x
1. Summary Information
|
|
|
Country |
|
|
Company Name |
MADURA COATS PRIVATE LIMITED |
Principal Name 1 |
MR. JOSEPH STEPHEN REMEDIOS |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. ANIL LASANTHA NAOMAL DIAS |
|
|
|
Registration # |
|
|
Street Address |
144, |
||
|
Established Date |
31.07.1974 |
SIC Code |
-- |
|
Telephone# |
91-80-25584121 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-80-25584229 |
Business Style 2 |
EXPORTER |
|
Homepage |
Product Name 1 |
SEWING THREAD |
|
|
# of employees |
3500 (Approximately) |
Product Name 2 |
APPAREL FABRICS |
|
Paid up capital |
Rs.88,001,000/- |
Product Name 3 |
-- |
|
Shareholders |
FOREIGN HOLDINGS-100% |
Banking |
CANARA BANK |
|
Public Limited Corp. |
NO |
Business Period |
37 YEARS |
|
IPO |
NO |
International Ins. |
-- |
|
Public |
NO |
Rating |
Ba
(52) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
HOLDING
COMPANY |
|
COATS INTERNATIONAL PTE. LIMITED |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,488,362,000
|
Current Liabilities |
3,876,629,000
|
|
Inventories |
1,554,450,000
|
Long-term Liabilities |
379,411,000 |
|
Fixed Assets |
1,580,141,000 |
Other Liabilities |
612,647,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
4,868,687,000 |
|
Invest& other Assets |
2,100,282,000 |
Retained Earnings |
2,766,547,000 |
|
|
|
Net Worth |
2,854,548,000 |
|
Total Assets |
7,723,235,000 |
Total Liab. & Equity |
7,723,235,000 |
|
Total Assets (Previous Year) |
7,131,773,000 |
|
|
|
P/L Statement as of |
31.12.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
NA |
Net Profit |
NA |
|
Sales(Previous yr) |
NA |
Net Profit(Prev.yr) |
NA |
|
Report Date : |
27.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
MADURA COATS PRIVATE LIMITED (w.e.f.17.06.1998) |
|
|
|
|
Formerly Known
As : |
COATS VIYELLA INDIA LIMITED |
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|
|
|
Registered Office
: |
144, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
31.07.1974 |
|
|
|
|
Com. Reg. No.: |
18-047421 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 88.001 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U18102KA1974PTC047421 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM05939D |
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|
|
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PAN No.: [Permanent Account No.] |
AABCM8279K |
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|
Legal Form : |
Private Limited Liability Company |
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|
Line of Business
: |
Manufacturer, Exporter and Importer of Zippers, Sliders
Buttons and Sewing Accessories. |
|
|
|
|
No. of Employees
: |
3500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Correct |
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|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a well established company having satisfactory. Financial position
of the company appears to be good. Trade relations are reported as fair.
