MIRA
INFORM REPORT
|
Report Date : |
29.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ORBIT INDUSTRIES LIMITED |
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Registered Office : |
24, Hemanta Basusarani, Kolkata-700 001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.12.1984 |
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Com. Reg. No.: |
21 – 38258 |
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CIN No.: [Company
Identification No.] |
U99999WB1984PLC038258 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALO00086C |
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Legal Form : |
A closely Held Public Limited Liability Company |
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Line of Business : |
Importer and Trader of Automobile Parts and Components, Beer /
Alcholic Beverages. |
RATING &
COMMENTS
|
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 328124 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. Profit margin is under severe pressure.
Trade relations are fair. Payments are reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions with slight caution. |
LOCATIONS
|
Registered Office : |
24, Hemanta Basu
Sarani, Kolkata – 700 001, West Bengal, India |
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Tel. No.: |
91-33-22435098/
22205005 |
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E-mail : |
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Area : |
600 Sq.ft. |
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Location : |
Rented |
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Head Office : |
104, New Rajdhani
Enclave, New Delhi – 110 092, India |
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Tel. No.: |
91-11-22432545/
22502240 |
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Fax No.: |
91-11-22058525 |
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Warehouses: |
Located at : New Delhi, India |
DIRECTORS
|
Name : |
Mr. Raj Kumar Singhania |
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Designation : |
Managing Director |
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Address : |
104, New Rajdhani Enclave, Delhi-110 092 |
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Date of Birth/Age : |
19.12.1954 |
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Date of Appointment : |
17.10.1994 |
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Name : |
Mrs. Asha Singhania |
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Designation : |
Director |
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Address : |
104, New Rajdhani Enclave, Delhi-110 092 |
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Date of Birth/Age : |
04.05.1956 |
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Date of Appointment : |
17.10.1994 |
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Name : |
Mr. Kirti Singhania |
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Designation : |
Director |
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Address : |
104, New Rajdhani Enclave, Delhi-110 092 |
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Date of Birth/Age : |
16.07.1976 |
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Date of Appointment : |
02.03.1998 |
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Name : |
Mr. Ashish Singhania |
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Designation : |
Director |
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Address : |
104, New Rajdhani Enclave, Delhi-110 092 |
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Date of Birth/Age : |
01.04.1979 |
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Date of Appointment : |
12.10.2004 |
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Name : |
Mr. Alok Singhania |
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Designation : |
Director |
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Address : |
104, New Rajdhani Enclave, Delhi-110 092 |
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Date of Birth/Age : |
25.10.1982 |
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Date of Appointment : |
23.07.2001 |
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Name : |
Mr. Swapan Kumar Khamaru |
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Designation : |
Director |
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Address : |
24, Hemanta Basu Sarani, Kolkata-700 001, West Bengal |
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Date of appointment : |
01.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Lido Commercial
Company Limited |
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53750 |
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Mr. Alok
Singhania |
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153630 |
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Mr. Ashish
Singhania |
|
67720 |
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Mr. Gopal Lal
Singhania |
|
19700 |
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Mr. Kirti
Singhania |
|
850420 |
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Mr. Raj Kumar
Singhania |
|
644530 |
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Mrs. Asha Singhania
|
|
1108640 |
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Ms. Komal
Singhania |
|
257500 |
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Mrs. Krishna Devi
Singhania |
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228000 |
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R K Singhania and
Sons (HUF) |
|
613980 |
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Total |
3997870 |
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No. percentage holding |
|
Bodies Corporate |
|
1.00 |
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Directors or
relatives of directors |
|
99.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Trader of Automobile Parts and Components, Beer /
Alcholic Beverages |
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Products : |
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Imports from : |
Germany |
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Terms : |
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Selling : |
Cash and Credit
basis |
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Purchasing : |
Contract, L/C and
Credit basis |
GENERAL
INFORMATION
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Customers : |
Some of major
customer includes:
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No. of Employees : |
About 20 |
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Bankers : |
8 Camac Street, Kolkata –
700 017, West Bengal, India
District More Branch,
Hazaribag-825 301, Jharkhand, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
Ghosh and Pande Chartered
Accountants |
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Address : |
B-210/2, Bagri Market,
71, Biplabi Rash Behari Basu Road, Kolkata – 700
