MIRA
INFORM REPORT
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Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ASIAN FABRICX PRIVATE LIMITED |
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Registered
Office : |
SF No. 746/ 1 and 2, 751/ 1 and 2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.11.2007 |
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Com. Reg. No.: |
18-077807 |
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Capital
Investment / Paid-up Capital : |
Rs. 50.000 Millions |
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CIN No.: [Company Identification
No.] |
U17100TN2007PTC077807 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA13115E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and |
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No. of Employees
: |
Not Available |
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 1300000 |
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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 has been taken over the running business of the partnership
firm Asian Handlooms w.e.f. 1st April, 2008. Subject is an established company having satisfactory track. The
company is doing well. 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 |
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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 : |
SF No. 746/ 1 and 2, 751/1 and 2, Manmangalam Village, Semmadai, Karur
– 639006, |
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Tel. No.: |
91-4324-221576/653402 |
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Fax No.: |
91-4324-221580 |
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E-Mail : |
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Websites: |
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Admin Office: |
1-D, Pugular Road, Karur – 639001, |
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Tel. No.: |
91-4324-221934/221244 |
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Fax No.: |
91-4324-221913 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Venkatachalam Ashok Ramkumar |
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Designation : |
Managing Director |
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Address : |
21A, Ramanujam Nagar, Karur – 639002, |
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Date of Birth/Age : |
06.01.1975 |
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Date of Appointment : |
22.11.2007 |
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DIN No.: |
01839318 |
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Name : |
Mr. Nalligoundanur Ramasamy Gounder Venkatachalam |
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Designation : |
Director |
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Address : |
21A, Ramanujam Nagar, Karur – 639002, |
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Date of Birth/Age : |
15.10.1941 |
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Date of Appointment : |
22.11.2007 |
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DIN No.: |
01581982 |
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Name : |
Mr. Natarajan Vani |
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Designation : |
Director |
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Address : |
21A, Ramanujam Nagar, Karur – 639002, |
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Date of Birth/Age : |
02.10.1980 |
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Name : |
Mrs. Venkatachalam Gowri |
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Designation : |
Director |
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Address : |
21A, Sengunthapuram, Main Inam, Karur – 639001, |
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Date of Birth/Age : |
12.08.1950 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02724768 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
N R Venkatachalam |
|
1250000 |
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V Ashok Ramkumar |
|
2500000 |
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V Gowri |
|
625000 |
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A Vani |
|
625000 |
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TOTAL |
|
5000000 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
Shanmuga Mandram, 41 Race Course, |
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Pan No.: |
AACFD3771D |
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Phone No.: |
91-422-439280/802/803 |
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Fax No.: |
91-422-2223615 |
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Asian Handlooms |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000
Millions |
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Notes:
1)
The Authorised Share Capital
was increased to 5,000,000 shares of Rs. 10/- each pursuant to the special
resolution passed by shareholders on 24th March, 2009.
2) Of the above 4,000,000 shares has been allotted in pursuant to the slump sale agreement for consideration other than cash in the special resolution passed by shareholders on 24th March, 2009.
