MIRA
INFORM REPORT
|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHERAN SPINNER LIMITED |
|
|
|
|
Formerly Known
As : |
CHERAN SPINNERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
SF No. 477/1, Pathari, Anangur Main Road, Southapuram Post,
Erode-638008, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.07.1989 |
|
|
|
|
Com. Reg. No.: |
18-002487 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 18.483 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ1989PLC002487 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBC03770E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC8476F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Yarns.
|
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of ‘Cheran Group’. It is an established company
having a moderate track record. The latest financials of the company are not
made available. As per previous year’s record, there appears increase in the external
borrowings of the company over its previous year. However, trade relations are reported as fair. Business is active.
Payment terms are unknown in absence of its latest financials. The company 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
B-(Long Term Rating) |
|
Rating Explanation |
High risk of default |
|
Date |
29.08.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 (Short Term Rating) |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
29.08.2012 |
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 : |
SF No. 477/1, Pathari, Anangur Main Road, Southapuram Post,
Erode-638008, Tamilnadu, India |
|
Tel. No.: |
91-4288-278601-604 |
|
Fax No.: |
91-4288-278605 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Pongiannagounder Desamani Thangavel |
|
Designation : |
Additional Director |
|
Address : |
79, R P Street, Sankari Bye Pass Road, Pallipalayam, Tiruchengode, TK |
|
Date of Birth/Age : |
27.10.1973 |
|
Date of Appointment : |
30.06.2010 |
|
DIN No.: |
00011246 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U17111TZ1995PLC005909 |
PALLAVA
TEXTILE LIMITED |
Director |
28/09/1998 |
28/09/1998 |
03/11/2010 |
Active |
NO |
|
2 |
U17111TZ2006PLC012662 |
BEST
CHERAN SPINTEX INDIA LIMITED |
Director |
20/03/2006 |
20/03/2006 |
- |
Active |
NO |
|
3 |
U17111TZ1989PLC002487 |
CHERAN
SPINNER LIMITED |
Additional
director |
30/06/2010 |
30/06/2010 |
- |
Active |
NO |
|
Name : |
Mr. Sengodagounder Muthusamy |
|
Designation : |
Director |
|
Address : |
Theatre Road, Gandhipuram, Pallipalayam, Erode-638006, Tamilnadu,
India |
|
Date of Birth/Age : |
01.06.1951 |
|
Date of Appointment : |
21.07.1989 |
|
DIN No.: |
00012110 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U17111TZ1989PLC002487 |
CHERAN
SPINNER LIMITED |
Director |
21/07/1989 |
21/07/1989 |
- |
Active |
NO |
|
2 |
U17111TZ1995PLC005909 |
PALLAVA
TEXTILE LIMITED |
Director |
10/03/1995 |
10/03/1995 |
03/11/2010 |
Active |
NO |
|
3 |
U17111TZ2005PTC012324 |
CHERAN
WEAVES INDIA PRIVATE LIMITED |
Director |
28/11/2005 |
28/11/2005 |
- |
Active |
NO |
|
4 |
U17111TZ2006PLC012662 |
BEST
CHERAN SPINTEX INDIA LIMITED |
Director |
20/03/2006 |
20/03/2006 |
- |
Active |
NO |
|
Name : |
Mr. Alampalayam Sengodagounder Palanisamy |
|
Designation : |
Director |
|
Address : |
Theatre Road, Gandhipuram, Pallipalayam, Erode-638006, Tamilnadu,
India |
|
Date of Birth/Age : |
01.06.1946 |
|
Date of Appointment : |
21.07.1989 |
|
DIN No.: |
00012155 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U17111TZ1989PLC002487 |
CHERAN
SPINNER LIMITED |
Director |
21/07/1989 |
21/07/1989 |
- |
Active |
NO |
|
2 |
U17111TZ1995PLC005909 |
PALLAVA
TEXTILE LIMITED |
Director |
10/03/1995 |
10/03/1995 |
03/11/2010 |
Active |
NO |
|
3 |
U17111TZ2005PTC012324 |
CHERAN
WEAVES INDIA PRIVATE LIMITED |
Director |
28/11/2005 |
28/11/2005 |
- |
Active |
NO |
|
4 |
U17111TZ2006PLC012662 |
BEST
CHERAN SPINTEX INDIA LIMITED |
Director |
20/03/2006 |
20/03/2006 |
- |
Active |
NO |
|
Name : |
Mr. Duraisamy Pongiannagounder Logeshkumar |
|
Designation : |
Additional Director |
|
Address : |
No.1A, Kumarapalayam Road, Pallipalayam, Erode-638006, Tamilnadu,
India |
|
Date of Birth/Age : |
12.05.1983 |
|
Date of Appointment : |
27.10.2010 |
|
DIN No.: |
00012347 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U17111TZ2006PLC012662 |
BEST
CHERAN SPINTEX INDIA LIMITED |
Director |
20/03/2006 |
20/03/2006 |
Active |
NO |
|
2 |
U17290TN2010PTC077064 |
SINECERA
TEXTILES PRIVATE LIMITED |
Director |
19/08/2010 |
19/08/2010 |
Active |
NO |
|
3 |
U17111TZ1989PLC002487 |
CHERAN
SPINNER LIMITED |
Additional
director |
27/10/2010 |
27/10/2010 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Sengodagounder Muthusamy |
12440 |
|
Alampalayam Sengodagounder Palanisamy |
12440 |
|
R P Duraisamy |
47040 |
|
R P Desamani |
43778 |
|
P Thangavel |
13580 |
|
P Saraswathi |
10626 |
|
P Poongodi |
2100 |
|
P Thangavel HUF |
320 |
|
D Logeshkumar |
4210 |
|
P D Thangavel |
5370 |
|
D Padmalakshmi |
3160 |
|
P D Balachandaran |
3140 |
|
RPD Shanthi |
4200 |
|
M Ramakrishnaprasad |
22426 |
|
TOTAL
|
184830 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Yarns.
