MIRA
INFORM REPORT
|
Report Date : |
11.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SRI MANMAYA TEXTILES PRIVATE LIMITED |
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Registered
Office : |
51 Kalaigner Nagar, Karungalpalayam, Erode-638003, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.01.1997 |
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Com. Reg. No.: |
18-007658 |
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CIN No.: [Company Identification
No.] |
U17111TZ1997PTC007658 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS05929A |
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PAN No.: [Permanent Account No.] |
AAFCS3659F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of All Kinds of Handloom, Power Loom and
Mill Made Fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 290000 |
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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 an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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
|
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/ Factory : |
51 Kalaigner Nagar, Karungalpalayam, Erode-638003, |
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Tel. No.: |
91-424-2258120/121/123 |
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Fax No.: |
91-424-2258125 |
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E-Mail : |
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Administrative Office: |
29-30, Sait Colony, |
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Branch: |
7, Cama Industrial Estate, Sunmill Compound, Lower Parel (W),
Mumbai-400013, Maharashtra, India |
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Tel No.: |
91-22-30421293 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Madan Mohan Chandak |
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Designation : |
Chairman cum Managing Director |
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Address : |
9, Thirunagar Colony, Erode-638003, |
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Date of Birth/Age : |
21.12.1954 |
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Date of Appointment : |
15.04.1993 |
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Name : |
Mr. Mukesh Kumar Chandak |
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Designation : |
Director |
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Address : |
9, Thirunagar Colony, Erode-638003, |
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Date of Birth/Age : |
18.03.1981 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Sunder Devi Chandak |
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Designation : |
Director |
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Address : |
9, Thirunagar Colony, Erode-638003, |
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Date of Birth/Age : |
01.11.1958 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Gwal Das Chandak |
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Designation : |
Director |
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Address : |
Sadar Bazar, Sub Division, Bhatapara, District Raipur-493118, |
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Date of Birth/Age : |
1302.1932 |
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Date of Appointment : |
02.09.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Madan Mohan Chandak |
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5000500 |
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Kamal Damani |
|
2750 |
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Mukesh Kumar Chandak |
|
9000 |
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Sri Onkar Textiles Private Limited, |
|
100000 |
|
Shresth Leasing and Finance Limited, |
|
68500 |
|
Reynolds Petro Chems Limited, |
|
16750 |
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Govind Das Chandak |
|
39000 |
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Ghanshyam Radhakishan Damani |
|
5500 |
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Kalpana Steelcon Private Limited, |
|
44500 |
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Manmohan Rathi |
|
10 |
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Subhkaran Jain |
|
10 |
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Bharti Jain |
|
10 |
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Subhkaran Jain HUF |
|
10 |
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Shyam Sunder Bhutra |
|
10 |
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Ramesh Kumar Rathi HUF |
|
10 |
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Sharpline Mercantile Company Private Limited, |
|
55600 |
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|
|
|
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Total |
|
5342160 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Bodies
corporate |
|
5.34 |
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Directors
or relatives of directors |
|
94.66 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of All Kinds of Handloom, Power Loom and
Mill Made Fabrics. |
GENERAL INFORMATION
|
Bankers : |
Union Bank of |
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Facilities : |
Note: 1. The Working Capital Facilities form Bank are secured against hypothecation of present and future book-debts and stock and mortgage of personal property of one of the Director of the company. 2. Term Loan from Bank in respect of Wind Mill Project at Jethwai, Jaisalmer, Rajasthan are secured by hypothecation of wind mill thus purchased and mortgage of sub-lease rights on Leasehold Land at Jethwai, Jaisalmer, Rajasthan whereupon wind mill is commissioned and additionally secured by corporate guarantee given by Sri Onkar Textiles (P) Ltd. in the form of collateral security by way of equitable mortgage of Land and Building located at 51, Kalaigner Nagar, Karungalpalayam, Erode-638 003. 3. The above said facilities from Bank are additionally
secured by way of personal guarantees of all the promoter directors of the
company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountant |
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Address : |
JBF House, 1st Floor, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5342160 |
Equity Shares |
Rs.10/- each |
Rs.53.421
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 |
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|
1] Share Capital |
53.421 |
53.421 |
53.421 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.893 |
29.893 |
29.893 |
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4] (Accumulated Losses) |
(10.599) |
(15.527) |
(22.445) |
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NETWORTH |
72.715 |
67.787 |
60.869 |
|
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LOAN FUNDS |
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|
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|
1] Secured Loans |
33.062 |
10.038 |
8.306 |
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2] Unsecured Loans |
59.806 |
70.663 |
42.737 |
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TOTAL BORROWING |
92.868 |
80.701 |
51.043 |
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DEFERRED TAX LIABILITIES |
6.380 |
4.130 |
0.021 |
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TOTAL |
171.963 |
152.618 |
111.933 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.791 |
46.217 |
13.357 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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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|
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Inventories |
68.478
|
31.591 |
31.432 |
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Sundry Debtors |
123.555
|
114.534 |
88.925 |
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Cash & Bank Balances |
5.026
|
5.619 |
8.273 |
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|
Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.144
|
13.544 |
12.783 |
|
Total
Current Assets |
215.203
|
165.288 |
141.413 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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|
Sundry Creditors |
73.855
|
54.922 |
40.369 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
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Provisions |
4.176
|
3.965 |
2.468 |
|
Total
Current Liabilities |
78.031
|
58.887 |
42.837 |
|
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Net Current Assets |
137.172
|
106.401 |
98.576 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
171.963 |
152.618 |
111.933 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
334.934 |
223.238 |
199.543 |
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Less |
EXPENSES |
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|
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|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
304.329 |
202.692 |
192.913 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
30.605 |
20.546 |
6.630 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
9.577 |
5.148 |
3.433 |
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.028 |
15.398 |
3.197 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.695 |
2.806 |
3.201 |
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|
|
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PROFIT BEFORE
TAX (E-F) (G) |
9.333 |
12.592 |
(0.004) |
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|
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|
|
|
|
Less |
TAX (H) |
3.736 |
5.673 |
0.796 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
5.597 |
6.919 |
(0.800) |
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|
|
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|
|
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Less |
INCOME TAX OF
EARLIER YEAR |
0.668 |
0.002 |
0.383 |
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(15.528) |
(22.445) |
(21.262) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(10.599) |
(15.528) |
(22.445) |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.92 |
1.29 |
(0.22) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.67
|
3.10 |
(0.40) |
|
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|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.73
|
5.95 |
(0.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.18 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
2.06 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.76
|
2.81 |
3.30 |
LOCAL AGENCY FURTHER INFORMATION
Operational
Highlights:
During the year, the Company has recorded a consolidated turnover Rs.
