MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE GOODWILL COIR MANUFACTURING COMPANY |
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Registered Office : |
P B No. 2616, Canal Ward, Alleppey – 688 007, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1950 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
TVDG00458D |
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PAN No.: [Permanent
Account No.] |
AACFG2487P |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Coir Mats, Matting Carpets, Jute Rugs,
Rubber Mats and Allied Products. |
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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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 concern having fine track.
Trade relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
P B No. 2616, Canal Ward, Alleppey – 688 007, Kerala |
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Tel. No.: |
91-477-2246338 / 2246340 / 2244968 |
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Fax No.: |
91-477-2244487 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. fts ( Office) 4800 Sq.fts (Factory) |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. T V Sreedharan |
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Designation : |
Partner |
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Address : |
Thaiparambil House , Canal Ward, Alleppey – 688 007, Kerala, India |
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Date of Birth/Age : |
86 years |
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Qualification : |
Graduation |
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Experience : |
50 years |
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Name : |
Mr. T S Murukesh Babu |
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Designation : |
Partner |
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Address : |
Thaiparambil House , Canal Ward, Alleppey – 688 007, Kerala, India |
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Date of Birth/Age : |
48 years |
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Qualification : |
B Com |
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Experience : |
22 years |
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Name : |
Mr. T S Sujeeth |
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Designation : |
Partner |
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Address : |
Thaiparambil House , Canal Ward, Alleppey – 688 007, Kerala, India |
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Date of Birth/Age : |
39 years |
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Qualification : |
Graduation |
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Name : |
Mr. T S Ajith Kumar |
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Designation : |
Partner |
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Address : |
Thaiparambil House , Canal Ward, Alleppey – 688 007, Kerala, India |
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Date of Birth/Age : |
35 years |
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Qualification : |
Graduation |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Coir Mats, Matting Carpets, Jute Rugs,
Rubber Mats and Allied Products. |
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Products : |
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Mats ·
Mattings |
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Exports : |
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Products : |
Coir Products |
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Countries : |
Cheric Republic, Italy, UAE, Ukraine |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash, Credit (30 Days - 60 Days) |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Coir products (Mats and Matting Carpets) |
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Nos. |
12000 |
GENERAL
INFORMATION
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No. of Employees : |
7 (3 in office and 4 in factory) |
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Bankers : |
State Bank of Travancore Alleppey Main Branch |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
Jayakrishnan and Company Chartered Accountants |
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Address : |
Mullacakal, Alleppey, Kerala, India
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Associates/Subsidiaries : |
T V Sreedharan and Sons, Address: P B No. 2616, Canal Ward, Alleppey -688 007, Kerala, India Activity: Exporter of Coir Allied Products. |
CAPITAL STRUCTURE
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Capital Investment : |
NA |
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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30.000 |
25.000 |
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Profit/Loss for the year |
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20% Total
Turnover |
20% Total
Turnover |
LOCAL AGENCY
FURTHER INFORMATION
OBSERVATION
POINTS:
Name Board :
Sighted High (Painted In Wall)
Land Mark :
Near to Canal Junction and also Four Kms from Alleppey Railway Junction
Office Appearance :
Well Furnished and Interior Decorated
Office and Factory Located :
Ground Floor
Office Area :
Residential Area
WEBSITE DETAILS:
The concern was established in
1950 with its founder Mr. T.V. Sreedharan as Managing Partner, is a leader
manufacturer and exporter of Coir, Jute and Rubber Products.
Situated in Alleppey, South India,
Which is the coir capital of the world, the concern is well known for its
consistent efforts in providing customer satisfaction and quality standards .
The Concern has also earned
recognition for its role in the development of innovative products for the
export markets.
Coir:
Coir is the fibre extracted from
the husks of coconuts. Being a 100% natural fibre, coir is bio-degradable and
hence echo-friendly. The natural elegance of coir, combined with its inherent
durability and ease of maintenance, makes it ideal choice for door mats,
runners and rugs.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.40 |
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UK Pound |
1 |
Rs.78.28 |
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Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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50 |
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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