MIRA
INFORM REPORT
|
Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SRINIVASA FASHIONS PRIVATE LIMITED |
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Registered
Office : |
1A, Regency Apartment No.5, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.05.2005 |
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Com. Reg. No.: |
18-056216 |
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Capital
Investment / Paid-up Capital : |
Rs. 57.160 Millions |
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CIN No.: [Company Identification
No.] |
U18101TN2005PTC056216 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHS23532F |
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PAN No.: [Permanent Account No.] |
AAICS9511R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of woven garments, mens wear,
womens wear, kids wear, shirts, t-shirts, skirts, shorts, pants and trousers |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 320000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has increased some losses during the year. However, trade relations are reported
as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 |
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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 : |
1A, Regency Apartment No.5, 1st Lane, Nungambakkam High
Road, Chennai-600034, Tamilnadu, India |
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Tel. No.: |
91-44-28270500 / 28227989 |
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Fax No.: |
91-44-28267989 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. : AP4, 5th Avenue, 2nd Cross Road, Apparel
and Fashion Accessories SEZ, Mahindra World, City Natham Sub Post,
Chengalpet-603002, Tamilnadu, India |
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Tel. No.: |
91-44-45568306 |
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Fax No.: |
91-44-45568304 |
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Factory 2 : |
57G, SIDCO Industrial Estate, Ambattur, Chennai-600098, Tamilnadu,
India |
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Tel. No.: |
91-44-42080572 |
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Fax No.: |
91-44-26257296 |
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Factory 3 : |
244, SIDCO Industrial Estate, Ambattur, Chennai-600098, Tamilnadu,
India |
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Tel. No.: |
91-44-42080082 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Coppa Vasudevarao Raveendran |
|
Designation : |
Director |
|
Address : |
No.3, Subba Rao Avenue, First Street, Chennai-600006, Tamilnadu, India
|
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Date of Birth/Age : |
01.11.1961 |
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Date of Appointment : |
09.05.2005 |
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DIN No.: |
01122048 |
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Name : |
Ms. Vijayalakshmi Ravindran |
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Designation : |
Director |
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Address : |
No.3, Subba Rao Avenue, First Street, Chennai-600006, Tamilnadu, India
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Date of Birth/Age : |
04.01.1963 |
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Date of Appointment : |
20.07.2006 |
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DIN No.: |
01122834 |
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Name : |
Mr. Varun Coppa Varkoor Ravindran |
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Designation : |
Director |
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Address : |
1A, Regency Apartment No.5, 1st Lane, Nungambakkam High Road,
Chennai-600034, Tamilnadu, India |
|
Date of Appointment : |
01.02.2010 |
|
DIN No.: |
02933175 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
C. V. Ravindran |
2286404 |
|
Vijayalakshmi Ravindran |
3429605 |
|
Total |
5716009 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of woven garments, mens wear,
womens wear, kids wear, shirts, t-shirts, skirts, shorts, pants and trousers |
GENERAL INFORMATION
|
Customers : |
·
Burton ·
Dc Shoe Company, USA ·
HAWK ·
Decathlon ·
ROXY |
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Baroda, International Business Branch,
45, Moore Street, 4th Floor, Parrys, Cehnnai-600001, Tamilnadu,
India ·
Corporation Bank, No.38,39, Whites Road,
Chennai-600014, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pratapkaran Paul and Company Chartered Accountant |
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Address : |
No.63, Kamaraj Avenue, 1st Street, Adyar, Cehnnai-600020,
Tamilnadu, India |
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Pan No: |
AAEFP7571P |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
5716009 |
Equity Shares |
Rs.10/- each |
Rs. 57.160
Millions |
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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 |
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|
|
|
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1] Share Capital |
57.160 |
57.160 |
57.160 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.085 |
28.353 |
