MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASPINWALL AND
COMPANY LIMITED |
|
|
|
|
Registered Office : |
Aspinwall Building,
Post Box. No. 2, Calvetty, Kochi - 682001, Kerala |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
20.09.1920 |
|
|
|
|
Com. Reg. No.: |
09-1389 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
TVDA00352C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCA2655G |
|
|
|
|
Legal Form : |
A public limited
liability company. The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturing and
Exporting of Coffee and Coir Products. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 375000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
well-established company having fine track. Financial position is good.
Payments are correct and as per commitments. The company can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Aspinwall
Building, Post Box. No. 2, Calvetty, Kochi - 682001, Kerala, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Tel. No.: |
91-484-2215331 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Fax No : |
91-484-2216469 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
E-Mail : |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Website : |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Factory : |
Aspinwall
Building, Calvetty, Kochi - 682001, Kerala |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIRECTORS
|
Name : |
Mr. H. R.
Marthanda Varma |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. C. R. R.
Varma |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. D. J. Lawyer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. R. V. N.
Varma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.
Padmanabhan Nambi |
|
Designation : |
Company Secretary |
|
Name : |
Mr. P. K. Kurian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. E. B. Unni |
|
Designation : |
Director |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing and
Exporting of Coffee and Coir Products. |
|
|
|
|
Products : |
v FSQ Coffee v
Coir
Products |
GENERAL
INFORMATION
|
No. of
Employees : |
1500 |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
- |
|
Banking Relations : |
Unknown |
|
|
|
|
Auditors : |
Fraser & Ross Chartered
Accountants |
|
|
|
|
Subsidiaries : |
Aspinwall
Technologies Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|||
|
3,909,100 |
Equity Shares |
Rs. 10/- Each |
Rs. 39.091 millions |
|||
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
39.100 |
39.100 |
39.100 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
649.400 |
210.500 |
176.000 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
688.500 |
249.600 |
215.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
140.200 |
176.700 |
190.100 |
|
|
2] Unsecured
Loans |
29.400 |
32.900 |
31.600 |
|
TOTAL
BORROWING
|
169.600 |
209.600 |
221.700 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
858.100 |
459.200 |
436.800 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
253.800 |
220.900 |
200.100 |
|
Capital work-in-progress
|
24.300 |
0.300 |
14.700 |
|
|
|
|
|
|
|
INVESTMENT
|
299.800 |
98.400 |
15.600 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
149.200
|
192.100 |
136.900 |
|
|
Sundry Debtors
|
203.400
|
159.800 |
122.200 |
|
|
Cash & Bank Balances
|
55.600
|
73.500 |
33.400 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
350.700
|
199.400 |
82.100 |
Total Current Assets
|
758.900
|
624.800 |
374.600 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
215.500
|
318.400 |
139.900 |
|
|
Provisions
|
263.200
|
166.800 |
28.300 |
Total Current Liabilities
|
478.700
|
485.200 |
168.200 |
|
Net
Current Assets
|
280.200
|
139.600 |
206.400 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
858.100 |
459.200 |
436.800 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
1605.100 |
1494.700 |
1034.700 |
|
|
Other Income |
546.100 |
26.900 |
10.100 |
|
|
Stock Adjustment |
(44.000) |
68.300 |
49.400 |
|
|
Total Income |
2107.200 |
1589.900 |
1094.200 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
580.300 |
58.400 |
28.400 |
|
|
Provision for Taxation |
117.800 |
13.900 |
(7.400) |
|
|
Profit/(Loss) After Tax |
462.500 |
44.500 |
35.800 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
774.000 |
738.600 |
460.000 |
|
|
Selling and Administrative Expenses |
63.500 |
63.900 |
113.800 |
|
|
Raw Material Consumed |
446.700 |
491.000 |
336.600 |
|
|
Interest |
25.800 |
24.200 |
19.300 |
|
|
Employee Cost |
138.000 |
120.900 |
79.700 |
|
|
Miscellaneous Expenses |
51.200 |
70.700 |
37.700 |
|
|
Power & Fuel |
7.100 |
6.800 |
4.700 |
|
|
Depreciation & Amortization |
26.300 |
24.000 |
16.500 |
|
|
Other Expenditure |
112.190 |
5.300 |
9.900 |
|
Total Expenditure |
1644.700 |
1545.400 |
1058.400 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 1st
Quarter |
|
|
Sales Turnover |
|
|
350.700 |
|
|
Other Income |
|
|
20.900 |
|
|
Total Income |
|
|
371.600 |
|
|
Total Expenditure |
|
|
339.300 |
|
|
Operating Profit |
|
|
32.300 |
|
|
Interest |
|
|
6.600 |
|
|
Gross Profit |
|
|
25.700 |
|
|
Depreciation |
|
|
9.000 |
|
|
Tax |
|
|
5.200 |
|
|
Reported PAT |
|
|
12.900 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio |
0.40 |
0.93 |
1.03 |
|
Long Term Debt
Equity Ratio |
0.16 |
0.39 |
0.49 |
|
Current Ratio |
1.16 |
1.10 |
1.28 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
4.21 |
4.52 |
4.89 |
|
Inventory |
9.41 |
9.09 |
10.35 |
|
Debtors |
8.84 |
10.60 |
9.99 |
|
Interest Cover
Ratio |
5.81 |
3.07 |
3.21 |
|
Operating Profit
Margin (%) |
10.97 |
6.58 |
7.58 |
|
Profit Before
Interest and Tax Margin (%) |
9.33 |
4.98 |
5.98 |
|
Cash Profit
Margin (%) |
8.15 |
4.27 |
6.28 |
|
Adjusted Net
Profit Margin (%) |
6.51 |
2.66 |
4.69 |
|
Return on Capital
Employed (%) |
22.74 |
16.61 |
19.85 |
|
Return on Net
Worth (%) |
22.28 |
17.66 |
33.16 |
LOCAL AGENCY
FURTHER INFORMATION
FINANCIAL RESULTS:
|
|
Particulars |
30.06.2008
(Unaudited) Rs. In millions |
|
1. |
Net Sales / Income From Operations |
350.700 |
|
2. |
Other Income |
20.900 |
|
3. |
Total Income |
371.600 |
|
|
|
|
|
4. |
Expenditure |
|
|
|
a) (Increase) / Decrease in stock in trade |
(185.100) |
|
|
b) Consumption of Raw Materials |
9.400 |
|
|
c) Purchases of Traded Goods |
266.400 |
|
|
d) Employees Cost |
38.900 |
|
|
e) Depreciation and Amortisation |
9.000 |
|
|
f) Handling Charges |
134.900 |
|
|
g) Transportation Charges |
36.200 |
|
|
h) Other Operational Expenditure |
14.500 |
|
|
i) Other Expenditure |
24.100 |
|
|
Total Expenditure |
348.300 |
|
|
|
|
|
5. |
Intrest |
6.600 |
|
6. |
Profit / (Loss) from ordinary activities before tax |
16.700 |
|
|
|
|
|
7. |
Tax Expenses |
|
|
|
a) Current Tax |
5.000 |
|
|
b) Deferred Tax |
(1.400) |
|
8. |
Net Profit / (Loss) from ordinary activities after tax (6-7) |
12.900 |
|
|
|
|
|
9. |
Paid up Equity Share Capital |
39.100 |
|
10. |
Basic and Diluted Earnings Per Share (Rs.) |
0.330 |
|
11. |
Public Shareholding |
|
|
|
- Number of Shares |
1348433 |
|
|
- Percentage of Shareholding |
34.49 |
Notes:
1)
The above financial results for the three months
ended 30th June, 2008 have been reviewed by the Audit Committee, and
taken on record by the Board of Directors at their meeting held on 29th
July, 2008 and subjected to limited review by statutory Auditors.
2)
The status of investors’ complaints is as under:
Operating – Nill, Received – 1, Resolved-
Nill, Closing – 1
3) Figures for the previous
Quarter / Year have been regrouped wherever necessary to conform to this
Quarter’s
classification.
As per Website
Details:
Aspinwall, with a colourful and chequered history spanning over 135
years is today a highly broad-based corporate business house .The activities comprise
Shipping Services, Rubber Plantations, Coffee Process and Trading,
Environmental Engineering, Natural Fibre Products, IT Enabled Services and
Tours And Travels.
· Liner Services
· Ship Agency Services
· Cargo Services
· Inspection Services
· Processing of Green Coffee
· Trading and Exports
· Rubber
Plantations
· Manufacture Of Centrifuged
Rubber Latex And Rubber
· Manufacture of Environment Friendly Coir
and Jute Furnishings and Home Products.
IT
Enabled Services
· Call Center Academy
· International Call Center
· BPO
· Package Tours
Cochin has held the centre-stage in the history of Kerala since the
beginning of its maritime trade with the world. The historic landing of the
Portuguese navigator, Vasco de Gama, near Calicut in 1498, and his arrival at
Cochin in 1500, heralded organised trade in Kerala. Another Portuguese
explorer, Pedro Alvarez Cabral, who followed Vasco de Gama, shipped the first
consignment from Cochin to Europe. Afonso de Albuquerque was the third in the
Portuguese exodus to Kerala.
Enter Aspinwall
In 1863, John H Aspinwall was inducted as a partner into Scott Brothers. He
acquired the business of Scott Brothers in 1867, and launched Aspinwall &
Company, offering a range of shipping services, besides carrying on business in
timber, spices and several other agro products.
The Aspinwall era had begun.
The illustrious J.H Aspinwall expired in 1884, leaving the fortunes of his
company in the capable hands of his partner, W.N. Black. Subsequently, E.H.
Black also joined the firm. The Black brothers consolidated and expanded the
Aspinwall enterprise.
Royal Connection
Aspinwall became a public limited company in 1956, with financial participation
from the Travancore Royal family. When, in 1971, the English company offered to
disinvest its holdings, the Royal family acquired the controlling shares in the
Group. With this regal association, the Aspinwall Group acquired a character
and personality of its own, with dynamism, integrity and customer focus as its
distinct hallmarks.
The post-1971 phase has been one of consolidation, modernisation and expansion
for the Aspinwall Group - in the process, weeding out financially unviable
ventures and diversifying into new areas of growth and profitability.
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.45.83 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.67.26 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
|