MIRA
INFORM REPORT
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUDHAN SPINNING MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.03.1988 |
|
|
|
|
Com. Reg. No.: |
002135 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.6.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ1988PTC002135 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS05085D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS0670E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Yarn |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7007600 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is well established company having fine track. Financial
position of the company appears to be sound. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Tel. No.: |
91-421-2205032 |
|
Fax No.: |
91-421-2205036 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Thadicombu 624709 Dindigul Taluk Dindigul Dist, Tamilnadu, India |
DIRECTORS
AS ON 02.09.2011
|
Name : |
Mr. Veluswamy Pallapalayam Sennimalai Gounder |
|
Designation : |
Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
05.06.1935 |
|
Date of Appointment : |
26.03.2004 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U17111TZ1980PTC000935 |
SRI SHANMUGAVEL MILLS
PRIVATE LIMITED |
Managing director |
25/07/1980 |
25/07/1980 |
- |
Active |
NO |
|
2 |
U17111TZ1993PTC004480 |
PRABHU SPINNING MILLS
PRIVATE LIMITED |
Managing director |
11/10/1996 |
11/10/1996 |
- |
Active |
NO |
|
3 |
U17111TZ1998PTC008633 |
SRI MATHA SPINNING MILLS
PRIVATE LIMITED |
Director |
02/11/1998 |
02/11/1998 |
- |
Active |
NO |
|
4 |
U17111TZ1995PTC005944 |
ADISANKARA SPINNING MILLS
PRIVATE LIMITED |
Director |
21/09/1999 |
21/09/1999 |
- |
Active |
NO |
|
5 |
U17111TZ2001PTC009831 |
VEDHA SPINNING MILLS
PRIVATE LIMITED |
Director |
17/07/2001 |
17/07/2001 |
- |
Active |
NO |
|
6 |
U17111TZ1982PTC001195 |
SIVARAJ SPINNING MILLS
PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
7 |
U17111TZ1988PTC002240 |
SRI VELAYUDHASWAMY SPINNING
MILLS PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
8 |
U17111TZ1988PTC002135 |
SUDHAN SPINNING MILLS
PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
9 |
U17111TZ2006PTC012582 |
SHRI SIDDHI VINAYAGA TEX
INDIA PRIVATE LIMITED |
Director |
15/02/2006 |
15/02/2006 |
- |
Active |
NO |
|
10 |
U17111TZ2006PTC012729 |
PRASSANNA SPINNING MILLS
PRIVATE LIMITED |
Director |
24/04/2006 |
24/04/2006 |
- |
Active |
NO |
|
11 |
U17111TZ2007PTC013690 |
SRI SANKARI YARNS PRIVATE
LIMITED |
Director |
04/05/2007 |
04/05/2007 |
- |
Active |
NO |
|
12 |
U29199TZ2007PTC014002 |
RENERGY EQUIPMENTS INDIA
PRIVATE LIMITED |
Managing director |
25/10/2007 |
25/10/2007 |
- |
Active |
NO |
|
Name : |
Mr. Kandaswamy Shanmugavel |
|
Designation : |
Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
04.03.1973 |
|
Date of Appointment : |
11.10.1999 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U17111TZ1995PTC005944 |
ADISANKARA SPINNING MILLS
PRIVATE LIMITED |
Director |
27/09/1996 |
27/09/1996 |
- |
Active |
NO |
|
2 |
U17111TZ1980PTC000935 |
SRI SHANMUGAVEL MILLS
PRIVATE LIMITED |
Director |
11/10/1999 |
11/10/1999 |
- |
Active |
NO |
|
3 |
U17111TZ1988PTC002135 |
SUDHAN SPINNING MILLS
PRIVATE LIMITED |
Director |
11/10/1999 |
11/10/1999 |
- |
Active |
NO |
|
4 |
U17111TZ1988PTC002240 |
SRI VELAYUDHASWAMY
SPINNING MILLS PRIVATE LIMITED |
Director |
07/09/2000 |
07/09/2000 |
- |
Active |
NO |
|
5 |
U29199TZ2007PTC014002 |
RENERGY EQUIPMENTS INDIA
PRIVATE LIMITED |
Director |
25/10/2007 |
25/10/2007 |
- |
Active |
NO |
|
Name : |
Mr. Muthu Karthikeya Harihara Sudhan Shanmuga Sundaram |
|
Designation : |
Director |
|
Address : |
48, Kangeyam Road, Tirupur – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
13.05.1972 |
|
Date of Appointment : |
26.02.1996 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U17111TZ1988PTC002135 |
