MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
OREN HYDROCARBONS PRIVATE LIMITED |
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Registered Office : |
28/2/B Saravana Street, T Nagar, Chennai – 600017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.07.1990 |
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Com. Reg. No.: |
18-19419 |
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CIN No.: [Company
Identification No.] |
U73100TN1990PTC019419 |
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IEC No.: |
0498041832 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEO02114A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of high quality Specialized Mud Chemicals used in the exploration and development of Oil and Gas Industry |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 120000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track records. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
28/2/B Saravana Street, T Nagar, Chennai – 600017, Tamilnadu |
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Tel. No.: |
91-44-24360205 [5 Lines] |
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Fax No.: |
91-44-24347358 |
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Mobile No.: |
91-9383933440 |
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E-Mail : |
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Web Site: |
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Area : |
1800 Sq.ft |
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Location : |
Owned |
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Factory 1 : |
Kottaikuppam Village, Uthukottai Taluk, Tiruvellore District, Tamilnadu |
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Tel. No.: |
91-44-30984011/12 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rizwan Ahmed |
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Designation : |
Director |
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Address : |
40/2A Venkatraman Street, T. Nagar, Chennai – 600 017, , Tamilnadu |
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Date of Birth/Age : |
01.08.1958 |
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Qualification : |
Ph. D. |
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Date of Appointment : |
10.07.1990 |
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Name : |
Mrs. Sayeeda Ahmed |
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Designation : |
Director |
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Address : |
28/2/B Saravana Street, T Nagar, Chennai – 600017, Tamilnadu |
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Date of Birth/Age : |
07.03.1961 |
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Qualification : |
B. A. (Hons) |
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Date of Appointment : |
13.01.1996 |
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Name : |
Mrs. Gajalakshmi R. |
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Designation : |
Director |
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Address : |
9 Indira Nagar Extn, Selaiyur, Chennai – 600 073 |
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Date of Birth/Age : |
12.07.1979 |
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Qualification : |
B.com |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rizwan Ahmed |
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455,350 |
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Sayeeda Ahmed |
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187,150 |
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TOTAL |
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642,500 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of high quality Specialized Mud Chemicals used in the exploration and development of Oil and Gas Industry |
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Products : |
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Exports : |
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Countries : |
· Sudan · Yemen · Egypt · Saudi Arabia · Kuwait & UAE · Malaysia · Bangladesh · Qatar · Singapore |
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Terms : |
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Selling : |
L/C & Credit |
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Purchasing : |
L/C, Cash (60 days) |
GENERAL
INFORMATION
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Bankers : |
Ř The Catholic Syrian Bank Limited Industrial Finance Branch, Tarapore Towers, Mount Road, Chennai – 600 002 Ř Axis Bank Limited T. Nagar Branch, G.N. Chetty Road, Chennai – 600 017 Ř HDFC Bank |
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Facilities : |
Credit Limits – 42.400 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. Mohan Chartered Accountants |
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Address : |
Flat D, Block II, Kences Enclave, 1 Chari Street, T. Nagar, Chennai – 600017, Tamilnadu, India |
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Tel. No.: |
