MIRA
INFORM REPORT
|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
SRI RANGA TEXTILES PRIVATE LIMITED |
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Registered
Office : |
38, Race Course, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.09.1980 |
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Com. Reg. No.: |
18-000968 |
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Capital
Investment / Paid-up Capital : |
Rs.0.600
million |
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|
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CIN No.: [Company Identification
No.] |
U17111TZ1980PTC000968 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBS03319B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cotton Yarn. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
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 192000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The latest financials of the company are not made available. As per previous years’ ompany can be considered for business dealings
with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
38, Race Course, |
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Tel. No.: |
91-422-2222873 |
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Fax No.: |
91-422-2222988 |
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E-Mail : |
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Factory 1 : |
S.F. No.459/1, |
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Tel. No.: |
91-422-2576702/ 2573234 |
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Factory 2 : |
S.F. Nos.90/2B, 90/4, 92/2, 92/6, 92/4, 92/7 and 92/5, |
DIRECTORS
As on 29.09.2012
|
Name : |
Ethirajulu Ranga Rao |
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Designation : |
Director |
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Address : |
No.38, Race Course, |
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Date of Birth/Age : |
22.11.1956 |
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Date of Appointment : |
12.09.1980 |
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01471171 |
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Other Directorship :
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Name : |
Ethirajulu Silesh |
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Designation : |
Director |
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Address : |
No.36, Race Course, |
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Date of Birth/Age : |
29.14.1966 |
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Date of Appointment : |
12.09.1980 |
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DIN No.: |
01471214 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Ethirajulu Ranga Rao |
|
1450 |
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Ethirajulu Silesh |
|
2790 |
|
E. Ramalakshmi |
|
10 |
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L. Suhasini |
|
100 |
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L. Swathy |
|
100 |
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D. Lakshminarayanaswamy |
|
50 |
|
S. Venkatalakshmi |
|
750 |
|
Ramalakshmi Spinners (Private) Limited, |
|
750 |
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Total |
|
6000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn. |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
31.03.2011 |
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a) Licensed Capacity - Spindles |
15816 |
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b) Installed Capacity |
15816 |
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c)
Production |
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Cotton Yarn |
343898.10 Kgs. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v State Bank of v Tamilnad
Mercantile Bank Limited, v Standard
Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Mahendran Chartered Accountant |
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Address : |
1533, |
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Tel. No.: |
91-422-2300787 |
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Income-tax
PAN of auditor or auditor's firm : |
ACSPM7162R |
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Related Parties : |
v
RER Textiles v
Ramalakshmi Spinning and Weaving Mills |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/-
each |
Rs.1.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000 |
Equity Shares |
Rs.100/-
each |
Rs.0.600
million |
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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 |
|
|
|
|
|
1] Share Capital |
0.600 |
0.600 |
0.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
47.376 |
40.264 |
35.397 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
47.976 |
40.864 |
35.997 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.525 |
13.800 |
34.567 |
|
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2] Unsecured Loans |
31.892 |
30.851 |
21.525 |
|
|
TOTAL BORROWING |
41.417 |
44.651 |
56.092 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
89.393 |
85.515 |
92.089 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
36.405 |
30.931 |
22.099 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
0.867 |
0.867 |
0.867 |
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DEFERRED TAX ASSETS |
2.386 |
0.517 |
0.285 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
51.131
|
28.631 |
54.313 |
|
|
Sundry Debtors |
12.176
|
7.706 |
11.483 |
|
|
Cash & Bank Balances |
4.140
|
23.373 |
8.417 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
5.871
|
4.948 |
5.801 |
|
Total
Current Assets |
73.318
|
64.658 |
80.014 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.843
|
3.881 |
5.028 |
|
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Other Current Liabilities |
4.567
|
4.932 |
3.637 |
|
|
Provisions |
4.173
|
2.645 |
2.511 |
|
Total
Current Liabilities |
23.583
|
11.458 |
11.176 |
|
|
Net Current Assets |
49.735
|
53.200 |
68.838 |
|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
89.393 |
85.515 |
92.089 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
NA |
NA |
NA |
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Other Income |
NA |
NA |
NA |
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TOTAL (A) |
NA |
NA |
NA |
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Less |
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
NA |
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Administrative Expenses |
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|
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Advertising Expenses |
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TOTAL (B) |
NA |
NA |
NA |
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.404 |
17.447 |
10.947 |
|
|
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|
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|
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|
|
Less |
INTEREST &
BANK CHARGES (D) |
4.208 |
5.241 |
6.061 |
|
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|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.196 |
12.206 |
4.886 |
|
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.924 |
5.194 |
4.137 |
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
8.272 |
7.012 |
0.749 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
1.205 |
1.488 |
(0.308) |
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|
PROFIT AFTER TAX
(G-H) (I) |
7.067 |
5.524 |
1.057 |
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PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
13.809 |
8.239 |
7.840 |
|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
20.876 |
13.763 |
8.897 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1177.83 |
920.67 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.54
|
7.34 |
0.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.17 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.37 |
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.11
|
5.64 |
7.16 |
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 |
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 |
No |
|
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 |
No |
|
20) Export / Import details (if
applicable) |
No |
|
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 |
No |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
WORKING OF THE
COMPANY:
The textile industrial scenario was not all that encouraging
and our Company could able to tackle the situation well. The company
ended up earning net profit of Rs.13.809 millions. The prices of cotton has
very steeply come down but the prices of yam also tumbled in many counts the
prices have gone down to very low levels and the off take in the market also
was very sluggish. The Company continued to invest in up grading the
machineries and spent around Rs.12.832 millions in Fixes assets addition. These
kind of capital equipment creation will help the Company to maintain consistent
quality and achieve better results in the future years.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U17111TZ1980PTC000968 |
|
Name of the
company |
SRI RANGA TEXTILES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
38, Race Course, E-Mail: mgang2006@yahoo.co.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others (Cotton,
Yarn, Semi Finished Goods, Finished Goods) |
|
Particular of
charge holder |
CIN No.:
U65110TN1921PLC001908 Tamilnad
Mercantile Bank Limited, E-Mail: tmbankho@sancharnet.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
demand Cash Credit the Hypothecation of Movable Properties. On Hypothecation
of book debts - loans. Hypothecation of stock of raw-material, semi finished and
finished goods of yarn. |
|
Date of
instrument Creating the charge |
01.03.2012 |
|
Amount secured by
the charge |
Rs.60.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 13.25% for Cash
Credit Limit of Rs.60.000 millions Terms of
Repayment: Repayable on
demand Margin: CC (S) - 25% CC (BD) - 30% Extent and
Operation of the charge: First and
exclusive charge in favour of Tamilnad Mercentile Bank Limited |
|
Short particulars
of the property charged |
Land to an Extent
of 15848 sq.ft with Land to an Extent
of 14835 sq.ft with Factory building constructed thereat situated at
S.F.No.459/1, Land to an Extent
of 2585 sq.ft with building constructed thereat situated at S.F.No.459/1, Land and Factory
Building to the extent of 4.89 acres with Factory Building 51774.68
sq.ft at S.F.Nos.90/2B, 90/4, 92/2, 92/6,
92/4, 92/7 and 92/5, Kulasekaranallur Village, Tiruchuli Road, Aruppukottai -
626101. |
FIXED ASSETS:
v Land
v Buildings
v Building – House
v Buildings – WIP
v Diesel Storage Dank
v Machineries
v Generators
v Tools and Equipments
v Electrical Installations
v Furniture and Fittings
v Office Equipments
v Computer
v Motor Car
v Humidification Plant
v Vehicles
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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.