SUDHAN SPINNING MILLS
PRIVATE LIMITED |
Director |
26/02/1996 |
26/02/1996 |
- |
Active |
NO |
|
2 |
U15499TZ2007PTC013630 |
SADA FOODS INDIA PRIVATE
LIMITED |
Director |
13/04/2007 |
13/04/2007 |
12/10/2007 |
Active |
NO |
|
3 |
U17111TZ2007PTC013690 |
SRI SANKARI YARNS PRIVATE
LIMITED |
Managing director |
04/05/2007 |
04/05/2007 |
- |
Active |
NO |
|
Name : |
Ms. Geetha Rathinasabapathy |
|
Designation : |
Director |
|
Address : |
5, MGR Nagar, 1st Street, P N Road, Tirupur – 641602,
Tamilnadu, India |
|
Date of Birth/Age : |
03.01.1970 |
|
Date of Appointment : |
07.09.2000 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U17111TZ1988PTC002135 |
SUDHAN SPINNING MILLS
PRIVATE LIMITED |
Director |
07/09/2000 |
07/09/2000 |
- |
Active |
NO |
|
2 |
U17111TZ2006PTC012729 |
PRASSANNA SPINNING MILLS
PRIVATE LIMITED |
Director |
24/04/2006 |
24/04/2006 |
- |
Active |
NO |
|
Name : |
Mr. Chennimalaigounder Kandasamy |
|
Designation : |
Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
11.07.1943 |
|
Date of Appointment : |
26.03.2004 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U17111TZ1982PTC001195 |
SIVARAJ SPINNING MILLS
PRIVATE LIMITED |
Managing director |
19/09/1996 |
19/09/1996 |
- |
Active |
NO |
|
2 |
U17111TZ1995PTC005944 |
ADISANKARA SPINNING MILLS
PRIVATE LIMITED |
Managing director |
29/09/1999 |
29/09/1999 |
- |
Active |
NO |
|
3 |
U17111TZ1980PTC000935 |
SRI SHANMUGAVEL MILLS
PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
4 |
U17111TZ2001PTC009831 |
VEDHA SPINNING MILLS PRIVATE
LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
5 |
U17111TZ1998PTC008633 |
SRI MATHA SPINNING MILLS
PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
6 |
U17111TZ1993PTC004480 |
PRABHU SPINNING MILLS
PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
7 |
U17111TZ1988PTC002240 |
SRI VELAYUDHASWAMY
SPINNING MILLS PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
8 |
U17111TZ1988PTC002135 |
SUDHAN SPINNING MILLS
PRIVATE LIMITED |
Director |
26/03/2004 |
26/03/2004 |
- |
Active |
NO |
|
9 |
U17111TZ2006PTC012582 |
SHRI SIDDHI VINAYAGA TEX
INDIA PRIVATE LIMITED |
Director |
15/02/2006 |
15/02/2006 |
- |
Active |
NO |
|
10 |
U17111TZ2006PTC012729 |
PRASSANNA SPINNING MILLS
PRIVATE LIMITED |
Director |
24/04/2006 |
24/04/2006 |
- |
Active |
NO |
|
11 |
U17111TZ2007PTC013690 |
SRI SANKARI YARNS PRIVATE
LIMITED |
Director |
04/05/2007 |
04/05/2007 |
- |
Active |
NO |
|
12 |
U29199TZ2007PTC014002 |
RENERGY EQUIPMENTS INDIA
PRIVATE LIMITED |
Director |
25/10/2007 |
25/10/2007 |
- |
Active |
NO |
|
Name : |
Mr. Kandaswamy Indira |
|
Designation : |
Director |
|
Address : |
207, Mangalam Road, Tirpur, Coimbatore – 641604, Tamilnadu, India |
|
Date of Birth/Age : |
20.05.1954 |
|
Date of Appointment : |
01.10.1996 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U17111TZ1988PTC002135 |
SUDHAN SPINNING MILLS
PRIVATE LIMITED |
Managing director |
01/10/1996 |
01/10/1996 |
- |
Active |
NO |
|
2 |
U17111TZ1998PTC008633 |
SRI MATHA SPINNING MILLS
PRIVATE LIMITED |
Managing director |
02/11/1998 |
02/11/1998 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
P S Veluswamy |
|
5400 |
|
C Kandaswamy |
|
5400 |
|
V Dhanalakshmi |
|
5400 |
|
K Indira |
|
5400 |
|
S Shanthi |
|
4800 |
|
R Geetha |
|
4800 |
|
R umamaheshwari |
|
4800 |
|
S Kavitha |
|
3000 |
|
K Shanmugavel |
|
5400 |
|
K Sivaraj |
|
5400 |
|
J Jayalakshmi |
|
4800 |
|
S M K Sudhan |
|
1800 |
|
S Veena Abirami |
|
1800 |
|
S Gowthami |
|
1800 |
|
Total |
|
60000 |
AS ON 02.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Yarn |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
The Lakshmi Vilas Bank Limited, No.47/2, Pensioner Street, Dindigul,
Dindigul - 624001, Tamil Nadu, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
1.