91-44-28140525/28142331/55170748 |
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E-mail : |
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Memberships : |
Ř Chemicals Export
Promotion Council Ř CAPEXIL Ř Andhra Chamber
of Commerce |
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Associates/Subsidiaries : |
· R. A. Starch Processors Private Limited 28/2B Saravana Street, T. Nagar, Chennai – 600 017 Line of Business : Starch Processors · Oren Mud Chemicals & Pulverizing Private Limited 28/2B Saravana Street, T. Nagar, Chennai – 600 017 Lines of Business : Barite Pulverizing |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,42,500 |
Equity Shares |
Rs. 10/- each |
Rs. 6.425
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.425 |
6.425 |
5.423 |
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2] Share Application Money |
2.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.744 |
11.784 |
6.118 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.169 |
18.209 |
11.541 |
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LOAN FUNDS |
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1] Secured Loans |
35.449 |
4.742 |
0.000 |
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2] Unsecured Loans |
0.018 |
0.575 |
0.475 |
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TOTAL BORROWING |
35.467 |
5.317 |
0.475 |
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DEFERRED TAX LIABILITIES |
2.644 |
1.473 |
6.197 |
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TOTAL |
70.280 |
24.999 |
18.213 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.001 |
17.721 |
1.541 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.440 |
2.439 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.003 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.621 |
6.029
|
1.704
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Sundry Debtors |
76.407 |
37.471
|
42.139
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Cash & Bank Balances |
22.909 |
4.340
|
2.729
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Other Current Assets |
0.000 |
0.000
|
0.000
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Loans & Advances |
10.468 |
5.703
|
2.664
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Total
Current Assets |
118.405 |
53.543 |
49.236 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
66.984 |
46.579 |
32.567
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Provisions |
8.582 |
2.125 |
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Total
Current Liabilities |
75.566 |
48.704 |
32.567 |
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Net Current Assets |
42.839 |
4.839
|
16.669
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
70.280 |
24.999 |
18.213 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover
|
398.040 |
262.568 |
161.748 |
Other Income
|
0.000 |
2.022 |
0.870 |
Total Income
|
398.040 |
264.590 |
162.618 |
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Profit/(Loss) Before Tax
|
19.678 |
9.967 |
1.944 |
Provision for Taxation
|
7.720 |
3.587 |
0.473 |
Profit/(Loss) After Tax
|
11.958 |
6.380 |
1.471 |
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Export Value
|
NA |
262.108 |
161.196 |
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Total Expenditure
|
378.362 |
254.622 |
160.674 |
KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.00
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2.41
|
0.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.94
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3.79
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1.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.72
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13.98
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3.82 |
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Return on Investment (ROI) (PBT/Networth) |
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0.61
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0.54
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0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.45
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2.96
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2.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.56
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1.09
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1.51 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ř
Land
Ř
Building
Ř
Air conditioner
Ř
Cellular Phones
Ř
EPABX
Ř
Fax
Ř
Plant and Machinery
Ř
Furniture and Fittings
Ř
Office Equipments
Ř
Fans
Ř
Sewing Machine
Ř
Motor Cycle
Ř
Vehicle
Ř
Computer
Ř
Printer
TRADE REFERENCES :
· M/S. Vishvas Enterpries
Prayag 1st Floor, Behind Bank of Baroda,
Opp.Champaner Ahmedabad – 360013
· M/S. Kiran Pondy Chems Limited
81 New Avadi Road, Kilpauk Chennai – 600010
· M/S. Rajiv Chlorides
Plot No.3124/3125 G.I.D.C. Panoli Bharuch, Gujarat – 394116
· M/S. Balaji Minerals
Cuddapah Road, Kodur, Andhra Pradesh – 516101
· M/S. Sivasakthi Cellulose Private Limited
Chittoor – 517001
