MIRA
INFORM REPORT
|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KARNATAKA STATE COIR DEVELOPMENT
CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
V.I.T.C. Building, Next To Visheshwara Industrial
Trade Center, Kasturba Road, Bengaluru – 560001, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.02.1985 |
|
|
|
|
Com. Reg. No.: |
08-006743 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 30.115 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110KA1985SGC006743 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of coir products. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 290000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is well established corporation set up by the state government
mainly in order to develop coir based industries and also to act as
catalystic agent in developing coir sector in private sector. The company possesses a
moderate financial profile marked by wiping off its accumulated losses with
the help of, may be advances or other funds received and reported as other
long term liabilities in the books. Management has incurred consecutive losses for previous years which
has harshly affected the liquidity as well as business profile of the
company. However, all these negations are further mitigated by the managerial
and financial support the subject receives from the Government of Karnataka
as well as the Indian Central Government. Trade relations are trustworthy. Business is active. Payment terms are
reported as slow but correct. In view of long standing presence, the subject can be considered 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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.
INFORMATION PARTED BY
|
Name : |
Mr. C Thirtharaj |
|
Designation : |
Regional Manager |
|
Contact No.: |
91-80-22865995 |
|
Date : |
11.04.2014 |
LOCATIONS
|
Registered Office : |
V.I.T.C. Building, Next To Visheshwara Industrial
Trade Center, Kasturba Road, Bengaluru – 560001, Karnataka, India |
|
Tel. No.: |
91-80-22865995 / 22865866 |
|
Fax No.: |
91-80-22865865 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Located At ·
Karnataka |
DIRECTORS
AS ON 17.09.2013
|
Name : |
Mr. Choulur Shama Rao |
|
Designation : |
Director |
|
Address : |
#343, 76th Cross, Kumaraswami Layout, Bangalore – 560078, Karnataka,
India |
|
Date of Birth/Age : |
15.01.1954 |
|
Date of Appointment : |
13.10.2009 |
|
DIN No.: |
02680088 |
|
|
|
|
Name : |
Mr. Maheshwar Rao M |
|
Designation : |
Director |
|
Address : |
B-111, KPWD Quarters Jeevan Bima Nagar Hall III Stage, Bangalore –
560075, Karnataka, India |
|
Date of Birth/Age : |
20.08.1971 |
|
Date of Appointment : |
22.06.2011 |
|
DIN No.: |
00324069 |
|
|
|
|
Name : |
Mr. Ramakrishnegowda Honnegowda |
|
Designation : |
Managing Director |
|
Address : |
1554, 13th Aniketana Road, Kuvempu Nagar, Mysore – 570009,
Karnataka, India |
|
Date of Birth/Age : |
25.05.1958 |
|
Date of Appointment : |
07.02.2012 |
|
DIN No.: |
01685225 |
|
|
|
|
Name : |
Mr. Tushar Giri Nath |
|
Designation : |
Director |
|
Address : |
No. 20, 8th Main Road, 1st Cross Vasanth Nagar,
Bangalore – 560052, Karnataka, India |
|
Date of Birth/Age : |
15.12.1968 |
|
Date of Appointment : |
13.09.2013 |
|
DIN No.: |
01880265 |
KEY EXECUTIVES
|
Name : |
Mr. C Thirtharaj |
|
Designation : |
Regional Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.09.2013
|
Names of Shareholders |
No. of Shares |
|
Mr. Ramakrishne Gowda |
1 |
|
Mr. L. S. Srikantababu |
1 |
|
Finance Commissioner, Government of Karnataka |
8 |
|
Governor of Karnataka |
301144 |
|
|
|
|
Total |
301154 |
AS ON 17.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government [Central and State] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of coir products. |
|
|
|
|
Products : |
·
Coir-Products ·
Coir Cushions ·
Coir Needle Felt ·
Coir Pillows ·
Coir Pith Organic Manure · Coir Veener Furniture |
|
|
|
|
Terms : |
|
|
Purchasing : |
Depend |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
|
|
|
|
Bankers : |
State Bank of Mysore, Bangalore, Karnataka, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Balakrishna and Company Chartered Accountants |
|
Address : |
#24, Comfort Towers, 3rd Floor, 10th Cross,
Wilson Garden, Bangalore - 560027, Karnataka, India |
|
PAN No.: |
AAGFB0322A |
CAPITAL STRUCTURE
AS ON 17.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
305000 |
Equity Shares |
Rs.10/- each |
Rs.30.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
301154 |
Equity Shares |
Rs.10/- each |
Rs.30.115 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
30.115 |
30.115 |
30.115 |
|
(b) Reserves & Surplus |
41.983 |
17.498 |
(45.052) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
72.098 |
47.613 |
(14.937) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.635 |
5.137 |
6.012 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
19.499 |
17.724 |
82.495 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
24.134 |
22.861 |
