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|
|
MIRA INFORM REPORT
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Report No. : |
501004 |
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Report Date : |
31.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SRI SHANMUGAVEL MILLS PRIVATE LIMITED |
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|
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Registered
Office : |
207, Mangalam Road, Tirupur, District Coimbatore – 641604, Tamilnadu |
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Tel. No.: |
91-451-2557001/ 02 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of
Incorporation : |
24.04.1980 |
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Com. Reg. No.: |
18-000935 |
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Capital
Investment / Paid-up Capital : |
INR 5.000 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U17111TZ1980PTC000935 |
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|
|
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IEC No.: [Import-Export Code No.] |
3290003124 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCS8200N |
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GSTN : [Goods & Service Tax
Registration No.] |
33AADCS8200N1ZB |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer and Trader of Cotton Yarn and Fabrics and also into Wind
Power Generations. [Registered Activity] |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 4600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1980. It is a manufacturer of Textile, Leather and other Apparel products. For the financial year 2017, the company has achieved 12.82% growth in its revenue as compared to previous year revenue along with average profit margin of 2.73%. The rating takes into consideration the sound financial profile of the company marked by healthy networth base along with negligible debt level. The company has decent earning per shares (EPS) of INR 2218 against the face value (FV) of INR 100. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payments are reported to be regular. In view of aforesaid, the company 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
|
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 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Working Capital Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
29.03.2018 |
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|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Working Capital Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
29.03.2018 |
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
31-03-2016.
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 31.03.2018
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 DENIED BY
|
Name : |
Mr. Ganeshan |
|
Designation : |
Manager |
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Contact No.: |
91-451-2557001 |
|
Date : |
30.03.2018 |
LOCATIONS
|
Registered Office : |
207, Mangalam Road, Tirupur, District Coimbatore – 641604, Tamilnadu,
India |
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Tel. No.: |
91-421-2205032 |
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Fax No.: |
91-421-2205036 |
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E-Mail : |
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Website : |
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Administrative Office / Factory 1 / Weaving Unit : |
Kottaiyur, Agaram Village, Thadicombu, District Dindigul – 624709, Tamilnadu,
India |
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Tel. No.: |
91-451-2557001/ 02 |
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Fax No.: |
94-451-2557225/ 59 |
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E-Mail : |
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Factory 2 / Spinning Unit : |
S.F.No. 1850/3, Uittal Naickenpatti, Thadicombu, District Dindigul –
624709, Tamilnadu, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Kandaswamy Shanmugavel |
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Designation : |
Whole-time Director |
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Address : |
New No.207, Old No.86, Mangalam Road, Karuvampalayam Tirupur-641604, Tamilnadu, India |
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Date of Birth/Age : |
04.03.1973 |
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Qualification : |
Graduation |
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Date of Appointment : |
11.10.1999 |
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PAN No.: |
ADQPS5922G |
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DIN No.: |
00429940 |
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Name : |
Veluswamy Dhanalakshmi |
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Designation : |
Director |
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Address : |
New.No.207,Old.No.86,Mangalam Road, Karuvampalayam, Tirupur-641604, Tamilnadu, India |
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Date of Appointment : |
21.07.2014 |
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PAN No.: |
AANPV5412C |
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DIN No.: |
00431312 |
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Name : |
Veluswamy Pallapalayam Sennimalai Gounder |
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Designation : |
Managing Director |
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|
Address : |
