|
|
|
MIRA INFORM REPORT
|
Report No. : |
504845 |
|
Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SOUNDARARAJA MILLS LIMITED (w.e.f. 07.10.1967) |
|
|
|
|
Formerly Known
As : |
SOUNDARARAJA MILLS PRIVATE
LIMITED |
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Registered
Office : |
Soundararaja Buildings, G.T.N. Salai, Dindigul - 624005, Tamilnadu |
|
Tel. No.: |
91-451-2430104/105 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
11.06.1937 |
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|
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Com. Reg. No.: |
18-014821 |
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Capital
Investment / Paid-up Capital : |
INR 9.693 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ1937PLC014821 |
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|
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IEC No.: [Import-Export Code No.] |
0488000629 |
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TIN No.: |
33265220052 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACS8799R |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AAACS8799R1ZA |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter, Preparation and Spinning of Synthectic, and Cotton Fiber including blended Cotton Yarn (Registered activity and also confirmed by management) |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 2053000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1937. It is into manufacturing, preparation and spinning of synthectic and cotton fiber including blended cotton yarn. Management has not filed its financial record with government department for the year 2017 and same are not available from any other sources. For the financial year ended 2016, the company has reported a decline in its revenue as compared to the previous year and has incurred operational losses. The company possesses healthy financial position marked by adequate networth base along with comfortable debt level and average liquidity position. Rating is constrained on account of latest financial of the company. Business is active. Payments are seems to be slow but correct. In view of aforesaid, the company can be considered for
business dealings at usual trade terms and condition. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Long term loans : BB- |
|
Rating Explanation |
Moderate risk of default |
|
Date |
27.11.2017 |
|
Rating Agency Name |
BRICKWORKS |
|
Rating |
Short term loans : A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
27.11.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 19.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Venkattramnaidu Athinarayanasamy |
|
Designation : |
Director |
|
Contact No.: |
91-9842131307 |
|
Date : |
18.04.2018 |
LOCATIONS
|
Registered/ Administrative/
Corporate Office : |
Soundararaja Buildings, G.T. N. Salai, Dindigul – 624005, Tamilnadu, India |
|
Tel. No.: |
91-451-2430104/105 |
|
Mobile No.: |
91-9842131307 (Mr. Venkattramnaidu Athinarayanasamy) |
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Fax No.: |
91-451-2430593 |
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E-Mail : |
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|
Website : |
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|
Area : |
3 Acres |
|
Location : |
Owned |
|
Locality : |
Commercial |
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|
|
|
Factory 1 : |
Soudararaja Mills Road, Dindigul – 624003, Tamilnadu, India |
|
Tel. No.: |
91-451-2470067 |
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Fax No.: |
91-451-2471407 |
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|
|
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Factory 2 : |
Kamarajar Salai, Nedungadu - 609603, Pondicherry, Tamilnadu,
India |
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Tel. No.: |
91-4368-261293/ 261284 |
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Fax No.: |
91-4368-261519 |
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|
|
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Factory 3 : |
Nillakottai Taluk, Siddargalnatham, Dindigul – 624219, Tamilnadu,
India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Soundarajan Ranjit |
||||||||
|
Designation : |
Managing Director |
||||||||
|
Address : |
36, Vijayashree, Arch Bishop Avenue, Chennai-600028, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
16.07.1963 |
||||||||
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Qualification : |
M.S.A.S.(USA) |
||||||||
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Date of Appointment : |
01.07.1985 |
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PAN No.: |
AACPR6741F |
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DIN No.: |
00307132 |
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Other
Directorship :
|
|||||||||
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|
|||||||||
|
Name : |
Mr. Kiran Ranjit Soundarajan |
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|
Designation : |
Whole-time Director |
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|
Address : |
Lakshmi Soundra,
G.T.N Salai, B.K Puram, Dindigul-624005, Tamilnadu, India |
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Date of Birth/Age : |
08.08.1988 |
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Date of Appointment : |
24.06.2010 |
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PAN No.: |
ATCPK3466D |
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DIN No.: |
03164195 |
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|||||||||
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|
