MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
OCEANIC NETS PRIVATE LIMITED |
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Registered Office : |
3, Bajsons Industrial Estate, 40, Chakala Road, Andheri – East, Mumbai
– 400 099, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.11.2000 |
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Com. Reg. No.: |
129615 |
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CIN No.: [Company
Identification No.] |
U99999MH2000PTC129615 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO03227A |
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PAN No.: [Permanent
Account No.] |
AAACO1842M |
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Legal Form : |
Private Limited
Liability Company. |
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Line of Business : |
Manufacturer of Cover Rubber
Thread. |
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 : |
UDS 565250 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established concern having satisfactory track records. Trade relations are
fair. Payments are usually correct and as per commitment. The concern can
be considered normal for business dealings at usual trade terms and conditions |
INFORMATION PARTED
BY
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Name : |
Mr. Nand Kumar |
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Designation : |
Account Department |
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Date : |
03.07.2008 |
LOCATIONS
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Registered Office : |
3, Bajsons Industrial Estate, 40, Chakala Road, Andheri – East, Mumbai
– 400 099, Maharashtra, Insia. |
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Tel. No.: |
91-22-66789534 |
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E-Mail : |
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Area : |
1400 sq. ft |
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Location : |
Owned |
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Corporate Office : |
A 36, MIDC, Street No- 2 , Andheri (East), Mumbai – 400 093,
Maharashtra. |
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Factory : |
A -1, GDDIDC, Industrial Estate, Daman-396210. |
DIRECTORS
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Name : |
Mr. Anup Juneja |
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Designation : |
Director |
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Address : |
18, Golden Beach, Ruia Road, Juhu, Vile Parle (W), Mumbai – 400 049 ,
Maharashtra. |
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Date of Birth/Age : |
19.01.1973 |
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Date of Appointment : |
01.09.2006 |
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Name : |
Mrs. Kiran Juneja |
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Designation : |
Director |
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Address : |
18, Golden Beach, Ruia Road, Juhu, Vile Parle (W), Mumbai – 400 049 ,
Maharashtra. |
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Date of Birth/Age : |
11.06.1947 |
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Date of Appointment : |
14.10.1997 |
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Name : |
Mrs. Sakshi Juneja |
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Designation : |
Director |
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Address : |
18, Golden Beach, Ruia Road, Juhu, Vile Parle (W), Mumbai – 400 049 ,
Maharashtra. |
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Date of Birth/Age : |
06.12.1979 |
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Date of Appointment : |
19.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Kiran Juneja |
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8600 |
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Mr. Anup Juneja |
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900 |
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Mrs. Sakshi Juneja |
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500 |
Equity Share Breakup
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Sr.
No |
Category |
Percentage
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1 |
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cover Rubber
Thread. |
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Exports : |
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Products : |
Cover Rubber Thread |
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Countries : |
Dubai, Malaysia and Sri Lanka |
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Imports : |
Dubai, Malaysia and Sri Lanka |
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Terms : |
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Selling : |
L/C / Credit |
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Purchasing : |
L/C / Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers , Retailers and
End Users |
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No. of Employees : |
40 (In Office – 20 ; In Factory - 20) |
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Bankers : |
The Saraswat Co- Op Bank , Juhu Branch, Mumbai – 400 049. |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bipin Babubhai Shah Chartered Accountant |
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Address : |
103, Rajguru Apartments, Baburao Parulekar Road, Dadar – West, Mumbai
– 400 028, Maharashtra. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 100/-
each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 100/-
each |
Rs. 1.000
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Paid -up Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.00 |
0.00 |
0.00 |
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3] Reserves & Surplus |
10.305 |
8.545 |
4.356 |
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4] (Accumulated Losses) |
0.00 |
0.00 |
0.00 |
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NETWORTH |
11.305 |
9.545 |
5.356 |
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LOAN FUNDS |
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1] Secured Loans |
4.874 |
2.865 |
3.370 |
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2] Unsecured Loans |
5.091 |
6.581 |
7.462 |
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TOTAL BORROWING |
9.965 |
9.446 |
10.832 |
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DEFERRED TAX LIABILITIES |
1.380 |
1.250 |
0.00 |
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TOTAL |
22.652 |
20.241 |
16.188 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.761 |
6.568 |
2.942 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.970
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9.314 |
8.031 |
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Sundry Debtors |
9.178
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0.789 |
0.914 |
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Cash & Bank Balances |
1.085
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3.595 |
3.383 |
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Other Current Assets |
0.00
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0.00 |
0.00 |
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Loans & Advances |
2.554
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7.815 |
5.667 |
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Total
Current Assets |
16.787
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21.513 |
17.995 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.121
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6.589 |
3.283 |
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Provisions |
1.801
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1.276 |
1.491 |
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Total
Current Liabilities |
3.922
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7.865 |
4.774 |
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Net Current Assets |
12.865
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13.648 |
13.221 |
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MISCELLANEOUS EXPENSES |
0.00 |
0.00 |
0.00 |
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TOTAL |
22.652 |
20.241 |
16.188 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
35.000 |
22.994 |
23.437 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
35.000 |
22.994 |
23.437 |
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Profit/(Loss) Before Tax |
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2.416 |
2.227 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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2.416 |
2.227 |
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NA |
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Expenditures : |
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Other Expenditure |
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20.578 |
21.209 |
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Total Expenditure |
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20.578 |
21.209 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
10.5
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9.5 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.5
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9.5 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.09
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0.08 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.21
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0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.35
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0.82 |
0.89 |
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Current Ratio (Current Asset/Current Liability) |
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4.28
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2.73 |
3.76 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference :
- Histreet Fashion – Mumbai
- Spenta
International Limited – Palgar
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Name of the company |
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Presented By |
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1) Date and description of instrument creating the change |
Agreement Dated
20.02.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
million (Bank Guarantee) |
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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 |
The company both hereby
Hypothecated and charge by way of first charge to the bank on all the plant
and machinery andalso furniture and electrical installation belonging to the
company and them lying being and situaled at the office premises, place of
business of the company at Chakala Andheri (E) and or the factory premises of
the company at A 1-1 daman Industrial Estate, Daman or wherever also the same
may be held by any party to the order or disposition of the company or in the
course of transit. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The change
operates as a Security for the due repayment of the credit facility granted
together with all service charges, commission, interest, commitment charges,
discount costs and also expenses incurred by the bank for the preservation,
protection and defence of the security hereby created and / for attempted or
actual realization or encorcement there of and all payment of any nature which the bank may mark or
may have to make form time to time oe at any time. Interest on
commission : At such reles as may be
prescribed by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-
Op Bank Limited , ‘Madhusagar’,
N.S.Road No.13, Near Juhu Church, Mumbai – 400 049. |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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.42.82 |
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UK Pound |
1 |
Rs.84.89 |
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Euro |
1 |
Rs.68.07 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--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 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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