MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
OMMI FORGE PRIVATE LIMITED |
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Registered Office : |
# 2 Visveswaraiah
Industrial Area, Bangalore - 560 048, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.11.1990 |
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Com. Reg. No.: |
08-11416 |
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CIN No.: [Company
Identification No.] |
U28910KA1990PTC011416 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRO00163C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of forging components like forging joint
less rings, ring gears and flanges of sizes up to 1000mm inner diameter. |
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 62000 |
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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. 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 : |
# 2 Visveswaraiah
Industrial Area, Whitefield, Bangalore - 560 048, Karnataka, INDIA |
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Tel. No.: |
91-80-41157571 / 72 / 73 / 51157774 |
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Mobile No.: |
91-9980073081 |
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Fax No.: |
91-80-41157614 / 51157614 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. B A Anil |
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Designation : |
Managing Director |
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Address : |
6, ‘A’ Block, 1st Cross, AECS Layout, Bangalore – 560037,
Karnataka, India |
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Date of Birth/Age : |
19.05.1970 |
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Date of Appointment : |
30.09.1994 |
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Name : |
Mr. Jayapalashri Anil |
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Designation : |
Whole Time Director |
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Address : |
No. 6, A Block, 1st Cross, AECS Layout, Kundanahalli,
Bangalore – 560037, Karnataka, India |
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Date of Birth/Age : |
05.09.1976 |
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Date of Appointment : |
18.03.2002 |
KEY EXECUTIVE
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Name : |
Mr. S. P. Nagarajan |
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Designation : |
Company Secretary |
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Address : |
F – 2, Siddhi Vinayaka Manor, 22, Vinayaka Layout, [Stage 3],
Vijayanagar, Bangalore – 560040, Karnataka, India |
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Tel No. : |
91-80-23208943 / 23110174 |
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Mobile No. : |
91-9845384585 |
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E- Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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B A Anil |
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9500 |
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Jayapalashri Anil |
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500 |
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Equity Share Breakup
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of forging components like forging joint less
rings, ring gears and flanges of sizes up to 1000mm inner diameter. |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Swamy Associates Chartered Accountants |
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Address : |
No. 300, 19th Main, 5th Cross, 6th
Block, Koramangala, Bangalore – 560095, Karnataka, India |
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Associates/Subsidiaries : |
Dhuvish Forge
Private Limited Address : # 300, 301, 302 III Stage, Malur Industrial Area, Bangalore - 560 048, Karnataka INDIA Tel No. : 91 80 41157774 Fax No.: 91 80 41157614 Mobile No. : 91 9980073081 Email : anil@ommiforge.com Website : http://www.dhuvishforge.com |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30,000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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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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13.608 |
9.402 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.608 |
11.402 |
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LOAN FUNDS |
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1] Secured Loans |
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27.582 |
21.221 |
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2] Unsecured Loans |
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4.676 |
5.428 |
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TOTAL BORROWING |
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32.258 |
26.649 |
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DEFERRED TAX LIABILITIES |
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0.731 |
0.671 |
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TOTAL |
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48.597 |
38.722 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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26.672 |
22.817 |
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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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2.501 |
0.001 |
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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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24.706 |
14.080 |
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Sundry Debtors |
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35.199 |
30.886 |
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Cash & Bank Balances |
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0.156 |
0.351 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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7.100 |
6.880 |
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Total
Current Assets |
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67.161 |
52.197 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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45.040 |
32.038 |
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Provisions |
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2.697 |
4.255 |
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Total
Current Liabilities |
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47.737 |
36.293 |
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Net Current Assets |
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19.424 |
15.904 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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48.597 |
38.722 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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170.074 |
144.745 |
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Total Income |
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170.074 |
144.745 |
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Profit/(Loss) Before Tax |
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7.168 |
6.570 |
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Provision for Taxation |
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2.962 |
2.461 |
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Profit/(Loss) After Tax |
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4.206 |
4.109 |
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Total Expenditure |
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162.906 |
138.175 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.47 |
2.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.21 |
4.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.64 |
8.76 |
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Return on Investment (ROI) (PBT/Networth) |
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0.46 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.13 |
5.52 |
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Current Ratio (Current Asset/Current Liability) |
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1.41 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
OMMI FORGE
PRIVATE LIMITED |
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Presented By |
Canara Bank, SSI
Branch, Mahadevapura, Bangalore – 48 |
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1) Date and description of instrument creating the change |
Date : 17.11.1995 Cash Credit
Agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500 Million
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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
the whole of the present and future stocks and book debts belonging to the
company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 16.5 %
p.a. Margin @ 25 % Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, SSI Branch, Mahadevapura, Bangalore – 5600048 |
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6) Date and brief description of instrument modifying the charge |
Date 21.01.2003 Supplemental
agreement |
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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. |
OCC limit
enhanced from Rs. 1.000 Million to Rs. 1.300 Million Interest @ 2.75 %
p.a. above on going PLR with a minimum of 14 % p.a. All other terms
and conditions to continue. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80002199 |
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Corporate
identity number of the company |
U28910KA1990PTC011416 |
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Name of the
company |
OMMI FORGE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
# 2 Visveswaraiah
Industrial Area, Bangalore - 560 048, Karnataka, INDIA |
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Type of charge |
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Particular of
charge holder |
Corporation Bank No. 77, Ground
Floor, Hopefarm Circle, Near ITPL, Whitefield, Bangalore – 560056, Karnataka,
India |
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Nature of
description of the instrument creating or modifying the charge |
[both the above
pertain to the same charge] |
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Date of
instrument Creating the charge |
11.04.2007 |
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Amount secured by
the charge |
Rs. 33.676
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CC – [H] /
DBC/BDD/LDBD – 12.75 % p.a. TL – 13.25 % Terms of repayment
: CC – Running
account repayable on demand subjects to annual review and renewal Margin : CC [H] 25 % of
Sock 30 % of Book debts ILC/BG 15 % Cash
Margin Extent and
operation of the charge : The charge shall
operate to the extent of Rs. 33.676 Millions plus interest, commission,
costs, charge and other expenses thereon. Others : The limit of Rs.