001, West Bengal, India |
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Tel. No.: |
91-33-22352173 |
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Parent Company : |
Singhania Group
Company Line of Business:
Import of Beer |
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Affiliates : |
55, Rama Road, Parliament Street, New Delhi – 110 015 --Trader of Mahindra & Mahindra
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4250000 |
Equity Shares |
Rs.10/- each |
Rs.42.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4027370 |
Equity Shares |
Rs.10/- each |
Rs.40.273
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 |
|
40.274 |
40.274 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
41.757 |
41.757 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
82.031 |
82.031 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
16.526 |
16.388 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
16.526 |
16.388 |
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DEFERRED TAX LIABILITIES |
|
1.478 |
0.797 |
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TOTAL |
|
100.035 |
99.216 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
15.081 |
27.678 |
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Capital work-in-progress |
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0.000 |
1.757 |
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INVESTMENT |
|
35.996 |
35.730 |
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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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20.531 |
14.716 |
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Sundry Debtors |
|
8.660 |
6.396 |
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Cash & Bank Balances |
|
4.162 |
6.101 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
11.912 |
4.406 |
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Total
Current Assets |
|
45.265 |
31.619 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
1.960 |
0.773 |
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Provisions |
|
0.458 |
0.335 |
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Total
Current Liabilities |
|
2.418 |
1.108 |
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Net Current Assets |
|
42.847 |
30.511 |
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MISCELLANEOUS EXPENSES |
|
0.017 |
0.640 |
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Profit and Loss Account |
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6.094 |
2.900 |
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TOTAL |
|
100.035 |
99.216 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
33.117 |
22.906 |
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Other Income |
|
7.306 |
6.314 |
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Total Income |
|
40.423 |
29.220 |
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Profit/(Loss) Before Tax |
|
(2.386) |
(1.640) |
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Provision for Taxation |
|
-- |
-- |
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Profit/(Loss) After Tax |
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(2.386) |
(1.640) |
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Expenditures : |
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Cost of Goods Sold |
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23.628 |
16.497 |
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Salaries, Wages, Bonus, etc. |
|
4.794 |
3.802 |
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Payment to Auditors |
|
0.037 |
0.034 |
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Interest |
|
1.746 |
0.670 |
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Insurance Expenses |
|
0.651 |
0.426 |
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Depreciation & Amortization |
|
6.845 |
4.979 |
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Other Expenditure |
|
5.108 |
4.452 |
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Total Expenditure |
|
42.809 |
30.860 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
(5.90) |
(5.61) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(7.20) |
(7.15) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(5.27) |
(5.18) |
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Return on Investment (ROI) (PBT/Networth) |
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|
(0.02) |
(0.00) |
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Debt Equity Ratio (Total Liability/Networth) |
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|
0.02 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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|
21.86 |
39.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
This form is for |
Creation of
charge |
|
Charge
identification number of the charge to be modified |
10035496 |
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Corporate
identity number of the company |
U99999WB1984PLC038258 |
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Name of the
company |
ORBIT INDUSTRIES
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
24, Hemanta
Basusarani, Kolkata-700 001, West Bengal, India |
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Type of charge |
|
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Particular of
charge holder |
Bank Of India, District
More Branch, Hazaribag, Jharkhand-825 301 e-mail: boi_hzbbr@bsnl.co.in |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
29.12.2006 |
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Amount secured by
the charge |
Rs.2.400 Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of
Interest BPLR Presently 11.50% Per
Annum At Monthly Rests Terms of
repayment On Demand Margin 50% of
Market Price of Immovable Property Extent operation
of the charge 100% |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
-- |
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Particulars of the
present modification |
-- |
Fixed Assets:
·
Furniture
& fixtures
·
Generator sets
·
Computer
·
Office
equipments
·
Tools &
equipments
·
Motor cars
·
Motor trucks
·
Air
conditioners
·
Fire fighting
equipments
·
Office
premises
·
Land &
building
·
Cooler and fan
·
Electrical
equipments
·
Office carpet
·
Television
& VCR
·
Land
Subject is catering the needs of the
Automobiles Industry six years. They have Head Marketing Office at Delhi and
also have a very strong sales and services throughout India with a team of
trained Marketing Officers and Executives.
Subject is engaged in trading and importing
of Automobile Spare Parts and Car Refinishing Products.
The company is also going to start the
business of Beer/Alcholic Beverages.
Its’ products range includes:-
·
Automobile
Spare Parts
·
Car
Refinishing Products
·
Spray Gun
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.39.40 |
|
UK Pound |
1 |
Rs.78.28 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|