Business is active. Payments are reported to be correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Profit and loss account of the company is not available. |
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 : |
144, |
|
Tel. No.: |
91-80-25584121 |
|
Fax No.: |
91-80-25584229 |
|
E-Mail : |
|
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Website : |
|
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Area : |
2500 sq ft |
|
Location : |
Owned |
|
|
|
|
Group
Head office : |
New |
|
Tel. No.: |
91-452-2602751 |
|
Fax No.: |
91-452-2603130 / 2602739 |
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E-Mail: |
|
|
Website : |
|
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Corporate Office
: |
H-85, Post Box No. 1600, |
|
Tel. No.: |
91-80-28510911 / 28510912 / 28532674 |
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Fax No.: |
91-80-28518046 / 28518156 |
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|
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Factory : |
Ř
New Tel. No. :
91-452-602751 Fax No. :
91-452-603130 / 602739 Ř
Coats India, New Mill, Madurai Mill Compound,
Madurai - 625 001, Tamilnadu, India Ř
Centenary Mill, no. 8, New Ramnad
Road, Madurai - 625 009, Tamilnadu, India ambasamudram
Ř
Water Mill, Papavinasam Mills,
Ambasamudram - 627 422, Tamilnadu, India Ř
Madura Textiles, Papavinasam Mills,
Ambasamudram - 627 422, Tamilnadu, India Ř
Export
Oriented Unit : 10-A, Papanasam Main Road,
Ambasamudram - 627 401, Tamilnadu, India Ř
Interlining
Manufacturing facility : Mela-Ambasamudram, Tirunelveli
- 627 401, Tamilnadu, India tuticorin
Ř
83 and 88, Beach Road, Tuticorin -
628 001, Tamilnadu, India panoli
Ř
21/222, GIDC Industrial Estate,
Ankleshwar, Panoli - 394 116, District Bharuch, Gujarat, India serampore
Serampore (Hooghly), West Bengal - 712 201, India |
|
|
|
|
Sales Offices : |
Ř
216, Ř
Ř
46-D, Ř
Sanghavi Sadan, Off. Ř
203, Samudra Gaurav (II Floor), 6-A, Worli
Sea Face, Abdul Gaffarkhan Road, Worli, Mumbai – 400 025, Maharashtra, India Ř
Green View, 3rd Floor, P.
B. No.2725, 3rd Floor, 19, Circus Avenue, Kolkata – 700 017, West
Bengal, India Ř
19-A, Ř
No. 2, Gurucharan Roychowdhury, Ř
B-II/35, Mohan Co-operative
Industrial Estate, Ř
E-1, Green Park Extn (II Floor), New
Delhi - 110 016, India Ř
A8-Sectro 6, Gautam Budh Nagar, Noida
– 201 301, Ř
Ř
Ř
GF 32/33, Meghdoot, Ř
10, Karthapura, 22, Godown Industrial
Area, Jaipur – 301 206, Ř
13/6-7, Civil Lines, P. B. No, 112,
Pormat, Ř
Guru Govind Singh Nagar, Sisbro
Complex, Sherpur Chowk (Hero Chowk), Behind Saini Motors, G T Road, Ř
37A, Velachery Main Road, Opposite
Vijayanagar Bus Terminus, Chennai – 600 042, Tamilnadu, India Ř
Plot No. 19, S. No. 206/3, P. B. No. 8, Viman Nagar, Nagar Road,
Pune – 41 014, Maharashtra, India Ř
No. 66/67, Harvey Road Tirupur – 641
602, Tamilnadu, India Ř
MBN Reddy Estate, Survey No. 133,
Plassy Lane Bowenpally, Secunderabad - 500 011, Andhra Pradesh, India |
DIRECTORS
AS ON 01.04.2011
|
Name : |
Mr. Joseph Stephen Remedios |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Villa No.B-10, Prestige Ozone, |
|
Qualification : |
B.Com. (Hons)., PGDBM |
|
Date of Birth : |
26.12.1951 |
|
Date of Appointment : |
29.03.1995 |
|
DIN No.: |
00245094 |
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 |
U18102KA1974PTC047421 |
MADURA
COATS PRIVATE LIMITED |
Director |
01-01-12 |
01-10-02 |
- |
Active |
NO |
|
2 |
U17111KA1994PLC015767 |
MADURA
SPINNING AND MANUFACTURING LIMITED |
Director
appointed in casual vacancy |
28-09-06 |
28-09-06 |
17-01-08 |
Active |
NO |
|
3 |
U85110KA1982PTC004577 |
KOR
