MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
KUTTY FLUSH DOORS AND FURNITURE COMPANY PRIVATE LIMITED |
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Registered Office : |
167, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
21.06.1962 |
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Com. Reg. No.: |
18-4814 |
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CIN No.: [Company
Identification No.] |
U36101TN1962PTC004814 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEK00305E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Furniture |
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 930000 |
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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 company having satisfactory
track. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade relations are fair.
Financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered
good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
167, |
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Tel. No.: |
91-44-24871424/24799494/ 2479945/ 24871424/ 24871716/
24799464 |
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Mobile No.: |
91-9840017434 |
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Fax No.: |
91-44-24871434/24799434 |
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E-Mail : |
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Area : |
44000 Sq. ft (Owned) |
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Branch Office 1 : |
2A, I Floor, Vinodh Complex, 25/1, |
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Tel. No.: |
91-80-22236817 |
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Branch Office2 : |
122, I Floor, Babu Khan Estate, Basheerbagh, |
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Tel. No.: |
91-40-23235831 |
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Branch Office 3
: |
63/A – 1, Ground Floor, |
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Tel. No.: |
91-431-2791188 |
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Area
Office1: |
D – 86/B, West Jyoti Nagar Extinction, Loni Road, Delhi –
110094,
India |
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Mobile No.: |
91-9312511584 |
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Contact Person: |
Mr. Mayank Pal Singh |
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Area
Office2: |
218/F, |
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Mobile No.: |
91-9223301091 |
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Contact Person: |
Mr. Noorudin Kilan |
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Area
Office3: |
Type II Quarters, 375, Block No. 6. New A G Colony, Opposite Kalinga Stadium, Nayapalli, Bhubaneshwar – 751012, Orissa |
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Mobile No.: |
91-9937378588 |
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Contact Person: |
Mr. H V Dora |
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Area
Office4: |
710, Lalleswari Group Housing Society, Sector – 21D,
Dadkal Chowk. |
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Mobile No.: |
91-9312693904 |
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Contact Person: |
Mr. Ashutosh Choubey
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DIRECTORS
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Name : |
Mr. Sankarakrishnan |
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Designation : |
Director |
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Address : |
No. 7, W Block, Anna Nagar, Chennai-600040, |
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Date of Birth/Age : |
24.08.1939 |
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Date of Appointment : |
22.03.1978 |
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Name : |
Mr. K Natrajan |
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Designation : |
Director |
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Address : |
“Shrestha Ujwala” No. 3, |
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Date of Birth/Age : |
04.07.1936 |
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Date of Appointment : |
07.10.1991 |
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Name : |
Mr. P K Hashim |
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Designation : |
Director |
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Address : |
P K Bungalow, |
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Date of Birth/Age : |
31.05.1944 |
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Date of Appointment : |
07.10.1991 |
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Name : |
Mr. P K Haris |
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Designation : |
Director |
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Address : |
Pallicon Bungalow, Tellicherry, Cannanore District Kerala-67010, |
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Date of Birth/Age : |
07.05.1940 |
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Date of Appointment : |
09.03.2001 |
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Name : |
Mr. Vibhu Natrajan |
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Designation : |
Director |
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Address : |
B1-Destka Apartment No. 5, |
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Date of Birth/Age : |
03.07.1961 |
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Date of Appointment : |
27.11.2004 |
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Name : |
Mr. P K Kaderkutty |
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Designation : |
Director |
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Address : |
Koypathudy Bungalow, Post Chjevyur, Cliuctu, Kerala-673027, |
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Date of Birth/Age : |
23.06.1962 |
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Date of Appointment : |
17.11.2004 |
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Name : |
Mr. Dhruva S Chandrie |
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Designation : |
Director |
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Address : |
Flat No. 403, “Akruti – Lakshmi” 776, |
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Date of Birth/Age : |
23.05.1969 |
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Date of Appointment : |
27.11.2004 |
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Name : |
Mr. P K Musaliar |
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Designation : |
Director |
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Address : |
“Sitara”, Ashfamom Post Quilon-691002, |
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Date of Birth/Age : |
19.09.1967 |
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Date of Appointment : |
09.09.2005 |
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Other Directorship: |
Fab Interior Architecture Private Limited U74210KL2003PTC016060 |
KEY EXECUTIVES
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Name : |
Mr. MVR Mohan |
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Designation : |
Consultant |
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Date of Birth/Age : |
59 Years |
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Qualification : |
M.Tech |
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Experience : |
37 Years |
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Date of Appointment : |
21.11.2006 |
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Last Employment held designation period for which post held: |
Meera Fibre Tech Private Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2008
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Names of Shareholders |
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No. of Shares |
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T V Venkatsubramaninan |
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589 |
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P K Cameela |
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4962 |
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P K Hashim |
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4335 |
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P K Mchamed |
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4034 |
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P K Haris |
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4165 |
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F K Rafta |
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4423 |
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K Sankarakrshnan and Lalidh Sankarakrishnan |
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9150 |
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Nestern India Plywood Limited |
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6000 |
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Syed Abdul REhman Jifrc |
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1560 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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8.00 |
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Directors or relatives of directors |
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81.00 |
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Others |
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11.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Furniture |
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Products : |
v
Kutty’s Bond Wood v Flush Doors v
v Kuttys Stonply v
Fire Resisting Doors |
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Terms : |
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Selling : |
Credit ( 120 Days) |
GENERAL INFORMATION
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Bankers : |
Canara Bank, 824, |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
N Sankar and Company Chartered Accountant |
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Address : |
I A |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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72207 |
Equity Shares |
Rs. 100/-
each |
Rs. 7.221
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.221 |
7.221 |
7.221 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
180.096 |
176.893 |
151.386 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
187.317 |
184.114 |
158.607 |
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LOAN FUNDS |
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1] Secured Loans |
12.712 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.712 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.388 |
0.448 |
0.222 |
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TOTAL |
200.417 |
184.562 |
158.829 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.548 |
7.153 |
3.063 |
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Capital work-in-progress |
67.103 |
21.141 |
0.000 |
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INVESTMENT |
0.220 |
0.220 |
0.220 |
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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 |
44.250
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35.545 |
24.142 |
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Sundry Debtors |
42.575
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37.376 |
28.782 |
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Cash & Bank Balances |
40.675
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97.512 |
124.369 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
41.740
|
28.795 |
19.973 |
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Total
Current Assets |
169.240
|
199.228 |
197.266 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
45.000
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24.701 |
22.287 |
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Provisions |
16.694
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18.479 |
19.433 |
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Total
Current Liabilities |
61.694
|
43.180 |
41.720 |
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Net Current Assets |
107.546
|
156.048 |
155.546 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
200.417 |
184.562 |
158.829 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
182.040 |
167.771 |
123.616 |
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Other Income |
7.236 |
38.800 |
161.132 |
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Total Income |
189.276 |
206.571 |
284.748 |
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Profit/(Loss) Before Tax |
4.737 |
33.014 |
158.581 |
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Provision for Taxation |
0.182 |
4.127 |
9.920 |
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Profit/(Loss) After Tax |
4.555 |
28.887 |
148.661 |
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Earnings in Foreign Currency : |
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Export Earnings |
3.583 |
0.713 |
NA |
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Imports : |
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Raw Materials |
25.656 |
25.649 |
NA |
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Capital Goods |
22.118 |
0.630 |
NA |
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Total Imports |
47.774 |
26.279
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NA |
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Expenditures : |
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Depreciation & Amortization |
1.318 |
1.088 |
0.730 |
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Other Expenditure |
183.221 |
172.549 |
125.437 |
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Total Expenditure |
184.539 |
173.557 |
126.167 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.41
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13.98 |
52.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.60
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19.68 |
128.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.43
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15.99 |
79.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.18 |
0.99 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.39
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0.23 |
0.26 |
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Current Ratio (Current Asset/Current Liability) |
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2.74
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4.61 |
4.73 |
LOCAL AGENCY FURTHER INFORMATION
Performance
Review:
There has been slakness in demand on account of the pressure on the Real
Estate Sector. By concentraiting on Hi-Tech Products like Fire Resisting Door,
the turnover has to be increased.
New Facility at
Paonta Sahib, Hmachal
There were initial delays in the receipt and installation of the
Machinery in this green field project. Also some upstream equipments were added
to the Eco-division at the late stage to take into account changes in possible
variations in the raw material mix and cost. To provide these gaps and bank
sanction had been obtained in March 2008 for the Term Loan and separately for
the working capital.
The delivery of the first Kunty’s Systemate doors form this division has
been well received. The buyer, a leading developers has even sent them a letter
of appreciation.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90292115 |
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Corporate
identity number of the company |
U36101TN1962PTC004814 |
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Name of the
company |
KUNTY FLUSH DOORS AND FURNITURE COMPANY PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
167, |
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Type of charge |
Immovable
Property Movable Property |
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Particular of
charge holder |
Canara Bank, 824, |
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Nature of
description of the instrument creating or modifying the charge |
1. Letter of Renewal 2. Term Loan Agreement 3. Agreement to be obtained for CDB/SDB/BE/AD 4. Cash Credit Agreement 5. No. Instrument executed, Extension of
Equitable mortgage by way of deposit of title deeds of the company’s
immovable properties situated at |
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Date of
instrument Creating the charge |
17.03.2008 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC : 11.25% p.a. Term Loan: 11.50%
p.a. Cheque
Discounting : 11.25% p.a. Terms of
Repayment The Term Loan shall
be repayable in 59 monthly installments of Rs. 0.433 Million each and 1
installment of Rs. 0.453 Million commencing from 17.04.2009 Margin LC/BG : 10% OCC : 25% Extent and
Operation of the charge Till the
repayment of entire loan together with interest and other costs. Others As per sanction
letter and the security documents executed on 17.03.2008 |
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Short particulars
of the property charged |
1. Stock of Raw Material, Stores,
Work-in-progress, semi finished goods at surajpur village, paonta sahib. 2. Book Debts of the company 3. Land and Building, Plant and Machinery,
Furniture and Fittings, Vehicles, Situated surajpur village, Paonta sahib,
District Sirmour more fully described in the agreements attached herewith |
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Date of latest
modification prior to the present modification |
28.03.2006 |
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Tranformer and Electrical
Equipment
·
Motor Cars and Cycles
·
Fire Fighting Equipments
·
Laboratary Equipments
·
Furniture and Fittings
·
Office Equipments
·
Electronic Data
Processing Unit
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.48.49 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.67.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|