MIRA
INFORM REPORT
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Report Date : |
26.05.2007 |
IDENTIFICATION DETAILS
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Name : |
OXEECO TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
INDUSTRIAL GRAPHITES INDIA LIMITED |
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Registered Office : |
B-6/4, Industrial Development Area, Uppal, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.12.2004 |
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Com. Reg. No.: |
01-42151 |
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CIN No.: [Company
Identification No.] |
U29299AP2003PTC042151 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDO00373C |
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PAN No.: [Permanent
Account No.] |
AAAC06550A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Graphite Powders, Greases, Colloidal Graphite
Lubricants. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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 : |
USD 50000 |
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Status : |
Satisfactory |
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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 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 : |
B-6/4, Industrial Development Area, Uppal, |
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Tel. No.: |
91-40-27201898 / 27203943 / 27201269 / 27201271 / 27204034/ 27202373 |
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Fax No.: |
91-40-27203742 / 27205107 |
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E-Mail : |
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Website : |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Sreedhar Chowdhury |
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Designation : |
Director |
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Address : |
Ujwala, II No. 8-2-680, Road No – 12, Banjara Hills, |
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Date of Birth/Age : |
12.05.1951 |
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Date of Appointment : |
15.12.2003 |
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Name : |
Ms. Poojita Chowdhury |
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Designation : |
Director |
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Address : |
Ujwala, II No. 8-2-680, Road No – 12, Banjara Hills, |
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Date of Birth/Age : |
15.09.1977 |
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Date of Appointment : |
15.12.2003 |
KEY EXECUTIVES
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Name : |
Dr. B. Neeta Kumari |
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Designation : |
General Manager |
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Mobile No. : |
91-9849043452 |
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Name : |
Mr. Sharad Gupta |
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Designation : |
Company Secretary (CP No.1464) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sreedhar Chowdhury |
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339244 |
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Jayadev Chowdhury |
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267447 |
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Pradha S. Koneru |
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71223 |
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Renuka Chowdhury |
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205000 |
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G. Vijayeswari |
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5000 |
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Poojita Chowdhury |
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5000 |
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J. Chowdhury |
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5000 |
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Total |
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897914 |
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Category |
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Percentage of
Holding |
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Directors or relative of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Graphite Powders, Greases, Colloidal Graphite
Lubricants. |
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Products : |
Ř Graphite Powders/Flakes Ř Greases Ř Colloidal Graphite Ř
Process Lubricants Ř
Maintenance Lubricants Ř
Anti-Seize Compounds Ř
Dry Film Lubricants Ř
Die & Mould Coatings Ř
Speciality Coatings Ř
Speciality Lubricants |
GENERAL INFORMATION
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Bankers : |
State Bank of Commercial Branch Secunderabad
Branch, Secunderabad |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Brahmayya and Company Chartered Accountants (Mr. K S Rao, Partner, M No.15850) |
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Address : |
403 & 404, Golden Green Apartments, Irrumanzil Colony, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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897914 |
Equity Shares |
Rs. 10/- each |
Rs. 8.979
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.979 |
8.979 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.731 |
4.134 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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13.710 |
13.113 |
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LOAN FUNDS |
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1] Secured Loans |
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16.864 |
14.314 |
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2] Unsecured Loans |
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0.061 |
0.057 |
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TOTAL BORROWING |
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16.925 |
14.371 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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30.635 |
27.484 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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11.352 |
8.867 |
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Capital work-in-progress |
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0.000 |
2.236 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.356 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.961 |
7.236 |
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Sundry Debtors |
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16.182 |
20.695 |
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Cash & Bank Balances |
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0.590 |
0.879 |
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Other Current Assets |
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1.952 |
1.622 |
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Loans & Advances |
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1.942 |
1.863 |
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Total
Current Assets |
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32.627 |
32.295 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.791 |
14.803 |
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Provisions |
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1.040 |
1.255 |
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Total
Current Liabilities |
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13.831 |
16.058 |
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Net Current Assets |
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18.796 |
16.237 |
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MISCELLANEOUS EXPENSES |
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0.131 |
0.144 |
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TOTAL |
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30.635 |
27.484 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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47.373 |
55.766 |
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Other Income |
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0.537 |
0.305 |
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Total Income |
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47.910 |
56.071 |
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Profit/(Loss) Before Tax |
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0.700 |
1.186 |
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Provision for Taxation |
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0.044 |
0.587 |
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Profit/(Loss) After Tax |
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0.656 |
0.599 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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4.750 |
(0.391) |
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Financial Charges |
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1.891 |
1.549 |
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Depreciation & Amortization |
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0.992 |
0.720 |
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Other Expenditure |
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41.444 |
50.347 |
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Total Expenditure |
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49.077 |
52.225 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.37 |
1.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.46 |
2.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.59 |
2.88 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.24 |
2.32 |
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Current Ratio (Current Asset/Current Liability) |
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2.36 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
OXEECO
TECHNOLOGIES PRIVATE LIMITED |
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Presented By |
MR. SREEDHAR
CHOWDHURY, DIRECTOR |
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1) Date and description of instrument creating the change |
General Agreement
for the grant of small industrial advance and hypothecation of movable, book
debts, and other assets [Working Capital Finance] Cash Credit Hypothecation
of Stocks and Book Debts Guarantee and letter of credit inland dated
18.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 14.500
Millions |
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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 |
Hypothecation of change
on all chargeable current assets of the company viz Raw Materials, Stock in
Process, finished Goods, Consumable, Stores spares and receivables. Collateral Equitable
mortgage of 18 Scares of Land and Buildings situated at B-64 II’A, Uppal
Hyderabad Hypothecation of
Existing Plant and Machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest Interest 2.00 %
over SBAR with a minimum of 12.25 % p.a. with monthly rests Margin 25% on Raw
Materials 25 % on Stock in
Process 40 % on Book Debts Penal interest
@ 1 % over and above the rate
applicable to the loan account for beaches of financial discipline by the
borrower |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial Branch Secunderabad
Branch, Secunderabad |
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6) Date and brief description of instrument modifying the charge |
Agreement for the
grant of small Industrial advances. Supplemental agreement for the grant of
small industrial advances and hypothecation of goods other assets and SBI
dated 19.08.2005 modifying the working capital limits |
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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. |
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AS PER WEBSITE
OXEECO Technologies Private Limited (formerly Industrial Graphites) was
established in 1970 to manufacture high purity Natural Graphite Powders and Flakes.
Natural Graphite ore from different mines is beneficiated using a combination
of proprietary processes and equipment at their facilities located in
Over the past 30 years they have been able to co-relate the various specific
properties of Graphite from different mines to specific end uses. Today they
manufacture over 100 grades for 58 different applications; most grades are
custom manufactured to meet the individual requirements of their world-wide
customers.
Graphite, an allotropic form of Carbon, has a unique combination of properties;
it is a good conductor of heat and electricity; it is chemically inert and not
attacked by most acids and alkalis; its unique atomic structure makes it an
extremely good dry lubricant. Based on these properties, they have developed
over 60 speciality products in the following areas:
• Speciality Lubricants
• Colloidal formulations
• Paints & special purpose Coatings
• Anti-seize Compounds
• Foundry Fluxes etc
Their R&D Laboratories develop on an average at least 2 new products every
month.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
NO |
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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 EXPLANATIONS
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RATING |
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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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