(Old No.86) New No. 207, Mangalam Road, Karuvampalayam, Tirupur-641604, Tamilnadu, India |
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Date of Birth/Age : |
06.05.1935 |
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Qualification : |
Graduation |
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Date of Appointment : |
25.07.1980 |
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PAN No.: |
ABLPV6651Q |
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DIN No.: |
01468617 |
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|
|||||||||||||||||||||||||||||||
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Name : |
Chennimalai Gounder Kandaswamy |
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Designation : |
Director |
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|
Address : |
New No.207 (Old No.86), Mangalam Road, Karuvampalayam, Tirupur-641604, Tamilnadu, India |
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Date of Birth/Age : |
11.07.1943 |
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Qualification : |
Matriculation |
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Date of Appointment : |
26.03.2004 |
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DIN No.: |
01575050 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
P. S. Veluswamy |
|
4500 |
|
C. Kandaswamy |
|
4500 |
|
V. Dhanalakshmi |
|
4500 |
|
K. Indira |
|
4500 |
|
S. Shanthi |
|
4000 |
|
R. Geetha |
|
4000 |
|
R. Umamaheshwari |
|
4000 |
|
S. Kavitha |
|
4000 |
|
K. Shanmugavel |
|
4500 |
|
K. Sivaraj |
|
4500 |
|
J. Jayalakshmi |
|
4000 |
|
S. Veena Abirami |
|
1500 |
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S. Gowthami |
|
1500 |
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|
|
|
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Total |
|
50000 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Cotton Yarn and Fabrics and also into Wind
Power Generations. [Registered Activity] |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS AS ON 31.03.2017
|
Particulars |
Products |
Unit |
31.03.2016 |
|
Installed Capacity |
|
|
|
|
Spinning Division |
Spindles |
Nos. |
48336 |
|
Weaving Division |
Looms |
Nos. |
230 |
|
Home Textile Division |
Sewing Machines |
Nos. |
162 |
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|
|
|
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|
Wind Mill Division |
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|
|
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Captive Use : |
Wind Electric Generators |
Nos. |
35 |
|
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Power Generation Capacity |
M.W |
23.70 |
|
Production |
|
|
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|
Spinning Division |
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|
|
|
Ring Spinning Yarn |
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|
|
|
Own |
|
Kgs. |
7230428 |
|
Job Work to Others |
|
Kgs. |
42510 |
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|
|
|
|
|
Through Job work |
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|
|
|
Ring spun Yarn |
|
Kgs. |
1718504 |
|
OE Yarn |
|
Kgs. |
1516848 |
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Knitted Fabric |
|
Kgs. |
2139872 |
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|
|
b) Production |
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|
|
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ii) Weaving
Division |
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|
|
|
Woven Fabric |
|
|
|
|
a) Own |
|
Mtrs. |
19702940 |
|
|
|
Kgs. |
30639 |
|
b) Job Work to Others |
|
Mtrs. |
953 |
|
c) Through job work
from others |
|
Mtrs. |
615137 |
|
iii) Home Textile
Division |
|
|
|
|
Made ups (Own) |
|
Mtrs. |
4349791 |
|
iii) Wind Mill
Divison |
|
|
|
|
a) Power generation - for captive use |
|
Units. |
44908160 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
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Facilities : |
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Auditors : |
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|
Name : |
Tirupur Ramachandran Ramanathan Chartered Accountant |
|
Address : |
Bharathi Theertha Krupa, 343 B S Sundaram Road, Tirupur-641601, Tamilnadu, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
ACSPR0567R |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives: |
· Prabhu Spinning Mills Private Limited U17111TZ1993PTC004480 · Renergy Equipments India Private Limited U29199TZ2007PTC014002 · Sivaraj Spinning Mills Private Limited U17111TZ1982PTC001195 · Adisankara Spinning Mills Private Limited U17111TZ1995PTC005944 · SRI Velayudhaswamy Spinning Mills Private Limited U17111TZ1988PTC002240 · Vedha Spinning Mills Private Limited U17111TZ2001PTC009831 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
INR 100/- each |
INR 5.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
INR 100/- each |
INR 5.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees 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 |
5.000 |
5.000 |
5.000 |
|
(b) Reserves and Surplus |
1601.300 |
1477.400 |
1377.200 |
|
(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) |
1606.300 |
1482.400 |
1382.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
59.217 |
60.286 |
66.142 |
|
(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) |
59.217 |
60.286 |
66.142 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1204.909 |
795.390 |
702.665 |
|
(b) Trade
payables |
135.769 |
81.097 |
82.693 |
|
(c) Other
current liabilities |
24.145 |
7.967 |
14.771 |
|
