MIRA INFORM REPORT
|
Report Date : |
08.05.2014 |
NOTE:
“SUDARSANAM SPINNING MILLS” is a
division of “RAMARAJU SURGICAL COTTON MILLS LIMITED”
IDENTIFICATION DETAILS
|
Name : |
THE RAMARAJU SURGICAL COTTON MILLS LIMITED (SUDARSANAM SPINNING MILLS DIVISION OF RAMARAJU SURGICAL COTTON MILLS
LIMITED) |
|
|
|
|
Registered
Office : |
RSC Mills Premises, 119 P.A.C. Ramasamy Raja Salai, Rajapalayam
– 626117, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.02.1939 |
|
|
|
|
Com. Reg. No.: |
002302 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.19.733 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111TN1939PLC002302 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchange. |
|
|
|
|
Line of Business
: |
Production of Cotton Yarn and Surgical Products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. External borrowing of the company is huge which act as a threat to
liquidity position of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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 – 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
US investment bank Goldman
Sachs has upgraded its outlook on Indian markets as it expects positive impact
of the election cycle.
India’s
economy may grow 4.7 % in the current financial year, lower than the official
estimate of 4.9 %, Fitch Rating said. The global rating agency expects the
economy to pick up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan facilities: B+ |
|
Rating Explanation |
Risk prone credit quality and very high
credit risk. |
|
Date |
January, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
January, 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 31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Shankar |
|
Designation : |
Accountant |
|
Contact No.: |
91-44-23861051 |
|
Date : |
06.05.2014 |
LOCATIONS
|
Registered Office : |
RSC Mills Premises, 119 P.A.C. Ramasamy Raja Salai, Rajapalayam
– 626117, Tamilnadu, India |
|
Tel. No.: |
91-4563-235904 (10 Lines) |
|
Fax No.: |
91-4563-235714 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located at Surgical Division 1. Rajapalaiyam 2. Perumalpatti Spinning
Division Sudarsanam
Spinning Mills 1.
Rajapalaiyam 2.
Silvassa 3.
Subramaniapuram 4. Thirumalagiri Village, A.P. |
|
|
|
|
Sales Depots : |
·
Chennai Sales Depot, 6, Balaraman Street,
Krishna Nagar Annexe, Alappakkam
Main Road, Chennai - 600 095, Karnataka, India ·
26-9-18B,Ramarao Street, Gandhi Nagar, Vijayawada -
520 003, Tamilnadu, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr.
P.R. Ramasubrahmaneya Rajha |
|
Designation : |
Chairman |
|
Qualification : |
B.Sc. |
|
|
|
|
Name : |
Mrs.
R. Nalina Ramalakshmi |
|
Designation : |
Managing
Director |
|
Qualification : |
B.Sc.,
M.S.C.S. |
|
|
|
|
Name : |
Mrs.
C. Padmavathy |
|
Designation : |
Nominee
Director (Nominee of Govt. of Tamilnadu) |
|
|
|
|
Name : |
Mr.
P.R. Venketrama Raja |
|
Designation : |
Director |
|
Qualification : |
B.
Tech., M.B.A |
|
|
|
|
Name : |
Mrs.
R. Sudarsanam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
N.R.K. Ramkumar Raja, |
|
Designation : |
Director |
|
Qualification : |
B.
Tech., M.E. |
|
|
|
|
Name : |
Mr.
N.K. Shrikantan Raja |
|
Designation : |
Director |
|
Qualification : |
B.Com. |
|
|
|
|
Name : |
Mr.
P.J. Alaga Raja |
|
Designation : |
Director |
|
Qualification : |
B.A.B.L. |
|
|
|
|
Name : |
Mr.
S. Kanthimathinathan |
|
Designation : |
Director |
|
Qualification : |
M.Sc.,
M.B.A |
|
|
|
|
Name : |
Mr.
S.N. Rama Raju |
|
Designation : |
Director |
|
Qualification : |
B.E. |
KEY EXECUTIVES
|
Name : |
Mr. Shankar |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
PATTERN OF SHAREHOLDING AS ON 31-03-2013
|
Name of
Shareholders |
No of
Shares |
Percentage |
|
A.
