MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
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Name : |
HEVEACRUMB RUBBER PRIVATE LIMITED |
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Registered
Office : |
Glenrock Office, Mundakayam P O Kottayam – 686513, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.12.1972 |
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Com. Reg. No.: |
09-002470 |
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Capital
Investment / Paid-up Capital : |
Rs.3.000 Millions |
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CIN No.: [Company Identification
No.] |
U25119KL1972PTC002470 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Processors of Technically specified Block Rubber. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 36000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported to be as fair. Question is active. Payment are
reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Glenrock Office , Mundakayam P O Kottayam – 686513, Kerala |
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Tel. No.: |
91-4828-272343 |
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Fax No.: |
91-4828-272954 |
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E-Mail : |
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Website : |
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Administrative Office : |
Poovarany, P.O. Pala – 686577, Kerala State, India |
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Tel. No.: |
91-4822-226150, 225250 |
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Fax No.: |
91-4828-272954 |
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DIRECTORS
AS ON 24.09.2010
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Name : |
Mr. Michael Abraham Kallivayalil |
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Designation : |
Managing Director |
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Address : |
Kallivayalil House, International, Kuttikkanam, P.O. Peermade, Idukki,
Kerala – 685531, India |
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Date of Birth/Age : |
16.06.1924 |
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Date of Appointment : |
30.06.1986 |
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Election Card No.: |
KL/14/086/213268 |
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Din No.: |
00107653 |
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Name : |
Mr. Joseph Michael Kallivayalil |
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Designation : |
Director |
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Address : |
Kondooparambil House, Poovarany, Vilakkumadom Po, Pala, Kottayam –
686577, Kerala, India |
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Date of Birth/Age : |
11.04.1960 |
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Date of Appointment : |
15.09.2000 |
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Election Card No.: |
KL/14/086/213039 |
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Din No.: |
00107715 |
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Name : |
Mr. Sebastian |
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Designation : |
Director |
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Address : |
Purayidathil House, 31st Mile, Mundakayam, Kottayam –
686513, Kerala, India |
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Date of Birth/Age : |
12.10.1948 |
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Date of Appointment : |
28.01.2004 |
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Election Card No.: |
KL/12/087/240076 |
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Din no.: |
00107804 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2010
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Names of Shareholders |
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No. of Shares |
|
Mary Mathew |
|
1500 |
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Leelamma Jacob |
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1500 |
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Cicilykutty Kurian |
|
1000 |
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Jose Kurian |
|
3000 |
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Mathew Kurian |
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2000 |
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George Kurian |
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2000 |
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Vincent Paul Kurian |
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2000 |
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Leela Abraham Kallivayalil |
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1000 |
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Joseph George |
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2000 |
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K.J. Abraham |
|
500 |
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Jose Kurian |
|
1000 |
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Jose Abraham |
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1000 |
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Thomas Abraham |
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1000 |
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Abraham Abraham |
|
500 |
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Michael A Kallivayalil |
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25500 |
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Rani John |
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4250 |
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AS ON 24.09.2010
|
Category |
Percentage |
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Bodies corporate |
89.00 |
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Other top fifty shareholders |
11.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Processors of Technically specified Block Rubber. |
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Product : |
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PRODUCTION STATUS : AS ON 31.03.2010
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Licensed Capacity |
Installed Capacity |
Actual Production |
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(In MT / Annuam) |
(In MT / Annuam) |
(In MT / Annuam) |
|
4500 |
4500 |
314828 |
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GENERAL INFORMATION
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Bankers : |
·
The
Federal Bank Limited, Kanjirappally Branch, Kanjirappally, Kottayam – 685507,
Kerala, India ·
IDBI Bank ·
Indian Overseas Bank ·
Indusind Bank Limited ·
SBT Mundaxyam ·
Union bank of India ·
Standard Chartered Bank ·
ICICI Bank
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M P Krishna Kumar And Associates Chartered Accountant |
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Address : |
P B No. 2406, Padinjaremadaom, Avulkkunna, P O Alappuzha – 688006,
Kerala, India |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.953 |
4.400 |
1.770 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.953 |
7.400 |
4.770 |
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LOAN FUNDS |
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1] Secured Loans |
32.053 |
12.899 |
17.536 |
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2] Unsecured Loans |
10.529 |
9.800 |
9.072 |
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TOTAL BORROWING |
42.582 |
22.699 |
26.608 |
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DEFERRED TAX LIABILITIES |
0.065 |
0.028 |
2.664 |
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TOTAL |
51.600 |
30.127 |
34.042 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.515 |
13.840 |
11.504 |
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Capital work-in-progress |
0.000 |
1.229 |
0.427 |
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INVESTMENT |
0.060 |
0.060 |
0.060 |
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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 |
29.270
|
4.244 |
11.848 |
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Sundry Debtors |
7.918
|
8.304 |
8.780 |
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Cash & Bank Balances |
3.114
|
5.193 |
2.685 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.824
|
2.309 |
3.826 |
|
Total
Current Assets |
43.126
|
20.050 |
27.139 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
3.096
|
3.934 |
4.502 |
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Provisions |
2.005
|
1.118 |
0.586 |
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Total
Current Liabilities |
5.101
|
5.052 |
5.088 |
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Net Current Assets |
38.025
|
14.998 |
22.051 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.600 |
30.127 |
34.042 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
346.893 |
291.817 |
267.036 |
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Other Income |
0.955 |
0.836 |
2.438 |
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TOTAL (A) |
347.848 |
292.653 |
269.474 |
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Less |
EXPENSES |
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|
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|
Increase / Decrease in Stock |
(6.455) |
4.161 |
(1.888) |
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Operating Expenses |
346.094 |
283.504 |
266.814 |
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TOTAL (B) |
339.638 |
287.666 |
264.926 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.211 |
4.986 |
4.548 |
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Less |
FINANCIAL
EXPENSES (D) |
2.709 |
1.961 |
1.981 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.502 |
3.025 |
2.567 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.236 |
1.896 |
1.774 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.266 |
1.129 |
0.793 |
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Less |
TAX (I) |
1.275 |
0.661 |
0.355 |
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PROFIT AFTER TAX
(G-I) (J) |
1.991 |
0.468 |
0.438 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
5.635 |
10.727 |
3.601 |
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TOTAL EARNINGS |
5.635 |
10.727 |
3.601 |
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Earnings Per
Share (Rs.) |
3.26 |
1.12 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.57
|
0.15 |
0.16 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.94
|
0.38 |
0.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.76
|
3.33 |
2.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.15 |
0.16 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.32
|
3.75 |
6.64 |
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|
Current Ratio (Current Asset/Current Liability) |
|
8.45
|
3.96 |
5.33 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
:
The Overall performance of the company during the year was satisfactory considering
the various factors affecting the business of the company especially rubber
industry
FORM : 8
|
Corporate identity number of the company |
U25119KL1972PTC002470 |
|
Name of the company |
HEVEACRUMB RUBBER PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Glenrock Office, Mundakayam P O, Kottayam
– 686513, Kerala, INDIA |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of charge holder |
The Federal Bank Limited, Kanjirappally
Branch, Kanjirappally, Kottayam – 685507, Kerala, India |
|
Nature of instrument creating charge |
Agreement of Cash Credit Agreement for plant and machinery as
additional security Agreement for export advance. Letter from Bank |
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Date of instrument Creating the charge |
30/12/2010 |
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Amount secured by the charge |
Rs. 40.000 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 3% above the base rate of the Bank, which
currently is 8% ie 11% p.a. with monthly rests. Terms
of repayment On demand Margin As decided by the Bank from time to time Extent
and operation of the charge Processing fee @ 0.25%. Prepayment penalty @ 2%. Penal Interest
@2%. Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
1.Landed properties measuring 40.47 Ares
in Re.sy. No.557/1, BI 40, situated in Poovarany Village, Meenachil Taluk in
Kottayam District together with all buildings existing or to be construed. 2. Landed properties measuring 16.19 Ares
in Re sy. No.554/1/1, BI No.40 situated in Poovarany Village, Meenachil Taluk
in Kottayam District together with all buildings existing or to be construed. 3. Landed properties measuring 20.77 Ares in Re.sy.No.554/1/2, BI No.40
situated in Poovarany village, Meenachil Taluk in Kottayam District together with
all buildings existing or to be construed. 4. Landed Properties measuring 42.60 Ares in Re.sy.No.554/2 situated in
Poovarany Village, Meenachil Taluk in Kottayam District. 5. Plant and Machinery installed or to be installed in the yard/premises
situated in old Sy. No.395/1/2/7, 2/2/8 of Poovarani Village in Kottayam
District. 6. Stock in process, Raw Materials etc stored in the yard/premises
situated in old Sy. No.395/1/2/7, 2/2/8 of Poovarani Village in Kottayam
District |
|
Date of instrument modifying the charge |
27/03/2010 |
|
Particulars of the present modification |
Separate Packing Credit Limit of Rs.5.000
millions has been cancelled by making the facility as a sub limit of the
existing CC limit of Rs.25.000 millions there by reducing the overall limit
from Rs.45.000 millions to Rs.40.000 millions. |
FIXED ASSETS :
·
Land
·
Building
·
Development Process
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 45.03 |
|
|
1 |
Rs. 74.43 |
|
Euro |
1 |
Rs. 64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.