MIRA
INFORM REPORT
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Report Date : |
09.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ROHINI TEXTILE INDUSTRY PRIVATE LIMITED |
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Registered Office : |
No. 2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation : |
06.10.2008 |
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Com. Reg. No.: |
18-014787 |
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Capital
Investment / Paid-up Capital : |
Rs.250.000 millions |
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CIN No.: [Company
Identification No.] |
U17111TZ2008PTC014787 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBR05202B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Hosiery Garments. |
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No. of Employees
: |
800 (80 in Office, 720 in Factory) Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 841000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track records. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to b slow. The company can be considered for business dealings with some caution.
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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 |
INFORMATION PARTEDBY (GENERAL DETAILS)
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Name : |
Mr. Shiva Prabhu |
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Designation : |
Accountant |
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Contact No.: |
91-9842261090 |
LOCATIONS
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Registered Office/Factory 1 : |
No. 2, |
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Tel. No.: |
91-421-2422766 |
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Fax No.: |
91-421-2420147 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2: |
Plot # FF2, Sipcot Industrial Growth Centre, Perundurai, Erode
District, Perundurai-638052, |
DIRECTORS
As on 10.09.2010
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Name : |
Mr. Rasappa Gounder Semalaiappan Senthilkumar |
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Designation : |
Managing Director |
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Address: |
2 Rohini Garden, |
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Date of Birth/Age : |
06.10.1971 |
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Date of Appointment : |
06.10.2008 |
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DIN : |
02338732 |
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Name : |
Mr. R Semaliappan |
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Designation : |
Director |
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Address: |
2 Semmedu Garden, Tirupur-641604, |
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Date of Birth/Age : |
10.02.1942 |
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Date of Appointment : |
06.10.2008 |
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DIN : |
02338783 |
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Name : |
Mr. Senthil Kumar Kavitha |
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Designation : |
Whole Time Director |
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Address: |
2 Rohini Garden, |
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Date of Birth/Age : |
28.01.1975 |
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Date of Appointment : |
06.10.2008 |
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DIN : |
02338795 |
KEY EXECUTIVES
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Name : |
Mr. Shiva Prabhu |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2010
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Names of Shareholders |
No. of Shares |
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R Semaliappan |
530000 |
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R |
1530000 |
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425000 |
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9000 |
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A Deivanai |
2000 |
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C Sujatha |
2000 |
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C Carthic |
2000 |
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Total |
2500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
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 of Hosiery Garments. |
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Products: |
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GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
800 (80 in Office, 720 in Factory) Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K Vasudevan Chartered Accountant |
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Address: |
23, Nataraj Layout, 15, Velampalayam, Tirupur-641652, Tamilnadum |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs. 100/- each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
2500000 |
Equity Shares |
Rs. 100/- each |
Rs.250.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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250.000 |
10.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
87.601 |
102.577 |
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4] (Accumulated Losses) |
|
[127.138] |
[48.298] |
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NETWORTH |
|
210.463 |
64.279 |
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LOAN FUNDS |
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1] Secured Loans |
|
1787.808 |
885.580 |
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2] Unsecured Loans |
|
6.999 |
196.091 |
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TOTAL BORROWING |
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1794.807 |
1081.671 |
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DEFERRED TAX LIABILITIES |
|
156.957 |
52.437 |
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TOTAL |
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2162.227 |
1198.387 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1629.567 |
745.816 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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249.574 |
102.159 |
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Sundry Debtors |
|
228.802 |
133.580 |
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Cash & Bank Balances |
|
126.041 |
176.656 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
245.443 |
200.550 |
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Total
Current Assets |
|
849.860 |
612.945 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
22.953 |
0.000 |
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Other Current Liabilities |
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280.989 |
155.751 |
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Provisions |
|
20.243 |
11.302 |
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Total
Current Liabilities |
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324.185 |
167.053 |
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Net Current Assets |
|
525.675 |
445.892 |
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MISCELLANEOUS EXPENSES |
|
6.985 |
6.679 |
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TOTAL |
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2162.227 |
1198.387 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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1283.070 |
373.978 |
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Other Income |
|
80.074 |
6.567 |
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TOTAL (A) |
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1363.144 |
380.545 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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950.501 |
297.740 |
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Advertising Expenses |
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TOTAL (B) |
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950.501 |
297.740 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
412.643 |
82.805 |
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Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
|
139.139 |
27.123 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
273.504 |
55.682 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
235.012 |
50.108 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
38.492 |
5.574 |
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Less |
TAX (I) |
|
117.332 |
53.872 |
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PROFIT AFTER TAX
(G-I) (J) |
|
[78.840] |
[48.298] |
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Earnings Per
Share (Rs.) |
|
-- |
-- |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
[5.78] |
[12.69] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.99 |
1.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.55 |
0.41 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.03 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
10.07 |
19.43 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.62 |
3.67 |
LOCAL AGENCY FURTHER INFORMATION
Note : The company was Partnership Firm in the name of Rohini Textile
Industry established in 1980 than it changed to private limited from October
2008
Trade Reference:
- Arun Textile
Review of Performance:
During the second year, the company has
registered a net profit (before tax) of Rs. 38.492 Millions after interest and
depreciation. The turnover of the company during the period amounted to Rs.
