MIRA INFORM REPORT
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Report No. : |
350407 |
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Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
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Name : |
VEEBEE YARNNTEX PRIVATE LIMITED (w.e.f. 27.03.2012) |
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Formerly Known As : |
VEE BEE YARN TEX PRIVATE LIMITED
(w.e.f. 18.03.2009) SHREE VB SPINTEX
PRIVATE LIMITED |
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Registered Office : |
1109-E, Srivilliputtur Road, Rajapalayam-626117, Tamilnadu |
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Tel. No.: |
91-4563-230096 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation : |
11.02.2004 |
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Com. Reg. No.: |
18-052510 |
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Capital
Investment / Paid-up Capital : |
Rs.75.000 Million |
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CIN No.: [Company Identification
No.] |
U17111TN2004PTC052510 |
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IEC No.: |
3505004782 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIS03379F |
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PAN No.: [Permanent
Account No.] |
AAJCS0638L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of cotton bandings and hospital requisites, bleachers or
dyers and makers of vitriol, bleaching and dyeing materials. |
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No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 430000 |
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Status : |
Moderate |
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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 incorporated in the year 2004 having moderate track. The company has shown significant growth in its turnover and profit of the company during FY 2014. However, the rating is constrained by huge borrowings recorded by the company which act as a threat to the liquidity position of the company. Their trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Mohan Raj |
|
Designation : |
Finance Manager |
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Contact No.: |
91-4563-230096 |
|
Date : |
21.11.2015 |
LOCATIONS
|
Registered Office : |
1109-E, |
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Tel. No.: |
91-4563-230096 |
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Fax No.: |
91-4563-230193 |
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E-Mail : |
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Location: |
Owned |
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Locality: |
Commercial |
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Factory : |
NH 208, Madurai Road, T Kunnathur Village, Peraiyur Taluka, District
Madurai, Tamilnadu, India |
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Location: |
Owned |
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Locality: |
Industrial |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Alagarsamy Saravanakumar |
|
Designation : |
Managing director |
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Address : |
(Old No 41a) New No 152, Sevalpatti South Street,,
Rajapalayam - 626117, Tamilnadu, India |
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Date of Birth/Age : |
28.08.1973 |
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Date of Appointment : |
11.02.2004 |
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DIN No.: |
00604765 |
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PAN No.: |
AHNPS9288J |
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Name : |
Mr. Saravanakumar Ramapriya |
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Designation : |
Director |
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Address : |
(Old No 41a) New No 152, Sevalpatti South Street,,
Rajapalayam - 626117, Tamilnadu, India |
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Date of Birth/Age : |
31.03.1979 |
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Date of Appointment : |
11.02.2004 |
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DIN No.: |
00608381 |
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Election Commission Identity Card No.: |
GRV4787461 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
71.00 |
|
Other top fifty shareholders |
29.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of cotton bandings and hospital requisites, bleachers or
dyers and makers of vitriol, bleaching and dyeing materials. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C and Cheque |
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Purchasing : |
L/C and Cheque |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
600 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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Name : |
Krishnan and Raman Chartered Accountants |
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Address : |
Rajapalayam, Tamilnadu, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AASPR3952L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises owned
or significantly influenced by Key management personnel or their relatives: |
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CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Million |
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AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7750000 |
Equity Shares |
Rs.10/- each |
Rs. 77.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000
Million |
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FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
75.000 |
75.000 |
75.000 |
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(b) Reserves & Surplus |
76.051 |
32.588 |
13.063 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
151.051 |
107.588 |
88.063 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
432.891 |
530.011 |
639.862 |
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(b) Deferred tax liabilities
(Net) |
0.775 |
0.775 |
0.775 |
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(c) Other long term
liabilities |
1.213 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total
Non-current Liabilities (3) |
434.879 |
530.786 |
640.637 |
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(4) Current Liabilities |
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(a) Short term borrowings |
300.017 |
292.413 |
320.660 |
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(b) Trade payables |
