MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THE ALLEPPEY COMPANY LIMITED |
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Registered Office : |
TAC House, North Vadai Canal Road, Alleppey - 688007, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.11.1927 |
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Com. Reg. No.: |
09-000005 |
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CIN No.: [Company
Identification No.] |
U52201KL1927PLC000005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNA00507D |
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Legal Form : |
A closely held public
limited liability company. |
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Line of Business : |
Manufacturers, Traders,
Exporters and Importers of Coir Products, Coir Jute, Cotton Good, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1500000 |
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Status : |
Excellent |
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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 and a part of Karan Group.
Available information indicates high financial responsibility of the company
and its management. Trade relations are fair. Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office : |
TAC House, North Vadai Canal Road, Alleppey - 688007, Kerala, India |
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Tel. No.: |
91-477-2242330 / 2242831 / 2242835 |
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Fax No.: |
91-477-2243161 |
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E-Mail : |
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Factory 1 : |
Thumploy Factory,
Alleppey, Kerala, India |
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Factory 2 : |
Ammandivilai, Nagercoil,
Kanyakumari, Tamil Nadu, India |
DIRECTORS
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Name : |
Mr. Ponnattu Kurian
Kurian |
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Designation : |
Director |
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Address : |
XXLV/556, Choolaka
Parambu Road, Ernakulam, Ernakulam, Kerala
India |
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Date of Birth/Age : |
20.03.1930 |
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Date of Appointment : |
30.09.2002 |
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Name : |
Mrs. Subhadra Revi Karunakaran |
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Designation : |
Chairman |
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Address : |
Shanti Bhavan, Alleppey, Kerala, India |
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Date of Birth/Age : |
27.11.1937 |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. N Venugopal |
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Designation : |
Director |
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Address : |
Saras, Alleppey – 688 007, Kerala, India |
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Date of Birth/Age : |
23.05.1933 |
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Date of Appointment : |
30.06.2007 |
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Name : |
Mr. Ashok Venugopal |
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Designation : |
Director |
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Address : |
Saras, A S Road, Alleppey, Kerala, India |
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Date of Birth/Age : |
01.06.1965 |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Vivek Venugopal |
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Designation : |
Director |
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Address : |
Saras, A S Road, Alleppey, Kerala, India |
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Date of Birth/Age : |
11.12.1969 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Govind C Venugopal |
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Designation : |
Director |
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Address : |
G 75, Panampally Nagar, Cochin, Kerala, India |
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Date of Birth/Age : |
29.10.1942 |
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Date of Appointment : |
30.09.2004 |
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Name : |
K Sugunendran |
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Designation : |
Director |
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Address : |
Susanth, Alleppey, Kerala, India |
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Date of Birth/Age : |
19.05.1930 |
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Date of Appointment : |
30.09.2003 |
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Name : |
Mr. Appukuttanpillay Karunakaran Nair |
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Designation : |
Director |
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Address : |
Devika M-10/15, Changampuzha Nagar, Cochin – 682033, Kerala, India |
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Date of Birth/Age : |
27.08.1943 |
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Date of Appointment : |
19.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Asha Geetha Kesavan |
1249 |
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Ramesh Narendran |
1525 |
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Subhadra Revi Karuna Karan |
37068 |
|
The Red Star Fibre Company N.V. |
11832 |
|
Leela Mathai |
100 |
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Lekha Raju George |
100 |
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Ayya Neelamma |
137 |
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Arumugha Swami Nadar Aras |
137 |
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Dharmarajan K C |
300 |
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Doris Margret Lobo |
275 |
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Karan Bahadur Abdhul Karim |
171 |
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Varkey George |
121 |
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Kurian P K |
313 |
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Kuruvila Varghese |
137 |
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Linda Francis, Clement Francis |
175 |
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P J George |
412 |
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Padmaja S |
486 |
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Peter M V |
206 |
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Philipose P |
275 |
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Santosh Kumar Sanyal |
287 |
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Vaidhyanathan S |
550 |
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V Ambika Ramachandran |