||||||||
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Name : |
Mr. Ranjit Soundarajan Sangeetha |
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Designation : |
Whole-time Director |
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Address : |
Lakshmi Soundara, G T N Salai, Dindigul -624005, Tamilnadu, India |
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Date of Birth/Age : |
09.1101966 |
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Qualification : |
BBA |
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Date of Appointment : |
18.02.2008 |
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PAN No.: |
AACPR6741F |
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DIN No.: |
02186527 |
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Other
Directorship :
|
|||||||||
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|
|||||||||
|
Name : |
Mr. Narayanaraja Muralidharan |
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Designation : |
Director |
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Address : |
19, A Kasimalli, Dindigul-624003, Tamilnadu, India |
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|
Date of Birth/Age : |
09.05.1959 |
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Qualification : |
D.T.T. |
||||||||
|
Date of Appointment : |
30.03.2015 |
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PAN No.: |
ACMPM4302P |
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DIN No.: |
00391413 |
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|
||||||||
|
Name : |
Mr. Venkattramnaidu Athinarayanasamy |
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|
Designation : |
Director |
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|
Address : |
Old-17, New-25, Krishnarao, Second St. Dindigul-624001, Tamilandu,
India |
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Date of Birth/Age : |
08.03.1958 |
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Qualification : |
B.COM. |
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Date of Appointment : |
24.06.2010 |
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PAN No.: |
AFEPA7549D |
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DIN No.: |
03136026 |
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|
||||||||
|
Name : |
Mr. Ranjit Soundarajan Yashwanth |
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|
Designation : |
Director |
||||||||
|
Address : |
Lakshmi Soundra, G.T.N. Salai, B.K. Puram Dindigul – 624005,
Tamilnadu, India |
||||||||
|
Date of Appointment : |
01.06.2015 |
||||||||
|
DIN No.: |
07197877 |
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KEY EXECUTIVES
|
Name : |
B. Viswanath and Company |
|
Designation : |
Company Secretaries in Practice |
|
Address : |
Shri Harish Nivas, 142-146, Rajammal Layout, Ponnaiyarajapuram, Coimbatore – 641001, Tamilnadu, India |
|
Mobile No. : |
91-9976979347 |
|
Email : |
MAJOR SHAREHOLDERS
As on 29.06.2015
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 29.06.2015
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
69.61 |
|
Public/Other than promoters (Individual/Hindu Undivided Family – Indian) |
12.08 |
|
Public/Other than promoters (Body corporate) |
18.31 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Preparation and Spinning of Synthectic, and Cotton Fiber including blended Cotton Yarn (Registered activity and also confirmed by management) |
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Products / Services
: |
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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 : |
Not Available |
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Terms : |
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Selling : |
Advance Payment, Cheque, Others (RTGS, NEFT) |
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Purchasing : |
Advance Payment, Cheque, Others (RTGS, NEFT) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Natarajan Balavenkatesan Chartered Accountants |
|
Address : |
91/32, New Agraharam, Palani Road, Dindigul, Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ABEPB3151A |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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|
|
|
Associates : |
Soundararaja Textiles Company |
CAPITAL STRUCTURE
As on 29.06.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
INR 10/- each |
INR 30.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
969336 |
Equity Shares |
INR 10/- each |
INR 9.693 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.693 |
9.693 |
9.693 |
|
(b) Reserves & Surplus |
708.798 |
720.863 |
717.925 |
|
(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) |
718.491 |
730.556 |
727.618 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
236.160 |
239.105 |
121.011 |
|
(b) Deferred tax liabilities (Net) |
79.341 |
65.676 |
67.795 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
315.501 |
304.781 |
188.806 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
86.054 |
106.554 |
222.776 |
|
(b) Trade
payables |
43.185 |
41.155 |
40.926 |
|
(c) Other
current liabilities |
71.087 |
75.002 |
131.346 |
|
(d) Short-term
provisions |
15.224 |
11.731 |
10.598 |
|
Total Current
Liabilities (4) |
215.550 |
234.442 |
405.646 |
|
|
|
|
|
|
TOTAL |
1249.542 |
1269.779 |
1322.070 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
680.961 |
701.742 |
713.156 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.459 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
109.471 |
87.549 |
44.203 |
|
(e) Other
Non-current assets |
0.695 |
0.640 |
0.000 |
|
Total Non-Current
