MIRA
INFORM REPORT
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Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
N C JOHN AND SONS
PRIVATE LIMITED |
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Registered Office : |
W 16/329,
Vazicherry, Alleppey – 688001, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.08.1943 |
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Com. Reg. No.: |
09-784 |
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CIN No.: [Company
Identification No.] |
U17239KL1943PTC000784 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
TVDN00230G |
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PAN No.: [Permanent
Account No.] |
AABCN0264H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters and Manufacturers of natural furnishings like door mats, mattings, area rugs, carpets, rubberised mats and rugs with printed designs. |
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 1300000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having fine track. Financial position is good. Trade
relations are fair. Payment are
correct and as per commitments. The company can be
considered for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
W 16/329,
Vazicherry, Alleppey – 688001, Kerala, India |
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Tel. No.: |
91-477-2243796/98 |
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Fax No.: |
91-477-2242375 |
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E-Mail : |
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Website : |
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Factory : |
Post Box No. 17, Alleppey – 688001, Kerala, India |
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Tel. No.: |
91-477-2243796 / 98 |
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Fax No.: |
91-477-2243173 / 2242375 |
DIRECTORS
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Name : |
Mr. N. C. J. John |
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Designation : |
Director |
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Address : |
Neroth House, Jubilee Road, Alleppey – 688001, Kerala, India |
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Date of Birth/Age : |
21.09.1938 |
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Date of Appointment : |
29.01.1994 |
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Name : |
Mr. N. C. J. Rajan |
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Designation : |
Director |
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Address : |
Neroth House, Jubilee Road, Alleppey – 688001 |
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Date of Birth/Age : |
16.05.1942 |
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Qualification : |
B. Sc |
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Date of Appointment : |
29.01.1994 |
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Name : |
Mr. John C Neroth |
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Designation : |
Director |
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Address : |
Neroth House, Lejeneth Ward, Alleppey – 688001 |
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Date of Birth/Age : |
28.09.1945 |
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Qualification : |
B. E. |
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Date of Appointment : |
29.01.1994 |
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Name : |
Mr. John Mathew N.
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Designation : |
Director |
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Address : |
Neroth House, Jubilee Road, Alleppey – 688001 |
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Date of Birth/Age : |
01.06.1948 |
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Qualification : |
B. Com., B.
Pharm. |
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Date of Appointment : |
29.01.1994 |
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Name : |
Mr. Alex Joseph |
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Designation : |
Director |
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Address : |
Neroth House, Power House Ward, Alleppey – 688007 |
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Date of Birth/Age : |
05.08.1962 |
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Qualification : |
B. Com., LLB |
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Date of Appointment : |
29.01.1994 |
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Name : |
Mr. N J Chacko |
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Designation : |
Director |
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Address : |
Neroth Gardens, Vattayal Ward, Appeppey – 688002 |
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Date of Birth/Age : |
02.05.1962 |
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Qualification : |
B. Sc., B.E., M.
Ch. Engineer |
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Date of Appointment : |
06.05.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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C John Neroth |
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760 |
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C Josey Neroth |
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760 |
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C Rockey Neroth |
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760 |
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C Jacob Neroth |
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760 |
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N J Mathew |
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2780 |
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N J Chacko |
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2016 |
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Alex Joseph |
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505 |
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Mariamma Joseph |
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804 |
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N C J Jahn |
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837 |
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John Neroth |
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1720 |
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Sangeetha John |
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700 |
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N C J Rajan |
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567 |
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John Job Neroth |
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500 |
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Francis Job Neroth |
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500 |
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Alexander Job Neroth |
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500 |
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Mathew Job Neroth |
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500 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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1.60 |
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Directors or relatives of directors |
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98.00 |
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Other top fifty shareholders |
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0.40 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters and Manufacturers of natural furnishings like door mats, mattings, area rugs, carpets, rubberised mats and rugs with printed designs. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Coir Mats &
Mattings |
Sq.Mtrs |
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13,00,000 |
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Coir Yarn |
Tons |
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10,000 |
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Rubber Mats |
No. of pcs |
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3,00,000 |
GENERAL
INFORMATION
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No. of Employees : |
400 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Abdul Rahim and
Company Chartered
Accountant |
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Address : |
New Bazar, Alleppey – 688001, Kerala, India |
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Associates/Subsidiaries
: |
v
Eco Wood
Limited v
Neroth Oil
Mills Company Private Limited v
Neroth
Plantations Private Limited v
Neroth
Estate v
Ninans
Private Limited v
Cocotufters
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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318.080 |
311.112 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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320.080 |
313.112 |
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LOAN FUNDS |
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1] Secured Loans |
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69.058 |
74.026 |
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2] Unsecured Loans |
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59.783 |
58.878 |
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TOTAL BORROWING |
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128.841 |
132.904 |
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DEFERRED TAX LIABILITIES |
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16.152 |
17.679 |
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TOTAL |
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465.073 |
463.695 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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244.669 |
216.301 |
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Capital work-in-progress |
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1.064 |
11.925 |
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INVESTMENT |
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38.060 |
36.245 |
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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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122.002 |
124.805 |
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Sundry Debtors |
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14.356 |
42.653 |
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Cash & Bank Balances |
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6.567 |
6.679 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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101.964 |
79.794 |
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Total
Current Assets |
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244.889 |
253.931 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.770 |
28.277 |
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Provisions |
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41.839 |
26.430 |
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Total
Current Liabilities |
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63.609 |
54.707 |
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Net Current Assets |
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181.280 |
199.224 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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465.073 |
463.695 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.60 |
0.60 |
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Current Ratio (Current Asset/Current Liability) |
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3.85 |
4.64 |
LOCAL AGENCY
FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
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Name of the company |
N C JOHN AND SONS PRIVATE LIMITED |
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Presented By |
Mr. C Krishnamoorthy, Manager State Bank of Tarvancore, SSI Branch,
Zazhicherry, Alleppey |
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1) Date and description of instrument creating the change |
Memorandum of
deposit of title deeds on 28.08.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000
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 |
Collateral
security of company’s immovable properties namely, 26.10 cents [11410 sq. ft.]