412 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident indian(s) or Overseas corporate bodies or Others |
19.72 |
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Directors or relatives of Director |
62.30 |
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Other top fifty (50) shareholders |
17.98 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Traders,
Exporters and Importers of Coir Products, Coir Jute, Cotton Good, etc. |
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Products : |
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Coir ·
Copra ·
Paddy Rice ·
Pepper cardamom Links |
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Terms : |
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Selling : |
Cash or Credit (30 days) |
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Purchasing : |
L/C, Cash or Credit (30
days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
2700 (In Office 200 and
In Factory 2500) |
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Bankers : |
·
Central Bank of India Sarada Shopping Complex, Mullackal,
Alleppey – 688 011, Kerala, India ·
State Bank
of India, Alappuzha – 688012 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
J Krishnan and Company Chartered Accountants |
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Address : |
Nirmal, Amman Coil Street, Alleppey, - 688 011, Kerala, India |
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Associates/Subsidiaries : |
·
Kerala Balers Private Limited A S Road, Alleppey – 688 007, Kerala,
India Tel No.: 91-477-2243454 Fax No. : 91-477-2243416 Email : balers@vsnl.com
·
William Goodacre and Sons India Private Limited XVIII/1146, S Revi Karuna Karan Road,
Alleppey – 688 012, Kerala, India Tel No. : 91-477-2243662 Fax No. : 91-477-2243124 Email : goodacre@vsnl.com
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CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity Shares |
Rs.10/- each |
Rs.0.750 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
300.846 |
290.613 |
272.208 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
301.446 |
291.213 |
272.808 |
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LOAN FUNDS |
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1] Secured Loans |
127.436 |
100.535 |
46.832 |
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2] Unsecured Loans |
0.145 |
0.145 |
0.145 |
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TOTAL BORROWING |
127.581 |
100.680 |
46.977 |
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DEFERRED TAX LIABILITIES |
3.987 |
1.730 |
1.508 |
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TOTAL |
433.014 |
393.623 |
321.293 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
61.183 |
51.464 |
54.918 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
6.634 |
6.510 |
4.156 |
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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 |
105.791
|
94.683 |
94.987 |
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Sundry Debtors |
77.452
|
55.663 |
30.629 |
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Cash & Bank Balances |
219.451
|
207.976 |
168.410 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
23.765
|
33.342 |
24.669 |
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Total
Current Assets |
426.459
|
391.664 |
318.695 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
52.462
|
40.142 |
44.486 |
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Provisions |
8.800
|
15.873 |
11.990 |
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Total
Current Liabilities |
61.262
|
56.015 |
56.476 |
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Net Current Assets |
365.197
|
335.649 |
262.219 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
433.014 |
393.623 |
321.293 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
503.007 |
475.192 |
533.071 |
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Other Income |
14.387 |
12.649 |
0.000 |
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Total Income |
517.394 |
487.841 |
533.071 |
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Profit/(Loss) Before Tax |
14.512 |
26.457 |
6.373 |
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Provision for Taxation |
3.255 |
7.722 |
2.064 |
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Profit/(Loss) After Tax |
11.257 |
18.735 |
4.309 |
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Earnings in Foreign Currency : |
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Sale of goods manufactured |
422.964 |
360.348 |
422.994 |
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Sale of goods traded |
0.000 |
0.000 |
13.616 |
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Total Earnings |
422.964 |
360.348 |
436.610 |
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Expenditures : |
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Raw Material Consumed |
147.380 |
144.741 |
172.109 |
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Purchases made for re-sale |
153.645 |
70.259 |
125.239 |
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Consumption of stores and spares parts |
42.519 |
42.630 |
42.283 |
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Salaries, Wages, Bonus, etc. |
19.268 |
17.617 |
14.683 |
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Managerial Remuneration |
0.240 |
0.105 |
0.075 |
|
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Payment to Auditors |
0.285 |
0.236 |
0.260 |
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Interest |
13.073 |
9.914 |
7.755 |
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Insurance Expenses |
0.740 |
0.462 |
0.603 |
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Power & Fuel |
10.316 |
8.802 |
9.628 |
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Depreciation & Amortization |
7.203 |
6.506 |
6.863 |
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Other Expenditure |
108.213 |
160.112 |
147.200 |
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Total Expenditure |
502.882 |
461.384 |
526.698 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.22
|
3.84 |
0.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.89
|
5.57 |
1.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
5.97 |
1.71 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.09 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
0.54 |
0.38 |
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Current Ratio (Current Asset/Current Liability) |
|
6.96
|
6.99 |
5.64 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
THE ALLEPPEY COMPANY LIMITED |
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Presented By |
S Jayasankar
Asst. General Manager, State Bank of India, Alappuzha – 688012 |
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1) Date and description of instrument creating the change |
1.
