MIRA
INFORM REPORT
|
Report Date : |
07.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
OIL WORLD PRIVATE LIMITED |
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Formerly Known As : |
COMFORT RUBBERS (GUJARAT) PRIVATE LIMITED |
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Registered Office : |
C -1, 30/43, Phase -3, GIDC Estate Naroda , Ahmedabad - 380 054,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.03.1984 |
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Com. Reg. No.: |
04-006837 |
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CIN No.: [Company
Identification No.] |
U25191GJ1984PTC006837 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Edible and Non Edible Oil Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its
profitability is under severe pressure as per last available financials of
2007. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Harshad R Thakkar |
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Designation : |
Chief Executive Officer in Finance |
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Contact No.: |
91-79-30177451 / 52 |
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Date : |
05.07.2008 |
LOCATIONS
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Registered Office : |
C -1, 30/43, Phase -3, GIDC, Naroda , Ahmedabad - 380 054, Gujarat,
India |
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Tel. No.: |
91-79-22822128 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
603, Akik Tower, Near Pakuan II, S G Highway, Ahmedabad – 380 054,
Gujarat, India |
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Tel. No.: |
91-79-29297372 / 7373 |
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E-Mail : |
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Branches : |
Plot No. 19, 20, GIDC Plot No. 3, Naroda, Ahmedabad - 380 054,
Gujarat, India |
DIRECTORS
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Name : |
Mr. Harshad Muljibhai Thakker |
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Designation : |
Director |
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Address : |
160/10, Delux Apartments, Opposite Sabar Flat Narayannagar, Paldi,
Ahmedabad – 380 054, Gujarat, India |
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Date of Birth/Age : |
18.04.1956 |
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Qualification : |
M .Com |
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Date of Appointment : |
28.01.2008 |
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Name : |
Mr. Amar Dilip Patel |
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Designation : |
Director |
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Address : |
A -702, Shilalekh, 8th Floor, Opposite Police Stadium, Shahibaug, Ahmedabad- 380 004, Gujarat, India |
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Date of Birth/Age : |
24.08.1978 |
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Qualification : |
B. Com |
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Date of Appointment : |
26.08.1996 |
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Name : |
Mr. Dilip Dahyabhai Patel |
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Designation : |
Director |
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Address : |
A -702, Shilalekh, 8th Floor, Opposite Police Stadium, Shahibaug, Ahmedabad- 380 004, Gujarat, India |
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Date of Birth/Age : |
02.01.1952 |
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Date of Appointment : |
24.03.1984 |
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Name : |
Mr. Girish Dahyabhai Patel |
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Designation : |
Director |
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Date of Appointment : |
24.03.1984 |
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Date of Ceasing : |
20.07.1999 |
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Name : |
Mr. Pankaj Dahyabhai Patel |
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Designation : |
Director |
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Date of Appointment : |
24.03.1984 |
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Date of Ceasing : |
20.07.1999 |
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Name : |
Mrs. Sangeeta Kapadia |
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Designation : |
Director |
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Date of Birth/Age : |
22 Years |
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Qualification : |
Computer Engineering |
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Name : |
Mr. Anand Kotecha |
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Designation : |
Director |
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Date of Birth/Age : |
27 Years |
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Qualification : |
M Com |
KEY EXECUTIVES
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Name : |
Mr. Harshad R Thakkar |
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Designation : |
Chief Executive Officer in Finance |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007) :- |
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No. of Shares |
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Mr. Girish Patel |
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650 |
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Mr. Pankaj Patel |
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650 |
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Mr. Bipinbahi Patel |
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650 |
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Mr. Dilip Patel |
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647 |
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Mrs. Labhkuvar Patel |
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150 |
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Others |
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3 |
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Total
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2750 |
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Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
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Names of Allottee (As on 15.03.2008) :- |
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No. of Shares |
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Mr. Kevin Viren Thakkar |
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9305 |
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Mrs. Sangita Jitubhai Kapadia |
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2750 |
|
Visual Art Gallery Private Limited |
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13000 |
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Total
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25055 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Edible and Non Edible Oil Products |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL
INFORMATION
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Customers : |
Retailers, End Users, Wholesalers |
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No. of Employees : |
35 |
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Bankers : |
· Industrial Development Bank of India Limited Address: IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400 005,