11.060 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.245 |
85.513 |
68.220 |
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
355.443 |
222.152 |
224.373 |
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2] Unsecured Loans |
31.031 |
16.598 |
8.688 |
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TOTAL BORROWING |
386.474 |
238.750 |
233.061 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
468.719 |
324.263 |
301.281 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
126.697 |
124.279 |
115.005 |
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Capital work-in-progress |
24.792 |
3.402 |
0.000 |
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INVESTMENT |
0.520 |
0.520 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
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Inventories |
234.021
|
134.524 |
111.954 |
|
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Sundry Debtors |
164.962
|
119.032 |
118.926 |
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Cash & Bank Balances |
19.320
|
0.099 |
10.083 |
|
|
Other Current Assets |
2.923
|
26.855 |
0.000 |
|
|
Loans & Advances |
14.601
|
16.284 |
21.021 |
|
Total
Current Assets |
435.827
|
296.794 |
261.984 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.774
|
87.244 |
55.752 |
|
|
Other Current Liabilities |
3.794
|
2.482 |
0.000 |
|
|
Provisions |
11.549
|
11.006 |
19.994 |
|
Total
Current Liabilities |
119.117
|
100.732 |
75.746 |
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Net Current Assets |
316.710
|
196.062 |
186.238 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.038 |
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TOTAL |
468.719 |
324.263 |
301.281 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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|
|
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Operating Income |
785.247 |
609.287 |
488.499 |
|
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Other Income |
16.524 |
3.068 |
|
|
|
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TOTAL (A) |
801.771 |
612.355 |
488.499 |
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
765.597 |
557.215 |
427.291 |
|
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
765.597 |
557.215 |
427.291 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
36.174 |
55.140 |
61.208 |
|
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
21.163 |
20.018 |
22.828 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.011 |
35.122 |
38.380 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.279 |
17.830 |
17.323 |
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PROFIT BEFORE
TAX (E-F) (G) |
(3.268) |
17.292 |
21.057 |
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Less |
TAX (H) |
0.000 |
0.000 |
1.011 |
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PROFIT AFTER TAX
(G-H) (I) |
(3.268) |
17.292 |
20.046 |
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EXPORT VALUE |
7872.879 |
609.287 |
485.321 |
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
NA |
180.722 |
115.485 |
|
|
|
Capital Goods |
NA |
0.000 |
0.635 |
|
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TOTAL IMPORTS |
NA |
180.722 |
116.120 |
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|
Earnings Per
Share (Rs.) |
(0.57) |
3.03 |
3.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(0.41)
|
2.82 |
4.10 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(0.42)
|
2.84 |
NA |
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.58)
|
4.11 |
5.59 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.20 |
0.31 |
|
|
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.15
|
3.97 |
4.53 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.66
|
2.95 |
3.46 |
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 |
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3. Constructions of the firm |
Yes |
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4. Premises details |
No |
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5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
No |
|
9. Name of person contacted |
No |
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10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------ |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
Yes |
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19. Payments terms |
No |
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20. Export / Import details |
Yes |
|
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 |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
NOTE
Registered office has been shifted from Flat 1B, 1st Floor,
Jayams Garden, 17/10, Khader Nawaz Kahn Road, Nungambakkam, Chennai-600034,
Tamilnadu, India to the present address w.e.f. 16.08.2007.
OPERATIONS
The Company had
achieved impressive turnover of Rs.785.200 Millions when compared with
Rs.609.300 Millions achieved during the previous year. Though the turnover of
the company had increased due to increase in the operational cost the company
could only achieve an operating profit of Rs.41.263 Millions when compared with
Rs. 55.141 Millions achieved during the previous year. The Directors are taking
all steps to bring down the cost in all fronts and to increase the
profitability of the company.
