MIRA
INFORM REPORT
|
Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KANARA WOOD AND PLYWOOD INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
PB No. 566, Jeppu, Manglore – 575002, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.05.1972 |
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Com. Reg. No.: |
08-2204 |
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CIN No.: [Company
Identification No.] |
U20101KA1972PTC002204 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK02694G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Export and Importer of Wooden Articles, Plywood, Flush Doors,
Panel Doors and Timber 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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Maximum Credit Limit : |
USD 150000 |
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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 a well established and reputed company meeting its normal commitments
timeoysly. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Menezes |
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Designation : |
Sales Offices |
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Date : |
24.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
PB No. 566, Jeppu, Manglore-575002, Karnataka, India |
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Tel. No.: |
91-824-2414256/ 2428858 |
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Mobile : |
91-9845082308 |
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Fax No.: |
91-824-2418775 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office 1: |
Located at: Mumbai |
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Tel. No.: |
91-22-23713727 |
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Branch Office 2: |
Located at: Manglore |
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Tel. No.: |
91-824-2434256 |
DIRECTORS
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Name : |
Mr. Y Abdulla Kunhi |
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Designation : |
Managing Director |
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Address : |
16-7-416, AL-Manhal, Vas Lane, Mangalore-575002, Karnataka, India |
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Date of Birth/Age : |
14.11.1947 |
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Date of Appointment : |
25.05.1972 |
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Name : |
Mr. Y Mohammed Kunhi |
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Designation : |
Chairman cum Managing Director |
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Address : |
16-13-733, YMK House, Balmatta, Mangalore-575002, Karnataka, India |
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Date of Birth/Age : |
09.11.1944 |
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Date of Appointment : |
24.07.1972 |
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Name : |
Mr. Y. Abdulla Javeed |
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Designation : |
Director |
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Address : |
16-13-733AB, YMK House, Balmatta, Mangalore-575002, Karnataka, India |
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Date of Birth/Age : |
14.10.1970 |
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Date of Appointment : |
18.10.1996 |
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Name : |
Mr. Y Moideen Rizwan |
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Designation : |
Director |
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Address : |
AL-Manhal, Vas-Lane, Post Kankanady, Mangalore-575002, Karnataka,
India |
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Date of Birth/Age : |
23.02.1973 |
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Date of Appointment : |
18.10.1996 |
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Name : |
Mr. B. Mohamed Farhaad |
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Designation : |
Director |
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Address : |
16-7-416, Al- Manhal, Vas Lane, Mangalore-575002, Karnataka, India |
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Date of Birth/Age : |
14.12.1977 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. B. Mohammed Kunhi |
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Designation : |
Director |
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Address : |
17-15-116/1, Rehman Manjil, S.L. Mathias Road, Falnir,
Mangalore-575002, Karnataka, India |
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Date of Birth/Age : |
01.11.1937 |
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Date of Appointment : |
25.05.1972 |
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Name : |
Mr. Padala Hara Gopala Reddy |
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Designation : |
Director |
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Address : |
16-6-401, Highland Apartments, Vas Lane, 1st Cross,
Mangalore-575002, Karnataka, India |
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Date of Birth/Age : |
01.11.1945 |
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Date of Appointment : |
16.04.2001 |
KEY EXECUTIVES
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Name : |
Mr. K Chethan Nayak |
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Designation : |
Company Secretary |
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Address : |
No. 40C, 1st Floor, Yenepoya Mall, Kadri, Mangalore |
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Mobile No.: |
91-9845162627 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2003)
|
Names of
Shareholders |
No of Shares |
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Mr. Afifa Ahmed Ali |
11600 |
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Mr. Y. Abdulla Kunhi |
2789 |
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Mr. Y. Mohamed Kunhi |
2057 |
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Ms. Suman Lakshmichand Shah |
2000 |
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Mr. Lakshmichand Devji Shah |
2000 |
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Mr. H. Kathija |
1750 |
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Mr. B. Moideen Kunhi |
1750 |
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Mr. B. Mohamed Kunhi |
1750 |
(As on 30.09.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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60.58 |
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Others |
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39.42 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Export and Importer of Wooden Articles, Plywood, Flush
Doors, Panel Doors and Timber Products. |
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Products : |
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Exports : |
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Products : |
Finish Goods Wooden Articles |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash (30 days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
250 |
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Bankers : |
Collectors Gate, Mangalore-575002, Karnataka, India
Mangalore, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. K. Venkatraman Chartered Accountant |
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Address : |
