MIRA INFORM REPORT
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Report Date : |
4th May, 2006 |
IDENTIFICATION DETAILS
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Name : |
ORSON
HOLDING COMPANY LIMITED |
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Registered Office : |
12
Government Place East, 3rd Floor, Calcutta-700069, West Bengal,
India |
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Country : |
India |
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Financials (as on) : |
31-03-2005 |
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Date of Incorporation : |
21-01-1982 |
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Com. Reg. No.: |
21-34468 |
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Cin. No.: |
U99999WB1982PTC034468 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
CALO00390F |
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Legal Form : |
A
closely held Public Limited Company |
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Line of Business : |
Manufacturers
of LPG Valves for LPG Cylinders in India |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. Payments are slow but correct. Company’s financial position is
satisfactory. The company can be considered normal for business dealings at
usual trade terms and conditions |
LOCATIONS
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Registered Office : |
12
Government Place East, 3rd Floor, Kolkata-700069, West Bengal,
India |
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Admn. Office : |
14/C,
Raja Santosh Road, Alipore, Kolkata-700027, West Bengal, India |
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Tel. No.: |
91-33-24796878/24797875 |
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Mobile No.: |
91-9831040122 |
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Fax No.: |
91-33-24798931 |
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E-Mail : |
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Website : |
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Factory : |
48
X Road, Off Benaras Road, Belgachia. Howrah-711108, West Bengal, India |
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DIRECTORS
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Name : |
Mr.
N B Saha |
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Designation : |
Director |
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Name : |
Mr.
Raj Kumar Bharti |
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Designation : |
Director |
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Name : |
Mrs.
Shanti Bhartia |
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Designation : |
Director |
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Name : |
Mr.
Vivek Kumar Bhartia |
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Designation : |
Managing
Diractor |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of LPG Valves for LPG Cylinders in India |
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Products : |
LPG
Cylinders |
GENERAL INFORMATION
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Customers : |
Indian Oil Corporation,
Hindustan Petroleum Corporation, Bharat Petroleum Corporation Reliance
Petroleum, Mobil Peeves and other private bottlers. |
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Exports to : |
European, African, Middle East and South
Asian Countries and Asean Countries |
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Auditors : |
M/s
B K Agarwala & Company Chartered
Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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NA |
NA |
NA |
NA |
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Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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420,000 |
Equity
Shares |
Rs. 10 each |
Rs. 4.200 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.200 |
4.200 |
4.200 |
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2] Reserves & Surplus |
15.300 |
14.900 |
12.700 |
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NETWORTH
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19.500 |
19.100 |
16.900 |
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LOAN FUNDS |
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1] Secured Loans |
7.100 |
1.100 |
1.600 |
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2] Unsecured Loans |
3.300 |
1.600 |
12.400 |
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TOTAL
BORROWING
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10.400 |
2.700 |
14.000 |
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TOTAL
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29.900 |
21.800 |
30.900 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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12.100 |
13.500 |
13.600 |
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INVESTMENT
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1.700 |
2.100 |
1.800 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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16.800
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10.900 |
14.100 |
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Sundry Debtors
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3.900
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4.600 |
4.500 |
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Cash & Bank Balances
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2.100
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1.000 |
1.000 |
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Loans & Advances
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4.500
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6.800 |
6.400 |
Total Current Assets
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27.300
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23.300 |
26.000 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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9.900
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15.000 |
9.100 |
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Provisions
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1.300
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2.100 |
1.400 |
Total Current Liabilities
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11.200
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17.100 |
10.500 |
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Net Current
Assets
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16.100
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6.200 |
15.500 |
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MISCELLANEOUS EXPENSES
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TOTAL
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29.900 |
21.800 |
30.900 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
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46.600 |
53.600 |
38.200 |
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Profit Before Tax
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0.700 |
3.000 |
1.400 |
Provision for Taxation
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0.300 |
0.800 |
0.200 |
Profit After Tax
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0.400 |
2.200 |
1.200 |
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Total Expenditure
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47.000 |
55.800 |
39.400 |
QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
30.06.2005 [Quarter 1st] |
30.09.2005 [Quarter 2nd] |
31.12.2005 [Quarter 3rd] |
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Sales Turnover
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2.500 |
19.500 |
1.300 |
Other Income
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0.000 |
21.700 |
0.300 |
Total Income
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2.500 |
41.200 |
1.600 |
Total Expenditure
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3.700 |
19.300 |
1.700 |
Operating Profit
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(1.200) |
21.900 |
(0.100) |
Interest
|
0.400 |
0.400 |
0.100 |
Gross Profit
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(1.600) |
21.500 |
(0.200) |
Depreciation
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0.400 |
0.400 |
0.400 |
Tax
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0.000 |
0.000 |
0.000 |
Reported PAT
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(2.000) |
21.100 |
(0.600) |
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30.06.2005 Quarter: 1. Statutory Auditors have
carried out Limited Review of the results for the quarter ended 30.06.2005.
