MIRA
INFORM REPORT
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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
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Name : |
D C MILLS PRIVATE LIMITED |
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Registered
Office : |
No. 134, Mannanchery Panchayath, Valavanadu, Kalavoor P O, Alapuzha –
688522, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
07.02.1996 |
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Com. Reg. No.: |
09-009988 |
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Capital
Investment / Paid-up Capital : |
Rs.25.000 Millions |
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CIN No.: [Company Identification
No.] |
U25199KL1996PTC009988 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter of Carpet Rugs, Door Mats and Bath Mats. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1920000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge losses incurred by the company in the current year i.e. (2010-11).
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealings with some cautions.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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/ Corporate Office : |
No. 134, Mannanchery Panchayath, Valavanadu, Kalavoor P O, Alapuzha –
688522, Kerala, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
P.B. No. 169, Cocodale, M.O. Ward, Alleppey-688001, |
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Tel. No.: |
91-477-2249902/ 2249901/ 2259695/ 3290325 |
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Fax No.: |
91-477-2259695/ 2251201/ 2251301 |
DIRECTORS
As on 27.09.2011
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Name : |
Mr. Konath Jacob Dennis |
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Designation : |
Managing Director |
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Address : |
Coco Dale, M.O.Ward, Alappuzha-688011, |
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Date of Birth/Age : |
09.10.1956 |
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Date of Appointment : |
07.02.1996 |
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DIN No.: |
00121856 |
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Other Directorship :
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Name : |
Mr. Sholly Dennis |
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Designation : |
Director |
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Address : |
Coco Dale, M.O.Ward, Alappuzha-688011, |
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Date of Birth/Age : |
04.11.1957 |
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Date of Appointment : |
17.02.1996 |
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DIN No.: |
01534821 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2011
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Names of Shareholders |
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No. of Shares |
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K J 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 Break up (Percentage of Total Equity)
As on 27.09.2011
|
Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Carpet Rugs, Door Mats and Bath Mats. |
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Products : |
·
Coir Mats ·
Washable Rugs ·
Jute Rugs ·
Sisal Rugs ·
Bamboo Rugs ·
Coir Rugs |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India, Alappuzha Branch, Beach
Road, Alappuzha – 682012, Kerala, India ·
HDFC Bank Limited ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K K Padmanabha Pillai and Company Chartered Accountants |
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Address : |
Deepthi, Palace Ward, Apaluzha – 688010, Kerala, India |
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Tel. No.: |
91-477-2261179 |
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PAN.: |
AGUPP1834H |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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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 |
455.547 |
733.177 |
731.753 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
480.547 |
758.177 |
756.753 |
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LOAN FUNDS |
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1] Secured Loans |
1130.900 |
867.853 |
847.430 |
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2] Unsecured Loans |
6.719 |
3.029 |
0.230 |
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TOTAL BORROWING |
1137.619 |
870.882 |
847.660 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.921 |
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TOTAL |
1618.166 |
1629.059 |
1605.334 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
418.071 |
473.284 |
454.241 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
320.996 |
301.288 |
320.457 |
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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 |
578.983
|
574.750
|
526.194 |
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Sundry Debtors |
230.602
|
266.347
|
229.978 |
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Cash & Bank Balances |
17.249
|
36.668
|
0.000 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
178.905
|
106.593
|
191.704 |
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Total
Current Assets |
1005.739
|
984.358
|
947.876 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
116.102
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123.079
|
111.897 |
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Provisions |
10.538
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6.792
|
5.343 |
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Total
Current Liabilities |
126.640
|
129.871
|
117.240 |
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Net Current Assets |
879.099
|
854.487
|
830.636 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1618.166 |
1629.059 |
1605.334 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
642.600 |
941.700 |
1037.600 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(96.800) |
NA |
NA |
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FINANCIAL
EXPENSES |
117.800 |
NA |
159.700 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(214.500) |
NA |
(1.800) |
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DEPRECIATION/
AMORTISATION |
63.400 |
NA |
45.900 |
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PROFIT BEFORE
TAX |
(277.900) |
2.600 |
(46.100) |
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TAX |
NA |
NA |
NA |
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PROFIT AFTER TAX
|
NA |
NA |
(46.100) |
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Earnings Per
Share (Rs.) |
-- |
1.05 |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
4.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.52
|
0.18 |
(3.29) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.00
|
(0.06) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.63
|
1.31
|
1.27 |
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Current Ratio (Current Asset/Current Liability) |
|
7.94
|
7.57
|
8.08 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
Year 2010-11
During the year the turnover of the Company has decreased from
Rs.941.700 Millions of 2009-10 to Rs.642.600 Millions. The economic recession
and competition which resulted in reduction in export orders along with the
shortage in working capital resulted in decrease in turnover. In addition to
this increase in input cost along with reduction in export realization resulted
in substantive decrease in contribution. Coir is the major raw material of
their products. During this year the availability of coir was less and the
price of the coir also moved up substantially. This forced them to execute some
orders without any margin. The effort to find local market could not succeed
much due to availability of cheaper products in the market.
Financial review
The Directors report that the company suffered a loss of Rs.277.900
Millions during the year. The loss before interest and depreciation is
Rs.96.800 Millions. The interest cost was Rs.117.800 Millions. This resulted in
total loss before depreciation of Rs.214.500 Millions. The net loss after
depreciation is Rs.277.900 Millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25199KL1996PTC009988 |
|
Name of the
company |
D C MILLS PRIVATE
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No. 134/Mannanchery Panchayath, Valavanadu Kalavoor P.O.
Alpauzha-688522, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the modified |
90023882 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
1. Letter regarding
overall limit dated 30.06.2009 2. Supplemental
agreement of hypothecation dated 30.06.2009 3. Supplemental
agreement of loan dated 30.06.2009 |
|
Date of
instrument Creating the charge |
30.06.2009 |
|
Amount secured by
the charge |
Rs. 1226.500 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest WC (EPC/FBD) :
4.75% below SBAR (Min. 7.50%) inclusive of interest subvention WCTL : 1.50%
below SBAR (Min. 10.75%) (upto 31.03.2011). Thereafter at extant card rate Terms of
Repayment As per repayment
schedule attached separately Margin RM Domestic and
Imported : 25% SIP : 25% FG : 25% Receivables
(Cover 365 days) : 25% Letter of Credit
: 20% BG : 20% Extent and
Operation of the charge Continuing Charge
till the full repayment of amount secured by the charge |
|
Short particulars
of the property charged |
Goods and assets
and book debts of the Company. |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Date of
instrument modifying the charge |
22.09.2007 |
|
Particulars of
the present modification |
The existing
charge on the described properties has been extended to the enhanced amount
of Rs.1226.500 Millions w.e.f 30.06.2009 |
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.53.34 |
|
|
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.69.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.