334.934 Millions as against Rs. 223.238 Millions during the previous year
showing 50.03% increase in Turnover. The Operating Profit (PBDIT) was higher by
48.95 % at Rs.30.604 Millions from the previous year Rs.20.546 Millions. The
Company has recorded Net Profit after taxation Rs. 5.597 Millions as against
net profit of Rs. 6.919 Millions in the previous year.
The company has entered into Renewable Energy Sector and under this; a
Wind Mill of 600 KW capacity was commissioned at Jethwai village, in Jaisalmer
district of Rajasthan during the previous fiscal. The Wind Mill has generated
gross revenue to the tune of Rs. 4.047 Millions during the year as against Rs.
0.032 Millions in the previous year. The figure is not comparable as Wind Mill
was commissioned on 24th March, 2009 in the previous fiscal.
Operational Review
and Future:
The Indian Textile Business has bounced back from its most trying times
faced in the financial year 2008-2009. The Garment Export Oriented Industries
were first to show signs of recovery during the current financial year. The
Indian economy is looking much better as compared to other developed economies.
The Company is poised for sustained growth and the outlook is bright.
With economy back on track, the
company is therefore , focused on enhancing its competitive edges in
cost leadership, maintaining high standard of quality of textile fabrics,
establishing good relationship with customers throughout the year. This has
helped the Company to maintain its status in competitive textile market.
Taking into consideration the growing threat of climate change, the need
to develop energy supply to the maximum extent, Wind energy sources remain
important to
through commissioning of another Wind Mill in the next fiscal.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10157474 |
|
Corporate
identity number of the company |
U17111TZ1997PTC007658 |
|
Name of the
company |
SRI MANMAYA
TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
51 Kalaigner Nagar, Karungalpalayam, Erode-638003, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Union Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Deposit of Title Deed of a Company(AD-14) towards sublease rights of land ad
measuring 0.40 hectors (2.09 Bigha) at Village Jethwai, District Jaisalmer, Rajasthan
with the following descriptions: Survey/Khasra No.59/629
Area-0.18 Bigha Survey/Khasra
No.60/630 Area-1.11 Bigha Total
2.09 Bigha Note: 600 KW of
Wind Mill of the company is installed at the above place. |
|
Date of
instrument Creating the charge |
19.04.2010 |
|
Amount secured by
the charge |
Rs.25.710
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14.25% (BPLR+2.5%)
or at such rate as may be prescribed by the bank from time to time (Present
BPLR of Union Bank of Terms of
Repayment Term Loan of
Rs.25.710 millions is repayable in 24 quarterly Installments commenced from
31.03.2010. Margin Term Loan Margin
27.35% Extent and
Operation of the charge Rs.25.710
millions Term Loan from Union Bank of |
|
Short particulars
of the property charged |
I)
sublease
rights of land ad measuring 0.40 hectors (2.09 Bigha) at Village Jethwai,
District Jaisalmer, Rajasthan with the following descriptions, where the Wind
Mill is installed. II)
Survey/Khasra No.59/629
Area-0.18 Bigha Survey/Khasra
No.60/630 Area-1.11 Bigha Total 2.09 Bigha |
|
Particulars of
the present modification |
Memorandum of
Deposit of Title Deed of in favour of Sri Manmaya Textiles Private Limited
(AD-14) towards sublease rights of land ad measuring 0.40 hectors (2.09
Bigha) at Village Jethwai, Taluka and District Jaisalmer, Rajasthan with the
following descriptions: Survey/Khasra No.59/629
Area-0.18 Bigha Survey/Khasra
No.60/630 Area-1.11 Bigha Total
2.09 Bigha Note:600 KW Wind
Mill of the commission is commissioned at the above place. |
Fixed Assets:
- Goodwill / Commercial Rights
- Plant and Machinery
- Office Equipments
- Computer
- Furniture and Fixtures
- 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] 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.45.11 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.62.56 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.