· M/S. Ven Drilling Additives Limited
Flat No. 307, Mahaveer House Basheerbagh, Hyderabad – 500029
· M/S. Gujarat Minechem
234-235 G.I.D.C. Chitra, Bhavnagar Gujrat – 364004
· M/S. IBC Limited
No.48 Second Line Beach Road, Chennai – 600 001
Form 8
Bankers Charges
Report as per Registry
|
Name of the company |
OREN
HYDROCARBONS PRIVATE LIMITED |
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Presented By |
OREN
HYDROCARBONS PRIVATE LIMITED AND CATHOLIC SYRIAN BANK |
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1) Date and description of instrument creating the change |
16.11.2001 a] stamped Agreement for
FDBP/FUBP limit of Rs. 4.000 Millions b] Stamped Agreement of hypothecation for P.C. Limit of Rs. 4.000
Millions c] Stamped Agreement for inland Letter of Credit Limit of Rs. 3.500
Millions All the above documents were executed by the Company in favour of The
Catholic Syrian Bank Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
1. Rs. 15.000 Millions 2. Import LC Limit of Rs. 9.650 Millions 3. Inland LC Limit of Rs. 6.000 Millions 4. Term Loan of Rs. 9.250 Millions Together with
interest, costs and other expenses that may be debited to the Company’s
account with the bank from time to time. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the Company’s
stocks such as Mud Chemicals and raw material bought out of the P/C, L/C
Limits, stores in Company’s premises or elsewhere or in transit both present
and future and all the Company’s book debts and dues arising out of company’s
export sale financed out of FDBP/FUBP limits. All the Plant and
Machinery, Motor Vehicles, Equipments, Accessories, acquired by utilizing the
Term Loan Assistance, Book Debts and other goods. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Interest will be charged at 7.5% p.a. for
PCL/FDBP/FUBP limits. 2. Import LC Limit of Rs. 9.650 Millions with a Cash margin pf 35% 3. Inland LC limit of Rs. 6.000 Millions with
a cash margin of 25% 4. Interest on
Term Loan at 11% p.a. [presently BPLR – 1%, subject to a minimum of 11% p.a.] All other terms
and conditions are as per the above documents |
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5) Name and Address and description of the person entitled to the charge. |
The Catholic
Syrian Bank Limited Industrial
Finance Branch, Tarapore Towers, 826 Mount Road, Chennai 600002. |
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6) Date and brief description of instrument modifying the charge |
1. Agreement of hypothecation dated
28.04.2005 for Term Loan of Rs. 9.250 Millions 2. Letter of hypothecation – Packing Credit
Account dated 28.04.2005 3. Hypothecation Agreement dated 28.04.2005
for Ř
PCL/FDBP/FUBP
Limit of Rs. 15.000 Millions Ř
Import LC
Limit of Rs. 9.650 Millions Ř
Inland LC
Limit of Rs. 6.000 Millions 4. Letter of Hypothecation dated 28.04.2005 5. Negotiation or Purchase of Bills expressed
in foreign currencies or Indian Rupees 28.04.2005 6. Agreement of
Inland letter of Credit dated 28.04.2005 7. Agreement for establishing a documentary
credit [import transactions] dated 28.04.2005 8. Proposal for review /renewal/enhancement/
fresh limits by Catholic Syrian Bank, Industrial Finance Branch, 826 Tarapore
Towers, Ground Floor, Mount Road, Chennai 600002, No. IFB/ADV/615/2005 dated
04.04.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Ř
Fresh
combined PCL/FDBP/FUBP limit of Rs. 15.000 Millions against stock meant for
export keeping minimum margin of 25%, against confirmed orders [FO] / LCs. Ř
Fresh Import
LC limit of Rs. 9.650 Millions for import of raw materials. Ř
Fresh Inland
LC limit of Rs. 6.000 Millions for acquiring raw materials. Ř
Fresh Term
Loan of Rs. 9.250 Millions for purchasing various machinery items [including
electrification charges], vehicles and other fixed assets at an estimated value of Rs. 12.330
Millions keeping a minimum margin of 25% The existing PCL limit
of Rs. 6.000 Millions, FDBP/FUBP limit of Rs. 2.000
Millions and Inland/Import LC limit of Rs. 7.500 Millions are cancelled. Original charge
was registered with the ROC on 22.11.2001. Modification to
the original charge was registered with ROC on 11.02.2004. |
AS PER WEBSITE
DETAILS:
Profile:
Subject
has been selling its products to internationally renowned operators in
Exploration and development of Oil & Gas Industry.
Subject
is an approved and preferred supplier for most of the leading Mud services
companies around the world which have the highest level of confidence in OREN
for the quality of products exported and maintaining the delivery schedule.
Most
of the Global conglomerates operating in the regions highlighted in their
"Oren Supply Regions" atlas benefit from the expertise and efficiency
of their organization in performing better.
Subject believes in working together with its
clients as an ally rather than just a supplier.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.37 |
|
UK Pound |
1 |
Rs. 79.47 |
|
Euro |
1 |
Rs. 56.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
62 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|