MIRA
INFORM REPORT
|
Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
D C MILLS PRIVATE LIMITED |
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Registered Office : |
No. 134/ Imannachery Panchayath, Valavandu Kalavoor P O Alapuzha-688522, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.02.1996 |
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Com. Reg. No.: |
09-9988 |
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CIN No.: [Company
Identification No.] |
U251999KL1996PTC009988 |
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IEC No.: |
3996000014 |
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PAN No.: [Permanent
Account No.] |
AABCD1022F |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Coir Yarn and Coir Products and all types of Floor
Coverings |
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 3800000 |
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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 having
satisfactory track. Directors are reported as reported as experienced and
respectable businessmen. Trade relations are reported as fair. Business is
active. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Company’s financials are missing from the Government Registry. We are
trying to obtain the same from the company management and if they provide, we
shall send a. |
LOCATIONS
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Registered Office |
No.134 / Imannanchery Panchayath, Valavandu Kalavoor P.O Alappuzha –
688 522, Kerala |
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Tel. No.: |
91-478-2863017/ 31850279/ 31850280 |
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Fax No.: |
91-478-2860385/ 2865273 |
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E Mail: |
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Website : |
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Head Office/ Units: |
Post Box 169, Coco Dale, M.O. Ward, Alleppey – 688 001, Kerala, India. |
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Tel. No.: |
91-477-2251016 / 91- 477 2253166/ 2865373 /244663 |
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Fax No.: |
91-477-2251201 / 91-477 2251301 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
Valavanad, North Aryad, Panchayat, Alleppy – 688 567, Kerala |
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Tel. No.: |
91-477-251201 |
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E-Mail : |
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Website : |
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Factory : |
Valavanada, Kalavoor Post office, Alleppy – 688 522, Kerala |
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Location : |
Owned |
DIRECTORS
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Name |
Mr. K. J. Dennis |
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Designation : |
Chairman cum Managing Director |
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Address: |
Coco Dale, M.O. Ward, Alleppey-688001, Kerala, India |
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Date of Birth/Age : |
09-10.1956 |
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Qualification : |
Graduate |
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Date of Appointment: |
20.06.2008 |
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Name : |
Mrs. Sholly Dennis |
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Designation : |
Director |
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Address: |
Coco Dale, M.O. Ward, Alleppey-688001, Kerala, India |
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Date of Birth/Age : |
04.11.1957 |
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Qualification : |
Post graduate |
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Date of Appointment: |
20.06.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2005
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Names of Shareholders |
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No. of Shares |
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Konath Jacob Dennis |
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1750000 |
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Sholly Dennis |
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750000 |
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Total |
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2500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Coir Yarn and Coir Products and all types of Floor
Coverings |
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Products : |
· Coir mats · Washable Rugs · Sisal Rugs · Coir Rugs · Jute Rugs · Bamboo Rugs · Coir rugs ·
Braided Rugs |
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Exports : |
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Products : |
All products |
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Countries : |
USA, Europe, North and South America, Africa, Arab countries,
Australia, New Zealand |
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Imports : |
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Products : |
Raw materials, Machinery |
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Countries : |
USA, Europe, Italy and Germany, Belgium |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C, Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
1200 |
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Bankers : |
· State Bank of Travancore, Kerala, India. · State Bank of India, Alleppy Main Branch · HDFC Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
K.K. Padmanabha Pillai and Company Chartered Accountants. |
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Address : |
Kerala |
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Tel. No.: |
91-477-2261179 |
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Name : |
Lakshmi Chartered Accountant |
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Address : |
Pazhaveedu, Alappuzha-688009, Kerala, India |
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Associates/Subsidiaries : |
Denny Steels Private Limited Address: Chennai Activity: Manufacturer of steel products Eurocom Interiors FZE |
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Other Entities: |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
736.648 |
626.202 |
396.291 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
761.648 |
651.202 |
421.291 |
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LOAN FUNDS |
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1] Secured Loans |
495.315 |
434.721 |
266.871 |
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2] Unsecured Loans |
1.111 |
7.720 |
5.483 |
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TOTAL BORROWING |
496.426 |
442.441 |
272.354 |
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DEFERRED TAX LIABILITIES |
0.921 |
0.782 |
0.782 |
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TOTAL |
1258.995 |
1094.425 |
694.427 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
390.809 |
347.042 |
313.725 |
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Capital work-in-progress |
12.712 |
0.000 |
0.000 |
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INVESTMENT |
175.380 |
107.735 |
13.195 |
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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 |
433.567
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383.468 |
269.999 |
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Sundry Debtors |
92.123
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108.939 |
67.302 |
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Cash & Bank Balances |
178.426
|
138.627 |
35.080 |
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Other Current Assets |
0.053
|
0.864 |
0.000 |
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Loans & Advances |
83.092
|
59.874 |
27.783 |