in Survey No. 454/1 [Part] in Tea Nagar, Mudalipalayam Village, Tirupur
Taluk, Tirupur Joint I Sub Regn. District Coimbatore District together with
all buildings existing and or to be constructed. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 2 % below S.B.T.P.L.R. subject to a minimum of 10 % p.a. effective
interest rate 10 % p.a. Repayable on
Demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Tarvancore, SSI Branch, Zazhicherry, Alleppey |
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6) Date and brief description of instrument modifying the charge |
Memorandum
Evidencing Creation of Equitable Mortgage by constructive Deposit of Ttitle
Deeds on 09.12.2004 Deed of
Hypothecation dated 09.12.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
On 09.12.2004 the
existing FDBP/FBEP limit of Rs. 5.000 Millions was enhanced by and additional
limit of Rs. 2.500 Million making the total limit to Rs. 7.500 Millions The existing
charge on the Collateral Security of Company’s Immovable Properties namely,
26.10 cents [11410 sq. ft.] in Survey No. 454/1 [Part] in Tea Nagar,
Mudalipalayam Village, Tirupur Taluk, Tirupur Joint I Sub Regn. District
Coimbatore District together with all buildings existing and or to be
constructed were extended to the enhanced FDBP/FBEP limit of Rs. 7.500
Millions The existing
charge on the whole of the movable assets of the company including movable
plant and machinery, implements, fittings, spares parts, accessories tolls,
stores, inventories, typewriters, motor vehicles, all type of transport
equipments, office furniture including computers, stocks of raw materials
finished and semi finished goods, other goods and uncalled capital from time
to time acquired which now or hereinafter from time to time during the
continuance of this agreement shall be brought into, stored in or about its
premises, factories godowns, and elsewhere and wherever they are whether
stationary or in transit, pertaining to the Garments Division of the company
located at Tirupur were extended to the additional loan limit. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90022189 |
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Corporate
identity number of the company |
U17239KL1943PTC000784 |
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Name of the
company |
N C JOHN AND SONS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
W 16/329,
Vazicherry, Alleppey – 688001, Kerala, India |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Indian Overseas
Bank, V. S. V. Building, C C N B Road, Alleppey – 688011, Kerala, India |
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Nature of
description of the instrument creating or modifying the charge |
Equitable Mortgage
of Landed Properties |
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Date of
instrument Creating the charge |
29.05.2007 |
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Amount secured by
the charge |
Rs. 1.000 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per original
agreement Terms of
repayment : Repayable on
demand Margin : As per original
agreement Extent and
operation of the charge : Equitable
Mortgage of Landed Properties |
|
Short particulars
of the property charged |
Equitable
Mortgage of Landed Property of 12.14 ares in Sq. No. 386/13-3 of Komalapuram
Village, Alappuzha as additional security for the limit of Rs. 1.000 Million
availed by the company. |
|
Particulars of
the present modification |
The existing limit
of Rs. 1.000 Millions is secured by the additional security. 12.14 ares of
land in sy. No. 386/13-3 of Komalapuram Village. |
FIXED ASSETS
v
Land
v
Building
v
Plant &
Machinery
v
Motor Car
v
Motor Boat
v
Transport
Vehicles
v
Furniture
& Fitting
v Computer
AS PER WEBSITE
Subject is a premium name in the
world of natural decors. We started the business in the year 1919 and registered as a corporate
entity in the year 1943. Service, integrity, trust and hard work are the
cornerstones in which they have been building up their business.
The growth of their organisation
in leaps and bounds has always been steered by quality conscious team leaders.
They have been awarded with several national awards continuously from the year
1991.
They are recognized as trading
house by the Government of India and are on a fast expansion track. They export
their product to over 30 countries across continents, prominent amount them
being USA, UK and Germany. Their turn over has doubled in the last 5 years.
Their modern chemical effluent
plants and pollution control units ensure that their motto of in harmony with
nature is maintained in all their activities.
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 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.39.32 |
|
UK Pound |
1 |
Rs.77.53 |
|
Euro |
1 |
Rs.57.91 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|