(d) Short-term
provisions |
37.499 |
29.326 |
53.571 |
|
Total Current
Liabilities (4) |
1402.322 |
913.780 |
853.700 |
|
|
|
|
|
|
TOTAL |
3067.839 |
2456.466 |
2302.042 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
746.256 |
746.893 |
822.643 |
|
(ii)
Intangible Assets |
4.873 |
2.011 |
0.000 |
|
(iii) Tangible assets
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 |
2.249 |
3.139 |
2.217 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
73.345 |
115.171 |
104.472 |
|
(e) Other
Non-current assets |
4.891 |
4.891 |
0.015 |
|
Total Non-Current
Assets |
831.614 |
872.105 |
929.347 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.434 |
4.543 |
3.043 |
|
(b)
Inventories |
1251.361 |
916.620 |
862.970 |
|
(c) Trade
receivables |
825.894 |
556.582 |
406.972 |
|
(d) Cash and
bank balances |
28.442 |
19.203 |
45.617 |
|
(e)
Short-term loans and advances |
126.561 |
84.037 |
50.379 |
|
(f) Other
current assets |
3.533 |
3.376 |
3.714 |
|
Total
Current Assets |
2236.225 |
1584.361 |
1372.695 |
|
|
|
|
|
|
TOTAL |
3067.839 |
2456.466 |
2302.042 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
4732.471 |
4194.606 |
4063.904 |
|
|
Other Income |
149.464 |
49.724 |
34.792 |
|
|
TOTAL |
4881.935 |
4244.330 |
4098.696 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2048.969 |
1869.532 |
2537.710 |
|
|
Purchases of
Stock-in-Trade |
1034.211 |
819.014 |
162.277 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(64.100) |
(103.983) |
(24.056) |
|
|
Employee benefit expense |
359.058 |
253.832 |
144.385 |
|
|
Other expenses |
1188.300 |
1080.890 |
822.367 |
|
|
Exceptional items before tax |
0.890 |
(0.922) |
5.776 |
|
|
TOTAL |
4567.328 |
3918.363 |
3648.459 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
314.607 |
325.967 |
450.237 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
92.864 |
89.668 |
93.639 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
221.743 |
236.299 |
356.598 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
92.080 |
103.280 |
128.982 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
129.663 |
133.019 |
227.616 |
|
|
|
|
|
|
|
Less |
TAX |
0.353 |
26.469 |
42.921 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
129.310 |
106.550 |
184.695 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2230.651 |
1111.892 |
404.509 |
|
|
TOTAL EARNINGS |
2230.651 |
1111.892 |
404.509 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
181.952 |
0.000 |
0.000 |
|
|
Components and spare
parts |
33.998 |
27.617 |
52.542 |
|
|
Capital Goods |
2.477 |
2.230 |
2.420 |
|
|
TOTAL IMPORTS |
218.427 |
29.848 |
54.962 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2586.200 |
2131.000 |
3693.900 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
(291.921) |
(49.608) |
268.655 |
|
Net cash flows from (used in) operating activities |
(308.769) |
(92.347) |
199.028 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days [Sundry Debtors
/ Income * 365] |
|
63.70 |
48.43 |
36.55 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
5.73 |
7.54 |
9.99 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
16.07 |
11.01 |
11.18 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.25 |
0.36 |
0.52 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.42 |
0.44 |
0.55 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio
[(Borrowing + Current Liabilities) / Total Assets] |
|
0.46 |
0.37 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.75 |
0.54 |
0.51 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.87 |
0.62 |
0.62 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.47 |
0.51 |
0.60 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
3.39 |
3.64 |
4.81 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
2.73 |
2.54 |
4.54 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
4.22 |
4.34 |
8.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
8.05 |
7.19 |
13.36 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio
[Current Assets / Current Liabilities] |
|
1.59 |
1.73 |
1.61 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.70 |
0.73 |
0.60 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.52 |
0.60 |
0.60 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
240.98 |
159.08 |
140.53 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.59 |
1.73 |
1.61 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
5.000 |
5.000 |
5.000 |
|
Reserves & Surplus |
1377.200 |
1477.400 |
1601.300 |
|
Net
worth |
1382.200 |
1482.400 |
1606.300 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
702.665 |
795.390 |
1204.909 |
|
Total
borrowings |
702.665 |
795.390 |
1204.909 |
|
Debt/Equity
ratio |
0.508 |
0.537 |
0.750 |
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 |
4063.904 |
4194.606 |
4732.471 |
|
|
|
3.216 |
12.823 |
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 |
4063.904 |
4194.606 |
4732.471 |
|
Profit/ (Loss) |
184.695 |
106.550 |
129.310 |
|
|
4.54
% |
2.54
% |
2.73
% |
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL HIGHLIGHTS
During the year 2016-17, net revenue from operations witnessed a growth of more than 12% over the previous year, supported by home textiles division. Due to reduction in external job work production of yarn, total ring spun yarn production during the year was less by about 11% over the previous year. Weaving division also attained lower production due to sluggish yarn market conditions. With improved activities of home textiles division, the company could achieve enhanced sales turnover during the year under consideration.
Operations during the year yielded a profit of INR 129.663 Million before appropriations as against INR 133.019 Million in the previous year. Wind farm division registered a growth of about 77% in captive power generation over the previous year. Despite improved performance of captive power plants, profit earned during the year under consideration is not comparable due to increase in overheads and lesser sales realization on account of market conditions.
Considering the industrial climate prevailed during the year which impacted value addition activities more specifically in respect of operations of fabric and garment units which are mostly relying upon units in unorganized sector, net results achieved by the company during FY 2016-17 is satisfactory.
STATE OF COMPANY’S
FUTURE OUTLOOK
The industry continues to face headwinds including sluggish export orders and increasing overheads due to volatility in cotton and yarn rates. In view of the implementation of GST and after stabilization of the same, the directors hope that the domestic as well as the global factors that triggered the sharp fall in demand for yarn and fabrics might reverse or become less relevant in the foreseeable future. On the strength of our captive power plants and nominal interest burden, the directors are confident to face any challenge and to deliver better results.
BASIS OF PREPARATION
OF FINANCIAL STATEMENTS
These financial statements have been prepared in compliance with the Generally Accepted Accounting Principles in India (GAAP), including the Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements are prepared on accrual basis under the historical cost convention, except for a class of assets, which are stated at revalued at amounts. The financial statements are presented in Indian rupees up to two decimals.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
330.000 |
0.000 |
|
|
|
|
|
Total |
330.000 |
0.000 |
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder sName |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G49723075 |
10555820 |
State Bank of India |
20/03/2015 |
19/04/2017 |
- |
1600000000.0 |
SME Branch, No.100, 101, First FloorMunicipal Colony, Nehruji NagarDindigulTN624001IN |
|
2 |
C47097324 |
10555810 |
State Bank of India |
06/03/2015 |
- |
- |
400000000.0 |
SME BRANCH, NO.100,101, FIRST FLOORMUNICIPAL COLONY, NEHRUJI NAGARDINDIGULTN624001IN |
|
3 |
Y10064131 |
90000116 |
STATE INDUSTRIES PROMOTION CORPN. OF TAMILNADU LIMITED |
28/12/1984 |
07/01/1985 |
- |
3300000.0 |
NO. 51 & 52GREAMS ROAD; THOUSAND LIGHTSMADRASTN600006IN |
|
4 |
Y10064115 |
90000100 |
STATE INDUSTRIES PROMOTION CORPN. OF TAMILNADU LIMITED |
20/03/1984 |
- |
- |
3800000.0 |
51 & 52GREAMS ROAD; THOUSAND LIGHTSMADRASTN624006IN |
|
5 |
Y10064112 |
90000097 |
STATE INDUSTRIES PROMOTION CORPN. OF TAMILNADU LIMITED |
23/01/1984 |
- |
- |
5700000.0 |
51 & 52GREAMS ROAD; THOUSAND LIGHTSMADRASTN624006IN |
|
6 |
Y10064065 |
90000050 |
STATE INDUSTRIES PROMOTION CORPN. OF TAMILNADU LIMITED |
25/03/1981 |
- |
- |
6000000.0 |
51 & 52GREAMS ROADMADRASTN600006IN |
|
7 |
Y10064064 |
90000049 |
STATE INDUSTRIES PROMOTION CORPN. OF TAMILNADU LIMITED |
16/03/1981 |
- |
- |
2000000.0 |
51 & 52GREAMS ROADMADRASTN600006IN |
|
8 |
C47885371 |
10444077 |
SYNDICATE BANK |
28/06/2013 |
29/07/2013 |
24/03/2015 |
750000000.0 |
73, RAILWAY STATION ROADNAGAL NAGARDINDIGULTN624003IN |
|
9 |
C47641956 |
10284138 |
STATE BANK OF INDIA |
15/03/2011 |
14/11/2013 |
23/03/2015 |
1007500000.0 |
SME BRANCHNEHRUJI NAGARDINDIGULTN624001IN |
|
10 |
C43702844 |
90000055 |
SYNDICATE BANK |
10/09/1981 |
01/02/1984 |
13/02/2015 |
600000.0 |
NAGAL NAGAR BRANCHDINDIGULTN624003IN |
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
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 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
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 |
NO |
|
--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.