1283.070 Millions
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U17111TZ2008PTC014787 |
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Name of the
company |
ROHINI TEXTILE INDUSTRY (P) LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 2, |
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This form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
10136189 |
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Type of charge |
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Particular of
charge holder |
Punjab National Bank, CCB Branch, 54, |
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Nature of
instrument creating charge |
1) Agreement of Entry for 9 properties 2) Hypothecation of Current Assets 3) Supplemental Agreement 4) Optional Attachment |
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Date of
instrument Creating the charge |
06.01.2010 |
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Amount secured by
the charge |
Rs. 1054.062
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest AS per letter of
sanction and legal documents executed by the company with the bank. Terms of
Repayment As per letter of
sanction and legal documents executed by the company with the bank Margin As per letter of
sanction and legal documents executed by the company with the bank Extent and
Operation of the charge Exclusive and
first charge hypothecation on the entire current assets of the company
including consumables, consumable stores, loose tools goods in transit and
all other material acceptable to the bank stored or to be stored in or about
the company’s factory premises and godowns at Tirupur and Indiampalayam, Gobi
or any other godowns and depots. Others Present and
future book debts, trust receipts, decress moeneys, receivables, government
securities, claims, bills, contracts investments and blow rooms, draw frames,
ring frames, auto coners speed frames, overheads cleaners, compressors,
carding machines, silver laps, ribbon laps, combers simpex cone winding,
transformers and other plant and machineries at the factory premises and WEG
vestas RBR installed at Ponnpuram TN at Thanthoni Village Udumalpet Tk. |
|
Short particulars
of the property charged |
Creation of joint
mortgage on the immovable properties along with Andhra Bank situated in Erode
Registration District, Perundural Sub Registration District Purndurai Taluk, Perundurai
Village in Plot No. FF2 Survey No. 236 (pt), 237 (Pt) 239 (Pt), 247 (Pt), 276
(Pt), 277(Pt) asdn 278 (Pt) with an extent of 25.23 acres of land with
building constructed thereon in entirely with all rights of way and all other
appurtenances attached thereto for the credit limits of rs. 485.000 Millions
of PNB and Rs. 585.000 Millions of AB. The charge will
be ranking pari passu first charge for
WC limit and Second pari passu chage for TL among PNB and AB. |
|
Date of
instrument modifying the charge |
20.08.2009 |
|
Particulars of
the present modification |
The overall
credit limits stands enhanced to Rs. 1054.062 Millions from rs. 1014.062
Millions in view of the increase in the ILC (DA/ DP) to Rs. 80.000 Millions.
Creation of Joint mortgage on the properties situated in Perundurai Tk and
Village, in Plot No. FF2 S No. 236 (Pt), 237 (Pt) 239 (Pt), 247 (Pt), 276
(Pt), 277(Pt) asdn 278 (Pt) with an extent of 25.23 acres of land with
building constructed/ to be constructed thereon for TL on first PP charge
basis and for WCL on second PP charge basis among PNB and AB. |
|
Corporate identity number of the company |
U17111TZ2008PTC014787 |
|
Name of the
company |
ROHINI TEXTILE INDUSTRY (P) LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No. 2, |
|
This form is for |
Modification of charge |
|
Type of charge |
|
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Particular of
charge holder |
Andhra Bank, Address: Main Branch, 17Mill Road , Email : bmche083@andhrabank.co.in
|
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Nature of
instrument creating charge |
Composite agreement for Sanction of Additional cash credit limit of Rs
200millions ILC/FLC limit of Rs 50.000 millions and BG limit of Rs 5.000
millions Overall limit enhanced from
Rs 195.000 millions to Rs 450.000 millions. |
|
Date of
instrument Creating the charge |
30.11.2009 |
|
Amount secured by
the charge |
Rs.450.000 |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Rate of Interest being 12% per annum, Terms of repayment Additional cash credit loan and other limits are repayable on demand. Margin Margin: 25% on Stocks, 30% on
Book Debts, and 40% on dyes and chemicals. Extent and
operation of the charge Hypothecation of Stocks, Debtors and Dyes and chemicals apart from
extension of Mortgage on land and building at Sipcot to cover the overall
limit of Rs 450 millions. II charge on paripassu basis on current assets of the processing unit
II at perundurai with PNB. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of Stocks, Debtors and Dyes and chemicals apart from
extension of Mortgage on land and building at Sipcot to cover the overall
limit of Rs 450 millions. II charge on paripassu basis on current assets of the processing unit
II at perundurai with PNB. |
|
Particulars of
the present modification |
Hypothecation of Stocks, Debtors and Dyes and chemicals apart from extension
of Mortgage on land and building at Sipcot to cover the overall limit of Rs
450 millions. II charge on paripassu basis on current assets of the
processing unit II at perundurai with PNB. |
Fixed Assets:
·
Plant and Machinery
·
Building
·
Computer
·
Furniture and Fittings
·
Land
·
Vehicles
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] 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.44.96 |
|
|
1 |
Rs.73.94 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
27 |
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.