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Total
Current Assets |
787.261
|
691.772 |
400.164 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
96.849
|
48.072 |
31.140 |
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Provisions |
10.318
|
4.052 |
1.517 |
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Total
Current Liabilities |
107.167
|
52.124 |
32.657 |
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Net Current Assets |
680.094
|
639.648 |
367.507 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1258.995 |
1094.425 |
694.427 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1.115 |
1.106 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
1.115 |
1.106 |
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Profit/(Loss) Before Tax |
|
0.114 |
0.241 |
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Provision for Taxation |
|
0.004 |
0.011 |
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Profit/(Loss) After Tax |
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0.110 |
0.230 |
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Earnings in Foreign Currency : |
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FOB Value |
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1.094 |
1.094 |
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Imports : |
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Raw Materials |
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0.078 |
0.093 |
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Stores & Spares |
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0.000 |
0.000 |
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Capital Goods |
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0.002 |
0.003 |
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Others |
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0.000 |
0.000 |
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Total Imports |
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0.080 |
0.096 |
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Expenditures : |
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Financial charges |
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0.070 |
0.042 |
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Depreciation & Amortization |
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0.053 |
0.050 |
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Other Expenditure |
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0.878 |
0.773 |
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Total Expenditure |
|
1.001 |
0.865 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
9.87
|
20.79 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
10.22
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21.79 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.01
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0.02 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.00 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.79
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0.76 |
0.72 |
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Current Ratio (Current Asset/Current Liability) |
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7.35
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13.27 |
12.25 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The company was incorporated on 7th February, 1996 at Alleppey in Kerala having Registration No. 09-9988.
BUSINESS:
The company is engaged in Manufacturing and sale of PVC Tufted Coir Mats and Coir Sisal, Floor Coverings.
It operates from caption owned office as well as factory area of large size.
TRADE REFERENCE:
· Home Depot, USA
· Target, USA
· Premier Limited, UK
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90023882 |
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Corporate identity
number of the company |
U251999KL1996PTC009988 |
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Name of the
company |
D C MILLS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 134/ Imannacheery
Panchauyath valavandu kalavoor p o alapuzha-688522, Kerala, India |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
State Bank of
India, Alappuzha-688012, Kerala, India |
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Nature of description
of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
22.09.2007 |
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Amount secured by
the charge |
Rs. 1125.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
Repayment Repayable on
demand Margin Raw Material,
Stock in process, finished gods- 25% Book Debts/
receivable – 25% LC and BG – 20% Extent and
Operation of the charge The existing loan
limit of Rs. 975.000 Millions was enhanced to Rs. 1125.000 Millions |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
28.07.2007 |
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Particulars of
the present modification |
The existing
charge on the described properties has been extended to the enhanced from Rs.
975.000 Millions to Rs. 1125.000 Millions w.e.f 22.09.2007 |
WEBSITES
DETAILS:
Profile:
Spanning two decades,
subject foray in the coir products exports is a magnificent example of growth
rooted in determination of a management with a vision seldom seen.
Attentiveness to
customer tastes and preferences, commitment to quality, dedication to timely
delivery and extensive range of products make subject the numero uno in floor
covering business.
Yet they know that
they have miles to go. They rededicate the hallowed time frame of the last 20
years of growth to go on into the decades to come - brimming with confidence
but always knowing that delighting the customers in all continents is always
their objective.
Commitments:
- Quality controls using high – tech
laboratory technology
- Computer based planning, phased
production, scheduling of shipments
- Individuals attention to specifications
of each product by skilled operators and competent supervisors
- Applying proper Management Expertise to
each area of operations, in order to make the finished product
- presentable, and attractive
- Standard packing and packaging of each
products
- Supporting Certificates of Quality from
reputed inspecting / surveying companies.
AWARDS:
· Certificate of merit for the export of coir products 3rd position during the year 1992-93
· Second position during the year 1993-94
· Merit certificate for the outstanding performance in pioneering efforts during the year 1994-95
· Second position during the year 1995-96
· Certificate of merit from the government of india for outstanding export performance in coir matts and mattings during the period 1995-96
· First position for outstanding performance in the export of coir products during the year 1996-97
· First position for outstanding performance in the effort in promoting export and investment in coir industry during the year 1998-99
· First position for outstanding performance in growth in export of coir products during the year 1999-2000
· First position for the outstanding performance in research & development efforts in product development & product diversification during the year 1999-2000
· Highest position for the outstanding performane in export of coir products during the year 1999-2000
· Millennium award for the contribution for the development &promotion of coir industry
· Award for the top exporter under cepz for 2000-2001
· Award for the top exporter - coir poducts by Coir Board for 2002
· Award for the top exporter - coir poducts by Coir Board for 2003
· Award for the top exporter - coir poducts by Coir Board for 2004
· Award for the top exporter - Chamber of commerce - 2004
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.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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/normal. |
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 |
|