Dhanalakshmi Weving Works Annexre, Kakkat, Cannanore- 670005, Kerla ,
India |
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Memberships : |
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CAPITAL STRUCTURE
(As on 31.08.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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82966 |
Equity Shares |
Rs.100/-
each |
Rs.8.297
Millions |
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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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8.297 |
8.297 |
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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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22.834 |
21.110 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
|
31.131 |
29.407 |
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LOAN FUNDS |
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1] Secured Loans |
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40.239 |
30.262 |
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2] Unsecured Loans |
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2.230 |
2.285 |
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TOTAL BORROWING |
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42.469 |
32.547 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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73.600 |
61.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.359 |
5.640 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.478 |
0.447 |
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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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67.584
|
55.414 |
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Sundry Debtors |
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41.811
|
37.914 |
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Cash & Bank Balances |
|
3.764
|
3.656 |
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Other Current Assets |
|
0.012
|
0.012 |
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Loans & Advances |
|
6.562
|
8.100 |
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Total
Current Assets |
|
119.733
|
105.096 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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46.750
|
44.594 |
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Provisions |
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5.220
|
4.635 |
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Total
Current Liabilities |
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51.970
|
49.229 |
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Net Current Assets |
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67.763
|
55.867 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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73.600 |
61.954 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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216.105 |
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Other Income |
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0.000 |
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Total Income |
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216.105 |
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Profit/(Loss) Before Tax |
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6.829 |
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Provision for Taxation |
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2.970 |
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Profit/(Loss) After Tax |
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3.859 |
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Import Value |
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45.562 |
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Expenditures : |
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Financial Charges |
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3.908 |
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Depreciation & Amortization |
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1.174 |
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Other Expenditure |
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204.194 |
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Total Expenditure |
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209.276 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.78 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
3.16 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.46 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.03 |
2.78 |
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Current Ratio (Current Asset/Current Liability) |
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2.30 |
2.13 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
- AL-Ameen Plywoods, Kandanthara, Allapra, Perumbavoor
- World Best Trading Company, P. O. Box 4838, Deira Dubai, U. A. E.
- Lawande Sons, 18th June Road, Panjim, Goa
- U. S. Babu Rau, Felix Pai Bazar, Mangalore - 560001, Karnataka
Fixed Assets:
- Land
- Building
- Office equipments
- Office interiors
- Air Conditioner
- Fan
- Chairs
- Tables
- Computers
Form 8:
|
Corporate
identity number of the company |
U20101KA1972PTC002204 |
|
Name of the
company |
KANARA WOOD AND PLYWOOD INDUSTRIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
PB No. 566, Jeppu, Manglore – 575002, Karnataka, India |
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This form is for |
Modification of charge |
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Type of charge |
Immovable
Property Book debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Canara Bank Collectors Gate,
Mangalore – 575002, Karnataka, India |
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Nature of
instrument creating charge |
Request letter
for issuing/ Extending the guarantee cum letter of pledge dated 12.12.2007 For Rs.1.004
Millions Counter Indemnity |
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Date of
instrument Creating the charge |
12.12.2007 |
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Amount secured by
the charge |
Rs.36.104 Million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
interests: 16.75% Terms of
repayment: As per BG Rules Margin: As Applicable Extent and
Operation of the charge: Additional Bank Guarantee
of rs.1.004 Million Hence the loan
amount has been increased from existing Rs.35.100 Millions (LC Limit of
Rs.35.100 Millions + BG of Rs.0.100 Millions) to Rs.36.104 Millions with an
additional BG of Rs.1.004 Million. |
|
Particulars of
the property charged |
Hypothecation of
Book Debts arising out of Genuine trade transaction Factory Land at
D. No.22-4-705, 22-4-705/1, 705/2, 705/3, Ward No.24, Jeppinamogaru Village,
Jeppu, Mangalore, Measuring 6.1 Acres Building and Office
Complex, Hypothecation of Plant and Machinery, Raw Materials, Finished Goods. All other terms
and Conditions remain the same. |
|
Particulars of
the present modification |
Additional Bank
Guarantee of rs.1.004 Million Hence the loan
amount has been increased from existing Rs.35.100 Millions (LC Limit of
Rs.35.100 Millions + BG of Rs.0.100 Millions) to Rs.36.104 Millions with an
additional BG of Rs.1.004 Million. |
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.43.21 |
|
UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|