|
|
|
MIRA INFORM REPORT
|
Report No. : |
494293 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SARANYA SPINNING MILLS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
10/132, Thuraiyur Road, Ponneri, Erumaipatti Via Namakkal District –
637013, Tamilnadu |
|
Tel. No.: |
91-4286-253077 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
13.02.1995 |
|
|
|
|
Com. Reg. No.: |
18-005791 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 200.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17111TZ1995PTC005791 |
|
|
|
|
IEC No.: [Import-Export
Code No.] |
Not Divulged |
|
|
|
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TIN No.: |
33903101317 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AACCS7046P1ZY |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS7046P |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is
engaged in the manufacturing, exporting and selling of yarns and fabrics made
out of cotton and viscose and other allied activities. [Registered activity and also confirmed by
management] |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1995. It is a manufacturer and exporter of
cotton yarn and fabrics. As per the financial records of 2017, the company has reported a
decline in its revenue and has incurred operational losses during the year
under the review. The company possesses moderate financial position marked by low
reserve base. Subject was been found under RBI defaulters list the name of the
credit grantor is ICICI Bank Limited and the amount charged in INR 38.974
Million dated 31.12.2017. Business is active. Payment seems to be slow and delayed. In view of aforesaid, the company can be considered for business
dealings on safe and secured 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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
Suit-filed accounts of INR 10.000 Million and above as on 01-Mar-2018
Borrowers details
|
Borrowers’ Name : |
SARANYA SPINNING MILLS PRIVATE LIMITED |
|
Address : |
10/243, Thuraiyur Main Road, Ponneri, P O Namakkal
-637013, Tamilnadu, India |
|
Name of Individual : |
|
|
Name of Credit Grantors / Bank & Branch: |
ICICI Bank Limited, Coimbatore, Tamilnadu, India |
|
Amount (INR In Million) : |
38.974 |
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
31-03-2016.
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 01.03.2018
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
|
Name : |
Mr. Kandasamy Thangavelu |
|
Designation : |
Director |
|
Contact No.: |
91-4286-253077 |
|
Date : |
28.02.2018 |
LOCATIONS
|
Registered Office : |
10/132, Thuraiyur Road Ponneri, Erumaipatti Via Namakkal District –
637013, Tamil Nadu, India |
|
Tel. No.: |
91-4286-253077 |
|
Mobile No.: |
91-9751111444 (Mr. R. Dinesh Kumar) |
|
Fax No.: |
91-4286-252690 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory: |
10/243, Thuraiyur Main Road, Ponneri Post, Namakkal– 637013,
Tamilnadu, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Periyasamy Ashok Kumar |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
2/72 Psk Thottam Naducombai (P.0) Namakkal- 637404, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
12.02.1958 |
||||||||
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PAN No.: |
AEAPP2594N |
||||||||
|
Date of Appointment : |
19.01.2001 |
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DIN No.: |
00014557 |
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Other directorship:
|
|||||||||
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|
||||||||
|
Name : |
Mr. Kandasamy Thangavelu |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
Vazhaithottam K.N.Patti (P.O) Namakkal- 637404, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
25.05.1963 |
||||||||
|
Date of Appointment : |
19.01.2001 |
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DIN No.: |
00014585 |
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Other directorship:
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Periyasamy Arun Kumar |
||||||||
|
Designation : |
Director |
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|
Address : |
2/72 Psk Thottam Naducombai (P.0) Namakkal- 637404, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
02.08.1976 |
||||||||
|
PAN No.: |
AFCPA0545F |
||||||||
|
Date of Appointment : |
19.01.2001 |
||||||||
|
DIN No.: |
00014600 |
||||||||
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|
|
||||||||
|
Name : |
Mr. Suburaya Gounder Palanisamy |
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|
Designation : |
Director |
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|
Address : |
Rasipuram Main Road, Narasingapuram (P.O) Attur T.K. Salem- 636108, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
21.10.1957 |
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|
Date of Appointment : |
19.10.2001 |
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|
DIN No.: |
00014620 |
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|