88.507 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.502 |
0.742 |
0.000 |
|
(b) Trade payables |
23.852 |
11.011 |
8.151 |
|
(c) Other current liabilities |
11.179 |
10.557 |
10.539 |
|
(d) Short-term provisions |
5.071 |
5.068 |
4.716 |
|
Total
Current Liabilities (4) |
40.604 |
27.378 |
23.406 |
|
|
|
|
|
|
TOTAL |
136.836 |
97.852 |
96.976 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
74.001 |
64.497 |
58.517 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
3.633 |
3.632 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.534 |
2.062 |
1.760 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
75.535 |
70.192 |
63.909 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
22.282 |
14.765 |
12.588 |
|
(c) Trade receivables |
23.312 |
3.722 |
4.579 |
|
(d) Cash and cash equivalents |
13.044 |
6.022 |
11.160 |
|
(e) Short-term loans and
advances |
2.222 |
2.689 |
3.925 |
|
(f) Other current assets |
0.441 |
0.462 |
0.815 |
|
Total
Current Assets |
61.301 |
27.660 |
33.067 |
|
|
|
|
|
|
TOTAL |
136.836 |
97.852 |
96.976 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
94.477 |
34.848 |
40.740 |
|
|
Other Income |
6.123 |
5.171 |
5.221 |
|
|
TOTAL
(A) |
100.600 |
40.019 |
45.961 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
92.856 |
44.972 |
31.664 |
|
|
Power Fuel |
0.087 |
0.048 |
0.040 |
|
|
Managerial Expenses |
1.262 |
0.849 |
0.792 |
|
|
Payment to Auditor |
0.045 |
0.045 |
0.050 |
|
|
Insuranc |
0.000 |
0.000 |
0.374 |
|
|
Extra ordinary Items |
(3.937) |
(4.405) |
(8.109) |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(4.314) |
(11.999) |
0.145 |
|
|
Employees benefits expense |
9.714 |
9.861 |
6.931 |
|
|
Other expenses |
6.833 |
6.242 |
9.695 |
|
|
TOTAL
(B) |
102.546 |
45.613 |
41.582 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(1.946) |
(5.594) |
4.379 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.267 |
0.374 |
0.199 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2.213) |
(5.968) |
4.180 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
4.566 |
3.996 |
3.732 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(6.779) |
(9.964) |
0.448 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(6.779) |
(9.964) |
0.448 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(22.510) |
(33.080) |
1.490 |
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
200.000 |
The above information has been parted by Mr. C Thirtharaj.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(6.74)
|
(24.89) |
0.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.18)
|
(28.59) |
1.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.95)
|
(10.58) |
0.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(0.21) |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.07
|
0.12 |
(0.40) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.01 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
30.115 |
30.115 |
30.115 |
|
Reserves & Surplus |
(45.052) |
17.498 |
41.983 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(14.937) |
47.613 |
72.098 |
|
|
|
|
|
|
long-term borrowings |
6.012 |
5.137 |
4.635 |
|
Short term borrowings |
0.000 |
0.742 |
0.502 |
|
Total
borrowings |
6.012 |
5.879 |
5.137 |
|
Debt/Equity
ratio |
(0.402) |
0.123 |
0.071 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
40.740 |
34.848 |
94.477 |
|
|
|
(14.462) |
171.112 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
40.740 |
34.848 |
94.477 |
|
Profit After Tax |
0.448 |
(9.964) |
(6.779) |
|
|
1.10% |
(28.59%) |
(7.18%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of the
firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
-- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
-- |
|
22] |
Litigations
that the firm / promoter involved in |
-- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct of
the banking account |
-- |
|
26] |
Buyer visit
details |
-- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
Note :
The registered office of the company has been
shifted from No, 42-1 Floor, Mehra Complex Miller Road, Bangalore –
560052, Karnataka, India to the present address w.e.f. 15.01.2009.
WEBSITE DETAILS
NEWS AND ARTICLES
Coir centre helps weave hopes
Updated: December 29, 2013 15:34 IS
As many as 70 women are employed at the Coir Training
and Development Centre in the Maoist-affected village of Muddur in Jadkal Gram
Panchayat
It provides employment in Maoist-affected Muddur
Outside a woman was dyeing coir
ropes in a vat, inside there was the whirring sound of solar spinning machines
as two women tried to weave the coir yarn into a rope. They were deeply
immersed in their work and were enjoying it.
As many as 70 women including 28
from the most backward Koraga community, a Scheduled Tribe, are working at the
Coir Training and Development Centre in the Maoist-affected village of Muddur
in Jadkal Gram Panchayat.
A team of presspersons were taken by
the Department of Information from Udupi to Muddur to visit the Coir
Development and Training Centre on Saturday.