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 |
50.000 |
50.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
276.632 |
185.553 |
0.824 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
326.632 |
235.553 |
10.824 |
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LOAN FUNDS |
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1] Secured Loans |
482.267 |
370.211 |
100.030 |
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2] Unsecured Loans |
20.414 |
24.067 |
36.537 |
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TOTAL BORROWING |
502.681 |
394.278 |
136.567 |
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DEFERRED TAX LIABILITIES |
58.369 |
20.833 |
0.000 |
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TOTAL |
887.682 |
650.664 |
147.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
730.982 |
487.030 |
117.048 |
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Capital work-in-progress |
0.035 |
7.310 |
0.000 |
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INVESTMENT |
0.900 |
0.900 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.559 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
209.364
|
110.199 |
24.513 |
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Sundry Debtors |
88.564
|
127.548 |
39.536 |
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Cash & Bank Balances |
8.942
|
9.592 |
1.902 |
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Other Current Assets |
0.232
|
0.199 |
0.000 |
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Loans & Advances |
35.225
|
21.105 |
11.429 |
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Total
Current Assets |
342.327
|
268.643 |
77.380 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
134.025
|
98.963 |
39.059 |
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Other Current Liabilities |
18.595
|
12.074 |
1.360 |
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Provisions |
33.942
|
2.182 |
7.177 |
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Total
Current Liabilities |
186.562
|
113.219 |
47.596 |
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Net Current Assets |
155.765
|
155.424 |
29.784 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
887.682 |
650.664 |
147.391 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Turnover |
1501.446 |
1049.483 |
76.130 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
212.257 |
124.895 |
6.772 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
60.817 |
53.778 |
5.379 |
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PROFIT BEFORE
TAX |
151.440 |
71.117 |
1.393 |
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Less |
TAX |
60.361 |
25.606 |
0.569 |
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PROFIT AFTER TAX
|
91.079 |
45.511 |
0.824 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Exports |
182.936 |
206.936 |
69.292 |
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TOTAL EARNINGS |
182.936 |
206.936 |
69.292 |
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IMPORTS |
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Raw Materials |
0.157 |
0.706 |
0.085 |
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Stores & Spares |
0.232 |
0.748 |
0.000 |
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Capital Goods |
8.342 |
8.983 |
0.000 |
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TOTAL IMPORTS |
8.731 |
10.437 |
0.085 |
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Earnings Per
Share (Rs.) |
18.22 |
9.10 |
0.16 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.11
|
9.41 |
0.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.30 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.11
|
2.15 |
17.01 |
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Current Ratio (Current Asset/Current Liability) |
|
1.83
|
2.37 |
1.63 |
LOCAL AGENCY FURTHER INFORMATION
Notes:
The Registered office has been shifted form New no 13, (old no.5) Ramalinga
Nagar, First Cross, K.K. Pudur, Coimbatore – 641038, Tamilnadu , India to SF No. 746/1 and 2, 751/1 and 2, Manmangalam
Village, Semmadai, karur – 639006, Tamilnadu, India w.e.f 17.09.2010
BACKGORUND:
The company’s main business is manufactured and sale of home textiles
products and generation and sale of wind power.
REVIEW OF
OPERATION:
In the Third year, the company achieved a turnover of Rs. 1501.446
Millions and a net profit after tax Rs. 91.079 Millions.
FORM 8:
|
Corporate
identity number of the company |
U17100TN2007PTC077807 |
|
Name of the
company |
ASIAN FABRICX
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
SF No. 746/1 and 2,
751/1 and 2, Manmangalam Village, Semmadai, karur – 639006, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Private Sector
Bank IDBI Bank Limited,
Specialised Corporate Branch – MCG, Email Id: perkkiniyan.p@idbi.co.in |
|
Nature of instrument
creating charge |
Deed of
Hypothecation and Loan Agreement |
|
Date of
instrument Creating the charge |
30.01.2011 |
|
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: BBR+2.5% p.m
(Presently BBR is 10.00% p.a.) Terms of
Repayment: Repayable in 20
equal quarterly installments of Rs.12.500 Millions commencing from 01.04.2012
to 01.01.2017 Margin: 25% of the cost Extent and
operation of the charge : Exclusive charge
of hypothecation on 5WTGs of Suzlon make to be acquired out of this term loan
|
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
5 Wind Turbine
Generators of suzlon make to be acquired out of this term loan |
COTINGENT
LIABILITY:
(Rs. In
Millions )
|
Particulars |
31.03.2010 |
|
Income Tax |
12.735 |
|
EPCG License Export obligation to be fulfilled – duty implication
involved |
43.830 |
|
Unexpired Letter of credit with Banks |
4.772 |
FIXED ASSETS:
- Land Free
Hold
- Buildings
- Plant and
Machinery
- Furniture and
Fitting
- Electrical
Equipment
- Vehicles
- Windmill
- Computer and
Computer Software
- Business
Rights
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.49.24 |
|
|
1 |
Rs.76.80 |
|
Euro |
1 |
Rs.67.17 |
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 |
6 |
|
--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 |
|
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.