33.676 Millions comprises of CC Rs. 18 Millions ILC – CUM – BG Rs. 1.000
Millions TJ I Rs. 5.368 Millions TL II Rs. 0.308 Millions |
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Short particulars
of the property charged |
Hypothecation by
way of I charge on present and future, stocks of raw materials, goods semi
finished goods, plant and machinery, office equipment and other movable
property stored / installed at No. 2, Visveswaraiah Industrial Area,
Bangalore or any other place and book debts and equitable mortgage on land
and building existing and to be constructed situated at No. 2, Visveswaraiah
Industrial Area, Bangalore, admeasuring 38, 124 square feet. |
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Date of latest
modification prior to the present modification |
13.01.2005 |
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Particulars of
the present modification |
By the above
amount secured by charge stands enhanced from Rs. 25.731 Millions to Rs.
33.676 Millions All other terms
and conditions remain unchanged. |
AS PER
WEBSITE
Profile
Ommi Forge was founded in the year nineteen seventy five in
one of the prime industrial suburbs of Bangalore. The vision and qualitative
inputs of their promoter enabled them to grow from strength to strength, as
they now forge for some of the biggest names in the industry.
Their in-depth technical expertise cuts across industry
segments where, they forge and custom design components conforming to all
requirements, with consistent quality. Within a short span of time, their
customers have come to rely on them for products that are exemplary for their
robustness and durability because of the high standards that are employed by
their dedicated workforce.
Work Profile
- OPEN DIE
- CLOSE DIE
- GEARS
- FLANGES
- JOINT-LESS RINGS
In compliance with the requirements of quality, durability and robustness of
any given product, they at Ommi Forge ensure all that and more. Their in-house
technical skill, strict quality processes and custom-designed software,
amalgamate into one seamless solution for each varied requirement.
They employ two types of forging processes. Open Die
Forgings, which utilize heavy machining and more raw materials and is
applicable in cases where the components involved are of a heavy mass and
lesser in number. The other is Close Die Forging, which is a more precise form
of forging, wherein the components are formed using dies.
They specialize in forging joint-less rings, ring gears and
flanges of sizes up to 1500 mm inner diameter. In the Open Forging segment,
their component capacities range from 5 to 1000 kilograms apiece and in the
Close Die setup, they range from 2 to 45 kilograms apiece.
Facility and Equipment
They have a technically advanced and dedicated forging
facility, a full-fledged shop floor, machining facility and a forging bay
spread across 45,000 square feet. Their in-house facilities include Heat
Treatment and Proof Machining, where Hardness, Mechanical, Impact, Chemical and
Ultrasonic testing are facilitated.
There are three clear space Pneumatic Open Die Forging
Hammers of 500, 750 and 1000 kilogram capacities and Close Die Forging Hammers
of 2000 kilogram capacities. They are aided by four fully automatic Bi-Metal
Band Saws, for cutting raw material and a well-designed oil-fired furnace with
a captive power generating unit.
Heavy-duty all-geared lathes ensure that products are
further processed to a semi-machined condition, where they are flawless, before
being dispatched.
Product Profile
They produce components from a wide range of carbon steels,
alloy steels and special steels, while maintaining a spectrum of international
standards. Creating products that conform to close dimensional tolerances, they
enforce continuous quality improvements that comply stringently with all the
requirements.
They cater to all product lines and manufacture forgings for
industries like:
- Power Transmission
- Valve Manufacturing
- Motor Manufacturing
- Textile
- Gear Manufacturing
- Heavy Earth Moving Equipment
- Flanges for Pipe Line and Oil Industries
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 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.39.42 |
|
UK Pound |
1 |
Rs.78.26 |
|
Euro |
1 |
Rs.57.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|