Assets |
791.127 |
789.931 |
757.818 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
|
|
(b)
Inventories |
385.678 |
387.902 |
528.195 |
|
(c) Trade
receivables |
66.184 |
85.871 |
24.369 |
|
(d) Cash
and cash equivalents |
6.553 |
6.075 |
11.688 |
|
(e)
Short-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
458.415 |
479.848 |
564.252 |
|
|
|
|
|
|
TOTAL |
1249.542 |
1269.779 |
1322.070 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
938.403 |
1061.356 |
1137.365 |
|
|
Other Income |
38.816 |
34.864 |
2.106 |
|
|
TOTAL |
977.219 |
1096.220 |
1139.471 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
436.613 |
472.486 |
607.607 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.414 |
146.365 |
(121.868) |
|
|
Employees benefits
expense |
135.920 |
118.167 |
137.255 |
|
|
Other expenses |
284.105 |
259.093 |
355.385 |
|
|
Extraordinary Item |
(1.000) |
0.000 |
0.000 |
|
|
Exceptional Item |
61.881 |
30.862 |
62.500 |
|
|
TOTAL |
917.933 |
1026.973 |
1040.879 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
59.286 |
69.247 |
98.592 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
43.510 |
54.156 |
55.266 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
15.776 |
15.091 |
43.326 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
14.073 |
14.081 |
45.103 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1.703 |
1.010 |
(1.777) |
|
|
|
|
|
|
|
Less |
TAX |
13.855 |
(1.928) |
4.468 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(12.152) |
2.938 |
(6.245) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
257.973 |
229.271 |
110.978 |
|
|
TOTAL EARNINGS |
257.973 |
229.271 |
110.978 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(12.54) |
3.03 |
(6.44) |
|
Particulars |
|
31.03.2018 |
31.03.2017 |
|
Sales Turnover (Approximately) |
|
1500.000 |
1500.000 |
The above information has been parted by Mr. Venkattramnaidu
Athinarayanasamy (Director)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
16.867 |
16.000 |
59.433 |
|
Net cash flows from (used in) operations |
75.326 |
134.294 |
(13.014) |
|
Net cash flows from (used in) operating activity |
75.326 |
134.294 |
(13.014) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
25.74 |
29.53 |
7.82 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
14.18 |
12.36 |
46.67 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
36.10 |
31.79 |
24.58 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.15 |
0.18 |
0.19 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.09 |
0.10 |
0.14 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.37 |
0.39 |
0.44 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.47 |
0.50 |
0.55 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.30 |
0.32 |
0.56 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.95 |
0.96 |
0.98 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.36 |
1.28 |
1.78 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(1.29) |
0.28 |
(0.55) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(0.97) |
0.23 |
(0.47) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
(1.69) |
0.40 |
(0.86) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.13 |
2.05 |
1.39 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.34 |
0.39 |
0.09 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.58 |
0.58 |
0.55 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
34.98 |
37.31 |
41.60 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.13 |
2.05 |
1.39 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
9.693 |
9.693 |
9.693 |
|
Reserves & Surplus |
717.925 |
720.863 |
708.798 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
727.618 |
730.556 |
718.491 |
|
|
|
|
|
|
long-term borrowings |
121.011 |
239.105 |
236.160 |
|
Short term borrowings |
222.776 |
106.554 |
86.054 |
|
Current maturities of
long-term debts |
59.433 |
16.000 |
16.867 |
|
Total
borrowings |
403.220 |
361.659 |
339.081 |
|
Debt/Equity
ratio |
0.554 |
0.495 |
0.472 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1137.365 |
1061.356 |
938.403 |
|
|
|
(6.683) |
(11.585) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1137.365 |
1061.356 |
938.403 |
|
Profit |
(6.245) |
2.938 |
(12.152) |
|
|
(0.55)% |
0.28% |
(1.29)% |
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
26] |
Turnover of firm for last five years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
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 |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
No |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF OPERATIONS:
(As on 31.03.2016)
The Company was able to achieve a turnover of INR 938.400 million only during the current financial year. Due to escalated competition in cotton yarn, the Company decided to move into spinning of value added products, finer counts of blended yarn using polyester and viscose staple fibre and special fibre. Due to production of finer counts, there was reduction in turnover. Due to volatile currency movements and reduction in imports by Chinese textile importers, the prices in Indian textile industry was sub-dued. Inspite of multi-faceted pressures, the co-ordinated efforts of the Management, Employees and Agents yielded performance sustainability. Due to the inflow of excess cotton and abundant capacity in cotton yarn, your company would like consolidate its position in blended and synthetic yarn segment. Hence your Company has moved into blended and synthetic yarn segment. The reorganization of textiles industry in china resulted in a grim situation globally in textile market. Your Company however is bracing itself to face the new challenges.
