MIRA
INFORM REPORT
|
Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
COCO-LATEX EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
# 7, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
09.04.2001 |
|
|
|
|
Com. Reg. No.: |
08-28875 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U17297KA2001PTC028875 |
|
|
|
|
IEC No.: |
701003634 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
TVDC00759D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCC5360M |
|
|
|
|
Legal Form : |
Private limited liability company |
|
|
|
|
Line of Business : |
Manufacturers, importers, exporters and dealers of lataex rubber 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 |
|
Maximum Credit Limit : |
USD 310000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business dealing at usual trade terms and conditions. Subject undertakes international business. While Duroflex Private Limited undertakes domestic business. It is a sister company of the subject and housed at the some address. Subject can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
# 7, |
|
Tel. No.: |
91-80-22289290 / 22355238 |
|
Fax No.: |
91-80-22289294 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq. fts. (Rented) |
|
|
|
|
Factory : |
|
|
Tel. No.: |
91-477-2251743 / 2251142 / 2251513 |
|
Fax No.: |
91-477-2251217 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. George Mathew |
|
Designation : |
Director |
|
Address : |
Palivathukal, Chugom, Alleppey –m 688011, |
|
Date of Birth/Age : |
15-06-1953 |
|
Date of Appointment : |
09/04/2001 |
|
|
|
|
Name : |
Mr. Shaji Joseph |
|
Designation : |
Director |
|
Address : |
1056, L N Layout Kariyannapalya, Lingrajapuram, |
|
Date of Birth/Age : |
28/03/1961 |
|
Date of Appointment : |
09/04/2001 |
|
|
|
|
Name : |
Mr. P Chandy Mathew |
|
Designation : |
Director |
|
Address : |
74, |
|
Date of Birth/Age : |
08/08/1947 |
|
Date of Appointment : |
01/05/2004 |
|
|
|
|
Name : |
Mr. Raju C. Jacoh |
|
Designation : |
Director |
|
Address : |
Flat 7 A – 2 , Pukunnam Apts, Punkujjam, Trichur- 680002, |
|
Date of Birth/Age : |
24/05/1947 |
|
Date of Appointment : |
09/04/2001 |
|
|
|
|
Name : |
Lt. Col. Mohan Andrews |
|
Designation : |
Director |
|
Address : |
Vallaonthazil House, Vettalkal, Chertala, |
|
Date of Birth/Age : |
02/05/1953 |
|
Date of Appointment : |
09/04/2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. P Chandy Mathew |
|
100010 |
|
Mr. George Mathew |
|
100000 |
|
Sheela Joseph Mathew |
|
100000 |
|
Total |
|
300010 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Director and Relatives |
|
100 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, importers, exporters and dealers of lataex rubber products |
GENERAL INFORMATION
|
No. of Employees : |
10 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations
: |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Gnaneshwar & Company Chartered Accountants |
|
Address : |
16, Campbell Road, Opposite St Philomenas Hospital, Bangalore- 560047, Karnataka, India |
|
Tel. No.: |
91-80-25577345 |
|
|
|
|
Associates/Subsidiaries : |
Duroflex Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10 each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300010 |
Equity Shares |
Rs. 10 each |
Rs. 3.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.000 |
3.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
76.774 |
55.658 |
32.530 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
79.774 |
58.658 |
35.530 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12.080 |
8.185 |
8.870 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
12.080 |
8.185 |
8.870 |
|
|
DEFERRED TAX LIABILITIES |
2.189 |
2.189 |
1.630 |
|
|
|
|
|
|
|
|
TOTAL |
94.043 |
69.032 |
46.030 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
IXED ASSETS [Net Block] |
24.647 |
25.433 |
22.900 |
|
|
Capital work-in-progress |
20.314 |
8.800 |
2.620 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.700 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17.856
|
11.709 |
8.140 |
|
|
Sundry Debtors |
15.644
|
14.525 |
10.100 |
|
|
Cash & Bank Balances |
15.415
|
16.339 |
12.110 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.651
|
5.562 |
3.640 |
|
Total
Current Assets |
58.566
|
48.135 |
33.990 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
9.080
|
6.761 |
13.480 |
|
|
Provisions |
7.104
|
6.575 |
|
|
Total
Current Liabilities |
16.184
|
13.336 |
13.480 |
|
|
Net Current Assets |
42.382
|
34.799 |
20.510 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
94.043 |
69.032 |
46.030 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 [Estimated] |
31.03.2005 [Estimated] |
31.03.2004 |
|
Sales Turnover |
150.000 |
100.000 |
105.380 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
NA |
NA |
19.020 |
|
Provision for Taxation |
NA |
NA |
1.410 |
|
Profit/(Loss) After Tax |
NA |
NA |
17.610 |
|
|
|
|
|
|
Earnings in Foreign Currency : |
NA |
NA |
88.400 |
|
|
|
|
|
|
Total Expenditure |
NA |
NA |
3.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
NA
|
NA |
16.710 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
18.048 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA |
32.263 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA |
0.535 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.35
|
0.37 |
0.629 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.62
|
3.61 |
2.521 |
LOCAL AGENCY FURTHER INFORMATION
The concern is in trade terms with
- Kurlon Limited
- Duroflex Limited
Fixed Assets
- Land
- Building
- Plant and Machinery
- Electrical Equipments
- Moulds
Bankers Charges
Report as per Registry
|
Name of the company |
COCO-LATEX EXPORTS
PRIVATE LIMITED |
|
Presented By |
C. K. Sudhakaran
Senior Manager, Canara Bank, |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement of goods and book debts dated 31.10.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the goods and
commodities purchased, acquitted, received under the said credit facilities
namely, machinery and raw materials to be imported now lying or hereafter
stored at the godowns yards and premises or lying at any other place
wheresoever or in respect of which the borrower can make or effect or purport
to make any deposit, hypothecation or charge whether the goods are in the
course of transit from one Godown to another in transit by land or sea from
one place to another and whether in the to another and whether in the
borrower or of the bank and All the book
debts, outstanding, money receivable, claims and bills arising out of sale,
disposal of the goods received under the said credit facilities which are now
due and owing continuance of this security becomes due and owing to the
borrower in the course of its business by any persons, firm company or by the
Government or any local body or authority.