INVESTMENTS PRIVATE LIMITED |
Nominee
director |
28-09-06 |
28-09-06 |
01-01-12 |
Active |
NO |
|
4 |
U85110KA1982PTC004578 |
VAIGAI
INVESTMENTS PRIVATE LIMITED |
Nominee
director |
28-09-06 |
28-09-06 |
01-01-12 |
Active |
NO |
|
Name : |
Mr. Anil Lasantha Naomal Dias |
|
Designation : |
Whole Time director |
|
Address : |
27/1, MEG Officers Colony, |
|
Date of Birth : |
29.12.1958 |
|
Date of Appointment : |
01.04.2002 |
|
DIN No.: |
00245165 |
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 |
U18102KA1974PTC047421 |
MADURA
COATS PRIVATE LIMITED |
Whole-time
director |
01-04-02 |
01-04-02 |
- |
Active |
NO |
|
2 |
U01409TN1949PLC002085 |
MADURA
AGRO INDUSTRIES LIMITED |
Director
appointed in casual vacancy |
26-06-06 |
26-06-06 |
- |
Dissolved |
NO |
|
3 |
U85110KA1982PTC004577 |
KOR INVESTMENTS
PRIVATE LIMITED |
Nominee
director |
28-09-06 |
28-09-06 |
- |
Active |
NO |
|
4 |
U85110KA1982PTC004578 |
VAIGAI
INVESTMENTS PRIVATE LIMITED |
Nominee
director |
28-09-06 |
28-09-06 |
- |
Active |
NO |
|
5 |
U17111KA1994PLC015767 |
MADURA
SPINNING AND MANUFACTURING LIMITED |
Director
appointed in casual vacancy |
29-09-06 |
29-09-06 |
17-01-08 |
Active |
NO |
|
Name : |
Mr. Roger Bevan |
|
Designation : |
Director |
|
Address : |
The Shires, 20 Wood bank Loosely Row, Buckingham Shire, |
|
Date of Birth : |
06.04.1959 |
|
Date of Appointment : |
01.07.1998 |
|
DIN No.: |
00293751 |
KEY EXECUTIVES
|
Name : |
Mr. Arup Chandra Borua |
|
Designation : |
Vice President – Finance and Company Secretary |
|
Address : |
B304, Raja Prakruthi, 4th Cross, Jayanagar, 1st
Bloock, |
|
Date of Birth/Age : |
04.03.1967 |
|
Date of Appointment : |
12.04.2003 |
|
Pan No.: |
ACYPB5331M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 01.04.2011
|
Names of Shareholders |
No. of Shares |
|
Coats International Pte. Limited, |
8800000 |
|
Coats Industrial Threads Limited, |
100 |
|
Total
|
8800100 |
AS ON 01.04.2011
|
Equity Shares Break
Up |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Zippers, Sliders
Buttons and Sewing Accessories. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
3500 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte, Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, |
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Tel. No.: |
91-80-66276000 |
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Fax No.: |
91-80-66276011 |
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Pan No. : |
AACFD3771D |
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|
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|
Holding Company : |
Coats International Pte. Limited, Singapore |
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|
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Subsidiaries : |
Kore Investments Private Limited CIN No.: U85110KA1982PTC004577 Vaigai Investments Private Limited CIN No.: U85110KA1982PTC004578 |
CAPITAL STRUCTURE
AS ON 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8800100 |
Equity Shares |
Rs.10/- each |
Rs. 88.001
Millions |
|
|
|
|
|
Notes:
1. 4641296 Equity shares were allotted as fully paid up pursuant to the schedules
of amalgamation without payments being received in cash.
2. 5412349 Equity shares were allotted as fully paid up Bonus shares by way
of capitalization of General Reserve.
3. 31442111 Equity shares (including 18684141 shares acquired through an
open offer) were, held by the there, Holding Company, J and P Coasts Limited,
UK.
4. 6555000 Equity Shares and 16087111 Equity Shares were cancelled during
2006 pursuant to the scheme of buy back of shares and Composite scheme of
arrangement.
