MIRA INFORM REPORT
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Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
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Name : |
TRAVANCORE COCOTUFT PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.03.2000 |
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Com. Reg. No.: |
09-013734 |
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Capital Investment
/ Paid-up Capital : |
Rs.37.500 millions |
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CIN No.: [Company Identification
No.] |
U17214KL2000PTC013734 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
TVDT00626D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of polyvinyl-chloride-tufted coir rolls and mats, rubber tray mats and polypropylene mats. |
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No. of Employees
: |
60 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 298000 |
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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 record. There appears continuous dip in the turnover. The company is incurring
a loss from it’s operation from last two years. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating: B+ |
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Rating Explanation |
High risk of default |
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Date |
November 15, 2012 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term Rating: A4 |
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Rating Explanation |
Minimal degree of safety it carry very high credit risk. |
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Date |
November 15, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/ Factory : |
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Tel. No.: |
91-478-2811034/ 2813966 |
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Fax No.: |
91-478-2811135/ 2818034/ 2823950 |
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E-Mail : |
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Website : |
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Flat No.665, Pocket E, Mayur
Vihar, Phase 2, |
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Tel. No.: |
91-11-22773139 |
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E-Mail : |
DIRECTORS
As on 29.09.2012
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Name : |
Mr. Veliyil Velayudhan Pavithran
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Designation : |
Managing Director |
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Address : |
Lekshmi Sadanam, Marathorvattom, Cherthala, Alappuzha – 688 545, |
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Date of Birth/Age : |
16.01.1932 |
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Date of Appointment : |
03.03.2000 |
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DIN No.: |
00026418 |
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Name : |
Mr. Santosh Veliyil Velayudhan |
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Designation : |
Director |
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Address : |
Jovial Bunglow, Veloorvattom, Cherthala, Alappuzha – 688 524, |
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Date of Birth/Age : |
13.09.1956 |
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Date of Appointment : |
03.03.2000 |
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DIN No.: |
00465132 |
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Name : |
Mr. Velayudhan Ravindra Prasad |
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Designation : |
Director |
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Address : |
Asha Bhavanam, Veloorvattom, Cherthala, Alappuzha – 688 524, |
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Date of Birth/Age : |
01.10.1934 |
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Date of Appointment : |
03.03.2000 |
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DIN No.: |
00026426 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
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Names of Shareholders |
No. of Shares |
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V.V. Pavithran |
125000 |
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V.R. Prasad |
125000 |
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V.V. Santosh |
125000 |
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Total |
375000 |
As on 29.09.2012
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of polyvinyl-chloride-tufted coir rolls and mats, rubber tray mats and polypropylene mats. |
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GENERAL INFORMATION
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No. of Employees : |
60 (Approximately) |
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Bankers : |
v
Citi Bank N.A., Photofast House, Door No.38/1581,
v The Catholic Syrian Bank Limited,
Cherthala Branch, Muttom Bazar, Cherthala P.O., Alappuzha - 688 524, Kerala,
India |
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Facilities : |
Notes: LONG TERM BORROWINGS Long term loans from
bank for Rs.4.507 millions are secured against specific machinery for which
loan were taken.
SHORT TERM BORROWINGS Short term loan and advances from bank includes loans amounting to
Rs.18.703 millions availed under bill discounting facility and are secured
against specific receivables and Rs.111.560 millions packing credit loans and
are secured against the raw materials. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rangamani and Company Chartered Accountants |
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Address : |
Rajarajeshwari Bhavan, Pazhaveedu P.O., Alleppy – 688 009, |
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Income-tax
PAN of auditor or auditor's firm : |
AAKFR6558G |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
375000 |
Equity Shares |
Rs.100/- each |
Rs.37.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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375000 |
Equity Shares |
Rs.100/- each |
Rs.37.500 millions |
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Disclosure pursuant to Note no.6(A)(f) of Part I of Schedule VI to the
Companies Act, 1956
Company is not a
subsidiary of any other company and hence no Equity Shares are held by the
holding company.
The Company has
only one class of equity shares having par value Rs.10.00 per share.
All these share
have the same rights and preferences with respect to the payment of dividend,
repayment of capital and voting.
The dividend
proposed by the Board of Directors is subject to the approval of shareholders
in the ensuing Annual General Meeting.
Company has not
issued any preference shares.
In the event of
liquidation of the Company the holders of equity shares will be entitled to
receive any of the remaining assets of the company as per distribution of all
preferential amounts.