|
PRODUCTION STATUS (AS ON : 31.03.2010)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
|
|
|
|
|
Spindles |
33264 |
32256 |
|
Particulars
(Viscose) |
Unit |
Actual
Production |
|
Viscose Fibre Yarn |
In Kgs. |
5383213 |
|
Polyester Viscose Yarn |
In Kgs. |
75491 |
|
Polyester Yarn |
In Kgs. |
27879 |
|
Acrylic Cotton Yarn |
In Kgs. |
420 |
|
Viscose Silk |
In Kgs. |
23281 |
|
Viscose Wool / Linen |
In Kgs. |
17775 |
|
Cotton wool |
In Kgs. |
1325 |
|
Cotton Silk |
In Kgs. |
25 |
|
Cotton Flax |
In Kgs. |
299 |
|
Cotton/Nylon |
In Kgs. |
116826 |
|
Viscose Cotton |
In Kgs. |
268449 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Commercial Branch, 78/79, CD
Building, Park Road, Erode-638003, Tamilnadu, India ·
ICICI Bank Limited ·
Axis Bank Limited ·
ING Vysya Bank Limited ·
State Bank of India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
T N Ramadoss Company Chartered Accountant |
|
Address : |
54, Twon Railway Station Road, Salem, India |
|
PAN No.: |
AAAFT9046R |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
185000 |
Equity Shares |
Rs.100/- each |
Rs. 18.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
184830 |
Equity Shares |
Rs.100/-
each |
Rs. 18.483
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 |
18.483 |
18.483 |
18.483 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
378.314 |
336.950 |
299.434 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
396.797 |
355.433 |
317.917 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
343.515 |
206.924 |
234.936 |
|
|
2] Unsecured Loans |
31.355 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
374.870 |
206.924 |
234.936 |
|
|
DEFERRED TAX LIABILITIES |
61.915 |
45.731 |
48.084 |
|
|
|
|
|
|
|
|
TOTAL |
833.582 |
608.088 |
600.937 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
337.765 |
272.964 |
292.666 |
|
|
Capital work-in-progress |
0.000 |
1.451 |
2.692 |
|
|
|
|
|
|
|
|
INVESTMENT |
26.000 |
25.000 |
25.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
238.498
|
124.663 |
89.338 |
|
|
Sundry Debtors |
64.365
|
169.240 |
98.999 |
|
|
Cash & Bank Balances |
27.655
|
14.914 |
19.454 |
|
|
Other Current Assets |
76.881
|
47.184 |
11.358 |
|
|
Loans & Advances |
242.783
|
129.479 |
192.984 |
|
Total
Current Assets |
650.182
|
485.480 |
412.133 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
121.569
|
138.238 |
125.793 |
|
|
Other Current Liabilities |
46.349
|
28.693 |
0.000 |
|
|
Provisions |
12.484
|
10.081 |
6.240 |
|
Total
Current Liabilities |
180.402
|
177.012 |
132.033 |
|
|
Net Current Assets |
469.780
|
308.468 |
280.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.037 |
0.205 |
0.479 |
|
|
|
|
|
|
|
|
TOTAL |
833.582 |
608.088 |
600.937 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1262.751 |
1053.893 |
782.622 |
|
|
|
Other Income |
149.865 |
188.473 |
113.452 |
|
|
|
TOTAL (A) |
1412.616 |
1242.366 |
896.074 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
1021.959 |
834.283 |
|
|
|
|
Manufacturing service costs |
111.763 |
175.321 |
|
|
|
|
Employee related expenses |
48.710 |
35.458 |
|
|
|
|
Administrative selling other expenses |
85.267 |
76.362 |
|
|
|
|
TOTAL (B) |
1267.699 |
1121.424 |
840.057 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
144.917 |
120.942 |
56.017 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.745 |
30.289 |
43.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
111.172 |
90.653 |
12.047 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.744 |
45.459 |
41.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
61.428 |
45.194 |
(29.098) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.064 |
7.678 |
(14.279) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
41.364 |
37.516 |
(14.819) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
878.510 |
800.034 |
650.941 |
|
|
TOTAL EARNINGS |
878.510 |
800.034 |
650.941 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
238.530 |
36.401 |
21.423 |
|
|
|
Machinery |
5.152 |
13.703 |
0.000 |
|
|
|
Stores & Spares |
0.041 |
0.490 |
0.941 |
|
|
TOTAL IMPORTS |
243.723 |
50.594 |
22.364 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
223.79 |
202.98 |
(80.18) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.93
