MIRA
INFORM REPORT
|
Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
LOYAL TEXTILE MILLS LIMITED |
|
|
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Registered
Office : |
21/4, |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
09.04.1946 |
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Com. Reg. No.: |
18-001361 |
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Capital
Investment / Paid-up Capital : |
Rs.48.200 Millions |
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CIN No.: [Company Identification
No.] |
L17111TN1946PLC001361 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIL00006G |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
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|
No. of Employees
: |
600 (Approximately) |
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 |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track. The rating reflects company’s consistent improvement in the
operational performance marked by longstanding experience of the promoter in
the textile business, widespread clientele and sound general financial
position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs.2153.37 crore – in the three months ended March 31, mainly
because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
07.07.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and High credit
risk. |
|
Date |
07.07.2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
Contact No.: |
91-9487880101 |
LOCATIONS
|
Registered Office/ Factory : |
21/4, Mill Street, Kovilpatti – 628501, Tamilnadu, India |
|
Tel. No.: |
91-4632-220001-5/ 28535111/ 4375/ 28588284 |
|
Fax No.: |
91-44-28533852 91-4632-221353 |
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E-Mail : |
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Website : |
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Head/ Corporate Office: |
No 83/41, 1st |
|
Tel. No.: |
91-44-42277374/ 45120101 |
|
Fax No.: |
91-44-43060622 |
|
Email : |
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Plant locations : |
Spinning,
Knitting, Weaving and Garments ·
N. Venkateswarapuram, N.Subbiahpuram, Sattur
Taluk - 626 205, India ·
Menakur Village, Naidupet Mandal, Nellore
District - 524 221, Andhra Pradesh, India ·
Arasanur, Thirumancholai Post, Sivagangai Taluk
-630 561, Tamilnadu, India Processing : ·
C7-1, SIPCOT Industrial Complex, Kudikadu,
Cuddalore - 607 005, Tamilnadu, India |
DIRECTORS
AS ON 31.03.213
|
Name : |
Mr. Manikam Ramaswami |
|
Designation : |
Chairman and Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
20.11.1953 |
|
Qualification : |
B. Tech. |
|
Date of Appointment : |
01.06.2008 |
|
DIN No.: |
00049630 |
|
|
|
|
Name : |
Mr. Karangalpadi Jathindra Mohan Shetty (I.A.S. – Retd.) |
|
Designation : |
Director |
|
Address : |
F-88, Anna Nagar East, Chennai-600102, Tamilnadu, India |
|
Date of Birth/Age : |
03.03.1934 |
|
Date of Appointment : |
21.06.2002 |
|
DIN No.: |
00033296 |
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|
|
|
Name : |
Mr. S. Venkataramani |
|
Designation : |
Director |
|
Address : |
No.16, Venkateshwarnagar, III Street, Adyar, Chennai-600020,
Tamilnadu, India |
|
Date of Birth/Age : |
05.10.1942 |
|
Date of Appointment : |
29.10.2004 |
|
DIN No.: |
00053043 |
|
|
|
|
Name : |
Mr. R. Poornalinggam (I.A.S. – Retd.) |
|
Designation : |
Additional Director |
|
Address : |
No.10, 1st Cross Street, Indira Nagar, Chnnai-600020, |
|
Date of Birth/Age : |
15.11.1945 |
|
Date of Appointment : |
27.10.2006 |
|
DIN No.: |
00955742 |
|
|
|
|
Name : |
Mr. Shridhar Subramanyam |
|
Designation : |
Director |
|
Address : |
Flat No.106, Olympus III, Prestige Acropolis, 20, Hosur Road,
Banglore-560029, Karnataka, India |
|
Date of Birth/Age : |
21.02.1939 |
|
Date of Appointment : |
23.05.2007 |
|
DIN No.: |
01780475 |
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|
|
|
Name : |
Mr. P. Manivannan |
|
Designation : |
Whole-time Director |
|
Address : |