However no such
preferential amounts exist currently. The distribution will be in proportion to
the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
37.500 |
37.500 |
37.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
37.062 |
62.772 |
71.232 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
74.562 |
100.272 |
108.732 |
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LOAN FUNDS |
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1] Secured Loans |
160.512 |
216.584 |
191.784 |
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2] Unsecured Loans |
18.826 |
15.959 |
13.352 |
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TOTAL BORROWING |
179.338 |
232.543 |
205.136 |
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DEFERRED TAX LIABILITIES |
4.582 |
4.525 |
0.000 |
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TOTAL |
258.482 |
337.340 |
313.868 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
103.279 |
108.871 |
102.986 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.675 |
0.675 |
0.677 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
87.889
|
112.936
|
64.364
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Sundry Debtors |
33.555
|
95.787
|
132.531
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Cash & Bank Balances |
13.177
|
11.987
|
14.121
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Other Current Assets |
25.889
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|
16.055
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Loans & Advances |
14.569
|
22.166
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Total
Current Assets |
175.079
|
243.578 |
227.071 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.604
|
14.004
|
7.787
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Other Current Liabilities & Provisions |
0.947
|
1.780
|
9.079
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Total
Current Liabilities |
20.551
|
15.784 |
16.866 |
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Net Current Assets |
154.528
|
227.794
|
210.205
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
258.482 |
337.340 |
313.868 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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GROSS SALES |
376.614 |
459.571 |
509.741 |
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PROFIT/ (LOSS)
BEFORE TAX |
(25.654) |
(5.734) |
20.785 |
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Less |
TAX |
0.056 |
2.726 |
0.549 |
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PROFIT/ (LOSS)
AFTER TAX |
(25.710) |
(8.460) |
20.236 |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
-- |
-- |
1.875 |
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Tax on Proposed Dividend |
-- |
-- |
0.319 |
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EXPORT VALUE |
305.144 |
390.530 |
508.119 |
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Earnings/ (Loss)
Per Share (Rs.) |
(38.56) |
(22.56) |
53.96 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.22) |
(1.63)
|
6.30
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Return on Investment (ROI) (PBT/Networth) |
|
(0.34) |
(0.06)
|
0.18
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Debt Equity Ratio (Total Liability/Networth) |
|
2.68 |
2.48
|
2.04
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Current Ratio (Current Asset/Current Liability) |
|
8.52 |
15.43
|
1.03
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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 |
Yes |
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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
involved in |
-- |
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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 |
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31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
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32)
PAN of Proprietor/Partner/Director, if available |
No |
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33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
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34)
External Agency Rating, if available |
Yes |
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Unsecured Loans |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Loans and
Advances from Others |
13.750 |
12.730 |
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SHORT TERM BORROWINGS |
|
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Other loans and
advances |
5.076 |
3.229 |
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Total |
18.826 |
15.959 |
FINANCIAL PERFORMANCE
The performance of the company during the year was not as expected or
predicted last year. The financial results were negative in profit as well as in
sales. During the current year, there was a fall in sales by 18.05% compared to
last year, mainly due to bankruptcy of a couple of buyers. The operating profit
before interest and depreciation was around 6.575 millions, but the high
working capital demand due to non payment of defaulted buyers had to be met
with higher bank borrowings loosing heavily on interest. There were bad debts
to the tune of Rs.5.500 millions as a result of non payment by buyers along
with exchange difference loss of Rs.7.500 millions compared to last year.
INDUSTRY DEVELOPMENTS
The coir business is labor intensive and employs a lot of male and
female workers right from raw material stage to the finished products. Internal
sales within the country for coir products are very thin and export is the only
way to sustain the industry. The stiff competition experiencing in the industry
from among the manufacturing countries limits the earnings to a large extent
together with internal shortage of raw material and its hike in cost along with
labor.
OUTLOOK
The sudden drop in sales due to bankruptcy of a couple of major buyers
necessitated vigorous search for strong and meaningful buyers all over the world and the marketing team
of the company have cast its net to catch foreign and local buyers aiming at
boosting sales. The company being 100% EOU
will earn a good share of the future market with its internal strength
and customer expertise and can blow all
potential clouds as soon as possible and continue business with added vigor and
strength. The major set back suffered by the company during the financial year
will be reversed next year with more export sale to existing and other European
countries brought to their order book during the recent international trade
fair held at Hong Kong and
FIXED ASSETS:
Tangible Assets
v
v Building
v Plant and Equipment
v Furniture and Fixtures
v Vehicles
v Office Equipment
Intangible Assets
v Brands/ Trademarks
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 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 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.53.89 |
|
|
1 |
Rs.84.93 |
|
Euro |
1 |
Rs.72.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.