||||||||
|
Name : |
Mr. Ramasamygounder Periasamy |
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|
Designation : |
Director |
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|
Address : |
1/215, Kattukottai Nadukkombai Namakkal- 637404, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
15.07.1953 |
||||||||
|
Date of Appointment : |
19.01.2001 |
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|
DIN No.: |
02166405 |
||||||||
|
|
|
||||||||
|
Name : |
Mr. Selvaraj Thennarasu |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
Pallakkadu, Vavipalayam Kolaram Post, Paramathy Vellore- 637201, Tamilnadu, India |
||||||||
|
Date of Birth/Age : |
25.05.1968 |
||||||||
|
PAN No.: |
ABFPT8530N |
||||||||
|
Date of Appointment : |
19.01.2001 |
||||||||
|
DIN No.: |
02166427 |
||||||||
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of
Shareholders |
No. of Shares |
|
P. Ashokkumar |
1529600 |
|
G. Ramesh |
17500 |
|
S. Palanisamy |
7000 |
|
M. Siddeswaran |
4000 |
|
M. Karthikeyan |
10000 |
|
S. Chitrarasu |
5000 |
|
S. Revathi |
363400 |
|
VR. Senthilraja |
17500 |
|
S Kalidas |
16000 |
|
K Selvam |
20000 |
|
K Jeganathan |
10000 |
|
Total |
2000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
94.65 |
|
Public/Other than promoters- Individual/Hindu Undivided Family- Indian |
5.35 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the manufacturing, exporting and selling of yarns and fabrics made
out of cotton and viscose and other allied activities. [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 Good |
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Countries : |
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Imports : |
Not Divulged |
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Terms : |
|||||
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Selling : |
Cash, Cheque Credit and Others (RTGS) (30,60,90 Days) |
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|
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Purchasing : |
Cash, Cheque Credit and Others (RTGS) (30,60,90 Days) |
PRODUCTION STATUS – (AS ON 31.03.2016)
|
Particulars |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Yarn |
50000 spindle |
24624 Spindle & 680 Rotors |
Y3623640.00 Kgs |
|
Cloth |
80 Auto Looms |
40 Auto Looms |
5904441.30 Meters |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users, OEM’s
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
E. Radhakrishnan and Company Chartered Accountants |
|
Address : |
153, C-7, R. Gopal Complex, Second Floor, Salem Road, Next To LMR Theatre, Namakkal-637001, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFE0253H |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives: |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 100/- each |
INR 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 100/- each |
INR 200.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
200.000 |
150.000 |
150.000 |
|
(b) Reserves and Surplus |
37.182 |
101.806 |
82.049 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
25.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
237.182 |
276.806 |
232.049 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
260.988 |
118.714 |
176.323 |
|
(b) Deferred tax liabilities (Net) |
13.282 |
0.000 |
0.000 |
|
(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) |
274.270 |
118.714 |
176.323 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
188.125 |
124.205 |
118.003 |
|
(b) Trade payables |
145.848 |
201.414 |
29.054 |
|
(c) Other
current liabilities |
24.298 |
1.057 |
13.496 |
|
(d) Short-term
provisions |
0.180 |
16.568 |
6.340 |
|
Total Current
Liabilities (4) |
358.451 |
343.244 |
166.893 |
|
|
|
|
|
|
TOTAL |
869.903 |
738.764 |
575.265 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
480.802 |
301.938 |
363.559 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets capital
work-in-progress |
0.488 |
12.037 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10.812 |
5.762 |
5.762 |
|
(c) Deferred tax assets (net) |
0.000 |
1.262 |
1.262 |
|
(d)
Long-term loans and advances |
14.035 |
9.972 |
20.456 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
506.137 |
330.971 |
391.039 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
213.301 |
155.134 |
131.869 |
|
(c) Trade
receivables |
125.533 |
111.368 |
33.172 |
|
(d) Cash and
bank balances |
13.604 |
131.069 |
3.689 |
|
(e)
Short-term loans and advances |
10.361 |
0.957 |
15.496 |
|
(f) Other current
assets |
0.967 |
9.265 |
0.000 |
|
Total
Current Assets |
363.766 |
407.793 |
184.226 |
|
|
|
|
|
|
TOTAL |
869.903 |
738.764 |
575.265 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1060.297 |
1184.531 |
1023.497 |
|
|
Other Income |
3.173 |
2.544 |
2.593 |
|
|
TOTAL |
1063.470 |
1187.075 |
1026.090 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
624.491 |
715.607 |
455.118 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(43.308) |
