MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SRI NUKALA RAMA KOTESWARA RAO TEXTILES PRIVATE LIMITED |
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Registered
Office : |
M.B. Raju Estate, Sangadigunta, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.09.2001 |
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Com. Reg. No.: |
01 - 037792 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.600 Millions |
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CIN No.: [Company Identification
No.] |
U17115AP2001PTC037792 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS09677D |
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PAN No.: [Permanent Account No.] |
AAPFS4135D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Producer of Cotton Yarn Products |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 368000 |
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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 a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office : |
M.B. Raju Estate, Sangadigunta, |
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Tel. No.: |
91-863-2224644 |
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E-Mail : |
DIRECTORS
As on 23.09.2010
|
Name : |
Mr. Nukala Natraj |
|
Designation : |
Director |
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Address : |
House No.: 2-33-2, |
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Date of Birth/Age : |
11.09.1982 |
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Date of Appointment : |
23.03.2008 |
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DIN No.: |
02119316 |
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|
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Name : |
Mr. Nukala Venkata Venu Gopala Rao |
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Designation : |
Director |
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Address : |
House No.: 2-33-2, |
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Date of Birth/Age : |
04.01.1959 |
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Date of Appointment : |
12.09.2001 |
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DIN No.: |
00017924 |
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Name : |
Mrs. Nukula Lakshmi Kumari |
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Designation : |
Director |
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Address : |
House No.: 2-33-2, |
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Date of Birth/Age : |
16.01.1960 |
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Date of Appointment : |
12.09.2001 |
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DIN No.: |
00018118 |
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Name : |
Mr. Nukula Venkata Naga Sudheer |
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Designation : |
Director |
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Address : |
House No.: 2-33-2, |
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Date of Birth/Age : |
14.07.1980 |
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Date of Appointment : |
12.09.2001 |
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DIN No.: |
00018121 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nukala Venkata Venu Gopala Rao |
|
96200 |
|
Nukala Laxmi Kumari |
|
121200 |
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Nukala Venkata Naga Sudheer |
|
213000 |
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Nukala Natraj |
|
11800 |
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Nukala Naga Lalithya |
|
10000 |
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N. V. Kanakadurgamba |
|
7800 |
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Total |
|
460000 |
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List of
Allottees (As on 20.03.2011) |
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Nukala Venkata Venu Gopala Rao |
|
830000 |
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Nukala Laxmi Kumari |
|
120000 |
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Nukala Venkata Naga Sudheer |
|
1210000 |
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Nukala Natraj |
|
480000 |
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Nukala Naga Lalithya |
|
50000 |
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Total |
|
2690000 |
As on 23.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Producer of Cotton Yarn Products |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Yarn |
(No. Spindles) |
NA |
41760 |
3794063 Kgs. |
GENERAL INFORMATION
|
Bankers : |
Karur Vysya Bank Limited, # 22-4-105, Hema Sudarsana Complex, Lalapet,
Near Jinnah Tower, Guntur – 522003, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Uma Maheswara Rao and Company Chartered Accountant |
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Address : |
Samata, |
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PAN.: |
AAAFU4353L |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
460000 |
Equity Shares |
Rs.10/- each |
Rs. 4.600
Millions |
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As on 23.09.2010
Authorised Capital : Rs. 90.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 31.500 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.600 |
4.600 |
4.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
87.552 |
56.042 |
46.854 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
92.152 |
60.642 |
51.454 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
495.705 |
241.089 |
355.395 |
|
|
2] Unsecured Loans |
28.523 |
25.715 |
19.529 |
|
|
TOTAL BORROWING |
524.228 |
266.804 |
374.924 |
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|
DEFERRED TAX LIABILITIES |
13.246 |
5.486 |
7.682 |
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|
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|
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TOTAL |
629.626 |
332.932 |
434.060 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
379.942 |
258.696 |
291.089 |
|
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Capital work-in-progress |
3.138 |
7.018 |
2.796 |
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|
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INVESTMENT |
0.052 |
0.052 |
0.052 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
