MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
D C MILLS PRIVATE LIMITED |
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Registered Office : |
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Country : |
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Date of Incorporation : |
07.02.1996 |
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Com. Reg. No.: |
09-9988 |
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CIN No.: [Company
Identification No.] |
U251999KL1996PTC009988 |
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IEC No.: |
3996000014 |
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PAN No.: [Permanent
Account No.] |
AABCD1022F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Coir Yarn and Coir Products and all types of Floor
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 : |
---- |
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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 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. Company’s financials are missing from the Government Registry. We are
trying to obtain the same from the company management and if they provide, we
shall send a. |
LOCATIONS
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Registered/ Head Office/ Units: |
Post |
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Tel. No.: |
91-477-2251016 / 91- 477 2253166/ 2865373 /244663 |
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Fax No.: |
91-477-2251201 / 91-477 2251301 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Valavanada, Kalavoor Post office, Alleppy – 688 522, Kerala |
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Location : |
Owned |
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Corporate Office : |
Valavanad, |
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Tel. No.: |
91-477-251201 |
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E-Mail : |
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Website : |
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Branch Office: |
No.134 / Imannanchery Panchayath, Valavandu Kalavoor P.O Alappuzha –
688 522, Kerala |
DIRECTORS
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Name : |
Mr. K. J. Dennis |
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Designation : |
Chairman cum Managing Director |
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Date of Birth/Age : |
50 years |
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Qualification : |
Graduate |
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Name : |
Mrs. Sholly Dennis |
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Designation : |
Director |
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Date of Birth/Age : |
46 years |
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Qualification : |
Post graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Coir Yarn and Coir Products and all types of Floor
Coverings |
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Products : |
· Coir mats · Washable Rugs · Sisal Rugs · Coir Rugs · Jute Rugs · Bamboo Rugs · Coir rugs ·
Braided Rugs |
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Exports : |
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Products : |
All products |
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Countries : |
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Imports : |
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Products : |
Raw materials, Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C, Cash |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
1200 |
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Bankers : |
·
State Bank of Travancore, ·
State Bank of Address: Alleppy Main Branch C/C and L/C – Rs. 500.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K.K. Padmanabha Pillai and Company Chartered Accountants. |
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Address : |
Kerala |
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Tel. No.: |
91-477-2261179 |
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Associates/Subsidiaries : |
Denny Steels Private Limited Address: Chennai Activity: Manufacturer of steel products |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1100.000 |
1100.000 |
Expected Sales (2007-08) : Rs. 1250.000 millions
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
The company was incorporated on 7th February, 1996 at Alleppey in Kerala having Registration No. 09-9988.
BUSINESS:
The company is engaged in Manufacturing and sale of PVC Tufted Coir Mats and Coir Sisal, Floor Coverings.
It operates from caption owned office as well as factory area of large size.
TRADE REFERENCE:
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Home
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Premier Limited,
WEBSITES
DETAILS:
Spanning two
decades, subject foray in the coir products exports is a magnificent example of
growth rooted in determination of a management with a vision seldom seen.
Attentiveness to
customer tastes and preferences, commitment to quality, dedication to timely
delivery and extensive range of products make subject the numero uno in floor
covering business.
Yet they know that
they have miles to go. They rededicate the hallowed time frame of the last 20
years of growth to go on into the decades to come - brimming with confidence
but always knowing that delighting the customers in all continents is always
their objective.
PRODUCTS:
Coir mats: - Quality controls using high – tech
laboratory technology
Washable Rugs - Computer based planning, phased production,
scheduling of shipments
Braided Rugs -
Individuals attention to specifications of each product by skilled operators
and competent supervisors
Jute rugs - Applying proper Management Expertise to
each area of operations, in order to make the finished product presentable, and attractive
Sisal Rugs - Standard packing and packaging of each
products
Coir Rugs -
Supporting Certificates of Quality from reputed inspecting / surveying
companies.
AWARDS:
· Certificate of merit for the export of coir products 3rd position during the year 1992-93
· Second position during the year 1993-94
· Merit certificate for the outstanding performance in pioneering efforts during the year 1994-95
· Second position during the year 1995-96
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Certificate of merit from the government of
· First position for outstanding performance in the export of coir products during the year 1996-97
· First position for outstanding performance in the effort in promoting export and investment in coir industry during the year 1998-99
· First position for outstanding performance in growth in export of coir products during the year 1999-2000
· First position for the outstanding performance in research & development efforts in product development & product diversification during the year 1999-2000
· Highest position for the outstanding performane in export of coir products during the year 1999-2000
· Millennium award for the contribution for the development &promotion of coir industry
· Award for the top exporter under cepz for 2000-2001
· Award for the top exporter - coir poducts by Coir Board for 2002
· Award for the top exporter - coir poducts by Coir Board for 2003
· Award for the top exporter - coir poducts by Coir Board for 2004
· Award for the top exporter - Chamber of commerce - 2004
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.39.49 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.55.76 |
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 |
YES |
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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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