Promoters Holding |
|
|
|
1.
Promoters |
830750 |
42.10 |
|
|
0 |
0 |
|
B.
Non - Promoters Holding |
0 |
0 |
|
1.
Banks, FI's, Ins. Cos, Govt. Institutions |
100 |
0.01 |
|
2.
NRIs/ OCBs & Non-domestic Companies |
1000 |
0.05 |
|
3.
Private Corporate Bodies |
10400 |
0.53 |
|
4.
Public |
1131030 |
57.31 |
|
|
|
|
|
Total |
1973280 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Production of Cotton Yarn and Surgical Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank ·
IDBI Bank Limited ·
Indian Bank ·
Karur Vysya Bank Limited ·
State Bank of India ·
Tamilnad Mercantile Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. S. Jagannathan and N. Krishnaswami, Chartered Accountants, |
|
Address : |
Unit 5, Ground Floor,
Abirami Apartments, No.14, V.O.C. Road, Cantonment, Tiruchirapalli – 620
001 Tamilnadu, India |
|
|
|
|
Enterprises over which
the above persons exercise significant influence and with which the company
had transactions during the year: |
·
Madras Cements Limited ·
Ramco Industries Limited ·
Ramco Systems Limited ·
Rajapalayam Mills Limited ·
Thanjavur Spinning Mill Limited ·
Sri Vishnu Shankar Mill Limited ·
Sandhya Spinning Mill Limited ·
Sri Harini Textiles Limited ·
Rajapalayam Spinners Limited |
CAPITAL STRUCTURE
(AS ON 01.08.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1973280 |
Equity Shares |
Rs.10/- each |
Rs.19.733 Millions
|
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
19.733 |
19.733 |
9.866 |
|
(b) Reserves & Surplus |
387.615 |
169.036 |
280.664 |
|
(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) |
407.348 |
188.769 |
290.530 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1,089.314 |
1,417.504 |
1,609.013 |
|
(b) Deferred tax liabilities (Net) |
172.090 |
96.174 |
145.672 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
28.289 |
17.582 |
18.023 |
|
Total Non-current
Liabilities (3) |
1,289.693 |
1,531.260 |
1,772.708 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
598.910 |
529.712 |
757.048 |
|
(b) Trade
payables |
58.485 |
30.640 |
18.919 |
|
(c) Other
current liabilities |
386.462 |
334.486 |
348.142 |
|
(d) Short-term
provisions |
71.205 |
79.544 |
85.438 |
|
Total Current
Liabilities (4) |
1,115.062 |
974.382 |
1,209.547 |
|
|
|
|
|
|
TOTAL |
2,812.103 |
2,694.411 |
3,272.785 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,923.830 |
2,014.029 |
2,104.816 |
|
(ii)
Intangible Assets |
2.623 |
4.281 |
6.513 |
|
(iii)
Capital work-in-progress |
7.002 |
6.255 |
2.401 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
22.042 |
22.071 |
22.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.480 |
21.288 |
20.178 |
|
(e) Other
Non-current assets |
101.319 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2,074.296 |
2,067.924 |
2,156.008 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
365.960 |
267.507 |
648.398 |
|
(c) Trade
receivables |
246.515 |
211.334 |
268.679 |
|
(d) Cash
and cash equivalents |
14.013 |
18.783 |
19.505 |
|
(e) Short-term
loans and advances |
73.427 |
68.082 |
93.358 |
|
(f) Other
current assets |
37.892 |
60.781 |
86.837 |
|
Total
Current Assets |
737.807 |
626.487 |
1,116.777 |
|
|
|
|
|
|
TOTAL |
2,812.103 |
2,694.411 |
3,272.785 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2379.782 |
1961.086 |
2091.839 |
|
|
|
Other Income |
17.793 |
26.347 |
9.206 |
|
|
|
TOTAL
(A) |
2397.575 |
1987.433 |
2101.045 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials Consumed |
1091.671 |
1104.045 |
996.436 |
|
|
|
Changes
in Inventories of Finished Goods and Work-in-Progress |
(4.104) |
121.240 |
(115.536) |
|
|
|
Employee
Benefit Expenses |
194.031 |
152.186 |
143.322 |
|
|
|
Other
Expenses |
516.352 |
373.644 |
482.072 |
|
|
|
TOTAL
(B) |
1797.950 |
1751.115 |
1506.294 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
599.625 |
236.318 |
594.751 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
218.392 |
245.225 |
207.149 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
381.233 |
(8.907) |
387.602 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
139.678 |
142.353 |
130.094 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F)
(G) |
241.555 |
(151.260) |
257.508 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.088 |
(49.498) |
131.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
225.467 |
(101.762) |
125.946 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
281.296 |
258.333 |
193.113 |
|
|
TOTAL EARNINGS |
281.296 |
258.333 |
193.113 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
90.219 |
116.056 |
69.306 |
|
|
|
Components & Spares |
8.537 |
4.708 |
9.309 |
|
|
|
Capital Goods |
0.000 |
10.119 |
8.399 |
|
|
TOTAL IMPORTS |
98.756 |
130.883 |
87.014 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
114.26 |
(51.57) |
128.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.40 |
(5.12) |
5.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.15 |
(7.71) |
12.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.68 |
(5.67) |
7.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.59 |
(0.80) |
0.89 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.14 |
10.32 |
8.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.64 |
0.92 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
9.866 |
19.733 |
19.733 |
|
Reserves & Surplus |
280.664 |
169.036 |
387.615 |
|
Net worth |
290.530 |
188.769 |
407.348 |
|
|
|
|
|
|
long-term borrowings |
1609.013 |
1417.504 |
1089.314 |
|
Short term borrowings |
757.048 |
529.712 |
598.910 |
|
Total borrowings |
2366.061 |
1947.216 |
1688.224 |
|
Debt/Equity ratio |
8.144 |
10.315 |
4.144 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from
Operations |
2,091.839 |
1,961.086 |
2,379.782 |
|
|
|
(6.251) |
21.350 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Revenue from Operations |
2,091.839 |
1,961.086 |
2,379.782 |
|
Profit |
125.946 |
(101.762) |
225.467 |
|
|
6.02% |
(5.19%) |
9.47% |
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 |
No |
|
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 |
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 |
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No
|
|
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 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Deposits |
35.449 |
19.971 |
|
Loan
from related parties |
0.000 |
30.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loan repayable on demand from Banks |
0.000 |
300.000 |
|
Deposits |
1.860 |
5.666 |
|
Loan from Other Parties |
0.038 |
0.037 |
|
Loan from Related Parties |
10.440 |
10.300 |
|
|
|
|
|
Total |
47.787 |
365.974 |
FINANCIAL RESULTS
The financial results for
the year ended 31st March, 2013, after charging all expenses and contribution
to Ramaraju Memorial Fund of Rs.7.000 Millions which is within the limits laid
in the Articles of Association, but before deducting interest and depreciation
have resulted in operating profit of Rs.599.625 Millions against Rs.236.318
Millions for the previous financial year 2011-12.
After deducting Rs.218.392
Millions towards interest cost and providing Rs.139.678 Millions towards
Depreciation, the Net profit for the year is Rs.241.555 Millions (PY: Net loss
of Rs.151.260 Millions). The Directors propose to appropriate the total sum of
Rs.241.555 Millions.
PROSPECTS FOR THE CURRENT
YEAR
The high volatility in
cotton prices during the current cotton season 2012-13 is creating
uncertainties for Spinning Mills. The cotton prices are currently ruling high
at uneconomical levels. There is no sustained demand for yarn both in domestic
and global markets to absorb the increased cotton cost. The power cut imposed
in Tamilnadu / Andhra Pradesh and increase in power tariff are severely
affecting the operations of the Company.