(21.337) |
8.070 |
|
|
Employee benefit expense |
83.605 |
74.999 |
73.454 |
|
|
Other expenses |
313.819 |
293.110 |
382.070 |
|
|
TOTAL |
978.607 |
1062.379 |
918.712 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
84.863 |
124.696 |
107.378 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
34.089 |
24.994 |
30.290 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
50.774 |
99.702 |
77.088 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
109.304 |
63.493 |
54.499 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(58.530) |
36.209 |
22.589 |
|
|
|
|
|
|
|
Less |
TAX |
6.094 |
16.452 |
6.252 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(64.624) |
19.757 |
16.337 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5.649 |
33.159 |
1.506 |
|
|
TOTAL EARNINGS |
5.649 |
33.159 |
1.506 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.875 |
0.000 |
0.000 |
|
|
Components and spare
parts |
0.000 |
0.000 |
0.118 |
|
|
Capital Goods |
5.825 |
0.028 |
19.800 |
|
|
TOTAL IMPORTS |
6.700 |
0.028 |
19.918 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(32.31) |
13.17 |
10.89 |
Expected Sales (2017-2018): INR 1200.000 Million
The above information has been parted by Mr. Kandasamy Thangavelu
(Director)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(26.503) |
196.154 |
122.267 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(31.477) |
179.702 |
116.014 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
43.21 |
34.32 |
11.83 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.45 |
10.64 |
30.85 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
85.24 |
102.73 |
23.30 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.40 |
0.80 |
0.81 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.18 |
0.40 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.71 |
0.63 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.89 |
0.88 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.51 |
1.24 |
0.72 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.03 |
1.13 |
1.57 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.49 |
4.99 |
3.54 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(6.09) |
1.67 |
1.60 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(7.43) |
2.67 |
2.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(27.25) |
7.14 |
7.04 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.01 |
1.19 |
1.10 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.42 |
0.74 |
0.31 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.27 |
0.37 |
0.40 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.25 |
1.62 |
1.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.01 |
1.19 |
1.10 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
150.000 |
150.000 |
200.000 |
|
Reserves & Surplus |
82.049 |
101.806 |
37.182 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
25.000 |
0.000 |
|
Net
worth |
232.049 |
276.806 |
237.182 |
|
|
|
|
|
|
Long-term borrowings |
176.323 |
118.714 |
260.988 |
|
Short term borrowings |
118.003 |
124.205 |
188.125 |
|
Total
borrowings |
294.326 |
242.919 |
449.113 |
|
Debt/Equity
ratio |
1.268 |
0.878 |
1.894 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1023.497 |
1184.531 |
1060.297 |
|
|
|
15.734 |
(10.488) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
1023.497 |
1184.531 |
1060.297 |
|
Profit/ (Loss) |
16.337 |
19.757 |
(64.624) |
|
|
1.60
% |
1.67
% |
(6.09
%) |
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 |
No |
|
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 |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
CORPORATE INFORMATION:
Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are not listed on any Stock exchange. The company is engaged in the manufacturing and selling of yarns and fabrics made out of cotton and viscose and other allied activities.
BRIEF DESCRIPTION OF THE COMPANY'S WORKING
DURING THE YEAR/STATE OF COMPANY'S AFFAIR:
The turnover of the Company had decreased to INR 1060.297 Million during the year from INR 1184.531 Million as compared to last year. The company has incurred Net loss of INR 64.62 Million for the year 2016-2017 as compared to the Net profit of INR 19.757 Million for the year 2015-2016. The Directors are hoping for good results for the upcoming years.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
Term loans from banks |
0.610 |
0.610 |
|
Total |
0.610 |
0.610 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
G52788130 |
90009174 |
INDIAN BANK |
04/02/2004 |
29/06/2017 |
739600000.0 |
31 RANGAR SANNADHI
STREETNAMAKKALTN637001IN |
|
2 |
Y10088216 |
90009046 |
INDIAN BANK |
23/01/2003 |
- |
8000000.0 |
NAMAKKAI
BRANCHNAMAKKAITN637001IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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
|
INR |
|
US Dollar |
1 |
INR 64.85 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KVT |
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.