Maharashtra India · The United Western Bank Limited Address : Ahmedabad Branch, Paldi, Ahmedabad– 380 054,
Gujarat, India |
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Facilities : |
Total - Rs. 2.500 millions (Industrial Development Bank of India Limited) |
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Banking
Relations : |
--- |
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Auditors : |
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Name 1 : |
Virendra C Shah and Company Chartered Accountants |
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Name 2 : |
Mr. Kamlesh K Jain Chartered Accountants |
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Address : |
105 RK House, Off C G Road, Navrangpura, Ahmedabad – 380 009, Gujarat,
India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 1000/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2750 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.275
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.275 |
0.275 |
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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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0.118 |
0.118 |
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4] (Accumulated Losses) |
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[0.657] |
[0.495] |
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NETWORTH |
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[0.264] |
[0.102] |
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LOAN FUNDS |
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1] Secured Loans |
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3.921 |
0.198 |
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2] Unsecured Loans |
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1.657 |
1.134 |
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TOTAL BORROWING |
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5.578 |
1.332 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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5.314 |
1.230 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.462 |
0.176 |
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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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0.266 |
0.024 |
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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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2.515 |
0.296 |
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Sundry Debtors |
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0.719 |
0.528 |
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Cash & Bank Balances |
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0.496 |
0.046 |
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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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0.267 |
0.165 |
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Total
Current Assets |
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3.997 |
1.035 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.406 |
0.000 |
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Provisions |
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0.005 |
0.005 |
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Total
Current Liabilities |
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1.411 |
0.005 |
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Net Current Assets |
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2.586 |
1.030 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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5.314 |
1.230 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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[26.47] |
[13.11] |
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Current Ratio (Current Asset/Current Liability) |
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2.83 |
207.00 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE REFERENCES:-
·
Abu Baker Dost
Mohmmed, Ahmedabad, Gujarat, India
·
A V M Traders,
Baroda, Gujarat, India
·
Depo Madhupur,
Ahmedabad, Baroda, Surat, Gujarat, India
FORM 8:-
|
Corporate
identity number of the company |
U25191GJ1984PTC006837 |
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Name of the
company |
COMFORT RUBBERS
(GUJARAT) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
C -1, 3/43, Phase -3, GIDC Estate, Naroda Phase III, Ahmedabad - 380
054, Gujarat, India |
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This form is for |
Creation of
charge |
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Type of charge |
· Immovable Property · Book Debts · Movable Property |
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Particular of
charge holder |
Industrial Development
Bank of India Limited CIN:
L65190MH2004GOI148838 Address: IDBI
Tower WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra India E-mail: sn.baheti@idbi.co.in |
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Nature of
instrument creating charge |
· Agreement of hypothecation of stocks and book debts · Memorandum of Entry |
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Date of
instrument Creating the charge |
13.11.2006 |
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Amount secured by
the charge |
Rs. 2.500
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : 12.5% with
monthly rest – Half Yearly Review Terms of Repayment : Annual Renewal Margin : 25% for stock and
40% for book debts Extent and Operation of the charge : Cash credit
facilities are fully secured with Preferential rights Others : Personal guarantee of Director
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Short Particulars
of the property charged |
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Name of the company |
COMFORT RUBBERS (GUJARAT)
PRIVATE LIMITED |
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Presented By |
Mr. Dilipbhai D
Patel |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation cash credit against hypothecation of inventory, Stock of Raw
Materials, WIP and Finished Goods dated 17.10.2002 with Memorandum of entry
and Article of Agreement dated 17.10.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200 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
Inventory, Stock of Raw Materials, WIP and Finished Goods. Mortgage of
industrial Shed No. C-1/30/143 admeasuring 704 Sq.Mtrs situated at GIDC,
Naroda No. revenue survey No. 182 of Mouje Naroda , Taluka City, Dist,.
Ahmedabad and Plant and Machinery of the Company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest : 13.00 % |
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5) Name and Address and description of the person entitled to the charge. |
The United
Western Bank Limited Ahmedabad Branch,
Paldi, Ahmedabad– 380 054, Gujarat, India |
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.43.21 |
|
UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
---- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
---- |
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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 |
|
22 |
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 |
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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 |
|
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 |
|