MIRA INFORM REPORT

 

 

Report Date :

12.06.2007

 

IDENTIFICATION DETAILS

 

Name :

PETROLUBE INDIA PRIVATE LIMITED

 

 

Registered Office :

C-17, Shivaji Park, Punjabi Bagh, New Delhi-110026

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

02.05.1996

 

 

Com. Reg. No.:

55-78666

 

 

CIN No.:

[Company Identification No.]

U50500DL1996PTC078666

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELP0522F

 

 

PAN No.:

[Permanent Account No.]

AAACP7805M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is dealing in Chemicals, Paper, Leather and Petroleum Products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 45000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered Office :

C-17, Shivaji Park, Punjabi Bagh, New Delhi-110026, India

Tel. No.:

91-11-25221132/ 25228613/ 25221214/ 25220145/ 33569875

Mobile No.:

91-9899705730

Fax No.:

91-11-25228612/ 69325896

E-Mail :

petrolube@satyam.net.in

 

 

Corporate Office :

119-A, Moreshwar Sindhi Society, Chembur, Mumbai-400071, Maharashtra, India

Tel. No.:

91-22-25297265/ 25233738/ 25290217

Fax No.:

91-22-25288780

 

 

Factory 1 :

1389/90, MIE, Bahadurgarh-124507, Haryana, India

Tel. No.:

91-1276-268022

 

 

DIRECTORS

 

Name :

Mr. Hari Ram Gupta

Designation :

Director

Address :

C-17, Shivaji Park, Punjabi Bagh, New Delhi-110026, India

Date of Birth/Age :

08.07.1954

Date of Appointment :

02.05.1996

 

 

Name :

Mrs. Bimla Gupta

Designation :

Director

Address :

C-17, Shivaji Park, Punjabi Bagh, New Delhi-110026, India

Date of Birth/Age :

06.01.1957

Date of Appointment :

02.05.1996

 

 

Name :

Mr. Ram Shankar Gupta

Designation :

Director

Address :

128/1283, Chak No.128, Y Block, Kidwai Nagar, Kanpur-208011, Uttar Pradesh

Date of Birth/Age :

01.11.1956

Date of Appointment :

30.08.2000

 

 

Name :

Mr. Amrit Kumar Gupta

Designation :

Director

Address :

128/831, K Block, Kidwai Nagar, Kanpur-208001, Uttar Pradesh

Date of Appointment :

30.08.2000

 

 

Name :

Mr. Arpit Gupta

Designation :

Director

Address :

C-17, Shivaji Park, Punjabi Bagh, New Delhi-110026, India

Date of Birth/Age :

02.04.1980

Date of Appointment :

24.10.2002

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Mr. H R Gupta

125020

Ms. Bimla Gupta

270020

Mr. H R Gupta & Sons

193000

Mr. Arpit Gupta

135300

Ms. Akanchi Gupta

110000

Mr. Ram Shankar Gupta

1000

Mr. Amrit Kumar Gupta

1000

Mr. Radhey Shyam Gupta

100

Mrs. Uma Gupta

100

Ms. Seema Gupta

100

Ms. Sonika Gupta

60000

Mr. Prateek Gupta

70000

 

All the shares are held by directors or their relatives.

 

BUSINESS DETAILS

 

Line of Business :

Subject is dealing in Chemicals, Paper, Leather and Petroleum Products.

 

 

Products :

Trading of Lube Oil and Grease, Lubricant, bitumen, base oil, white oil, residue wax, spindle oil, petroleum jelly, rubber process oil, recycle base oil.

 

 

GENERAL INFORMATION

 

 

 

Auditors :

 

Name :

Mr. Sanjeev Kumar

Chartered Accountants

Address :

1E/8, S M Business Center, Jhandewalan Extension, New Delhi-110055

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1500000

Equity Shares

Rs.10/- each

Rs.15.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

965640

Equity Shares

Rs.10/- each

Rs.9.656 millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

9.656

9.656

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

1.763

1.672

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

11.419

11.328

LOAN FUNDS

 

 

 

1] Secured Loans

 

7.271

12.600

2] Unsecured Loans

 

2.126

1.355

TOTAL BORROWING

 

9.397

13.955

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

20.816

25.283

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

5.548

5.371

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.000

0.000

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

47.998

11.798

 

Sundry Debtors
 

17.676

8.344

 

Cash & Bank Balances
 

0.607

1.401

 

Other Current Assets
 

18.021

4.774

 

Loans & Advances
 

0.765

1.136

Total Current Assets
 

85.067

27.453

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

69.331

7.349

 

Provisions
 

0.468

0.335

Total Current Liabilities
 

69.799

7.684

Net Current Assets
 

15.268

19.769

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.143

 

 

 

 

TOTAL

 

20.816

25.283

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

(Estimated)

31.03.2005

(Estimated)

Total Income

 

50.000

40.000

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

NA

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

NA

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

NA

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

NA

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

6.93

1.91

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

1.22

3.57

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Website Details :

 

They take the liberty to introduce, that they are leading importers & exporters of base oil of finished lubricants with nation wide network of dealers & distributors and offices in Mumbai, Delhi, Kanpur, Bangalore modern blending factory in Haryana. They can supply and buy petroleum derivatives with long term business relationship.

 

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.40.73

UK Pound

1

Rs.80.43

Euro

1

Rs.54.44

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

 

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 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/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

<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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions