits enhanced from Rs.290.800 Millions to Rs.308.800 Millions as detailed
below Term Loan
(renewed) Rs.214.300 Millions Fresh Term Loans
Rs.23.000 Millions Cash Credit
Enhanced from Rs.30.000 Millions to Rs.60.000 Millions LC (Renewed)
Rs.20.000 Millions Letter of
Guarantee (Renewed Rs.11.500 Millions and Adhoc Cash Credit limit of 35.000
Millions stood canceled. Hence the total
limits after this present modification is Rs.308.800 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 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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
|