2. The above results were approved at the meeting of the Board of Directors
of the company held on 30.07.2005. 3. Previous Period's Figures have been
regrouped/reclassified wherever necessary |
30.09.2005 Quarter 2 :
1.Statutory Auditors have carried out limited review of the results for the
quarter / half year ended 30.09.2005. 2.Since the company is operating in a
single line of business, no segment reporting is reported as defined by AS - 17,issued
by I.C.A.I. 3.The above results were approved at the meeting of the Board of
Directors of the company held on 31.10.2005. 4.No investors complaints were
received during the quarter / half year ended 30.09.2005. & no complaints
were pending at the beginning and end of the quarter / half year. 5.Other
Income includes long term Capital Rs.21.475 million
31.12.2005 Quarter 3 :
1.Statutory Auditors have carried out limited review of the results for the 3rd
quarter ended 31.12.2005. 2.Since the company is operating in a single line of
business, no segment reporting is reported as defined by AS-17, issued by ICAI.
3.The above results were approved at the meeting of the Board of Directors of
the company held on 30.01.2006. 4.No investors complaints were received during
the 3rd quarter ended 31.12.2005 & No complaints were pending at the
beginning and end of the 3rd quarter ended 31.12.2005.
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
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(%)
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0.86
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4.10 |
3.14 |
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Net Profit Margin
(PBT/Sales) |
(%) |
1.52
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5.66 |
3.85 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
1.78
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11.19 |
3.54 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.04
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0.16 |
0.10 |
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Debt Equity Ratio
(Total Liability/Networth) |
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0.57
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1.04 |
1.75 |
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Current Ratio
(Current Asset/Current
Liability) |
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2.44
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1.36 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
ORSON is the largest Exporter
of LPG Valves from INDIA. Around Eighty percent of our total turn over is
exports. Our LPG Valves are exported to European, African, Middle East and
South Asian Countries and ASEAN Countries. Our products have been well accepted
by our buyers' world- wide.
Only company in India having UL approved LPG Valves.
In addition, we are one of the largest manufacturers in the domestic market and
supplying regularly to the Public Sector Oil Companies like Indian Oil
Corporation, Hindustan Petroleum Corporation, Bharat Petroleum Corporation and
in the Private Sector to Reliance Petroleum, Mobil Peeves and other private
bottlers.
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Our Highly trained and
experienced operators and engineers give their full attention in all stages
of production to ensure the highest quality products. |
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The machining of the
Valve bodies and all functioning parts critical to the tightness and assured
functionality of the Valves are done on modern machines |
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All products and Gauges
are subject to continuous control, and these measurements are documented. |
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Procured parts and
materials are strictly controlled |
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Release to customer is
done after a final Inspection by the quality control department |
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All Compact Valves with
Safety Relief are UL, USA listed products which is being marked on the
Valves.(UL-1769, Cylinder Valves) |
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SIRIM APPROVED AS PER
MS- 831 1996 FOR Compact Valves with Safety relief. |
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Our Company is having
ISO - 9001:2000 Certificate of Registration issued by NQA QSR Certification
Private Limited. (Certificate number- 03/184/R). |
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.45.30 |
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UK
Pound |
1 |
Rs.78.45 |
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Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score
serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational
size (10%)
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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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 |
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |