MIRA INFORM REPORT

 

 

Report No. :

305589

Report Date :

02.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SKY WEAVES

 

 

Registered Office :

111/1A-1, Arul Industrial Estate, Arulpuram Post, Tirupur – 641 605, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Year of Establishment :

2001

 

 

Capital Investment / Paid-up Capital :

Rs. 165.437 Millions (Estimated)

 

 

IEC No.:

Not Available

 

 

TIN No.:

Not Available

 

 

PAN No.:

[Permanent Account No.]

AATFS2122C

 

 

Legal Form :

Partnership Concern with an unlimited liability of the partners

 

 

Line of Business :

Manufacturer and exporter of cotton yarn and gery fabrics

 

 

No. of Employees :

1000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having satisfactory track.

 

Trade relations are fair. Business is active. Payment terms are reported as usually correct.

 

The concern 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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

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. Shrivraj

Designation :

Accountant

Contact No.:

91-421-2219091

Date :

29.01.2015

 

 

LOCATIONS

 

Registered Office :

111/1A-1, Arul Industrial Estate, Arulpuram Post, Tirupur – 641 605, Tamilnadu

Tel. No.:

91-421-2219091

Mobile No.:

91-9994339977 (Mr. Shivaraj)

Fax No.:

Not Available

E-Mail :

acc@skyexports.com

Website :

http://www.skyexports.com

Location :

Owned

 

 

Factory 1 :

168/1, Udumalai Road – 642 201, Tamilnadu, India

 

 

Factory 2 :

Near CIDCO Industrial Estate, Palladam – 641 664, Tamilnadu, India

 

 

PARTNERS

 

 

Name :

Mr. V. Sundararaj

Designation :

Partner

 

 

Name :

Mrs. S. Saroja

Designation :

Partner

 

 

Name :

Mr. S. Karthikeyan

Designation :

Partner

 

 

KEY EXECUTIVES

 

Name :

Mr. Shrivraj

Designation :

Accountant

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and exporter of cotton yarn and gery fabrics

 

 

Products :
  • Cotton Yarn
  • Gery Fabrics

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • Cotton Yarn
  • Grey Fabrics

Countries :
  • France
  • Germany

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Kannan Agent - Tirupur

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Valiant Glass Works Private Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

Reference :

Baba Things India

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

1000 (Approximately)

 

 

Bankers :

 

Banker Name :

IndusInd Bank

Branch Address :

655-662, Tristar Towers, Avinashi Road, Coimbatore – 641 037, Tamilnadu, India

Facilities :

Not Divulged

Person Name :

Mr. Murlimohan Rao

Contact No.:

91-8939916263

Report :

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Rs.120.000 Millions

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

Auditors :

 

Name :

P.S. Krishnan and Company

Chartered Accountants

Address :

Tirupur, Tamilnadu, India

 

 

Memberships :      

Not Available

 

 

Collaborators :

Not Available

 

 

Group of Companies :

Name :

KARTHIKEVA COTTON MILLS

Address :

Arul Industrial Estate, Arulpuram, Tirupur – 641 605, Tamilnadu, India

Tel No.:

91-421-2219091 / 2216573

Fax No.:

91-421-2219090

E-mail Id :

kcm@skyexports.com

Line of Business :

Manufacturing of Cotton Gray Fabric

Management:

Mr. V. Sundar Raj (Proprietor)

 

 

Name :

SKY INTERNATIONAL

Address :

Arul Industrial Estate, Arulpuram, Tirupur – 641 605, Tamilnadu, India

Tel No.:

91-421-2219091 / 2216573

Fax No.:

91-421-2210733

E-mail Id :

exp@skyexports.com

Line of Business :

Manufacturing of Cotton Gray Fabric

Management:

Mr. V. Sundaraj (Partner)

Mrs. S. Saroja (Partner)

 

 

Name :

SKY COTEX INDIA PRIVATE LIMITED

Address :

Arul Industrial Estate, Arulpuram, Tirupur – 641 605, Tamilnadu, India

Tel No.:

91-421-2219091 / 2216573

Fax No.:

91-421-2216572

E-Mail :

yarn@skyexports.com

Line of Business :

Manufacturing of Cotton Yarns.

Management:

Mr. V. Sundaraj (Director)

Mrs. S. Saroja (Director)

Mr. Kartikeyan (Director)

Mr. E Dharni (Director)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Capital Investment :

 

Owned :

Rs. 165.437 Millions (Estimated)

Borrowed :

--

Total :

Rs. 165.437 Millions (Estimated)

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

165.437

124.850

91.878

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

165.437

124.850

91.878

LOAN FUNDS

 

 

 

1] Secured Loans

188.414

201.956

138.752

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

188.414

201.956

138.752

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

353.851

326.806

230.630

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

166.755

172.670

165.462

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

 

Sundry Debtors

 

 

 

 

Cash & Bank Balances

 

 

 

 

Other Current Assets

 

 

 

 

Loans & Advances

 

 

 

Total Current Assets

222.390

214.717

179.516

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

 

Other Current Liabilities

 

 

 

 

Provisions

 

 

 

Total Current Liabilities

35.294

60.581

114.348

Net Current Assets

 

 

 

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

353.851

326.806

230.630

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Sales/ Receipts

609.522

607.957

552.657

 

 

Other Income

0.117

0.536

0.217

 

 

TOTAL                                    

609.639

608.493

552.874

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of goods sold/ Cost of processing

546.468

540.649

484.322

 

 

Selling and Administrative Expenses

25.057

26.333

30.406

 

 

Payments to Partners

0.000

0.000

0.300

 

 

TOTAL                                    

571.525

566.982

515.028

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

38.114

41.511

38.846

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

21.284

22.961

22.222

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

16.831

18.551

16.624

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

7.234

11.662

13.826

 

 

 

 

 

 

NET PROFIT

9.596

6.888

2.798

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.57

1.13

0.33

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

6.25

6.83

6.85

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.14

1.62

1.51

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
6.30
3.54

1.57

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

91.878

124.850

165.437

Reserves & Surplus

0.000

0.000

0.000

Net worth

91.878

124.850

165.437

 

 

 

 

Secured Loans

138.752

201.956

188.414

Unsecured Loans

0.000

0.000

0.000

Total borrowings

138.752

201.956

188.414

Debt/Equity ratio

1.510

1.618

1.139

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

552.657

607.957

609.522

 

 

10.006

0.257

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

552.657

607.957

609.522

Profit

1.798

6.888

9.596

 

0.33%

1.13%

1.57%

 

 

 

 

 

 

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

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

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

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

No

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.61.75

UK Pound

1

Rs.93.13

Euro

1

Rs.70.02

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SUB

 

 

Report Prepared by :

JYTK

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

47

 

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

 

--

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.