3 G, Kala Apartments, No.02, Karunanithi Street, West Mambalam,
Chennai-600033, Tamilnadu, India |
|
Date of Birth/Age : |
23.06.1961 |
|
Date of Appointment : |
01.11.2011 |
|
DIN No.: |
00366954 |
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|
|
|
Name : |
Mr. Madhavan Nambiar I.A.S. (Retd.) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Laxmana Shankar |
|
Designation : |
D G. M Sales |
|
|
|
|
Name : |
Mr. Shiva Prasad Padhy |
|
Designation : |
Company Secretary |
|
Address : |
No. 83, (Old No. 41) First Main Road, R A Puram, Chennai – 600 028,
Tamilnadu, India |
|
Tel No.: |
91-44-42277374 |
|
Fax No.: |
91-44-43060622 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
196017 |
4.07 |
|
|
3343828 |
69.43 |
|
|
3539845 |
73.49 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3539845 |
73.49 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5200 |
0.11 |
|
|
5200 |
0.11 |
|
|
|
|
|
|
|
|
|
|
172934 |
3.59 |
|
|
|
|
|
|
|
|
|
|
772296 |
16.03 |
|
|
298563 |
6.20 |
|
|
|
|
|
|
27608 |
0.57 |
|
|
27608 |
0.57 |
|
|
1271401 |
26.40 |
|
|
|
|
|
Total Public shareholding (B) |
1276601 |
26.51 |
|
|
|
|
|
Total (A)+(B) |
4816446 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
4816446 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Textile Mills, Readymade Garments, Finished
Fabrics, Grey Fabrics, and Yarn. |
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Products : |
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Exports : |
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Products : |
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Countries : |
·
Europe ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Egypt |
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Terms : |
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Selling : |
L/C / Cheque |
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Purchasing : |
L/C / Cheque |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
600 (Approximately) |
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|
Bankers : |
·
Export Import Bank of
India ·
Central Bank of India ·
State Bank of India ·
Karur Vysya Bank
Limited ·
Indian Bank ·
State Bank of Mysore ·
Indian Overseas Bank |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Suri and Company Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Substantial interest in Voting Power |
· Shri Teyem Processors Limited · Uniloyal Exportex Limited, Chennai |
|
|
|
|
Joint Venture Company : |
· Gruppo P&P Loyal Spa, Italy · Loyal Dimco Group A.E.B.E., Greece · Loyal Tiret Cotton Farming and Gining P.L.C, Ethiopia |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 millions |
|
600000 |
Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 60.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.150.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4816446 |
Equity Shares |
Rs. 10/- each |
Rs.48.200
millions |
|
|
|
|
|
RECONCILIATION OF
NUMBER OF EQUITY SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
Particular |
31.03.2013 |
|
Number of Shares outstanding as the beginning of the year |
48,16,446 |
|
ADD: Number of Shares allotted during the year fully paid - up pursuant to a scheme of Amalgamation with "Sri Chintamani Textiles Mills Limited |
Nil |
|
Number of Shares outstanding as the end of the year |
48,16,446 |
SHARES IN THE
COMPANY HELD BY EACH SHARE HOLDING MORE THAN 5% SHARES
|
Sr. No |
Name of the Share holder |
Number of shares
held in the Company |
|
1 |
Madurai Tara
Traders Private Limited
|
776887 |
|
2 |
Felspar credit
and investment Private Limited |
661126 |
|
3 |
Dhanalakshmi
Investment Private Limited |
346887 |
|
4 |
Kurunji
Investments Private Limited
|
346887 |
|
5 |
Chintamani
Investments Private Limited |
279220 |
DETAILS OF
ALLOTMENT OF SHARES FOR CONSIDERATION OTHER THAN CASH, ALLOTMENTS OF BONUS
SHARES AND SHARES BOUGHT BACK (DURING THE PERIOD OF FIVE YEARS FROM 2007)
|
Particulars |
Amount |
|
Allotment of shares
as fully paid-up pursuant to Contracts