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as determined
by the Bank from time to time. Repayable on
demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Alappuzha |
|
6) Date and brief description of instrument modifying the charge |
|
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
On 13.01.2006 Common Hypothecation
Agreement was executed and accordingly all stock of goods such as raw
materials, goods in process, finished
and manufactured goods and other items of stock in trade and stores, spares,
components, machinery, vehicles, furniture and fixture and all other movable
goods and properties of every description of the borrower wherever situated
whether at the borrower’s factories, place of business, residence, godowns or
in transit or in the custody of processor, warehouse agents or other or
wherever else the same may be situated, lying or being including any such raw
material, articles of goods, stores, spares, components, stock in trade and
all description of movables property in the course of delivery to the
borrower and All the
borrower’s present and future book debts, outstanding moneys, bills
receivables, claims, bills, contracts, securities, investments, cash, gold, silver, jewellery,
right and assets and right relating to or in movable properties of whatsoever
nature to which the borrower is entitled to during the continuance of this
agreement. All of which are mentioned above are more fully particularly
described below : Machineries /
Equipments/ Accessories Plant and
Machinery Details of othe
goods Raw Materials,
stores, spares, stock in process and finished goods kept in factory premises
and godowns. Were offered as
security for the existing FLC limit of Rs. 5.000 Millions Equitable
Mortgage of Company’s Immovable Properties Namely all that place and parcel
of land an building existing and / or to be constructed thereon namely 75 Are
27 Sq. mt. in Sy. No. 77/1 situated in Equitable
Mortgage of Company’s Immovable Properties Namely all that place and parcel
of land an building existing and / or to be constructed thereon namely 1
Hectre 32 Ares 40 Sq. mt. in Sy. No. 77/4, 77/5 situated in |
As per
website
Subject is the largest Indian exporters of sleep and comfort
products. The company is a part of Duroflex Group, which is one of the leading
mattress brands in
They have pioneered the exports of rubberized coir from
They rely on natural and environment friendly raw materials,
as well as the adoption of modern production process with an emphasis on
minimum wastage and pollution. Coco-latex manufactures rubberized coir sheets,
100% natural latex foam, latex foam pillows, 100% natural fully made-up
Mattresses and other 100% Natural products.
They have developed fire retardant latex products using 100%
natural latex and eco-friendly chemicals. Chemicals used to obtaining fire
retardation are 100% natural and environment friendly. Their products meets the
British and
Products
The origin of latex could perhaps be attributed to the
steamy jungles of
The substance was found to be ideal to erase pencil marks,
hence it is commonly known as “Rubber”.
Much later in the middle of the 19th century, Charles
Goodyear invented the process of vulcanization of rubber using sulpher. This
opened up endless possibilities for using rubber in the manufacture of various
products. Consequent to the demand for rubber, organized plantations came up in
At Coco Latex they make sure they use only finest, 100%
natural latex. Thereby enhancing the quality of their mattresses by endowing it
with maximum comfort. They are also eco-friendly and biodegradable.
Quality
Ensuring
Total Healthy Lifestyle
Every stage of the production process is closely scrutinized
to ensure the highest standards of quality. For this, a series of extensive
tests like hardness, permanent deformation, breaking strain, accelerated ageing
and density tests are carried out. Beyond all this, thanks to the open-celled
structure of the foam, the product will remain bacteria-free even after
successive uses, thus ensuring a totally healthy lifestyle for you.
The measurement and the characteristic curve of resilience
was taken central to the area as force-displacement plot.
a) After 200 strokes
b) After 30000 strokes
c) After 60000 strokes
The
characteristic curves of resilience allow an assessment of the resilience and
durability characteristic as well as subjective hardness rating.
-Characteristics before the test
Hardness index: 4.3
Hysteresis: 10.7%
Height of the system: 155mm
Characteristics
after the test
Change in height after the test: 1 mm
Change in hardness after 30000 strokes: 15%
Change in hardness after the test: 16%
Resilience loss factor after the test: 4.6
(Deviating from European standardization work)
The
data is determined based on the LGA-rating system limited to a maximum of 100
points.
The minimum value for performance is 50 points. The requirement for an
increased quality level is 80 points.
The reached total number of points for the 4 characteristic data is 98 points
out of a maximum of 100.
Change in height after test: 25 points
Change in hardness after 30000 strokes: 25 points
Change in hardness after the test: 25 points
Resilience loss factor after test: 23 points
Dimensions
The 100% natural latex sheets manufactured in various dimensions. Each product
is separately moulded. The maximum dimension is 205 cm X 150 cm X 15 cm. They
also manufacture the products with varying thickness from 3 cm, 6 cm, 10 cm and
15 cm.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.84 |
|
|
1 |
Rs.80.47 |
|
Euro |
1 |
Rs.54.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
|
TOTAL |
|
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
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|