FORM 8
|
Corporate
identity number of the company |
U18101TN2005PTC056216 |
|
Name of the
company |
SRINIVASA
FASHIONS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
1A, Regency Apartment No.5, 1st Lane, Nungambakkam High Road, Chennai-600034, Tamilnadu, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Bank of Baroda, International Business Branch, 45, Moore Street, 4th Floor, Parrys, Cehnnai-600001, Tamilnadu, India |
|
Nature of
instrument creating charge |
1. Bank's letter
of sanction Ref No. BOB/IBB/ADV/24/230 dated 28th March 2012 2. Copy of Board's
Resolution dated 29-03-2012 for availing the credit limit sanctioned. 3. Composite
hypothecation agreement (For stocks/book debts/vehicles/movable machinery)
dated 29-03-2012 for Rs.225.000 Millions |
|
Date of
instrument Creating the charge |
29.03.2012 |
|
Amount secured by
the charge |
Rs. 225.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest For Packing
Credit cum Packing credit in Foreign Currency and FBP/FBD cum FBP/FBD in Foreign
Currency PC: 1.25% over Base Rate, presently 12% pa with monthly rests, PCFC:
350bps over LIBOR Terms of repayment For Packing
Credit cum Packing credit in Foreign Currency and FBP/FBD cum FBP/FBD in
Foreign Currency 12 months subject to annual review/ repayable on demand and
For Inland/Import Letter of Credit cum Buyer's credit (Usance 120 days) and
Forward Contract - 12 months Margin For Packing
Credit cum Packing credit in Foreign Currency and Inland/Import Letter of
Credit cum Buyer's credit (Usance 120 days) 10% and For FBP/FBD cum FBP/FBD
in Foreign Currency and Forward Contract - NIL Extent and operation of the charge Packing Credit
cum Packing credit in Foreign Currency : 87.500 Millions FBP/FBD cum
FBP/FBD in Foreign Currency : 87.500 Millions Inland/Import
Letter of Credit cum Buyer's credit
(Usance 120 days) : 40.000 Millions Forward Contract
- Limit Rs. 200.000 Millions: 10.000 Millions Other Total Credit Limit
is Rs. 225.000 Millions The credit
facilities of the company shall be secured by Pari passu II charge on the EM
of the properties mentioned herein, plant and machinery of the company with
Corporation Bank. |
|
Short particulars
of the property charged (Including location of the property) |
Pari Passu 2nd
Charge On EM of 2 Acres Leasehold Land With Industrial Shed At Mahindra Indi
Park (S. No. 70,71,75/2, 296/1,2,3-274/2a) Situated At Thenmelpakkam and
Anjur Villages, Chingleput Tk. Pari Passu 2nd Charge
on EM of Land (12750 Sq Ft) With
Industrial Shed At Plot No. 244 (North Phase), SIDCO Industrial Estate In S
No. 133, Pattarvakkam Vill, Ambattur Taluk, Tiruvallur District. Pari Passu 2nd
Charge on EM on Factory Land to an
Extend of 15313 Sq Feet With Factory Building At Shed At 294, SIDCO
Industrial Estate, Ambattur, Chennai Pari Passu 2nd
Charge on EM of Industrial Land to an
Extend of 13200 Sq Ft With Factory Building At Plot No 57 G (North Phase) of
SIDCO Industrial Estate, Ambattur, Chennai Pari Passu 2nd
Charge on Plant And Machinery |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. |
Yes |
|
If yes, in whose
name it is registers |
Smt. Vijayalakshmi
Ravindran Mrs. Vimala Rao Late Mr. CYV Rao Mr. CV Ravindran and Mrs.
Vijayalakshmi Ravindran |
FIXED ASSETS
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fittings
WEBSITE DETAILS
HISTORY
Subject
with more than a million US Dollars investment commenced operations in late
1996 at an Industrial Estate located in Chennai, India, with a fully integrated
facility for manufacture of Woven Readymade Garments. It is a professional
managed company at highly experienced in manufacturing of high quality
reasonable prices. Subject has shown growth, and increased its capacity and
clientele considerably in the last 12 years. Subject has established it’s new
facility in Mahindra World City, Chennai in 2005 to cater to hi quality
garments.
The factory is complete with
state of the art machinery imported from Japan, experienced staff and testing
facilities.
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. 54.87 |
|
|
1 |
Rs. 86.46 |
|
Euro |
1 |
Rs. 69.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPT |
|
|
|
|
Report Prepared
by : |
-- |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.