170.626
|
45.689 |
121.467 |
|
|
Sundry Debtors |
22.734
|
18.083 |
31.775 |
|
|
Cash & Bank Balances |
9.579
|
3.897 |
6.602 |
|
|
Other Current Assets |
82.509
|
70.453 |
50.988 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
285.448
|
138.122 |
210.832 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33.095
|
28.537 |
54.288 |
|
|
Other Current Liabilities |
4.164
|
20.223 |
0.616 |
|
|
Provisions |
1.695
|
22.196 |
15.805 |
|
Total
Current Liabilities |
38.954
|
70.956 |
70.709 |
|
|
Net Current Assets |
246.494
|
67.166 |
140.123 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
629.626 |
332.932 |
434.060 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
630.209 |
668.404 |
417.285 |
|
|
|
Other Income |
22.799 |
23.696 |
2.229 |
|
|
|
Profit on |
0.000 |
0.000 |
0.000 |
|
|
|
Loss of Stock Due to Fire |
0.000 |
0.000 |
0.810 |
|
|
|
TOTAL (A) |
653.008 |
692.100 |
420.324 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
415.561 |
505.133 |
245.393 |
|
|
|
Manufacturing Expenses |
76.451 |
65.179 |
59.779 |
|
|
|
Administrative Expenses |
19.461 |
14.457 |
9.887 |
|
|
|
Selling Expenses |
15.882 |
14.090 |
9.741 |
|
|
|
Bad Debts |
0.000 |
1.000 |
0.000 |
|
|
|
Stock Written off |
0.000 |
0.000 |
0.810 |
|
|
|
Loss on |
0.007 |
0.000 |
0.048 |
|
|
|
TOTAL (B) |
527.362 |
599.859 |
325.658 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
125.646 |
92.241 |
94.666 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.601 |
36.256 |
37.969 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
88.045 |
55.985 |
56.697 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.188 |
42.603 |
46.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
47.857 |
13.382 |
10.686 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
16.460 |
4.194 |
3.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
31.397 |
9.188 |
6.899 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS/ (SHORT)
PROVISION IN EARLIER YEARS |
0.113 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.042 |
0.054 |
0.055 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
31.500 |
9.200 |
6.900 |
|
|
|
Dividend |
|
|
|
|
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|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
0.052 |
0.042 |
0.054 |
|
|
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
68.25 |
19.97 |
15.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.81
|
1.33 |
1.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.59
|
2.00 |
2.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.19
|
3.37 |
2.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.22 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.11
|
0.62 |
8.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.33
|
1.95 |
2.98 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations:
The company has recorded a profit after tax of Rs. 31.397 Millions
during the year as against Rs. 9.188 Millions of previous year. During the year,
the company had achieved a turnover of Rs. 630.802 Millions as against the
turnover of Rs. 668.886 Millions in the previous year.
The company has effected direct Exports of 134719 Kgs Cotton Yarn
(Previous Year Nil Kgs.) and relized Rs. 18.943 Millions (Previous Year Rs.
Nil) besides indirect export of Kgs. 759327 (Previous Year Kgs. 1032665) in
valuing in Rs. 108.008 Millions (Previous Year Rs. 129.538 Millions through
Merchant Exporter. This has enabled the company to meet its Export obligations
under EPCG Scheme.
Future Outlook:
The future of Textile Industry is dependent on the International market
conditions and the fluctuation of Dollar against Rupee. However, the company is
hopeful of doing good business in the ensuing years.
Form 8:
|
Corporate
identity number of the company |
U17115AP2001PTC037792 |
|
Name of the
company |
SRI NUKALA RAMA
KOTESWARA RAO TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
M.B. Raju Estate, Sangadigunta, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90116223 |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
Karur Vysya Bank Limited, # 22-4-105, Hema Sudarsana Complex, Lalapet,
Near Jinnah Tower, Guntur – 522003, Andhra Pradesh, India |
|
Nature of
instrument creating charge |
Agreement for
Credit facilities (HPG) Hypothecation of
current assets (HPG) Agreement letter
given by the borrower if his/her machineries are already given as collateral
security Extension of EM
Charge over the Company's immovable properties (EM11) |
|
Date of instrument
Creating the charge |
16.06.2010 |
|
Amount secured by
the charge |
Rs. 250.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 11.00%
per annum Terms of
Repayment Repayable on
demand Margin Stocks - 25.00% Book debts -
30.00% Extent and
Operation of the charge a) First and
exclusive charge over the hypothecation of current assets both present and
future. b) First and
exclusive charge over the over the Company's property be situated at land
admeasuring Ac. 7.00 cents out of Ac. 18.26 cents in S. No. 184/2, at
Lalacheruvu, Rajahmundry urban mandalam, East Godavari District nearest D. No. 71-10-25 & Others land admeasuring
Ac. 12.05 cents situated at D. No. 163/1, 164/6, 171/1, 2, 3 & 4, 172/1,
Chebrolu, |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of fully
paid Stocks of Raw materials, Stock-in-process viz, Cotton kappas, lint and
finished goods viz, yarn held in the factories/ godowns/ business premises of
the applicant Company. Hypothecation of
Book debts and receivables of the Company. Hypothecation of
entire current assets of the Company both present and future. Equitable
Mortgage of land admeasuring Ac. 7.00 cents out of Ac. 18.26 cents in S. No.
184/2, situated at Lalacheruvu, Rajahmundry urban mandalam, East Godavari
District nearest D. No. 71-10-25. Equitable
Mortgage of land admeasuring Ac. 12.05 cents situated at D. No. 163/1, 164/6,
171/1, 2, 3 & 4, 172/1, Chebrolu, |
|
Particulars of
the present modification |
Overall limits
enhanced from Rs. 100.000 Millions to Rs. 250.000 Millions Chebrolu Unit -
OCC limit enhanced from Rs. 45.000 Millions to Rs. 145.000 Millions Total amount
secured by the Charge is Rs. 250.000 Millions |
Fixed Assets:
- Buildings
- Plant and Machinery
- Electrical Equipment
- Furniture and Fittings
- Computer
- Vehicles
- Office Equipment
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.