MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
OPAL BRISTLERS PRIVATE LIMITED |
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Registered Office : |
“Subhaag”, B 15/16 Ramin Park, Old Padra Road, Baroda – 390020,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Com. Reg. No.: |
04-30971 |
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CIN No.: [Company
Identification No.] |
U25209GJ1996PTC030971 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tooth Brush |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 110000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
4
LOCATIONS
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Registered Office/ Factory : |
“Subhaag”, B 15/16 Ramin Park, Old Padra Road, Baroda – 390020,
Gujarat, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Cyrus Jehanbux Driver |
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Designation : |
Director |
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Address : |
303, Surbhi Flat Opposite Dinesh Tiles Alembic Road, Vadodara –
390003, Gujarat, India |
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Date of Birth/Age : |
12.04.1950 |
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Date of Appointment : |
22.10.1996 |
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Email : |
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Name : |
Mr. Indravadan M. Shah |
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Designation : |
Director |
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Address : |
B -55, Anoopam Nagar, Housing Colony, Gulabwadi, Old Padra Road, Vadodara
– 390020, Gujarat, India |
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Date of Birth/Age : |
04.01.1948 |
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Date of Appointment : |
28.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2006)
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Names of Shareholders |
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No. of Shares |
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Cyrus Driver |
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110 |
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Geeta Goradia |
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1485276 |
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Amigo Securities Private Limited |
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39116 |
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Madhusudanlal Shah |
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120 |
(As on 30.09.2006)
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Category |
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Percentage
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Bodies Corporate |
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21.00 |
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Other top fifty shareholders (Other than Listed above) |
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79.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tooth Brush |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India
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Banking Relations
: |
Unknown |
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Auditors : |
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Name : |
Bharat Dharamsi and Company Chartered Accountant |
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Address : |
205, Avanti Chambers, Behind Express Hotel, R C Dutt Road, Alkapuri,
Baroda – 390007, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1876666 |
Equity Shares |
Rs.10/- each |
Rs.18.767 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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18.767 |
18.767 |
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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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3.316 |
3.512 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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22.083 |
22.279 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.248 |
2.052 |
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TOTAL |
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22.331 |
24.331 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.594 |
10.866 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
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0.000 |
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Sundry Debtors |
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19.187
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22.641 |
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Cash & Bank Balances |
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0.077
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0.037 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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1.216
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2.051 |
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Total
Current Assets |
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20.480
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24.729 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.782
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1.539 |
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Provisions |
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3.965
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9.738 |
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Total
Current Liabilities |
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5.747
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11.277 |
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Net Current Assets |
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14.733
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13.452 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.013 |
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TOTAL |
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22.331 |
24.331 |
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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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5.428 |
6.348 |
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Other Income |
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0.022 |
0.020 |
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Total Income |
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5.450 |
6.368 |
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Profit/(Loss) Before Tax |
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0.048 |
1.393 |
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Provision for Taxation |
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0.244 |
4.035 |
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Profit/(Loss) After Tax |
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(0.196) |
(2.642) |
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Expenditures : |
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Operating Expenses |
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1.659 |
0.103 |
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Administrative Expenses |
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0.068 |
0.208 |
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Purchases made for re-sale |
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0.198 |
0.076 |
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Interest |
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0.195 |
0.001 |
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Depreciation & Amortization |
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3.274 |
4.547 |
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Other Expenditure |
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0.008 |
0.040 |
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Total Expenditure |
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5.402 |
4.975 |
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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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(3.60) |
(41.49) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.88 |
21.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.17 |
3.91 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.26 |
0.51 |
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Current Ratio (Current Asset/Current Liability) |
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3.56 |
2.19 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U25209GJ1996PTC030971 |
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Name of the
company |
OPAL BRISTLERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
78, Suryakiran
Complex, Old Padra Road, 15 Baroda – 390015, Gujarat, India |
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This form is for |
Creation of
charge |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Industrial Development Bank of India Limited IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of plant and machinery for credit facility of Rs.35.000
Millions granted by IDBI Limited to M/s Unident Brushes Limited |
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Date of
instrument Creating the charge |
28.09.2006 |
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Amount secured by
the charge |
Rs.35.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest: BPLR – 0.50%,
Presently 11.00% p.a. rate of Interests. Terms of
Repayment: Fund based Terms
Loan of Rs.25.000 Millions Repayment in 24 monthly installations after 12
month moratorium. For Non fund
based limit of Rs.10.000 Millions as stipulated in sanction letter. Extent and
operations of the charge: All present and
future movable fixed assets of the company hypothecation as guarantor for
credit facility of Rs.35.00 Millions granted by IDBI Limited To Unident
Brushes Limited |
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Particulars of
the property charged |
First Pari –
Passu Charge on all Movable Fixed Assets (Present and Fture) of the company. |
Fixed Assets:
- Land
- Air Conditioner
- Bristing Machines
- Furniture and Fixture
- Computers
- Moulds Dies and Fixture
- Plant and Machinery
- Bore Well
- Compound Wall
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.68.22 |
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. |
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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