|
Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SRI RANGA TEXTILES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
38, Race Course, Coimbatore – 641 018, Tamilnadu |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ1980PTC000968 |
|
|
|
|
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 : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 170000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a satisfactory track record. There
appears some loss during the current year recorded by the company. However, networth of the company seems to be good. Trade relations are
reported to be fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for normal business dealing at usual
trade terms and conditions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
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, |
|
Tel. No.: |
91-422-2222873 |
|
Fax No.: |
91-422-2222988 |
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E-Mail : |
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|
|
|
Factory 1 : |
S.F. No.459/1, |
|
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, Coimbatore – 641018, Tamilnadu, India |
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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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DIN No.: |
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 |
|
|
|
|
|
E. Ramalakshmi |
|
10 |
|
Ethirajulu Ranga Rao |
|
1450 |
|
L. Suhasini |
|
100 |
|
L. Swathy |
|
100 |
|
D. Lakshminarayanaswamy |
|
50 |
|
Ethirajulu Silesh |
|
2790 |
|
S. Venkatalakshmi |
|
750 |
|
Ramalakshmi Spinners (Private) Limited, |
|
750 |
|
|
|
|
|
Total |
|
6000 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Yarn. |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
31.03.2011 |
|
a) Licensed Capacity - Spindles |
15816 |
|
b) Installed Capacity |
15816 |
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c)
Production |
|
|
Cotton Yarn |
294291.000 Kgs. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v State Bank of Commercial
Branch, 1443, Trichy Road, Coimbatore - 641018, Tamilnadu, India v Tamilnad Mercantile
Bank Limited Coimbatore Main
Branch, 122, Big Bazaar Street, Coimbatore - 641001, Tamilnadu, India v Standard
Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
Auditors : |
|
|
Name : |
P. Mahendran Chartered Accountant |
|
Address : |
B-304, Raheja Centre, Avinashi Road, Coimbatore – 641018, Tamilnadu,
India |
|
Tel. No.: |
91-422-2244337 |
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PAN
No.: |
ACSPM7162R |
|
|
|
|
Other Related Parties : |
v
RER Textiles v
Ramalakshmi
Mills v
The 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 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.600 |
0.600 |
0.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
40.730 |
47.376 |
40.264 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
41.330 |
47.976 |
40.864 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17.239 |
28.113 |
13.800 |
|
|
2] Unsecured Loans |
16.546 |
13.304 |
30.851 |
|
|
TOTAL BORROWING |
33.785 |
41.417 |
44.651 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75.115 |
89.393 |
85.515 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.329 |
36.405 |
30.931 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.867 |
0.867 |
0.867 |
|
|
DEFERREX TAX ASSETS |
3.290 |
2.386 |
0.517 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34.053
|
51.131
|
28.631 |
|
|
Sundry Debtors |
10.075
|
12.176
|
7.706 |
|
|
Cash & Bank Balances |
8.850
|
4.140
|
23.373 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
3.004
|
5.871
|
4.948 |
|
Total
Current Assets |
55.982
|
73.318
|
64.658 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
8.074
|
14.843
|
3.881 |
|
|
Other Current Liabilities |
4.229
|
4.567
|
4.932 |
|
|
Provisions |
1.050
|
4.173
|
2.645 |
|
Total
Current Liabilities |
13.353
|
23.583
|
11.458 |
|
|
Net Current Assets |
42.629
|
49.735
|
53.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75.115 |
89.393 |
85.515 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.382 |
19.121 |
17.447 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.883 |
3.925 |
5.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.499 |
15.196 |
12.206 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.050 |
6.924 |
5.194 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(7.551) |
8.272 |
7.012 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.905) |
1.205 |
1.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(6.646) |
7.067 |
5.524 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.876 |
13.809 |
8.239 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.230 |
20.876 |
13.763 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1107.74) |
1177.90 |
920.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.96)
|
7.54
|
7.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18)
|
0.17
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.14
|
1.35
|
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.19
|
3.11
|
5.64 |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
PERFORMANCE REVIEW:
The year was a very
bad year for textile industry. The Raw material prices were very erratic and
the finished goods prices were very low. There was no real margin available in
the selling price to recover the total cost. Hence the company had incurred a
loss of Rs.7.551 Millions. The Company is taking steps to overcome this
difficult situation.
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 |
Tamilnad
Mercantile Bank Limited Coimbatore Main Branch,
122, Big Bazaar Street, Coimbatore – 641 001, Tamilnadu, India CIN No.:
U65110TN1921PLC001908 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 and 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 Mercantile Bank Limited |
|
Short particulars
of the property charged |
Land to an Extent
of 15848 sq. ft with Factory Building constructed thereat situated at
S.F.No.459/1, Uppilipalayam Village, D.No.47 (Old No.15), V.R. Puram, Nehru
Park Road, Singanallur, Coimbatore 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 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.54.98 |
|
UK Pound |
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.