191.586 |
140.234 |
37.217 |
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(c) Other current liabilities |
137.093 |
86.428 |
9.801 |
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(d) Short-term provisions |
15.400 |
9.900 |
6.633 |
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Total
Current Liabilities (4) |
644.096 |
528.975 |
374.311 |
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TOTAL |
1230.026 |
1167.349 |
1103.011 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
565.012 |
591.183 |
659.514 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.144 |
0.105 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
47.821 |
64.991 |
48.673 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
612.977 |
656.279 |
708.187 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
266.162 |
221.069 |
109.328 |
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(c) Trade receivables |
218.259 |
206.720 |
158.176 |
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(d) Cash and cash equivalents |
27.201 |
5.319 |
5.394 |
|
(e) Short-term loans and
advances |
105.427 |
77.962 |
121.926 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
617.049 |
511.070 |
394.824 |
|
|
|
|
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TOTAL |
1230.026 |
1167.349 |
1103.011 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Turnover |
2120.009 |
1637.585 |
1086.970 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
NA |
NA |
NA |
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
219.841 |
202.989 |
128.051 |
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FINANCIAL
EXPENSES |
80.814 |
95.043 |
100.549 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
139.027 |
107.946 |
27.502 |
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DEPRECIATION/
AMORTISATION |
85.302 |
82.886 |
70.968 |
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PROFIT/ (LOSS)
BEFORE TAX |
53.724 |
25.060 |
(43.466) |
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TAX |
10.262 |
5.535 |
0.000 |
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PROFIT/ (LOSS)
AFTER TAX |
43.462 |
19.525 |
(43.466) |
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PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(22.509) |
(42.034) |
1.432 |
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APPROPRIATIONS |
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Transfer to General Reserve |
20.000 |
0.000 |
0.000 |
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Balance
Carried to the B/S |
0.953 |
(22.509) |
(42.034) |
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EARNINGS
IN FOREIGN CURRENCY |
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F.O.B. Value of Exports |
300.983 |
153.319 |
176.866 |
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TOTAL
EARNINGS |
300.983 |
153.319 |
176.866 |
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CIF
Value IMPORTS |
304.357 |
154.887 |
179.723 |
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Earnings
/ (Loss) Per Share (Rs.) |
5.79 |
NA |
NA |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
1900.000 |
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|
(Due to market
fluctuation) |
Expected Sales (2015-2016) : Rs.2030.000 Million
The above information has been parted by Mr. Mohan Raj
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
0.000 |
0.000 |
(43.466) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.37 |
2.15 |
-3.94 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36 |
0.23 |
-0.49 |
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Debt Equity Ratio (Total Debt /Networth) |
|
4.85 |
7.64 |
10.91 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.97 |
1.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
75.000 |
75.000 |
75.000 |
|
Reserves & Surplus |
13.063 |
32.588 |
76.051 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
88.063 |
107.588 |
151.051 |
|
|
|
|
|
|
long-term borrowings |
639.862 |
530.011 |
432.891 |
|
Short term borrowings |
320.660 |
292.413 |
300.017 |
|
Total
borrowings |
960.522 |
822.424 |
732.908 |
|
Debt/Equity
ratio |
10.907 |
7.644 |
4.852 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
1086.970 |
1637.585 |
2120.009 |
|
|
|
50.656 |
29.459 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Turnover |
1086.970 |
1637.585 |
2120.009 |
|
Profit |
(43.466) |
19.525 |
43.462 |
|
|
(4.00%) |
1.19% |
2.05% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
Yes |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATION:
The performance during the year had been satisfactory. The gross turnover has improved much higher at Rs.2120.009 Million against Rs. 1637.585 Million of the previous year. The Profit before Depreciation and Interest is Rs. 219.841 Million as compared to the previous year profit of Rs.202.989 Million.
The year had been satisfactory by successful implementation of dedicated power feeder line from TNEB and timely decision taken by the directors to purchase power from power exchange, private power suppliers and wind mills have resulted in operation of the unit at optimum utilization level by tide over from the power crisis. Further by control of various cost reduction measures and production of flexible count pattern with more value added yarn and continuous efforts taken by the directors in the current market scenario has resulted in a net profit of Rs.53.724 Million during the year.
CURRENT YEAR
PROSPECTS:
The market condition in the textile industry is turning for the better with the cotton prices both domestic and international, are expected to be stable due to good cotton crop prospects. The yarn prices are also expected to be stable due to good demand and favourable market condition. The company has installed dedicated power feeder line from TNEB Substation to their unit. With the above favourable factors and optimum utilization of available resources, the directors are hopeful of presenting better result for the current and coming years.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10051711 |
29/12/2014 * |
537,100,000.00 |
BANK OF INDIA |
402, TENKASI ROAD, RAJAPALAYAM, TAMIL NADU - 62611 |
C39279351 |
|
2 |
90287092 |
12/03/2015 * |
777,900,000.00 |
BANK OF BARODA |
855 TENKASI ROAD, RAJAPALAYAM, TAMIL NADU - 62611 |
C48988380 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Livestock
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.66.09 |
|
UK Pound |
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.