without payments being received in cash |
11 |
112500 Equity
Shares of Rs. 10 each fully paid up allotted on 27-05-2011 pursuant to a Scheme
of Amalgamation of "Shri Chintamani Textile Mills Limited"
FINANCIAL DATA
[All figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
48.200 |
48.200 |
48.200 |
|
(b) Reserves & Surplus |
1217.400 |
1062.700 |
1040.600 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1265.600 |
1110.900 |
1088.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2719.700 |
3833.400 |
4242.900 |
|
(b) Deferred tax liabilities (Net) |
529.400 |
443.700 |
293.700 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
9.200 |
2.000 |
|
Total Non-current Liabilities (3) |
3249.100 |
4286.300 |
4538.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2422.500 |
2157.000 |
2399.300 |
|
(b) Trade payables |
714.500 |
655.000 |
401.900 |
|
(c) Other current
liabilities |
1346.800 |
429.400 |
494.500 |
|
(d) Short-term provisions |
420.000 |
349.600 |
293.400 |
|
Total Current Liabilities (4) |
4903.800 |
3591.000 |
3589.100 |
|
|
|
|
|
|
TOTAL |
9418.500 |
8988.200 |
9216.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5099.900 |
5259.200 |
4822.200 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
142.600 |
39.000 |
410.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
45.500 |
60.000 |
62.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.600 |
35.500 |
123.100 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
5335.600 |
5393.700 |
5418.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1635.400 |
1425.300 |
1351.000 |
|
(c) Trade receivables |
825.500 |
746.200 |
821.900 |
|
(d) Cash and cash
equivalents |
31.200 |
8.900 |
328.000 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
|
(f) Other current assets |
1590.800 |
1414.100 |
1297.500 |
|
Total Current Assets |
4082.900 |
3594.500 |
3798.400 |
|
|
|
|
|
|
TOTAL |
9418.500 |
8988.200 |
9216.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16036.200 |
12473.900 |
9105.900 |
|
|
|
Other Income |
55.200 |
65.400 |
108.100 |
|
|
|
TOTAL (A) |
16091.400 |
12539.300 |
9214.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5569.200 |
4942.600 |
4021.300 |
|
|
|
Purchases of Stock-in-Trade |
5564.700 |
3449.700 |
1653.400 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(239.700) |
(51.100) |
281.100 |
|
|
|
Employees benefits expense |
761.200 |
608.100 |
469.700 |
|
|
|
Other expenses |
2639.600 |
2169.600 |
1743.600 |
|
|
|
TOTAL (B) |
14295.000 |
11118.900 |
8169.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1796.400 |
1420.400 |
1044.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
758.100 |
617.200 |
449.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1038.300 |
803.200 |
595.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
708.600 |
691.100 |
662.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
329.700 |
112.100 |
(67.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
132.700 |
61.700 |
(47.600) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
197.000 |
50.400 |
(19.400) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
192.900 |
242.200 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
10.000 |
24.300 |
|
|
|
Proposed divided on equity
shares |
NA |
24.100 |
4.800 |
|
|
|
Provision for tax on
distributed profits |
NA |
0.000 |
0.800 |
|
|
|
Interim Dividend |
NA |
0.000 |
0.000 |
|
|
|
Dividend Distribution tax |
NA |
4.200 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
205.000 |
192.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On export of goods, including export |
NA |
8867.000 |
6767.500 |
|
|
|
Dividend received |
NA |
0.000 |
4.200 |
|
|
TOTAL EARNINGS |
NA |
8867.000 |
6771.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
607.700 |
87.000 |
|
|
|
Stores & Spares |
NA |
111.100 |
95.500 |
|
|
|
Capital Goods |
NA |
182.800 |
506.300 |
|
|
TOTAL IMPORTS |
NA |
901.600 |
688.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
40.91 |
10.46 |
