MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
COCHIN KAGAZ LIMITED |
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Formerly Known As : |
COCHIN KAGAZ PRIVATE LIMITED |
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Registered Office : |
1st Floor, Ceeyam Shopping Complex, No.IV/470,
Companyppady, Thaikkattukara, Alwaye, Aluva-683106, Kerala |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.09.1995 |
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Com. Reg. No.: |
9440 |
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CIN No.: [Company
Identification No.] |
U21012KL1995PLC009440 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNC00954C |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Paper, Cardboards and Paper 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 : |
USD 400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
1st Floor, Ceeyam Shopping Complex, No.IV/470,
Companyppady, Thaikkattukara, Alwaye, Aluva-683106, |
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Tel. No.: |
91-484-2627858 |
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Fax No.: |
91-484-2620858 |
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E-Mail : |
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Head Office : |
Karukutty, Angamaly, Kerala-683576, |
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Tel. No.: |
91-484-2451217 |
DIRECTORS
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Name : |
Mr. P P Uvais |
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Designation : |
Director |
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Address : |
Noor Mahal, Peringadi, Kannur-673312, Kerala |
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Date of Birth/Age : |
21.06.1956 |
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Date of Appointment : |
22.09.2001 |
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Name : |
Mr. K K Joy |
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Designation : |
Managing Director |
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Address : |
Kodiyan House, Chendamangalam, Ernakulam-683512, Kerala |
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Date of Birth/Age : |
20.05.1952 |
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Date of Appointment : |
21.09.2000 |
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Name : |
Mr. K K Jose |
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Designation : |
Director |
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Address : |
Kodiyan House, Chendamangalam, Ernakulam-683512, Kerala |
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Date of Birth/Age : |
05.04.1947 |
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Date of Appointment : |
22.09.2001 |
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Name : |
Mr. K M Abdul Rahiman |
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Designation : |
Whole time director |
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Address : |
Kuttimakkal House, Choondy Alwaye, Ernakulam-683105, Kerala |
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Date of Birth/Age : |
15.11.1954 |
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Date of Appointment : |
07.10.2000 |
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Name : |
Mr. K M Khalid |
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Designation : |
Director |
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Address : |
Kuttimakkal House, Choondy Alwaye, Ernakulam-683105, Kerala |
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Date of Birth/Age : |
10.04.1959 |
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Date of Appointment : |
22.09.2001 |
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Name : |
Mr. C Y Meeran |
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Designation : |
Director |
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Address : |
Chethara House, Allappra P O, Ernakulam-683553, Kerala |
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Date of Birth/Age : |
03.07.1961 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. C A Abdul Khader |
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Designation : |
Director |
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Address : |
Cherayilan House, Allappra P O, Ernakulam-683553, Kerala |
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Date of Birth/Age : |
03.02.1962 |
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Date of Appointment : |
30.09.2000 |
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Name : |
Mr. A M Aboobacker |
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Designation : |
Director |
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Address : |
Alangadan House, Nellikuzhi P O, Ernakulam-686691, Kerala |
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Date of Birth/Age : |
03.08.1957 |
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Date of Appointment : |
30.09.2000 |
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Name : |
Mr. T P Thomaskutty |
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Designation : |
Director |
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Address : |
KSIDC Limited, Second Floor, |
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Date of Birth/Age : |
16.11.1956 |
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Date of Appointment : |
14.10.1998 |
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Name : |
Mr. Abdul Kamal |
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Designation : |
Director |
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Address : |
Allangadan House, Nellikuzhi P O, Nellikuzhi P O, Ernakulam-686691,
Kerala |
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Date of Birth/Age : |
04.11.1953 |
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Date of Appointment : |
30.09.2000 |
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Name : |
Mr. Shyam Kurian |
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Designation : |
Director |
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Address : |
Kodiyan House, Chendamangalam P O, Ernakulam-683512, Kerala |
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Date of Birth/Age : |
06.07.1983 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. K A Ajmal |
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Designation : |
Director |
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Address : |
Kuttimakkal House, Erumathala P O, Aluva, Ernakulam-683105, Kerala |
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Date of Birth/Age : |
18.08.1981 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. K J Pratheesh |
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Designation : |
Director |
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Address : |
Chendamangalam P O, Ernakulam-683512, Kerala |
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Date of Birth/Age : |
01.06.1974 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. E K Abdul Rahiman |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors or their relatives |
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76.00 |
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Other top 50 shareholders |
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24.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Paper, Cardboards and Paper Products. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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-- |
MT |
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18000 |
15536 |
GENERAL INFORMATION
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Bankers : |
v
Karukutty Service Co-operative Bank v State Bank of Travancore, SSI Branch, Kalamassery v
ICICI Bank Limited, |
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Facilities : |
Secured Loans
(As on 31.03.2005): (Rs.
In millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. M A Moideen Chartered Accountants |
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Address : |
2nd Floor, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
9609738 |
Equity Shares |
Rs.10/- each |
Rs.96.097
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
96.097 |
76.847 |
49.697 |
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2] Share Application Money |
3.185 |
14.352 |
5.251 |
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3] Securities |
0.000 |
0.000 |
3.000 |
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3] Reserves & Surplus |
3.579 |
12.000 |
9.000 |
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4] (Accumulated Losses) |
(1.013) |
(0.920) |
(0.193) |
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NETWORTH |
101.848 |
102.279 |
66.755 |
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LOAN FUNDS |
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1] Secured Loans |
125.129 |
100.848 |
69.969 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
125.129 |
100.848 |
69.969 |
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DEFERRED TAX LIABILITIES |
3.831 |
2.919 |
1.975 |
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TOTAL |
230.808 |
206.046 |
138.699 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
120.677 |
72.200 |
79.588 |
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Capital work-in-progress |
28.953 |
56.906 |
8.873 |
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INVESTMENT |
0.163 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
39.032
|
31.331 |
26.374 |
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Sundry Debtors |
65.429
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73.517 |
58.954 |
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Cash & Bank Balances |
5.659
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5.021 |
4.063 |
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Other Current Assets |
1.963
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6.541 |
7.778 |
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Loans & Advances |
7.464
|
1.964 |
0.707 |
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Total
Current Assets |
119.547
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118.374 |
97.876 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
38.822
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41.583 |
47.655 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
38.822
|
41.583 |
47.655 |
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Net Current Assets |
80.725
|
76.791 |
50.221 |
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MISCELLANEOUS EXPENSES |
0.290 |
0.149 |
0.017 |
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TOTAL |
230.808 |
206.046 |
138.699 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
252.471 |
236.412 |
172.390 |
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Other Income |
1.563 |
3.009 |
3.969 |
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Total Income |
254.034 |
23.942 |
176.359 |
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Profit/(Loss) Before Tax |
1.061 |
0.237 |
(6.846) |
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Provision for Taxation |
0.000 |
(0.490) |
0.730 |
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Profit/(Loss) After Tax |
1.061 |
0.727 |
(6.116) |
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Total Imports |
NA |
20.051 |
27.706 |
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Expenditures : |
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Raw Material Consumed |
115.913 |
111.655 |
81.440 |
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Manufacturing Expenses |
NA |
99.348 |
74.451 |
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Administrative Expenses |
NA |
4.058 |
4.810 |
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Consumption of stores and spares parts |
8.684 |
NA |
NA |
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Increase/(Decrease) in Finished Goods |
(4.566) |
NA |
NA |
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Salaries, Wages, Bonus, etc. |
14.050 |
NA |
NA |
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Managerial Remuneration |
1.030 |
NA |
NA |
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Payment to Auditors |
0.098 |
NA |
NA |
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Interest |
12.496 |
10.889 |
7.871 |
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Insurance Expenses |
0.638 |
NA |
NA |
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Power & Fuel |
35.349 |
NA |
NA |
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Depreciation & Amortization |
9.556 |
10.157 |
11.056 |
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Other Expenditure |
59.725 |
3.077 |
3.576 |
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Total Expenditure |
252.973 |
239.184 |
183.205 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.42
|
3.04 |
(0.03) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.42
|
0.99 |
(0.04) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.44
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0.12 |
(3.86) |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.00 |
(0.10) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.61
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1.39 |
1.76 |
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Current Ratio (Current Asset/Current Liability) |
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3.08
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2.85 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
COCHIN KAGAZ
LIMITED |
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Presented By |
M. NODHU KUNJU SAHIB, CHIEF MANAGER, STATE BANK OF
TRAVANCORE, SSI BRANCH, KALAMASSERY |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of goods dated 31.12.2003. Letter regarding grant of individual limits dated 31.12.2003. |
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2) Amount secured by the charge/amount owing on the securities of charge |
CC : Rs.32.500 millions DDP (Clean) : Rs.2.500 millions LC (Foreign) : Rs.15.700 millions BG : Rs.0.500 millions Total : Rs.51.200
millions |
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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 present and future goods, book debts and all other movable assets of the borrower. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 13% p.a. Margin 25% Repayable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Travancore SSI Branch Kalamassery |
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6) Date and brief description of instrument modifying the charge |
Supplemental agreement of hypothecation of goods and assets for increase in the overall working capital limit dated 05.03.2005. Supplemental agreement of loan for increase in the overall working capital limit dated 05.03.2005. |
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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 05.03.2005 the existing working capital loan limits of Rs.51.200 millions was enhanced to Rs.70.000 millions as follows : (Rs. in millions)
The existing charge on the goods and assets were extended to the enhanced working capital loan limits of Rs.70.000 millions |
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Corporation identity number or foreign company registrations number of the company |
U21012KL1995PLC009440 |
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Name of the company |
COCHIN KAGAZ LIMITED |
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Address |
1st Floor, Ceeyam Shopping Complex, No.IV/470,
Thaikkattukara, Alwaye, Aluva-683106, |
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This Form is for |
Creation of charge |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title
deeds. |
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Particular of the charge holder |
ICICI Bank Limited |
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Nature or description of the instrument creating charge |
Home equity loan agreement |
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Date of the instrument creating charge |
18.03.2006 |
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Amount Secure by the charge |
Rs.4.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Amortization 120 months, interest @ 10.25%, EMI Rs.0.053 millions per
month, ARHL 10.25%. |
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Description of the property charge whether it is a charge on |
Immovable properties |
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Particulars of the Property charged |
RESY No.70/3, 3-2, Aluva West Village, Aluva Taluk, Ernakulam District,
Extent of 5100/35700 undivided rights in 9.10 Acres land together 2nd
Floor building. |
Company’s fixed assets include Land, Building, Plant and Machinery,
Furniture and Fittings, 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.81 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.54.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|