5. 8 800100 Equity shares are held by the Holding Company, Coasts
International Pet Limited, Singapore w.e.f. March 26, 2010 which is a wholly
owned subsidiary of Gainess Pcat Group and it’s nominees.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
88.001 |
88.001 |
88.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2766.547 |
2738.541 |
2474.480 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2854.548 |
2826.542 |
2562.481 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
370.636 |
424.929 |
450.517 |
|
|
2] Unsecured Loans |
8.775 |
8.775 |
8.775 |
|
|
TOTAL BORROWING |
379.411 |
433.704 |
459.292 |
|
|
DEFERRED TAX LIABILITIES |
46.000 |
64.000 |
64.000 |
|
|
Deferred Government Grant (TUFS Cap subsidy) |
3.665 |
4.663 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3283.624 |
3328.909 |
3085.773 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1580.141 |
1584.253 |
1634.949 |
|
|
Capital work-in-progress |
271.186 |
76.518 |
125.358 |
|
|
|
|
|
|
|
|
INVESTMENT |
1829.096 |
1741.182 |
639.912 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1554.450
|
1356.114
|
1581.813 |
|
|
Sundry Debtors |
1753.254
|
1696.521
|
1530.257 |
|
|
Cash & Bank Balances |
210.303
|
232.806
|
290.963 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
524.805
|
444.379
|
611.335 |
|
Total
Current Assets |
4042.812
|
3729.820 |
4014.368 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1194.178
|
1518.336
|
1362.178 |
|
|
Other Current Liabilities |
2682.451
|
2039.985
|
1840.582 |
|
|
Provisions |
562.982
|
244.543
|
126.054 |
|
Total
Current Liabilities |
4439.611
|
3802.864 |
3328.814 |
|
|
Net Current Assets |
(396.799)
|
(73.044)
|
685.554 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3283.624 |
3328.909 |
3085.773 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.70
|
1.50
|
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
0.98
|
1.21 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF THE
YEAR:
Recovery in demand from Q4 2009, after unprecedented recessionary conditions
for much of that year, gained momentum during the year. The rapid turnaround in
demand also placed significant pressure on the supply chain, which the company
managed better than its competitors, enabling a strengthening of their market
share. These dynamics influenced a growth in turnover of 10%, year on year.
However, pressures on the supply side meant that the company could not
source adequate economy SSP Grey thread from third party converters for exports
to Group companies. While this reduced overall export turnover year on year by
6% to Rs. 2690.000 Millions, the product mix within exports became
significantly richer, given that these exports related largely to premium
products manufactured in-house on their own mills. Exports represented 27.3% of
total turnover (last year 32%).
Although turnover grew, profitability declined, with PBIDT of Rs.
1062.400 Millions achieved during the year, declining from the Rs. 1368.100
Millions earned in the previous year. Several exceptional factors contributed
to this chief among them being:
·
Exceptional income in the previous year on account
of disposal of properties (with profit on sales of fixed assets reducing from
Rs. 327.000 Millions in 2009 to Rs. 153.000 Millions in 2010)
·
Sharp escalation of raw material cost covering both
cotton and Synthetic items on the back of significant supply shortages, against
which there is a lag in recoveries through selling price increases.
·
Changes in Legislation in relation to Terminal
Gratuity obligations, which required us to increase related provision by Rs.
86.000 Millions during the year (comparable charge to profit during 2009 Rs.
14.700 Millions)
·
Increased power rates and incidents of power
outages (requiring more expensive alternatives to secure their power requirements)
in the state of Tamilnadu where many of their manufacturing facilities are
located.
The company continued to focus on improving productivity and controlling
overall costs, which has helped them to mitigate escalating input costs
resulting from supply side imbalances in the operating environment during the
year.