(4.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.22 |
0.40 |
(0.21) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.06 |
0.90 |
(0.74) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.57 |
1.26 |
(0.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.10 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.06 |
5.39 |
6.10 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
1.00 |
1.06 |
FINANCIAL ANALYSIS
[All figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
48.200 |
48.200 |
48.200 |
|
Reserves & Surplus |
1040.600 |
1062.700 |
1217.400 |
|
Net worth |
1088.800 |
1110.900 |
1265.600 |
|
|
|
|
|
|
long-term borrowings |
4242.900 |
3833.400 |
2719.700 |
|
Short term borrowings |
2399.300 |
2157.000 |
2422.500 |
|
Total borrowings |
6642.200 |
5990.400 |
5142.200 |
|
Debt/Equity ratio |
6.100 |
5.392 |
4.063 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
9,105.900 |
12,473.900 |
16,036.200 |
|
|
|
36.987 |
28.558 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
9,105.900 |
12,473.900 |
16,036.200 |
|
Profit |
(19.400) |
50.400 |
197.000 |
|
|
(0.21%) |
0.40% |
1.23% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
Yes |
------------------------------------------------------------------------------------------------------------------------------
LITIGATIONS DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
W.A. MISCELLANEOUS PETITION |
|
Case No.: |
128 |
|
Year : |
2007 |
|
Petitioner : |
THE GOVERNMENT OF TAMIL NADU |
|
Respondent : |
M/S LOYAL TEXTILE MILLS LIMITED |
|
Pet's Advocate : |
G.P |
|
Res's Advocate : |
M.ELUMALAI |
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Apr 3 2007 |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOAN
Rs. In
Millions
|
Particular |
AS ON 31.03.2014 |
AS ON 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Fixed Deposits |
NA |
1.200 |
|
|
|
|
|
Total |
NA |
2.200 |
------------------------------------------------------------------------------------------------------------------------------
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10432641 |
24/05/2013 |
260,000,000.00 |
CENTRAL BANK OF
INDIA |
10, R. C CHURCH
MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B77750321 |
|
2 |
10402763 |
05/01/2013 |
31,400,000.00 |
THE KARUR VYSYA BANK
LIMITED |
POST BOX NO.21,
ERODE ROAD, KARUR, TAMILNADU - 639002, INDIA |
B67999144 |
|
3 |
10348013 |
29/02/2012 |
460,000,000.00 |
CENTRAL BANK OF
INDIA |
10, R. C CHURCH
MAIN ROAD, KOVILPATTI, TAMILNADU - 628501, INDIA |
B37091881 |
|
4 |
10326714 |
23/11/2011 |
470,000,000.00 |
KARUR VYSYA BANK
LIMITED |
WHITES ROAD
BRANCH NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU - 600014, INDIA |
B29041480 |
|
5 |
10278966 |
18/11/2011 * |
584,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE COMPLES, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B28744662 |
|
6 |
10280308 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK
LIMITED |
SOUTH WING FIRST
FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
B28385748 |
|
7 |
10264534 |
09/11/2011 * |
260,000,000.00 |
KARUR VYSYA BANK
LIMITED |
SOUTH WING FIRST
FLOOR, NO.37, WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
B28385037 |
|
8 |
10057641 |
11/06/2007 |
981,800,000.00 |
CANARA BANK |
OVERSEAS BRANCH,
GROUND FLOOR, SPENCER'S TOWERS II, 770A, ANNA SALAI, CHENNAI, TAMILNADU -
600002, INDIA |
A17765918 |
|
9 |
10049927 |
30/06/2008 * |
490,900,000.00 |
INDIAN BANK |
PARK TOWN BRANCH
-53, RAJA MUTHIAH ROAD,PERIAMET, CHENNAI, TAMILNADU - 600003, INDIA |
A41494436 |
|
10 |
10041460 |
23/11/2011 * |
666,250,000.00 |
KARUR VYSYA BANK
LIMITED |
WHITES ROAD
BRANCH NO.37, WHITES ROAD BRANCH, CHENNAI, TAMILNADU - 600014, INDIA |
B30124903 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Furniture
· Plant and Machinery
· Vehicles
· Office and Equipment
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 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.60.14 |
|
|
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.