The Centre started functioning about
four months ago and is a joint initiative of the Department of Industries and
Commerce and Karnataka State Coir Development Corporation. Two more such
training centres have been opened in the naxalite affected villages of Eedu and
Mala in the district, where 24 persons each are getting trained.
According to Gracy Joseph, president
of Jadkal Gram Panchayat, it was difficult for women to get jobs in a backward
area such as Muddur. Due to mechanisation of agriculture, the jobs in the
agricultural field were decreasing. “Though there was overwhelming response
from women from the village to get trained, we could give training in coir rope
and mate making only to 70 women because of space constraints,” she said.
The women got training two months
each in coir rope and mat making. During the training period, they were also
paid a stipend of Rs. 1,500 per month. The coir to make ropes and mats is
supplied by the Corporation. According to P. Nagesh, Joint Director of District
Industries Centre, there was no dropout of any women during the training. “This
shows their interest. Women can earn between Rs. 100 to Rs. 150 per day.”
Revati, a trainee, said she had
started to work after 12 years. There were five members in her family including
three children. “The work is good, but it requires concentration. If we get a
single rope wrong while weaving a mat, we have to remove the entire thing and
redo it. Weaving a mat is tougher than spinning a rope. The finishing has to be
good for a mat,” she said.
Let Coir Nurture Your Plants
Updated: 11th January 2014 10:21 AM
Tired of watering your plants and clearing garden
waste every day? The Karnataka State Coir Development Corporation Ltd’s
coir manure and coir pots are here to the rescue.
On display at the ongoing ‘Khadi Utsava 2014’
organised here by the Karnataka State Khadi and Village Industries Board, the
products are designed to minimise watering and ease re-potting.
Regional manager of the Karnataka Coir Development
Corporation Ltd Thirta Raju says plants can be grown without using soil with
the help of coir gold, a type of manure developed by powdering coir.
“One need not repot plants frequently as coir gold
has sufficient nutrients to sustain the plants for more than six months. As it
can hold a lot of water, plants need to be watered only once in three days.
This saves a lot of water,” Raju said.
Also, pots made of pressed coir board are light and
can be easily moved around, Raju added. Other coir products like reversible
desks, furniture, plates and trays, carpets and mattresses are displayed at the
exhibition along with a variety of khadi, silk and cotton garments, toys,
footwear and edibles.
Rural Folk Should Help Promote Khadi: Hukkeri
The purpose of organising exhibitions to
promote products manufactured by cottage industries will not be achieved
unless more people from rural areas visit them, Minister for Small Scale
Industries Prakash Hukkeri said on Friday.
At the inauguration of ‘Khadi Utsava 2014’ organised
by Karnataka State Khadi and Village Industries Board, Hukkeri said, “If rural
people understand the importance of cottage industries, they will embrace it as
a secondary occupation and that will sustain cottage industries.”
Women in naxal-affected village show the way
Prakash Samaga,TNN | Dec 30,
2013, 10.41 AM IST
UDUPI: Usharaj from Udayanagara in Jadkal gram panchayat
under Kundapur taluk is all smiles. Reason: She has a job at an eco-friendly
industry. As a bonus, her place of work is just a stone's throw distance from
her residence.
Likewise, Sharle Jeeji of Gundinahole, about 3 km from
Jadkal, expressed her contentment. She said 70 women working under one roof as
one family helps her share her joys and sorrows with her co-workers. "It
is better than staying at home without work,'' she said.
This is largely due to the initiative of the Karnataka
State Coir Development Corporation Limited (KSCDC), department of commerce and
industry, Udupi district, and Udupi District Industries Centre: they opened a
coir training-cum-production centre at the naxal-affected village Mudur in
Jadkal gram panchayat.
These 70 women from this village who were earlier
jobless now have learnt the skill of twisting bristle fiber from the husk and
manufacture coir mattresses at a tiny building in the village. They got
training of four months. They start working in the unit from 9 am to 4 pm and
produce 20 to 30 mattresses per day. The women earn about Rs 150 per day. What
impresses one is that Koraga (tribal community) women too have joined the
training centre and have engaged in production of coir products since October
this year.
Gracy Joseph, president of Jadkal gram panchayat, said
she is happy that women are earning now, thanks to the coir unit. Lissy
Varghese and Soumya Saji are happy that they are self-reliant and help
supplement the family's income.
H K Rajshekara, regional manager of the corporation,
said these women from the naxal-hit-village have shown the way to others in
being self-reliant.
P Nagesh, joint director, Udupi District Industries
Centre, said they spent Rs 0.650 Million on the training of the women, Rs 0.185
Million was borne by the department of commerce and industry and the remaining
amount of Rs 0.465 Million was availed through the Coir corporation. KSCDC
markets the products.
He said the deputy commissioner has sanctioned one acre
of land to commence 'Common Facilitation Centre' in Mudur to make coir
mattresses under the Scheme of Fund for Regeneration of Traditional Industries
(SFURTI).
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 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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.