MIRA
INFORM REPORT
|
Report Date : |
11.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OSAKA RUBBER PRIVATE LIMITED |
|
|
|
|
Registered Office : |
103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East),
Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
09.09.2004 |
|
|
|
|
Com. Reg. No.: |
11-148461 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25100MH2004PTC148461 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO03496D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACO6940L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Rubber Components |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 40632 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track records. Trade
relations are fair. Business is steady. Payments are reported as slow but
correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions |
LOCATIONS
|
Registered Office : |
103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East),
Mumbai – 400059, Maharashtra, India |
|
|
|
|
Factory : |
Shakti Udyog Nagar, Plot No. 38, Village Veoor Taluka, Palghur (E), Dist.
Thane, Maharashtra |
|
Tel No.: |
91-22-28502064/1083 |
|
Fax No.: |
91-22-66926577 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. Satyendra Rammurat Singh |
|
Designation : |
Director |
|
Address : |
2/104, Anmol Andheri Kurla Road, Marol, Andheri (East), Mumbai –
400059 |
|
Date of Appointment : |
09.09.2004 |
|
|
|
|
Name : |
Mrs. Kirandevi Karan Jain |
|
Designation : |
Director |
|
Address : |
A/7-22, Mahesh Nagar, S.V. Road, Goregaon (West), Mumbai – 400062 |
|
Date of Appointment : |
09.09.2004 |
|
|
|
|
Name : |
Mrs. Preran Arun Bandkar |
|
Designation : |
Director |
|
Address : |
5, Aparna Apartments, R B Mehta Road, Ghatkopar (East), Mumbai –
400077 |
|
Date of Appointment : |
09.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Satyendra Rammurat Singh |
|
5000 |
|
Mrs. Kirandevi Karan Jain |
|
5000 |
|
Mrs. Preran Arun Bandkar |
|
1000 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rubber Components |
|
|
|
|
Products : |
EPDM Rubber Profile – · Architectural Building Profiles
Butyl Sealants – · Vaccume Bag Tape / Tacky Tape · Mastic Tape (Cable Jointly Kit Acc.) · Hotmelt Sealants and Adhesives
|
GENERAL
INFORMATION
|
No. of Employees : |
25 |
|
|
|
|
Bankers : |
State Bank of India Saki Naka Branch, Lekraj Bhavan, Saki Vihar Road, Mumbai – 400072, Maharashtra E-Mail: kamalax_saraf@hotmail.com |
|
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
G.R. Modi and Company Chartered Accountants |
|
Address : |
12, Laxminarayan Shopping Centre, Poddar Road, Malad (East), Mumbai –
400097, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
928800 |
Equity Shares |
Rs.10/- each |
Rs.9.288 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.288 |
1.000 |
|
|
2] Share Application Money |
|
0.000 |
3.315 |
|
|
3] Reserves & Surplus |
|
0.870 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(0.714) |
|
|
NETWORTH |
|
10.158 |
3.601 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
17.262 |
8.890 |
|
|
2] Unsecured Loans |
|
2.646 |
0.758 |
|
|
TOTAL BORROWING |
|
19.908 |
9.648 |
|
|
DEFERRED TAX LIABILITIES |
|
0.026 |
0.120 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.092 |
13.369 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
11.995 |
9.920 |
|
|
Capital work-in-progress |
|
0.000 |
0.882 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.968 |
1.433 |
|
|
Sundry Debtors |
|
26.233 |
4.472 |
|
|
Cash & Bank Balances |
|
0.816 |
0.112 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.698 |
0.705 |
|
Total
Current Assets |
|
30.715 |
6.722 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
12.791 |
4.196 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
12.791 |
4.196 |
|
|
Net Current Assets |
|
17.924 |
2.526 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.173 |
0.041 |
|
|
|
|
|
|
|
|
TOTAL |
|
30.092 |
13.369 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
57.731 |
4.301 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
57.731 |
4.301 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
2.182 |
(0.594) |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
2.182 |
(0.594) |
|
|
|
|
|
|
|
|
Export Value |
|
N.A. |
N.A. |
|
|
|
|
|
|
|
|
Import Value |
|
N.A. |
N.A. |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
1.804 |
0.447 |
|
|
Insurance Expenses |
|
0.000 |
0.000 |
|
|
Power & Fuel |
|
0.000 |
0.000 |
|
|
Depreciation & Amortization |
|
1.881 |
0.304 |
|
|
Other Expenditure |
|
51.864 |
4.144 |
|
Total Expenditure |
|
55.549 |
4.895 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
3.78 |
(13.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.78 |
(13.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.11 |
(3.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.25 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.40 |
1.60 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
OSAKA RUBBER PRIVATE LIMITED |
|
Presented
By |
State Bank of India, Sakinaka Branch, Mumbai – 400072 |
|
1) Date and description of instrument creating the change |
Agreement of loan – cum – hypothecation dt. 12.08.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.14.000 millions |
|
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 |
All present and future stocks of raw materials, goods, book debts and vehicles and all other movable assets of the borrower including receivable, documents of title to goods, outstanding moneys, bills, invoices, documents, contract, securities, investments and rights and the present machinery |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