The table below provided details of turnover and headcount in their two
operating divisions of Coats India (CI) and Global Thread Supply India (GTSI),
for the year. CI is the division which sells finished goods to both external
and Group customers, while GTSI engages in the spinning and twisting of grey
yarns for requirements of both CI and Group markets.
|
Division |
Producer Groups |
Turnover (Rs. in millions) |
Year end and No. of Employees |
||
|
|
|
2010 |
2009 |
2010 |
2009 |
|
Coats |
Thread and Accessories |
8042.600 |
6976.700 |
1618 |
1580 |
|
GTSI |
Grey Thread/ Yarn |
1823.000 |
19820.000 |
1736 |
1708 |
|
GHO |
|
|
|
38 |
42 |
|
Total |
|
9865.600 |
8958.700 |
3392 |
3330 |
|
Of which Exports |
|
2690.300 |
2871.800 |
|
|
INDUSTRIAL
RELATIONS
Industrial relations continue to be cordial and remained peaceful throughout
the year without any loss of activity at any location on account of industrial
relations.
OUTLOOK
Outlook for the coming year appear to be positive, with recovery of
demand expected to be sustained at least during the first half year of 2011.
Their success in increasing selling prices is expected to positively influence
the result next year, with better recovery of rising input costs.
They will continue to actively participate in the global thread chain of
the Group, with expectations of higher exports to the Group, of grey in
particular.
However, domestic competition is expected to remain aggressive. As such,
they will continue to maintain the focus on productivity and cost
competitiveness, while striving to ensure an overall offer to the customers
which is superior to the competitors.
FORM 8
|
Corporate
identity number of the company |
U18102TN1974PTC006677 |
|
Name of the
company |
MADURA COATS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
144, M.G. Road,
Bangalore-560001, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Floating charge Others |
|
Particular of charge
holder |
Standard Chartered Bank, Raheja Towers, M.G. Road,
Bangalore, Karnataka, , India |
|
Nature of
instrument creating charge |
Second
Supplementary Hypothecation Agreement of Stocks/Book Debts Dated 9th December
2011 |
|
Date of
instrument Creating the charge |
09.12.2011 |
|
Amount secured by
the charge |
Rs. 1450.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As mutually
agreed from time to time in writing Terms of repayment on demand Margin 25% Extent and operation of the charge Floating charge
on stocks/debtors on parri passu basis with other financing banks for working
capital under multiple banking arrangements. The securities charged
shall be shared between the Hong Kong and Shanghai Banking Corporation
Limited, SBI and Standard Chartered Bank on a paripassu basis. |
|
Short particulars
of the property charged (Including location of the property) |
Present and
future stocks, book debts on floating charge basis across all locations
(factories, depots, etc) of the company. |
|
Charge
identification number of the charge to be modified |
80028253 |
|
Date of
instrument modifying the charge |
05.06.2003 |
|
Particulars of the
present modification |
Increase In
Amount Charged For Working Capital Facilities Being Enhanced From Rs.800.000
Millions To Rs.1450.000 Millions. |
FIXED ASSETS:
·
·
·
Buildings
·
Machinery – Freehold
·
Machinery – Lease
·
Furniture and Fittings
·
Vehicles – Freehold
·
Vehicles – Lease
·
Computer Software
WEBSITE DETAILS:
PROFILE:
Subject was born in 1974 as a result of
the merger of Madura Mills, J and P Coats and A and F Harvey - organizations which
had been in existence for 20 to 90 years. The company has the unique
distinction of being the only professionally managed multinational company in
the textile industry.
Subject introduced the Management Trainee Scheme as early
as the 60's. In the 70's, the company came to be known for embracing modern
management concepts such as Management by Objectives and Performance Appraisal
Systems. During the 80's, the company adopted the profit centre structure to
facilitate focus and organic growth. The 90's were characterized by
diversification into the readymade garments business and expansion of the
thread business in India and overseas. Since 2000, Subject has deployed its
resources and leveraged it’s advantage as a subsidiary of Coats plc, to
position itself as the leader in the thread business.
Subject operates through its two divisions - Coats India
and Global Thread Supply India.
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. 49.06 |
|
|
1 |
Rs. 77.18 |
|
Euro |
1 |
Rs. 65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
4 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
52 |
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.