1. Summary Information
|
|
|
Country |
|
|
Company Name |
S.A. AANANDAN SPINNING MILLS PRIVATE LIMITED |
Principal Name 1 |
Mr. Anandan Ilavarasu |
|
Status |
Moderate |
Principal Name 2 |
Mr. Ilavarasu Sudha |
|
|
|
Registration # |
18-036146 |
|
Street Address |
Post Box No. 153, |
||
|
Established Date |
23.07.1996 |
SIC Code |
-- |
|
Telephone# |
91-4563-230609 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-4563-232589 |
Business Style 2 |
Exporters |
|
Homepage |
Product Name 1 |
Yarn |
|
|
# of employees |
Not Available |
Product Name 2 |
Fabrics |
|
Paid up capital |
Rs.
22,934,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors – 100% |
Banking |
State Bank of |
|
Public Limited Corp. |
NO |
Business Period |
16 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
B (34) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
146,860,000 |
Current Liabilities |
56,980,000 |
|
Inventories |
132,885,000 |
Long-term Liabilities |
301,191,000 |
|
Fixed Assets |
116,342,000 |
Other Liabilities |
0 |
|
Deferred Assets |
0 |
Total Liabilities |
358,171,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
14,982,000 |
|
|
|
Net Worth |
37,916,000 |
|
Total Assets |
396,087,000 |
Total Liab. & Equity |
396,087,000 |
|
Total Assets (Previous Year) |
311,741,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
N.A. |
Net Profit |
N.A. |
|
Sales(Previous yr) |
601,836,000 |
Net Profit(Prev.yr) |
3,456,000 |
MIRA
INFORM REPORT
|
Report Date : |
13.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
S.A. AANANDAN SPINNING MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Post Box No. 153, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
23.07.1996 |
|
|
|
|
Com. Reg. No.: |
18-036146 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 22.934 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17116TN1996PTC036146 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporters of Cotton Yarn. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 150000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Trade relations
are reported to be fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. Note: Profit and Loss for the current year (i.e. 2010-11) 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) |
|
|
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 : |
Post Box No. 153, |
|
Tel. No.: |
91-4563-230609/ 226378 |
|
Fax No.: |
91-4563-232589 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Anandan Ilavarasu |
|
Designation : |
Managing director |
|
Address : |
Door No. 2/3, Ashok |
|
Date of Appointment : |
30.03.1997 |
|
DIN No.: |
02443124 |
|
|
|
|
Name : |
Ilavarasu Sudha |
|
Designation : |
Director |
|
Address : |
Door No. 2/3, Ashok |
|
Date of Appointment : |
09.03.2000 |
|
DIN No.: |
01816949 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Anandan Ilavarasu |
|
225275 |
|
Ilavarasu Sudha |
|
4060 |
|
Total |
|
229335 |
AS ON 31.03.2012
|
Names of Allottees |
|
No. of Shares |
|
A. Ilavarasu |
|
100000 |
|
Total |
|
100000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Cotton Yarn. |
|
|
|
|
Products : |
v
Yarn v
Fabrics |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.Saravanan Chartered Accountant |
|
Address : |
14A |
|
Tel. No.: |
91-4563-220258 |
|
Mobile No.: |
91-9842120258/ 9842820257 |
|
Fax No.: |
91-4563-226118 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
APZPS1610N |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000 |
Equity Shares |
Rs. 100/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
329335 |
Equity Shares |
Rs. 100/- each |
Rs. 32.934
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
229335 |
Equity Shares |
Rs. 100/- each |
Rs. 22.934
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 |
22.934 |
22.934 |
22.934 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14.982 |
11.012 |
7.556 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
37.916 |
33.946 |
30.490 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
294.439 |
198.606 |
112.077 |
|
|
2] Unsecured Loans |
6.752 |
22.940 |
1.625 |
|
|
TOTAL BORROWING |
301.191 |
221.546 |
113.702 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
339.107 |
255.492 |
144.192 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
116.342 |
62.147 |
62.627 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
132.885
|
118.225 |
42.765 |
|
|
Sundry Debtors |
84.305
|
101.170 |
38.537 |
|
|
Cash & Bank Balances |
3.274
|
2.586 |
3.918 |
|
|
Other Current Assets |
29.006
|
0.063 |
3.229
|
|
|
Loans & Advances |
30.275
|
27.550 |
21.308 |
|
Total
Current Assets |
279.745
|
249.594 |
