MIRA
INFORM REPORT
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Report Date : |
22.08.2007 |
IDENTIFICATION DETAILS
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Name : |
RANI GLASS HOUSE |
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Registered Office : |
Ookkans Shopping Complex, |
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Country : |
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Financials (as on) : |
-- |
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Date of Incorporation : |
Around 1992 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Dealers and distributors of glass, upholstery and allied household
products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of well known Ukkens Group in Kerala. It’s
management remained non-cooperative during current investigation. Some
information was obtained from secondary sources. Efforts are continued for more details and a can be expected, soon. In the meantime the concern can be considered good for normal
business. It’s payments are correct and as per commitments. |
LOCATIONS
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Registered Office : |
Ookkans Shopping Complex, |
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Tel. No.: |
91-477-244238 / 262191 |
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Website : |
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Area : |
Owned – By Group |
PARTNERS
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Name : |
Mr. U. V. Benny |
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Designation : |
Partner |
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Name : |
Mr. U. V. Martin |
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Designation : |
Partner |
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Name : |
Mr. U. V. Jose |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Dealers and distributors of glass, upholstery and allied household
products. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and End Users |
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Bankers : |
[Likely to be State Bank of Travancore] |
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Banking
Relations : |
-- |
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Associates/Subsidiaries : |
Ukkens Timbers Karukutty , Ph : 91-484 2612687 Kings Furnitue Company , Aluva Ph : 91-484 2629058 Kings Furnitue Company ,
Karukutty Ph : 91484 2612687 Ukkens Shopping Complex ,
Chalakkudy Ph : 91-480 2708954 Rexine Centre , Chalakkudy Ph : 91-480 2707671 Ukkens Curtains And Furnishing ,
Chalakkudy Ph : 91-480 2707671 Rani Glass House , Chalakkudy Ph : 91-480 2701106 Ukkens Paint & Sanitory ,
Chalakkudy Ph : 91-480 2702081 Ukkens Marketing Division ,
Chalakkudy Ph : 9-480-2707671 ,
2701394 Universal Distributers ,
Chalakkudy Ph : 91-480 2702290 Ukkens Guest House , Coonoor ,
Ooty Ph : 91-423 2238275 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Unknown |
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Borrowed : |
Unknown |
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Total : |
-- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Not Available
LOCAL AGENCY FURTHER INFORMATION
AS PER WEBSITE
Profile
Ukkens,
a name synonymous with quality, has notched up many a success story to its
credit as being the quality producer of timber and construction materials from
Kerala achieving world class production capability and delivery time schedules
in the industry.
Ukkens
had its humble beginning in the timber business in 1957. It was initiated by
Mr. U.A. Varghese, the grand patriarch after whom the company is named. A man
with a vision, he laid the foundations of a large business empire.
Today Ukkens is a name to reckon with in the industrial landscape of Kerala
spreading out into many businesses. From the beginnings of Ukkens as a timber
trading company it was decided that for effective profitability, quality
control systems and delivery scheduling a vigorous process of backward
integration was needed to be undertaken.
Ukkens is committed to ensure that they consistently deliver the most
appropriate solutions for the individual needs of their vast range of customers
including architects, property developers/builders, self-builders, homeowners,
interior designers etc.
Excellent
customer service, distribution, flexibility and unsurpassed technical quality
have, and continue to build Ukkens Group reputation.
Directors
The vision and perseverance of Mr. U.A. Varghese has been
carried forward by his illustrious sons well experienced in development and
promotion of innovative business strategies and techniques. Ukkens group has
been built up into what it is today, a major industrial house in Kerala under
their efficient leadership and guidance. Ukkens has forayed into multifarious
operations from timber business to Glass and hardware to resorts.
Elder son, U. V. Benny is at the helm of “Rexin centre”
(H.O) and Rani Glass House (Br). Second son, U. V. Jose is in charge of “Kings
Furniture Company”, which is in Taikkattukara, Aluva and Ukkens Curtain
Furnishing, Chalakudi (Br). Third son U. V. Martin looks after the activities
of Ukkens Timbers, Angamaly (H.O) and Ukkens Glass and Hardware, Chalakkudi
(Br). All the directors socially active and are members of LIONS and ROTARY
Clubs. Mr. Martin is also the Vice President of Vyapari Vyavasayi, unit of
Chalakudi.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.01 |
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1 |
Rs.81.39 |
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Euro |
1 |
Rs.55.30 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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 |
NO |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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