MIRA INFORM REPORT
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Report Date : |
09.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PRIMEX CLOTHINGS PRIVATE LIMITED |
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Registered
Office : |
3/720, Primex Gardenss Periyapalayam, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
18.08.2005 |
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Com. Reg. No.: |
012059 |
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CIN No.: [Company Identification
No.] |
U18101TZ2005PTC012059 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Supplier and Exporter of High quality knitted and
Hosiery Garments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 210000 |
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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 : |
Subject is an established company having satisfactory track to be
usually correct and as per commitments. The company can be considered for normal business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
3/720, Primex Gardenss Periyapalayam, |
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Tel. No.: |
91-421-2264400 / 2219577 |
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Fax No.: |
91-421-2232888 / 2232889 |
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E-Mail : |
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Web-Site : |
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DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. A. Nithyanandam |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
14.06.1965 |
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Date of Appointment : |
18.08.2005 |
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Name : |
Mr. N. Selvi |
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Designation : |
Director |
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Address : |
21, |
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Date of Birth/Age : |
01.11.1973 |
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Date of Appointment : |
18.08.2005 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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A. Nithyanandam |
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100000 |
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N. Selvi |
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80000 |
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Total |
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180000 |
AS ON 30.09.2009
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of High quality knitted and
Hosiery Garments. |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Axis Bank
Limited, Tirupur Branch, No 3, Court Street, Opp Court Tirupur – 641601,
Tamil |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Ananthan Associates Chartered Accountant |
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Address : |
No.12, |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180000 |
Equity Shares |
Rs.100/-
each |
Rs.18.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.034 |
17.517 |
5.900 |
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3] Reserves & Surplus |
35.670 |
19.439 |
3.420 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.704 |
37.056 |
9.420 |
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LOAN FUNDS |
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1] Secured Loans |
151.687 |
136.156 |
52.123 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
151.687 |
136.156 |
52.123 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.205 |
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TOTAL |
205.391 |
173.212 |
61.748 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
89.675 |
25.285 |
10.020 |
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Capital work-in-progress |
0.000 |
14.803 |
7.167 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
2.063 |
2.063 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.379
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4.639 |
16.058 |
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Sundry Debtors |
93.715
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112.490 |
36.030 |
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Cash & Bank Balances |
23.261
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3.077 |
1.161 |
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Other Current Assets |
33.573
|
6.054 |
0.057 |
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Loans & Advances |
18.963
|
35.399 |
13.870 |
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Total
Current Assets |
183.891
|
161.659 |
67.176 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
67.384
|
28.059 |
20.693 |
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Provisions |
2.858
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2.547 |
1.932 |
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Total
Current Liabilities |
70.242
|
30.606 |
22.625 |
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Net Current Assets |
113.649
|
131.053 |
44.551 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.008 |
0.010 |
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TOTAL |
205.391 |
173.212 |
61.748 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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328.738 |
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148.981 |
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Other Income |
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TOTAL |
328.738 |
322.021 |
148.981 |
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Less |
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Office Expenses |
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Administrative Expenses |
296.673 |
303.142 |
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Advertising Expenses |
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Interest |
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TOTAL |
296.676 |
303.142 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
32.062 |
18.879 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
8.072 |
2.592 |
Not Available |
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PROFIT BEFORE
TAX |
23.990 |
16.287 |
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Less |
TAX |
7.759 |
0.268 |
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PROFIT AFTER TAX
|
16.231 |
16.019 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.439 |
3.420 |
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BALANCE CARRIED
TO THE B/S |
35.670 |
19.439 |
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Earnings Per
Share (Rs.) |
90.17 |
88.99 |
-- |
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KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
4.93
|
4.97 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
7.29
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5.05 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.76
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0.87 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.44
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0.43 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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4.13
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4.50 |
7.93 |
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Current Ratio (Current Asset/Current Liability) |
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2.61
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5.28 |
2.96 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS :
The company's focus on quality of the products with timely deliveries resulted in growth of 18.85% in turnover. The total turnover for the year was Rs328.738 millions as against Rs.322.021 millions for previous year. Technical service charges for the year were Rs.13.200 millions registering a growth of 20.64% over previous year. A wind mill was installed in September 2009 with a power generation of 120936 units for over six months till March 2009. The realization form TNEB on sale of the power was Rs.0.351 millions.
FUTURE OUTLOOK :
The company received increased export orders from June 2009. The turnover achieved till middle of August 2009 was Rs.420.000 millions with ensured export orders till October 2009 for further turnover of around Rs.250.000 millions. The company hope to achieve the target of Rs.1000.000 millions at the end of current financial year. The performance of wind mill was good during the past four months esp. on the onset of south -west monsoon
Form : 8
|
Corporate identity
number of the company |
U18101TZ2005PTC012059 |
|
Name of the
company |
PRIMEX CLOTHINGS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
3/720 Primex Gardenss Periyapalayam, Tamil |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
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Particular of
charge holder |
Axis Bank
Limited, Tirupur Branch, No 3, Court Street, Opp Court Tirupur – 641601,
Tamil |
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Nature of
instrument creating charge |
01. Composite
Hypothecation Deed |
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Date of
instrument Creating the charge |
21/04/2010 |
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Amount secured by
the charge |
Rs. 174.200
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : as per Sch I of
the composite agreement Terms of repayment : Working capital
limits - repayable on demand TL as per repayment
schedules Margin : EPC - 10% on
stock FBP/FBD - as per
bank norms LER - NA TL I - NA TL II - 32.55% Extent and operation of the charge : Exclusive
Hypothecation of the entire current assets of the company, hypothecation of
the movable fixed assets of the company of Rs.89.675 millions WDV as on March
2009 and Hypothecation of CWEL C 250 KW wind turbine generator (supplier
Chiranjiveevi Wind Energy Ltd Wind Mill and its accessories and EM on the
land acquired for installation of WEGs at SF No 113/13, 14 1B2 at Pazhavoor Village, Radha Puram TK
Tirunelveli Dt TN Other : Nil |
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Short particulars
of the property charged (Including location of the property) |
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Date of
instrument modifying the charge |
13/01/2010 |
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Particulars of
the present modification |
The over all credit
limits stand modified to Rs.174.200 millions in view of increase in EPC/PCFC to Rs.90.000 millions , reduction
of FBP/FBN/FBD/EBRD to Rs.60.000 millions, sanction of LER of Rs.5.000
millions from regular limit to sub
limit and no change in the TL I of Rs.15.000 millions and TL II of Rs.9.200
millions. Other terms and conditions remain same and unchanged |
FIXED ASSETS :
- Land
- Building
- Plant and Machinery
- Electrical Fitting
- Furniture and Fixtures
- Office Equipments
- Canteen Equipments
- Computer and Printer
- Vehicles
- Wind Mill
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 44.04 |
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|
1 |
Rs. 71.19 |
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Euro |
1 |
Rs. 63.40 |
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 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
|
47 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.