ECONOMIC OVERVIEW AND
INDUSTRY REVIEW: (As on 31.03.2016)
The non-reduction of interest rates and slow pick-up of allied interest have hit the economy as a whole. The situation was aggravated by the failure of monsoon in cotton producing regions. The shadow of the industrial lethargy was cast on textiles resulting in lower profitability across the industry.
UNSECURED LOAN
|
PARTICULAR |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deposits from directors |
61.136 |
56.371 |
|
Total |
61.136 |
56.371 |
INDEX OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
A66948126 |
10035517 |
UCO BANK |
18/12/2006 |
12/06/2009 |
250000000.0 |
T. NAGAR MID CORPORPORATE BRANCHNO.67, BURKIT ROAD, T NAGARCHENNAITN600017IN |
|
2 |
A41994195 |
10034102 |
BHARAT OVERSEAS BANK LIMITED |
06/12/2006 |
10/03/2007 |
100000000.0 |
17 THADICOMBU ROADDINDIGULTN624008IN |
|
3 |
Y10420886 |
90297959 |
ICICI BANK LIMITED |
14/05/2004 |
- |
30000000.0 |
LANDMARKRACE COURSE CIRCLEVADODARATN390007IN |
|
4 |
A92340959 |
90297163 |
IDBI BANK LIMITED |
02/07/2003 |
24/06/2010 |
100000000.0 |
3 WEST MARRET STREETMADURAITN625001IN |
|
5 |
Y10420853 |
90297926 |
ICICI BANK LIMITED |
12/05/2003 |
21/11/2003 |
170000000.0 |
LANDMARKRACE COURSE CIRCLEVADODARAGJ390007IN |
|
6 |
Y10420056 |
90297129 |
THE LAKSHMI VILAS BANK LIMITED |
21/12/2001 |
- |
6800000.0 |
81; PNESIONER STREETDINDIGULTN624001IN |
|
7 |
A38525143 |
90290280 |
LAKSHMI VILAS BANK LIMITED |
27/10/2001 |
30/01/2008 |
806335000.0 |
SALEM ROAD KATHAPARAI,KARUR,KARURTAMILNADUTN639006IN |
|
8 |
Y10420054 |
90297127 |
THE LAKSHMI VILAS BANK LIMITED. |
27/10/2001 |
10/05/2005 |
152900000.0 |
P. N. TOWERSPNESIONER STREETDINDIGULTN624001IN |
|
9 |
Y10420677 |
90297750 |
THE LAKSHMI VILAS BANK LIMITED |
03/03/1998 |
21/01/2004 |
72000000.0 |
81; PENSIONER STREETDINDIGULTN624001IN |
|
10 |
Y10419924 |
90296997 |
THE LAKSHMI VILAS BANK LIMITED |
21/05/1997 |
- |
30070000.0 |
PNESIONER STREETDINDIGULTN624001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Other money for which company is contingently liable |
6.989 |
6.989 |
|
|
|
|
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
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 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
|
INR |
|
US Dollar |
1 |
INR 65.45 |
|
UK Pound |
1 |
INR 93.28 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.