Agreement of
Hypothecation of Goods and Assets in Form C.2 dated 13.01.2005. 2.
Letters
regarding the Grant of Individual Limits within the overall limit in Form C.5
dated 13.01.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000 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
including documents of title to the goods, outstanding moneys, receivables
including receivables by way of cash assistance and/or cash incentives under
the Cash Incentive Scheme or any other Scheme claims including claims by way
of refund of customs/excise duties under the Duty drawback Credit Scheme or
any other scheme, bills, invoices documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights and the present
machinery listed in the schedule hereinto (Nil) and all future machinery
belonging to or in the possession or under the control of the borrower or of
the Bank or of any third party whether in India or elsewhere throughout the
world (including all such goods, other movable assets as may be in course of
shipment transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Working
capital loan limits sanctioned are: 1.
Export
Packing Credit – Rs.10.000 millions 2.
Foreign Bill
Discounting – Rs.10.000 millions (The overall limit
not to exceed Rs.10.000 millions at any part of time). Interest and
repayment as determined by the Bank from time to time. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Alappuzha –
688012 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporate
identity number of the company |
U52201KL1927PLC000005 |
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Name of the
company |
THE ALLEPPEY COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
TAC House, North Vadai Canal Road, Alleppey - 688007, Kerala, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Central Bank of India Sarada Shopping Complex, Mullackal, Alleppey – 688 011, Kerala, India |
|
Nature of
instrument creating charge |
·
Agreement of
Hypothecation to Secure Demand Cash Credit Against Goods dated 24th
January, 2008 ·
Agreement of
Hypothecation to Secure Packing Credit dated 24.01.2008 |
|
Date of
instrument Creating the charge |
24.01.2008 |
|
Amount secured by
the charge |
Rs.177.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Compound interest over the Bank Rate subject to a minimum of 9.5
percent per annum or at such rate as may from time to time fixed by the Bank. ·
Terms of
repayment Repayable on Demand ·
Margin As may be decided by the bank. ·
Extent and operation
of the charge The charge operates as security for the loan of Rs.177.000 millions
sanctioned to the company. |
|
Particulars of
the property charged |
Hypothecation of
all tangible movable property such as products, stock-un-trade and goods of
the Borrowers which now hereafter from time to time during this security
shall be brought in, stored or be in or about the premises warehouses or
godowns of the Borrowers in Alleppey or anywhere else. |
group profile
Karan Group
Backed with more
than 100 years of experience in the Coir industry, Karan group has been
recognized as the indisputable industry leader. Starting as Coir yarn spinners
in the late 1800s, the company presently own the largest integrated factory in
Asia for weaving natural fiber floor coverings. Its factories are equipped with
the latest yarn preparation and dyeing equipment, imported automatic
shaft/jacquard looms and finishing equipment. The comoany recruit and train the
best weaving talent available. Group collection of woven Coir, Sisal and Jute
floor coverings is exported to more than l00 countries. It is also the pioneers
in Asia for the manufacture of Vinyl backed Coir mats/rolls. The company
successfully maintained the balance between traditional craftsmanship and
latest technology through out its journey. Group has the best craftsmen in the
handloom industry working for it. That helps them to be the largest exporters
of traditional, hand-woven coir mats, mattings and rugs from India.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
81 |
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. |
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 |
|