MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
OSLER DENTIFRICES PRIVATE LIMITED
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Registered Office : |
20-21, Gandhi Oil Mills Compound, Gorwa Road, Vadodara 390016, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Com. Reg. No.: |
04-011643 |
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CIN No.: [Company
Identification No.] |
U24240GJ1988PTC011643 |
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Legal Form : |
Public Limited Liability Company. |
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Line of Business : |
Moulding and Bristling Job for Tooth Brush. |
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 37845 |
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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. Trade relations
are fair. Payment are Reported as Slow but Correct. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
20-21, Gandhi Oil Mills Compound, Gorwa Road, Vadodara-390016,
Gujarat. |
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Tel. No.: |
91-262-2281021 |
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Fax No.: |
91-265-2281126 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Praful D. Goradia |
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Designation : |
Executive Director |
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Address : |
145, Sunder Nagar, Lodi Road, New Delhi 110003 |
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Date of Birth/Age : |
27.03.1937 |
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Date of Appointment : |
15.09.2004 |
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Name : |
Mrs. Aswini Kumar Roy |
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Designation : |
Non-Executive Director |
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Address : |
3/45A, Jangpura-B, New Delhi 110014 |
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Date of Birth/Age : |
21.02.1938 |
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Date of Appointment : |
13.07.2005 |
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Name : |
Mr. Bharat Kumar K. Joshi |
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Designation : |
Non-Executive Director |
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Address : |
C-2, Adity Banglow, Thandalja, Village Vadodara, 390020 |
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Date of Birth/Age : |
05.07.1948 |
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Date of Appointment : |
13.07.2005 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on :12.07.2007
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Names of Shareholders |
No. of Shares |
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Mr. lal Raisanghani |
1000 |
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Mrs. Madhavi Divan |
25900 |
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Mr. A. Bose |
1 |
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Mr. Shabda Sharan Thakkar |
1 |
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Mr. Praful Goradia |
170507 |
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M/s Avanti Pvt. Ltd. |
50000 |
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M/s Targelt Dental Products Pvt. Ltd |
50000 |
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Mrs. Naryana Goradia |
42500 |
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Mr. Ashwini Kanta Roy |
100 |
As On: 12.07.2007
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Sr. No. |
Category |
Percentage |
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1 |
Bodies Corporate (not mentioned above) |
29.41 |
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2 |
Directors or relatives of directors |
70.290 |
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3 |
Other top fifty (50) shareholders (other
than Listed above) |
0.30 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Moulding and Bristling Job for Tooth Brush. |
GENERAL
INFORMATION
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Bankers : |
Scheduled Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Mr. C. R. Shah And Company. |
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Address : |
605, Yashkamal, Station Road, Vadodara, Gujarat-GJ,390007,India. |
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Associates/Subsidiaries : |
No |
CAPITAL STRUCTURE
As On : 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400100 |
Equity Shares |
Rs. 10/- each |
Rs.4.001 millions |
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9990 |
Preference Shares |
Rs. 100/- each |
Rs. 0.999 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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340009 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.400
millions |
FINANCIAL DATA
000[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.400 |
3.400 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.169 |
3.040 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
7.569 |
6.440 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
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3) Deferred Payments Credits |
0.000 |
0.028 |
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TOTAL BORROWING |
0.000 |
0.028 |
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DEFERRED TAX LIABILITIES |
0.108 |
0.130 |
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TOTAL |
7.677 |
6.599 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.173 |
4.049 |
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INVESTMENT |
0.250 |
0.250 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
4.589 |
2.483 |
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Cash & Bank Balances |
0.369 |
0.990 |
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Loans & Advances |
1.613 |
0.892 |
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Total
Current Assets |
6.571 |
4.365 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.105 |
0.080 |
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Provisions |
2.212 |
1.985 |
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Total
Current Liabilities |
2.317 |
2.065 |
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Net Current Assets |
4.254 |
2.300 |
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TOTAL |
7.677 |
6.599 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
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Job Work Income |
5.008 |
5.114 |
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Other Income |
0.104 |
0.006 |
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Total Income |
5.112 |
5.120 |
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Profit/(Loss) Before Tax |
3.121 |
3.133 |
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Provision for Taxation |
0.838 |
0.902 |
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Profit/(Loss) After Tax |
1.808 |
1.202 |
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Expenditures : |
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Other Expenditure |
1.991 |
1.987 |
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Total Expenditure |
1.991 |
1.987 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
35.37 |
23.48 |
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Net Profit Margin (PBT/Job Work Income) |
(%) |
62.32 |
61.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.03 |
37.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.31 |
0.31 |
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Current Ratio (Current Asset/Current Liability) |
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2.84 |
2.11 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS ARE :
·
Plant And Machinery
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Electrification
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Furniture And Fixture
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Office Equipments
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Cycle
·
Computer
OPERATIONS :
During the period under review, there is a marginal decline in the Job
Work income from Rs.5.113 millions of the previous year to Rs.5.008 millions of
the current year. The prime reason attributed for this fall is reduction in
volume. However, with effective cost control, the net profit for the year after
tax has been arrived at Rs.1.808 millions as compared to Rs.1.202 millions in
the previous year. Their Directors are hopeful to maintain the level of
operations in the current year.
BUSINESS
RESTRUCTURING :
The finance Budget 2006-2007 has made radical changes in the policy
framework for the Toothbrush manufacturing business by de-reserving the same
from the lists of products for Small Scale Industries. The Board of Directors
are of the opinion that the same will change the level of competition in the
market and accordingly to sustain new facilities or by merging the existing
facilities with any group Company. The Board of Directors is evaluating all
propositions and will come with the concrete proposal very soon for your
approval.
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.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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. |
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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