|
3.02 |
(1.65) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.86
|
4.29 |
(3.72) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.22
|
5.96 |
(4.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13 |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56
|
1.21 |
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.60
|
2.74 |
3.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
FORM 8
|
Corporate identity
number of the company |
U17111TZ1989PLC002487 |
||||||||||||||||||||||||||||||
|
Name of the
company |
CHERAN SPINNER
LIMITED |
||||||||||||||||||||||||||||||
|
Address of the
registered office or of the principal place of business in |
SF No. 477/1, Pathari, Anangur Main Road, Southapuram Post, Erode-638008, Tamilnadu, India |
||||||||||||||||||||||||||||||
|
This form is for |
Modification of
charge |
||||||||||||||||||||||||||||||
|
Charge
identification number of the charge to be modified |
90004196 |
||||||||||||||||||||||||||||||
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) |
||||||||||||||||||||||||||||||
|
Particular of
charge holder |
State Bank of India, Commercial Branch, 78/79, CD Building, Park Road,
Erode-638003, Tamilnadu, India |
||||||||||||||||||||||||||||||
|
Nature of
instrument creating charge |
Working Capital
Consortium Agreement dated 29-03-2012, Joint Deed of Hypothecation dated
29-03-2012,Interse Agreement dated 29-03-2012 and Deed of Guarantee dated
29-03-2012 executed by Best Cheran Spintex India Limited EM Letter |
||||||||||||||||||||||||||||||
|
Date of
instrument Creating the charge |
29.03.2012 |
||||||||||||||||||||||||||||||
|
Amount secured by
the charge |
Rs. 523.000
Millions |
||||||||||||||||||||||||||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest CC: SBAR
(Presently 14.25% p.a.) EPC: As per rate
prescribed by RBI Terms of repayment CC: Payable on
Demand Margin Raw Materials(EPC) - 15% Raw
Materials(Normal) - 25% Stock in
Process - 25% Finished
Goods - 25% Receivables - 25% LC - 10% BG - 10% Extent and operation of the charge CC and EPC -
First Charge on RM, SIP, FG, Stores, receivables and other current assets of the
company on pari passu basis with ING Vysya Bank Limited LC - Merchandise
covered under LC and Extension of
charge over current assets BG - Counter
Guarantee of the Company and Extension of charge over current assets Extension of EM
over properties as annexure attached |
||||||||||||||||||||||||||||||
|
Short particulars
of the property charged (Including location of the property) |
SF No.482,
Elanthakuttai Village, Tiruchengode Taluka, Namakkal District SF No.477/1,
Pallipalayam Agraharam Village, Tiruchengode Taluka, Namakkal District SF No.475,
Pallipalayam Agraharam Village, Tiruchengode Taluka, Namakkal District SF No.370/1 and
377/1, Pongai Village, Tenkasi Taluka, Tirunelveli District SF
No.208/3A,208/3B and 208/3C, Keelveeranam Village, Tenkasi Taluka,
Tirunelveli District SF No.458/1,
459/1, 2A, 2B, 460/1, 2 and 461, Vavipalayam Village, Tirupur Taluka, Tirupur
District SF No.5/2 to 5/5,
5/9 to 5/11, Sambavar Vadakarai Village, Tenkasi Taluka, Tirunelveli District SF No.127/1B, 1C,
1D, 1E, 2A, 2B, 3A, 3B, 3C, 3D, 28/5B1, 5B2,5B3, 129/2B, 139/1A2F, 140/1A,
1B, 1C, 140/2A, 2B1, 2B2, 3A1, 3A2, 3A4, 3A5, 3B1, 3B2, 3B3, 142/1 and 129/2,
Elanthakuttai Village, Pallipalayam Agraharam, Erode SF No.412/1 to 4,
Jangalpatti Village, Theni Taluka Theni. District, SF No.375/3, Jangalpatti
Village, Theni Taluka Theni District. |
||||||||||||||||||||||||||||||
|
Particulars of
the present modification |
The overall limit
under consortium stands as follows (Rs. In Millions)
|
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Electrical Installations
·
Weighing Machinery
·
Electronic Weighing
·
Fire Extinguisher
·
Testing Equipments
·
Furniture and Fittings
·
Office Equipments
·
Heavy Commercial Vehicles
·
Other Vehicles
·
Windmill
·
Motor Cycle
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 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 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. 54.84 |
|
|
1 |
Rs. 88.16 |
|
Euro |
1 |
Rs. 71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
|
30 |
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.