MIRA
INFORM REPORT
|
Report Date : |
29th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
M V
JOSEPH & SONS |
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|
|
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Registered Office : |
P O
Box No.86, Alleppey 688 001, Kerala, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Partnership
firm with an unlimited liability of the partner |
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Line of Business : |
Rubber
products such as doormats and indigual doormats. It manufactures Coir
Products also. |
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 |
|
Maximum Credit Limit : |
USD
30000 |
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|
|
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Status : |
Satisfactory |
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Payment Behaviour : |
Payment
are usually correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well 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/Corporate Office : |
P O
Box No.86, Alleppey 688 001, Kerala, India |
|
Tel. No.: |
91-477-2242910/2244734/2242656 |
|
Fax No.: |
91-477-2242910/2234744 |
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E-Mail : |
mvjexports@sify.com |
|
Website : |
http:www.nainaexports.com |
|
Area : |
12000
sq. ft |
|
Location : |
Owned
Showroom |
|
|
|
|
Factory : |
P O
Box No.86, Alleppey 688 001, Kerala, India P.B NO.86 |
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Area : |
5000
sq. fts |
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Location : |
Owned |
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PARTNERS
|
Name : |
Mr.Varghese
Joseph |
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Designation : |
Partner
|
|
Date of Birth/Age : |
45 |
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Qualification : |
Graduate |
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Experience : |
20 |
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|
|
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Name : |
Mrs
Jani Varshese |
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Designation : |
Partner |
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BUSINESS DETAILS
|
Line of Business : |
Rubber
products such as doormats and indigual doormats. It manufactures Coir
Products also. |
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|
|
|
Products : |
Rubber
products and coir |
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|
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Exports to : |
Europe,
Australia, Philippines |
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Imports from : |
German,
France, Spain, U.K, Poland |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash
(30days/60 days) |
GENERAL
INFORMATION
|
Customers : |
Wholesaler
and Retailer |
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|
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No. of Employees : |
72 |
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|
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Bankers : |
Union
Bank of India. Alleppey
Karala |
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|
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Facilities : |
The
concern can enjoy cash credit facilities of Rs. 4.million from its Bank |
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Banking Relations : |
Satisfactory |
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Auditors : |
Ramesh
& Associates Chartered
Accountant |
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Associates/Subsidiaries : |
Nil |
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CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.4.000
million |
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Borrowed : |
Rs.4.000
million |
|
Total : |
Rs.
8.000 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
80.000 |
70.000 |
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|
|
|
|
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Profit/Loss for the year |
|
0.000 |
0.000 |
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Export Value |
|
20.000 |
0.000 |
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|
|
|
|
|
Import Value |
|
0.000 |
0.000 |
LOCAL AGENCY
FURTHER INFORMATION
As
per Web site Details :
Coir (also known as
"Kokos" or "Coco") is a natural fibre extracted from the
husk of Coconut fruit. The husk consists of Coir fibre and a corky tissue
called pith. The husk is immersed in water for 6 - 9 months. This process is
called retting. Retting removes some of the dirt and natural enzymes present in
the fibre giving it a golden color. The fibre is then extracted by beating it
manually using a mallet or by a mechanical extractor machine. This leaves the
outer skin of the coconut fruit along with the corky pith. Pith finds large
scale use in horticulture as a growing medium. The fibre thus extracted is then
hand - spun to form the golden coir yarn. This yarn is used to make an ever
increasing range of products.
MVJ
Exports Founded in the year 1952 by Mr. M.V Joseph, MVJ Exports has grown as one
of the largest coir manufacturing and exporting company. Under the competent
and dynamic management with own factories they are manufacturing coir, jute,
cotton, sea grass and rubber products . they are manufacturing superior quality
eco-friendly door mats and area rugs in good color fastness in water and
sunlight. A dedicated team of professionals along with our expert quality
checking department ensures the quality to the taste of all global customers.
Improved productivity through use of modern, precise and sophisticated process
technology marks the base of our progress as one of the pioneers in this field.
Customers' satisfaction is our motto. Now they are in a position to manufacture
all kinds of rubber products as well as coir products. They show their
sincerity to their valuable customers by way of prompt delivery with the
international standard and competitive prices.
Contact Person:
Mr. Sabu Joseph
P.B. No.86- VAZHICHERRY
ALLEPPEY 688001- KERALA
SOUTH INDIA
Phone (Res): 91-477-2233064
91-477-2235928
E-mail address:
mvjexports@sify.com
sabu@mvjexport.com
mvjsons@rediffmail.com
info@mvjexport.com
COIR
MATTINGS:
Made on traditional handlooms or power looms, coir mattings are mainly
used as floor coverings and floor runners, for furnishing stairs or corridors,
wall panelling, ceiling,lining and eco-control applications. Available in
natural, bleach, solid colours and various designs and patterns made by weave
and colour combinations, with or without latex backing.
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.46.34 |
|
UK
Pound |
1 |
Rs.84.21 |
|
Euro |
1 |
Rs.58.14 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
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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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |