MIRA
INFORM REPORT
|
Report Date : |
24th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
COCO
FIBRE TEX |
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Registered Office : |
P. O.
Box No.: 2633, Koramudy, A. S. road, Alleppey – 688 007, Kerala, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1995 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturer
and Exporter of Coir Mats, Mattings, Grass Jute and Coir Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established concern having satisfactory track. Trade relations are
fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
P. O.
Box No.: 2633, Koramudy, A. S. road, Alleppey – 688 007, Kerala, India. |
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Tel. No.: |
91-477-2241935 |
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Mobile No.: |
91-9847037382 |
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Fax No.: |
91-477-2241935 |
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E-Mail : |
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Website : |
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Area : |
400
sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr.
Baiju |
|
Designation : |
Proprietor |
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Address : |
P. O.
Box No.: 2633, Koramudy, A. S. road, Alleppey – 688 007, Kerala, India. |
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Date of Birth/Age : |
35
Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Coir Mats, Mattings, Grass Jute and Coir Products. |
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Products: |
Coir,
Rubber, Rugs, Cotton and Rubber Backed. |
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Exports to : |
European
Countries |
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Terms : |
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Selling : |
Credit
(30 Days) |
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Purchasing : |
Cash
& Credit (30 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
2 |
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Bankers : |
v
Indian
Overseas Bank, Alleppey Main Branch v
Federal
Bank, Alleppey Branch |
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Facilities : |
-- |
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Banking Relations : |
-- |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
|
50.000 |
40.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE
REFERENCES:
v
Kerala
States
AS
PER WEBSITE:
Coir
Nature’s gift from God’s own Country:
The natural golden fibre is extracted
from coconut husks, spun into yarn, hand woven into a variety of beautiful
doormats and mattings, ideal for both indoor and outdoor use.
There is a continued demand for bio-degradable, eco-friendly, naturally
elegant, tough and durable coir products. Many people embrace this 100% natural
beauty from Kerala.
Profile:
Coco Fibre Tex is one of the pioneers in
exports of doormats and floor coverings made of coir, jute, grass, banana bark,
cotton, rubber etc. Established in the year 1995, the company has achieved
tremendous development both in manufacture and export of floor coverings and
foot mats.
A firm well-run by Baiju Sathyapalan, Coco
Fibre Tex has three sophisticated factories in and around Cherthala
and Alleppey, the Mecca of coir industry. Today the products of Coco Fibre Tex
are well-known all across the globe and one of the most sought after ones in
floor furnishings. The present production capacity of Coco Fibre Tex is 32
containers of 40 Ft. size per month.
Quality products at most competitive
prices in a variety of marvellous designs and shapes, all shipped promptly, are
buyers delight today all over the world. Relentless perseverance, commitment,
and dedication have taken us a long way ahead and the saga of success is still
on to new height.
Coco Fibre Tex
has a huge collection of strikingly different designs conceived and crafted by
its expert designers and many more new designs are being added to it. We have
always been most sincere to our esteemed customers in catering to all their
special order specifications and executing each order in time. Utmost care and
effort are uncompromisingly blended to have high quality products at
competitive efforts.
Coco Fibre Tex
remains indebted to all its customers for the patronage extended to it so far.
It is a name you can always trust.
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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.46.20 |
|
UK
Pound |
1 |
Rs.84.57 |
|
Euro |
1 |
Rs.58.12 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |