MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KAVANAR LATEX LIMITED (w.e.f 27.06.1998) |
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Formerly Known
As : |
KAVANAR LATEX PRIVATE LIMITED |
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Registered
Office : |
Rubber Board Regional Office XC/IX Opposite KSRTC, T B Road Palai,
Kottayam – 686575, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.04.1990 |
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Com. Reg. No.: |
09-005667 |
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CIN No.: [Company Identification
No.] |
U25199KL1990PLC005667 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
TVDK00813B |
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PAN No.: [Permanent Account No.] |
AAACK9430H |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturer of Rubber and Rubber Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 4000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fiar. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
|
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
|
Registered Office : |
Rubber Board Regional Office XC/IX Opposite KSRTC, T B Road Palai,
Kottayam – 686575, |
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Tel. No.: |
91-482-2212399 |
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Fax No.: |
91-482-2213199 |
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E-Mail : |
DIRECTORS
As On 30.09.2010
|
Name : |
Sajen Vengaseril Chacko Peter |
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Designation : |
Director |
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Address : |
Rubber Board Quarters Puthupally, Kottayam – 686009, |
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Date of Birth/Age : |
07.03.1953 |
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Date of Appointment : |
21.06.2006 |
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DIN No.: |
00291879 |
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Name : |
Sebastian Devassya |
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Designation : |
Director |
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Address : |
Ganapathyplackal PUliyannoor P O, Kottayam – 686573, |
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Date of Birth/Age : |
07.09.1949 |
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Date of Appointment : |
28.11.2005 |
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DIN No.: |
00204020 |
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Name : |
Bhuvendran Thoppil Damodaran |
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Designation : |
Director |
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Address : |
Sivasylam Ettumanoor, Kottayam – 686631, |
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Date of Birth/Age : |
22.10.1952 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
02547339 |
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Name : |
Francis Jacob |
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Designation : |
Director |
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Address : |
Kavalammackal Teekoy, Kottayam – 686580, |
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Date of Birth/Age : |
10.01.1963 |
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Date of Appointment : |
30.09.2008 |
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DIN No.: |
02491437 |
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Name : |
Augustine Joseph |
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Designation : |
Director |
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Address : |
Vellimoozhayil Payappar P O, Kottayam – 686651, |
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Date of Birth/Age : |
01.03.1948 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
00079183 |
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Name : |
Mr. Vijaykumar Kalathil Gopala Pillai |
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Designation : |
Managing Director |
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Address : |
Athira Kudamaloor P O, Kottayam – 686017, |
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Date of Birth/Age : |
28.11.1953 |
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Date of Appointment : |
06.05.2010 |
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DIN No.: |
00041717 |
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Name : |
Mr. Gopalakrishnanair Mangara Karunakarannair |
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Designation : |
Director |
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Address : |
Mangara Elakad P O, Kottayam – 686587, |
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Date of Birth/Age : |
30.05.1966 |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
03341210 |
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Name : |
Mathew Kachappallil Varghese |
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Designation : |
Director |
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Address : |
Kachapallil Vazhoor East P O, Kottayam – 686504, |
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Date of Birth/Age : |
10.12.1952 |
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Date of Appointment : |
04.07.2008 |
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Date of Cessation : |
06.05.2010 |
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DIN No.: |
00182549 |
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Name : |
Sarngadharan Sukumaran |
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Designation : |
Director |
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Address : |
Puthanpurackal Melukavumatto, Kottayam – 686652, |
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Date of Birth/Age : |
01.06.1956 |
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Date of Appointment : |
30.09.2004 |
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Date of Cessation : |
30.09.2010 |
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DIN No.: |
00203926 |
KEY EXECUTIVES
|
Name : |
Mr. Jayachandran Ramachandran Nair |
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Designation : |
Company Secretary |
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Address : |
Jayavihar Kumaranalloor, Kottayam – 686016, |
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Date of Birth/Age : |
30.05.1964 |
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Date of Appointment : |
09.08.1999 |
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Pan No.: |
ABFPN0258H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramapuram Central RPS |
|
15031 |
|
Cherpunkal Rps |
|
14355 |
|
Vellilappilly Rps |
|
12625 |
|
Neeloor Rps |
|
16768 |
|
Kurinji Rps |
|
16472 |
|
Kollappally Rps |
|
14655 |
|
Janatha Rps |
|
17000 |
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Chakkampuzha Rps |
|
17341 |
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Thekkummury Rps |
|
15800 |
|
Alanad Central Rps |
|
13300 |
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Choondacherry Rps |
|
14610 |
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Karoor Rps |
|
14900 |
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Ramapuram North
Rps |
|
112165 |
|
Elackadu Rps |
|
14869 |
|
Elivaly Rps |
|
16222 |
|
Alanadu Rps |
|
14275 |
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Neeranthanam Rps |
|
12500 |
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Kummannoor Rps |
|
12850 |
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Kezihuvamkulam Rps |
|
12625 |
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Panackappalam Rps |
|
18225 |
As On 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
50.30 |
|
Other top fifty shareholders |
20.60 |
|
Others |
29.10 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Rubber and Rubber Products |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Block Rubber |
MT/Day |
24.0 |
24.0 |
2699.697 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nambiar and Thomas Chartered Accountant |
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Address : |
Priya Buildings, Pala – 686575, |
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Tel. No.: |
91-4822-212047/211047 |
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Mobile No.: |
91-9447507911 |
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E-Mail : |
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Pan No.: |
AACFN1272B |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1406924 |
Equity Shares |
Rs. 10/- each |
Rs. 14.069
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
14.069 |
14.069 |
14.027 |
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2] Share Application Money |
0.000 |
0.000 |
0.041 |
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3] Reserves & Surplus |
1.859 |
1.859 |
1.859 |
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4] (Accumulated Losses) |
(14.922) |
(15.011) |
(14.501) |
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NETWORTH |
1.006 |
0.917 |
1.426 |
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LOAN FUNDS |
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1] Secured Loans |
16.469 |
15.515 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
14.678 |
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TOTAL BORROWING |
16.469 |
15.515 |
14.678 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.475 |
16.432 |
16.104 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.280 |
6.923 |
8.040 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
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INVESTMENT |
0.001 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
2.053 |
2.812 |
2.647 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.067
|
8.905 |
6.802 |
|
|
Sundry Debtors |
0.605
|
0.894 |
2.112 |
|
|
Cash & Bank Balances |
3.825
|
3.841 |
4.986 |
|
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Other Current Assets |
0.000
|
0.998 |
0.832 |
|
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Loans & Advances |
2.190
|
1.402 |
1.414 |
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Total
Current Assets |
18.687
|
16.040 |
16.146 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6.654
|
5.508 |
6.947 |
|
|
Other Current Liabilities |
2.904
|
2.743 |
2.895 |
|
|
Provisions |
0.988
|
1.093 |
0.888 |
|
Total
Current Liabilities |
10.546
|
9.344 |
10.730 |
|
|
Net Current Assets |
8.141
|
6.696 |
5.416 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17.475 |
16.432 |
16.104 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
353.660 |
265.378 |
156.536 |
|
|
|
Other Income |
1.405 |
0.896 |
1.466 |
|
|
|
TOTAL (A) |
355.065 |
266.274 |
158.002 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other expenses |
355.756 |
265.557 |
159.328 |
|
|
|
Stock differential |
(3.601) |
(0.764) |
1.188 |
|
|
|
TOTAL (B) |
352.155 |
264.793 |
160.516 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.910 |
1.481 |
(2.514) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.954 |
0.917 |
0.856 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.956 |
0.564 |
(3.370) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.108 |
1.239 |
0.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.848 |
(0.674) |
(3.870) |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
0.759 |
(0.164) |
(0.980) |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
0.089 |
(0.510) |
(2.890) |
|
|
|
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(15.011) |
(14.501) |
(11.611) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(14.922) |
(15.011) |
(14.501) |
|
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|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.354 |
0.408 |
|
|
TOTAL EARNINGS |
0.000 |
0.354 |
0.408 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.06 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.03
|
(0.19) |
(1.83) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.24
|
(0.25) |
(2.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.26
|
(2.94) |
(16.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.84
|
(0.74) |
(2.71) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
26.85
|
27.11 |
17.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.72 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
THE YEAR IN
RETROSPECT
They are glad to inform that the Company could achieve a Turnover of Rs
355.065 millions and a Gross profit of Rs 1.956 millions during 2009-10 even though
the industry was still under the threats of global economic recession. The net
profit before provision for taxation was Rs 0.848 millions against a loss of Rs
0.674 millions for the previous year.
The Company could install a new Diesel Generator and a Weigh bridge in
the premises of the factory with the financial assistance from promoters MIS
Rubber Board.
The Company could expand the network for collection of field coagulum
including RPSs in neighboring areas. The total number of RPSs in the network
for collection of field coagulum could be enhanced to 155 against 133 during
the previous year. The total quantity of field coagulum collected from RPSs
during the year is 2076 MT against 1328.9 MT in the previous year.
The performance of the trading depots could also be improved during the
year.
Form 8:
|
Corporate
identity number of the company |
U25199KL1990PLC005667 |
||||||
|
Name of the
company |
KAVANAR LATEX
LIMITED |
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|
Address of the
registered office or of the principal place of business in |
Rubber Board
Regional Office XV/IX Opposite KSRTC, T B
Road Palai, Kottayam. |
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|
This form is for |
Creation of
charge |
||||||
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
1. Letter confirming
deposit of title deeds for creation of EM |
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|
Date of
instrument Creating the charge |
14.12.2010 |
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|
Amount secured by
the charge |
Rs. 9.000
Millions |
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|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Base rate+ 5.40% (presently 13.70% p a ) with monthly rests in 12 months Terms of
Repayment - In 12 months Margin - 25% on
stock and 50% on book debts Extent and
Operation of the charge - EM of 0.678 hect (167.5 cents) of land under 1193,
0.403 hect (100 cents) of land under
Sy No 1192/2/2,1199/3/3,1198/4/4,1193 - 0.404 hect ( 100 cents ) of
land under Sy No 1193 and 0.035 hect ( 0.086 cents) under Sy No 1192/1 of
Moonnilavu village Meenachil taluk- on pari passu charge with Rubber Board
for their limit of Rs. 14.678 millions |
||||||
|
Particulars of
the property charged |
EM of 0.678 hect
(167.5 cents) of land under 1193, 0.403 hect (100 cents) of land under Sy No 1192/2/2,1199/3/3,1198/4/4,1193 - 0.404
hect ( 100 cents ) of land under Sy No 1193 and 0.035 hect ( 0.086 under Sy
No 1192/1 of Moonnilavu village Meenachil taluk- on pari passu charge with
Rubber Board for their limit of Rs 14.678 millions |
Fixed Assets:
- Land
- Land development
- Buildings
factory
- Other civil
works
- Plant and
machinery
- Electrical
installation
- Furniture and
fixtures
- Office
equipments
- Latex
collection equipments
- Water supply
installation
- Loose tools
- Laboratory
equipments
- Computer
- Car
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.45.27 |
|
|
1 |
Rs.72.95 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.