The Company is maintaining
high standards of yarn quality, cost effective production and stringent waste
control measures. The Company is focusing on more automation with a view to
utilize the skilled manpower more efficiently and also focusing on value added
yarn. These measures have strengthened the Company to face the challenges in
the current scenario. The Directors are hopeful of achieving satisfactory
results for the current year with the implementation of above steps.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/ Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10457800 |
21/09/2013 |
80,000,000.00 |
The Karur Vysya Bank
Limited |
Whites Road Branch, No.37
Whites Road, Chennai, Tamil Nadu - 600014, INDIA |
B88624846 |
|
2 |
10321895 |
14/11/2011 |
200,000,000.00 |
TAMILNAD MERCANTILE BANK
LIMITED |
391, AISWARYA COMPLEX, TENKASI
ROAD, RAJAPALAYAM, Tamil Nadu - 626117, INDIA |
B27283241 |
|
3 |
10312136 |
23/09/2011 |
128,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH,
KANNAMMAI BUILDING, 611 A |
B23246879 |
|
4 |
10312139 |
23/09/2011 |
200,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH,
KANNAMMAI BUILDING, 611 ANNA SALAI, CHENNAI, Tamil Nadu - 600006, INDIA |
B23247349 |
|
5 |
10303447 |
01/08/2011 |
350,000,000.00 |
TAMILNAD MERCANTILE BANK
LIMITED |
57,VICTORIA EXTENSION
ROAD, THOOTHUKUDI, Tamil Nadu - 628002, INDIA |
B19273234 |
|
6 |
10243873 |
28/09/2010 |
108,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH,
KANNAMMAI BUILDINGS, NO.6 |
A96530670 |
|
7 |
10229495 |
06/02/2013 * |
3,381,700,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
SANKARANKOIL ROAD, RAJAPALAYAM, Tamil Nadu - 626117, INDIA |
B69151199 |
|
8 |
10198709 |
05/02/2010 |
200,000,000.00 |
3i Infotech Trusteeship
Services Limited |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A78115565 |
|
9 |
10086303 |
03/06/2011 * |
240,000,000.00 |
IDBI BANK LTD |
LIC BUILDING, FIRST FLOOR,
NO3 WEST MARRET STREET, MADURAI, TAMIL NADU - 625001, INDIA |
B14870745 |
|
10 |
10081974 |
19/12/2007 |
220,000,000.00 |
TAMILNAD MERCANTILE BANK
LIMITED |
391,AISHWARYA COMPLEX,
TENKASI ROAD,, RAJAPALAYAM, TAMIL NADU - 626117, INDIA |
A29519667 |
|
11 |
10045108 |
18/09/2008 * |
886,000,000.00 |
CANARA BANK |
883 TENKASI ROAD,
RAJAPALAYAM, TAMIL NADU - 626117, INDIA |
A47103262 |
|
12 |
90302946 |
22/06/2009 * |
611,300,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH,
NO. 611 ANNA SALAI, KANNA |
A66505710 |
|
13 |
90287940 |
22/09/2005 * |
96,000,000.00 |
INDIAN BANK |
THOUSANDS BUILDING, ANNA
SALAI, CHENNAI, TAMIL NADU - 600006, INDIA |
- |
|
14 |
90302913 |
10/08/2004 |
96,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH
KANNUMMAL BUILDING, 611 ANNA SALAI, CHENNAI, Tamil Nadu - 600006, INDIA |
- |
|
15 |
90298644 |
01/07/2010 * |
371,900,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, SANKARANKOIL
ROAD, RAJAPALAYAM, Tamil Nadu - 626117, INDIA |
A90202235 |
|
16 |
90302077 |
19/03/1999 * |
18,000,000.00 |
STATE BANK OF INDIA |
RAJAPALAIYAM,
RAJAPALAIYAM, Tamil Nadu, INDIA |
- |
|
17 |
90301933 |
29/09/1995 * |
50,000,000.00 |
STATE BANK OF INDIA |
RAJAPALAIYAM,
RAJAPALAIYAM, Tamil Nadu, INDIA |
- |
|
18 |
90300487 |
10/03/1995 |
60,000,000.00 |
STATE BANK OF INDIA |
RAJAPALAIYAM,
RAJAPALAIYAM, Tamil Nadu, INDIA |
- |
|
19 |
90298460 |
09/09/2000 * |
75,000,000.00 |
STATE BANK OF INDIA |
RAJAPALAIYAM,
RAJAPALAIYAM, Tamil Nadu, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Electrical Machinery
· Furniture
· Office Equipment
· Vehicles
· Computers
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.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
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 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
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 |
|
33 |
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 |
-- |