MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
TRAVANCORE COCOTUFT PRIVATE LIMITED |
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Registered Office : |
Saktheeswaram Junction, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.03.2000 |
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Com. Reg. No.: |
09-013734 |
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CIN No.: [Company
Identification No.] |
U17214KL2000PTC013734 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
TVDT00626D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Exporting of PVC Tufted Coir Mats, Carpets, Mattings, Floor Coverings and Wall Coverings. |
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 220000 |
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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 records. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct as fair. Business si active. Payments are
usually correct and as per commitment The company can be considered normal for business at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Saktheeswaram Junction, |
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Tel. No.: |
91-478-2811034/ 2813966 |
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Fax No.: |
91-478-2811135/ 2818034 |
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E-Mail : |
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Website : |
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Factory 1 : |
Cherthala – 688539, |
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Tel. No.: |
91-478-2811034/2813966 |
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Fax No.: |
91-478-2811135/2818034 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. V.V. Pavithran |
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Designation : |
Managing Director |
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Address : |
Laxmi Sadanam, CMC-14, Maruthoorvarrom .p.O.Cherthala
Alappurha;688545, Kerala |
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Date of Birth/Age : |
16.01.1932 |
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Date of Appointment : |
12.08.1999 |
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Name : |
Mr. V.V. Santosh. |
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Designation : |
Director |
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Address : |
Jovial Bunglow, CMC-1, V, Floor Vattom. P.O, Cherthala, Alappurha,
Kerala;688524 |
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Date of Birth/Age : |
13.09.1956 |
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Date of Appointment : |
03.03.2000 |
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Name : |
Mr. V.R. Prasad |
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Designation : |
Director |
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Address : |
Ashabhavn, CMC-I, Velooravattom.P.O. Cherthala, alappurha;688524,
Kerala |
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Date of Birth/Age : |
01.10.1934 |
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Date of Appointment : |
12.08.1999 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Pavithran V.V. |
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62500 |
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Santosh V.V |
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62500 |
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Prasad V.R |
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62500 |
Equity Share Breakup:
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of PVC Tufted Coir Mats, Carpets, Mattings, Floor Coverings and Wall Coverings. |
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Products : |
PVC Tufted and Coir AMts |
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Imports : |
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Countries : |
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Exports : |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
Otto Golze & Sohne Docol Organics & Colour Private Limited Hareesh Petrochem Private Limited High Range Rubber & Coir Products Private Limited William Goodcare & Sons Private Limited Silvasa Plast Sri Prasanna Chemicals Sudarshan Chemical Industries |
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Customers : |
Rudolf Lenier CES MBH, Leo Tex, Cherthala Niazi Chochfi Imports, Gunbow Trading Company Jovail Exports, Allepey Comnet Exports Otto Golze & Sohne Oriental Weavers, ETS Avosulahian Pourle Commerce Extra Weave (S) Fanmats LLC Joh. Mateboerand ZNBV Kanthi Floor Furnishers Printachs Advanced Printing TMK Overseas |
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No. of Employees : |
About 60 |
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Bankers : |
The Catholic
Syrian Bank Limited Cherthala |
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Facilities : |
-- |
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Banking
Relations : |
satisfactory |
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Auditors : |
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Name : |
Mr. R Suresh Kumar Chartered Accountant (M. No.200185) |
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Address : |
Panicker’s College Campus Cherthala-688524, Kerala |
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Associates/Subsidiaries : |
Travancore Mats and Matting Company |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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375000 |
Equity Shares |
Rs.100/- each |
Rs.37.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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375000 |
Equity Shares |
Rs.100/- each |
Rs.37.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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37.500 |
37.500 |
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2] Share Application Money |
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0.000 |
13.951 |
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3] Reserves & Surplus |
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18.978 |
16.302 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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56.478 |
67.753 |
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LOAN FUNDS |
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1] Secured Loans |
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39.781 |
40.310 |
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2] Unsecured Loans |
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17.393 |
1.119 |
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TOTAL BORROWING |
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57.174 |
41.429 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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113.652 |
109.182 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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73.506 |
67.077 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.600 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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44.263 |
27.568 |
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Sundry Debtors |
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3.069 |
10.007 |
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Cash & Bank Balances |
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4.154 |
10.045 |
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Other Current Assets |