Term
loan I of SYB availed for spinning division is secured by hypothecation of
moveable assets and mortgage of immoveable properties of the company's spinning
division at Agaram Village, Thadicombu of Dindigul Taluk by way of first
charge on pari passu basis with IDBI. Term
loan I of IDBI is secured by hypothecation of four autoconers acquired out of
the term loan. Term
loan II of IDBI availed for wind mill division is secured by hypothecation of
two numbers of 850 KW wind turbines acquired out of the sanctioned term loan
and installed at Palladam Taluk of Tirupur District. Term
loan II of SYB availed for wind mill division is secured by hypothecation of
five numbers of 850 KW wind electric generators (WEG) acquired out of the
sanctioned term loan and mortgage of landed properties wherein the said WEGs
are installed. Term
loan of SBI availed for wind mill division is secured by hypothecation of
four numbers of 850 KW wind electric generators acquired/to be acquired out
of the sanctioned term loan. 2.
Working
capital assistance of SYB and IDBI sanctioned to the company are secured by
hypothecation of moveable assets and mortgage of immoveable properties of the
company's spinning division situate at Agaram Village, Thadicombu, Dindigul
District by way of first charge on pari passu basis. Working
capital limits from SBI and AXIS are availed against hypothecation of current
assets. Adhoc
working capital short term loan sanctioned by IDBI is secured by
hypothecation of cotton procured out of the loan and additionally secured by
hypothecation of 14 wind turbines installed at Udumalpet Taluk. Adhoc
working capital key loan of IDBI is availed against pledge of cotton. 3. All the facilities granted to the company have been guaranteed by the directors of the company in their personal capacity |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
T. R. Ramanathan Chartered Accountant |
|
Address : |
343, B.S.Sundaram Road, Tirupur – 641601, Tamilnadu, India |
|
|
|
|
Associates: |
·
Sri
Matha Spinninq Mills Private Limited ·
Sivaraj
Spinning Mills Private Limited ·
Adisankara
Spinning Mills Private Limited ·
Sri
Velayudhaswamy Spinning Mills Private Limited ·
Vedha
Spinning Mills Private Limited ·
Renergy
Equipments India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.100/- each |
Rs.6.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.100/- each |
Rs.6.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.000 |
6.000 |
6.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1745.900 |
1432.700 |
1278.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1751.900 |
1438.700 |
1284.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1570.219 |
647.106 |
253.182 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1570.219 |
647.106 |
253.182 |
|
|
DEFERRED TAX LIABILITIES |
57.747 |
44.541 |
29.453 |
|
|
|
|
|
|
|
|
TOTAL |
3379.866 |
2130.347 |
1567.035 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
599.030 |
314.080 |
221.544 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.020 |
0.020 |
0.020 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1209.786
|
566.841 |
190.901 |
|
|
Sundry Debtors |
404.198
|
230.874 |
58.215 |
|
|
Cash & Bank Balances |
3.406
|
19.657 |
24.185 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1382.335
|
1297.155 |
1201.179 |
|
Total
Current Assets |
2999.725
|
2114.527 |
1474.480 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
68.750
|
225.738 |
92.064 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
150.159
|
72.542 |
36.945 |
|
Total
Current Liabilities |
218.909
|
298.280 |
129.009 |
|
|
Net Current Assets |
2780.816
|
1816.247 |
1345.471 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3379.866 |
2130.347 |
1567.035 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
3460.487 |
2817.382 |
|
|
|
Other Receipt |
|
109.918 |
106.817 |
|
|
|
TOTAL (A) |
5950.767 |
3570.405 |
2924.199 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
|
1054.644 |
829.840 |
|
|
|
Power and Fuel |
|
74.461 |
71.870 |
|
|
|
Payment to and Provisions for Remuneration and other benefits to
employees |
5506.525 |
41.023 |
37.401 |
|
|
|
Other manufacturing Expenses |
|
144.503 |
179.772 |
|
|
|
Administrative and Selling |
|
114.515 |
85.738 |
|
|
|
Increased / (Decreased) In stock |
|
1810.888 |
1517.166 |
|
|
|
TOTAL (B) |
5506.525 |
3240.034 |
2721.787 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
330.371 |
202.412 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
65.320 |
68.212 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
265.051 |
134.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
58.268 |
63.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
444.242 |
206.783 |