ROI: Demand Cash credit : 1.50% above SBAR Repayment: 60 installments with a start up period of 6 months. The first installment to commence on 1.04.2006 and the last installment falls due on 1.03.2011 |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India Sakinaka Branch, Mumbai |
|
6) Date and brief description of instrument modifying the charge |
Registered mortgage deed was executed as op 1.09.2005 |
|
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. |
The original charge was created on 12.08.2005 for Rs.14.000 millions Now by the present modification dt.1.09.2005 the company executed registered mortgage over the immovable property to secure its credit facilities of Rs.14.000 millions. All that piece and parcel of land admeasuring about 1008sq.mtrs bearing survey No. 50/1 to Shakti Udyog Nagar, Plot No. 38, Village Veoor Taluka, Palghar (E), Dist. Thane, Maharashtra |
|
Corporate identity number (CIN) Foreign company registration number |
U25100MH2004PTC148461 |
|
Name of the Company |
OSAKA RUBBER PRIVATE LIMITED |
|
Address |
103/6, Mittal Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra |
|
This form is for |
Modification of charge |
|
Type of Charge |
Book Debts, Movable property (not being pledge) and Others |
|
Particulars of the charge holder |
State Bank of India Saki Naka Branch, Lekraj Bhavan, Saki Vihar Road, Mumbai – 400072, Maharashtra E-Mail: kamalax_saraf@hotmail.com |
|
Amount secured by the charge |
Rs.17.500 millions |
|
Description of the property charged indicating |
Supplemental agreement of loan cum hypothecation SME-4 |
|
Brif description of the instrument modifying the charge under section |
Rate of Interest Cash Credit 12.25% Term Loan 12.75% |
|
Date of Instrument modifying charge |
08.12.2006 |
|
Particular of the present modification |
The original charge was create on 12.08.2005 for Rs.14.000 millions now by this modification the limit increase from Rs.14.000 millions to Rs.17.500 millions |
As Per Web Details
Company Profile:
Osaka Group was incorporated in the Year 1981 and has been at the forefront of business activity for the last 25 years. The company has historically been engaged in manufacture of Rubber Components for the last many years.
Osaka Rubber manufacturers EPDM Rubber Profile and caters to the sealing products requirements of the Following industries: Automobiles, Constructions, Bus Body Builders, Aluminium Fabricators, Shipping, Railways, Engineering, and Insulated Glass Units etc.
In the year 1995, the company diversified in the manufacture
of Butyl Sealants Tapes, Mastic Tapes,
Vacuum Bag Tapes / Tacky Tapes which, in fact, its major product line today
with emphasis on Quality and Technical Developments. The company produces wide
range of Sealants mainly Butyl Rubber Sealants Tapes for various applications
such as Automotive, Constructions,
Telecommunications (D.O.T), Roofing, Composite Products, Cable Jointing Kits,
Wind Mill Energy, White goods appliances such as Refrigeration's and Air
Conditioners.
In the year 2005, they incorporated a new company subject With a state of art plant located at Palghar (East) district - Thane. Subject manufacture Extruded and Molded Rubber Products and Butyl Sealants Tapes under one roof. This company is running by a team of experienced personnel in the management and production line in order to ensure their valued customers are receiving excellent sales services, quality products and technical support with full satisfaction.
As an ISO 9001:2000 Certified company, they have stringent quality control in their manufacturing and hence guarantee of consistency in quality for the each lot they supply. The company has state of art Laboratory which has major testing equipment like Tensile Strength Testing Equipment, Climatic Control Hot Air Oven, Specific Gravity to name a few of
THEIR STRENGTHS
Research and
Development
Research, Innovation and Development are the basic objectives they pursue to provide any kind of customized products within schedule. They have a well qualified and experienced R and D team ever-engaged in quest of new technology and innovative products. Their researchers document their finding that becomes the basis of development of highly innovative and customized products
Quality
They follow stringent quality control in all stages of manufacturing process.
They take special care to process raw materials to ensure that the finished products retain the desired characteristics of the raw material.
All the finished products undergo rigorous quality tests in their advanced laboratory that consists of major testing equipments like Tensile Strength Testing Equipment, Climatic Control Hot Air Oven, etc.
All their products display some key quality features.
· High resistance to ageing, oil chemicals and weather.
· Dimensional accuracy and mechanical integrity.
· High finish, high durability.
· Use of highly intensified synthetic fibers results high tensile and long time use.
· High resistance to cold/ heat and wide temperature variation.
Infrastructure
They own a sophisticated manufacturing facility in Palghar Dist Thane, Maharashtra that is fully equipped with sophisticated machinery.
Their well-qualified and experienced team of professionals includes Engineering, Commerce, Quality Management and Research and Development experts.
They have an advanced laboratory with latest testing equipment.
Why They ?
· Their superior products are available at reasonable prices.
· They ensure prompt delivery.
· They provide customized products.
· They are open to the suggestions to improve their products.
· Sample is available on request.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.29 |
|
UK Pound |
1 |
Rs.76.92 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|