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5.018 |
5.479 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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56.504 |
53.099 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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17.201 |
14.380 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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17.201 |
14.380 |
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Net Current Assets |
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39.303 |
38.721 |
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MISCELLANEOUS EXPENSES |
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0.243 |
3.385 |
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TOTAL |
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113.652 |
109.182 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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219.252 |
159.200 |
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Profit/(Loss) Before Tax |
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2.675 |
6.682 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.675 |
6.682 |
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Total Expenditure |
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216.577 |
152.518 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.22 |
4.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.22 |
4.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.06 |
5.56 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32 |
0.82 |
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Current Ratio (Current Asset/Current Liability) |
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3.28 |
3.69 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
Travancore
Cocotuft Private limited |
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Presented By |
V.V. Pavithran
Managing Director |
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1) Date and description of instrument creating the change |
Memorandum of Deposits
of Title deeds dated:04.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Guarantee
agreement dated 04.08.2005 |
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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 |
Rs.9.100 Millions
Mortgage Loan availed by shri V.V. Pavitharan V. R. Prasad and V.V. Santosh,
the Directors of the company by way of giving corporate guarantee by the
building hypothecation of machinery goods etc of the company existing as well
as those to be acquired in future |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The existing
equitable mortgage over 85 cents of land in Sy. No.298/13, 14,15,16,19 and 20
and 26 cents of land in Sy. No.299/3 15,16,17,2,4 and 5 of Cherhala South
Village and buildings in the above land
hypothecation of machinery, vehicles, equipments, book-debts, stock of
finished goods as well as raw material
are also extended to cover the mortgage loan of Rs. 9.100 Million
availed by Shri V.V. Pavithran V.R. Prasad and V.V. santhosh the directors of
Travancore Cocotuft (private )Limited The above Mortage
loan of Rs. 9.100 Millions repayable in 7 years in 28 Quarterly installments
of Rs.0.325/-Millions each Interest
rate is 8% per annum |
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5) Name and Address and description of the person entitled to the charge. |
The Catholic
Syrian Bank Limited Cherthala |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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As Per Web site:
Tradition
The company was started way back in 1917. It has since grown in to a multi million dollar business group with six fast growing autonomous business entities, a Super Specialty Hospital and a major Social welfare organization that patronises, among a host of other charitable institutions, a free Drug & De-addiction centre, a free Pain & Palliative centre, a free School for Mentally Challenged Children, a School and College for Nursing Students and an Engineering & Information Technology College; a fitting tribute to the founder’s social commitment.
Subject is the one stop solution for all the floor covering needs. Subject was started as a 100% export oriented unit in 2000, specializing in Vinyl (PVC) backed cut fast coir-matting rolls and flocked door mats. The company expanded its product range to include Rubber Mats, Coir Handloom Mats and Matting and Jute and Cotton rugs to provide the full range of floor coverings.
7000 m2 (75,000 F2) of manufacturing facility at Cherthala, in the South Indian State of Kerala, house dual imported French Tufting Machines with a combined capacity of 4800 m2 (50,000 f2) per day. A fully automatic computerized German flocking machine, which can flock 4,500 door mats a day, state of the art printing units, captive looms producing high quality jute and coir rugs and manufacturing facilities for Rubber mats are complemented by a comprehensive Quality Management System assuring timely shipment of optimal quality goods.
Subject maintains a team of highly skilled designers to provide customized designs for their clients. Its design team has built up an enviable collection of rugs catering to different markets. Their design pallet includes more than 8000 hand picked designs to help develop market oriented and buyer centric design themes with complementing seasonal collections to give an edge.
When it comes to understanding customer needs and enhancing
customer satisfaction, the mantra at subject has always been speed, focus, and
accountability. Perhaps that’s why subject’s customers in more than 24
countries around the world with the major share of its revenue coming from the
The company has implemented a comprehensive Quality Management System as part
of implementing ISO 9001: 2000 standards. Subject has implemented an efficient
sourcing mechanism with a strict rating system for maintaining an approved vendor
list making sure that raw materials conform to certified standards. Random
samples taken from each lot are inspected at its testing laboratories to ensure
that raw materials meet approved standards before production cycles are
undertaken.
Standard operating procedures (SOPs) for each aspect of production are meticulously adhered to. Records are strictly maintained for identification and traceability for each and every product that leaves the factory.
Subject believes that being innovative in business also
means being responsible. Subject is one of the promoters of the
Behind Subject’s products is something just as important -
Cocotuft people, people focused to meet customer demands for quality,
consistency and cost efficiency. The company guarantees a work environment and
remuneration that meets or exceeds local as well as international legal
requirements. In this regard , the company has been c certified as an SA
8000:2001 company by SAI, a
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.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--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 |
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TOTAL |
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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
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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/normal. |
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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