70.618 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
131.042 |
52.483 |
15.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
313.200 |
154.300 |
55.052 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
0.000 |
1.147 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
154.300 |
56.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4340.819 |
2653.451 |
2062.547 |
|
|
TOTAL EARNINGS |
4340.819 |
2653.451 |
2062.547 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16.919 |
43.813 |
46.635 |
|
|
|
Capital Goods |
39.029 |
0.118 |
34.250 |
|
|
TOTAL IMPORTS |
55.948 |
43.931 |
80.885 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5220 |
2572 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.26
|
4.32 |
1.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.97 |
2.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.34
|
8.51 |
4.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.14 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
0.66 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
13.70
|
7.09 |
11.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter's background |
-- |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
-- |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
PERFORMANCE HIGHLIGHTS
Turnover for the year 2010-11
at Rs.5895.300 Millions as against Rs.3460.500 Millions in the previous year,
registered a growth of about 70%. With better sales realization coupled with
the economies of scale of operations enabled your company to report commendable
performance for the year under consideration resulting in net surplus of
Rs.313.200 Millions as against Rs.154.300 Millions in the previous year.
During the year under
review company has installed four autoconers with term loan assistance of
Rs.30.000 Millions from IDBI. In the power generation front, 5 wind electric
generators of 850 KW each have been installed during the first half of the year
with term loan assistance of Rs.187.500 Millions from Syndicate Bank. Company
has also ventured in installation of additional 4 wind electric generators of
850 KW each in the last quarter of the year with term loan assistance from SBI
and the project is expected to be completed by June 2011.
Despite the satisfactory
performance during the year under review, the industry is facing critical
situations right from beginning of the year under progress. In the prevailing
industrial scenario with increasing overheads coupled with sluggish movement of
finished goods, your directors wisrTW have enough financial cushion to meet
financial obligations and to operate at the best possible optimum level without
any fiscal strain. Hence, your directors have not made any recommendation for
declaration of dividend for the year 2010-11.
FINANCE
During the year financial
obligations to the bankers of the company have been met promptly. For the wind
power projects implemented during the year, company has been sanctioned term
loan of Rs.187.500 Millions by Syndicate Bank for installation of 5 WEGs and
Rs. 152.000 Millions by State Bank of India for 4 WEGs. Further company has
availed a term loan of Rs.30.000 Millions from IDBI for 4 autoconers installed
during the year under review. Company has also been sanctioned additional
working capital assistance by SBI, IDBI Bank and Axis Bank during the year for
procurement of raw materials during peak cotton season.
FORM 8:
|
Corporate identity number of the company |
U17111TZ1988PTC002135 |
|
Name of the company |
SUDHAN SPINNING MILLS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
207mangalam Road, Tirupur, Coimbatore Dist
– 641604, Tamil Nadu, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable Property |
|
Particular of charge holder |
The Lakshmi Vilas Bank Limited |
|
Nature of instrument creating charge |
Term Loan Hypothecation Agreement |
|
Date of instrument Creating the charge |
05/12/2011 |
|
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 2.60% Above Base Rate Terms of Repayment Repayable In 16 Equal Quarterly
Instalments Of Rs.156.25 Lakh Each Commencing From July 2012. Margin Not Less Than 25% Extent and Operation of the charge The Charge Operates As Security For The
Sanctioned Corporate Term Loan Of Rs.250.000 Millions Sanctioned To The
Company |
|
Short particulars of the property charged |
Hypothecation Of 11 Nos. Of Neg Micon Make
Wind Mills Situate At S.F.Nos.1024, 1026/2, 1022/1, 754/1, 972/1, 970/2, 984,
828 At Ponnapuram Village, Dharapuram Taluk, S.F.No.173 (Part) At
Pannaikinaru Village, Udumalpet Taluk, Sf.No.92/2 At Kongalnagarm,
Gudimangalam Taluk And S.F.No.147/B1 (Part), 148/1b Part At Ragalbavi
Village, Udumalpet Taluk. |
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.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.