109.757 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
45.799 |
21.267 |
|
|
Other Current Liabilities |
56.980
|
10.450 |
6.925 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
56.980
|
56.249 |
28.192 |
|
|
Net Current Assets |
222.765
|
193.345 |
81.565 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
339.107 |
255.492 |
144.192 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
SALES AND OTHER
INCOME |
|
601.836 |
344.651 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
575.217 |
320.120 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
26.619 |
24.531 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
12.604 |
12.635 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
14.015 |
11.896 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
8.831 |
8.524 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
5.184 |
3.372 |
|
|
|
|
|
|
|
Less |
TAX |
|
1.728 |
1.285 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
3.456 |
2.087 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
7.555 |
5.468 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
11.011 |
7.555 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
15.07 |
9.10 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
N.A.
|
0.57 |
0.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
N.A.
|
1.66 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
N.A.
|
0.15 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.45
|
8.18 |
4.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.91
|
4.44 |
3.89 |
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. Constitution of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
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 two 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 |
No |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U17116TN1996PTC036146 |
|
Name of the
company |
S.A.AANANDAN
SPINNING MILLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
POST 626 110,
KAMARAJAR DT. Tamil Nadu 626110 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90294035 |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of Email ID: sbi.04059@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental Agreement
of Loan for increase in the Overall Limit - Form C.1-A 2. Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the Overall
Limit - Form C.2-A 3. Letter
regarding the Grant of individual Limits within the Overall Limit - Form C.5 4. No instrument
is executed, Letters confirming Extension of Equitable Mortgage by deposit of
title deeds of the Company's immovable properties -Form B - 2 No.s are
enclosed |
|
Date of
instrument Creating the charge |
24.02.2012 |
|
Amount secured by
the charge |
Rs. 734.200
MIllions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Per Attachment Terms of Repayment As Per Attachment Margin 1.RM/FG/BG - 25% 2.Stock in process/Receivables
- 30% 3.Consumables/Spares/Stores
- 50% 4.LC - 10% Extent and Operation of the charge Exclusive 1st
Charge by way of Hypothecation of present and future stocks, BD,other CA and
movable FA(incl.M/c) to secure Rs.706.200 Millions of Company and by way of
EM of immovable properties of the Co. fvg Bank as continuing security for an
increased OL of Rs.734.200 Millions (comprising Rs.706.200 Millions
sanctioned to the Company, and Rs.28.000 Millions sanctioned to its group
concern M/s Unnamalai Spg
Mills)together with interest and all other monies due from Company and its
group concern to the Bk. All other
terms and conditions remain unaltered. Others Cover Period for
Receivables - 60 Days |
|
Short particulars
of the property charged |
Hypothecation of
Stocks, Book Debts, Machinery, Current Assets and EM on Company's Immovable
Properties. Full details are as per Attachment |
|
Date of latest
modification prior to the present modification |
24.11.2010 |
|
Particulars of
the present modification |
OL is increased
from Rs.673.200 Millions to Rs.734.200 Millions comprising Rs.706.200
Millions. sanctioned to the company and Rs.28.000 Millions sanctioned to its
group concern Unnamalai Spg Mills. Hypothecation of st. bd m/c and other
movable assets extended to secure
Rs.706.200 Millions of Company and EM on immovable properties belonging to
the Company extended to secure the increased OL of Rs.734.200 Millions
together with interest, commission, cost, charges and other expenses which
may accrue and/or be debited to the Company's accounts from time to time. |
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. 56.05 |
|
|
1 |
Rs. 86.69 |
|
Euro |
1 |
Rs. 69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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.