MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
OM SHAKTI HYDRAULICS PRIVATE LIMITED |
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Registered Office : |
B-197, 5th Main, 2nd Stage, Peenya Industrial Area, Bangalore-560058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.04.2002 |
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Com. Reg. No.: |
08-30372 |
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CIN No.: [Company
Identification No.] |
U31909KA2002PTC030372 |
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IEC No.: |
0703005120 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRO01247B |
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PAN No.: [Permanent
Account No.] |
AAACO5892R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Hydraulic Cylinders. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 13540 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company meeting its normal commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Sunaina |
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Designation : |
Customer Care |
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Date : |
29.05.2008 |
LOCATIONS
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Registered Office / Factory : |
B-197, 5th Main, 2nd Stage, Peenya Industrial Area, Bangalore-560058, Karnataka, India |
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Tel. No.: |
91-80-28364084/2363442/41171117/41171007, 91-9448 |
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Fax No.: |
91-80-28363442 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. B N Bhojaraju |
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Designation : |
Director |
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Address : |
No. 69, 7th Main, 7th B Corss, Kalyan Nagar, T. Dasarahalli, Bangalore-560057, Karnataka |
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Date of Birth/Age : |
25.06.1964 |
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Qualification : |
DME |
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Experience : |
25 Years |
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Date of Appointment : |
16.04.2002 |
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Name : |
Mr. Shetty N Krishan |
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Designation : |
Director |
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Address : |
No. 910, 2nd B Cross, 5th Main, Havanur Ext, Nagasandra Post, Bangalore – 560077, Karnataka, India |
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Date of Birth/Age : |
18.04.1963 |
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Qualification : |
DME |
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Experience : |
25 Years |
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Date of Appointment : |
16.04.2002 |
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Name : |
Mr. D Balkrishna |
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Designation : |
Director |
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Address : |
No.17, Bhuvaneshwar Nagar, 12th Cross, Laks, SMI Temple Road, Bangalore – 560057, Karnataka, India |
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Date of Birth/Age : |
22.06.1966 |
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Qualification : |
DME |
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Experience : |
25 Years |
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Date of Appointment : |
16.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. B N Bhojaraju |
3300 |
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Mr. Shetty N Krishan |
3300 |
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Mr. D Balkrishna |
3400 |
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Total |
10000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Hydraulic Cylinders. |
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Products : |
v Hydraulic Cylinders, v Telescopic Cylinders, v Tie Rod Construction Hydraulic Cylinders v Non Tie Construction Hydraulic Cylinders v Clamp Cylinders v Swing Clamp Cylinders v Hydro Pneumaticpress Cylinders v Power Pack v Hand Pumps |
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Exports : |
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Products : |
All Ahmeed International Power and Hood |
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Countries : |
v Bahrain v West Indies v Gulf |
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Terms : |
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Selling : |
Money Transfer |
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Purchasing : |
Bank Transfer |
GENERAL
INFORMATION
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Suppliers : |
v Abaan Industries v Ajay Ssteel Industries v AMS International v Bright Millers v Devi Enterprises v Hi – Spares v Jet Enterprises v Karavali Engineers v Manish Enterprises v Metlock Company v Multi Carbo v NGEF (Hubli) Limited v Padmini Products v Raheem Enterprises v RRR Spring |
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Customers : |
v Wholesalers v Retailers v Adeep Roloforms Limited v Beta Products v Cheelind Textile Limited v Deccan Aviation v Eicher Motors Limited v Gurudev Industries v Hynumat International v Industrial Business Corporation v Kraft Hydrotech Private Limited v Macon Engineering v Om Shakti Hydraulics v S.V. Automobiles v Terro Tec Engineers v Yamuna Enterprises v Welmech Engineering Company Private Limited |
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No. of Employees : |
75 |
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Bankers : |
v Canara Bank Specialised SME Branch, 473D, 13th Cross, IV Phase, Peenya Industrial Estate, Banglore - 560058, Karnataka, India v Axis Bank Limited M.G. Road Branch, Banglore-560001, Karnataka v UCO Bank Bangalore, Karnataka v ICICI Bank v Citi Bank v Centurion Bank |
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Facilities : |
Credit Limit Rs. 6.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
v N.J. Rairakha & Company, Chartered Accountant Address: Bangalore, Karnataka, India Tel No.: 91-80-23307556 v Reddy and
Venkatesh, Chartered Accountants #7/1, 1st Floor, Mangaiah
Mansion. Diagonal Road, V V Puram, Bangalore – 560004, Karnataka, India. |
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Associates/Subsidiaries : |
v Ultra Fluid
Systems Address : V - 17 Peenya Industrial Area, Bangalore-560058, Karnataka, India Line of Business:
Manufactures of Hydraulic Products. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- each |
1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- each |
1.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.708 |
0.952 |
0.717 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.708 |
1.952 |
1.717 |
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LOAN FUNDS |
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1] Secured Loans |
9.977 |
7.804 |
4.564 |
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2] Unsecured Loans |
0.000 |
0.301 |
0.051 |
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TOTAL BORROWING |
9.977 |
8.105 |
4.615 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.685 |
10.057 |
6.332 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.074 |
3.522 |
4.270 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
5.389
|
9.668
|
6.677 |
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Sundry Debtors |
22.660
|
11.202
|
3.220 |
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Cash & Bank Balances |
0.382
|
0.009
|
0.107 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
2.769
|
0.832
|
0.647 |
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Total
Current Assets |
31.200
|
21.711
|
10.651 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
22.425
|
15.176
|
8.589 |
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Provisions |
0.164
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Total
Current Liabilities |
22.589
|
15.176
|
8.589 |
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Net Current Assets |
8.611
|
6.535
|
2.062 |
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MISCELLANEOUS EXPENSES |
0.000
|
0.000
|
0.000 |
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TOTAL |
12.685 |
10.057 |
6.332 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
50.194 |
37.878 |
24.979 |
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Other Income |
0.000 |
0.008 |
0.343 |
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Total Income |
50.194 |
37.886 |
25.322 |
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Profit/(Loss) Before Tax |
0.756 |
0.397 |
0.475 |
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Provision for Taxation |
0.000 |
0.163 |
0.425 |
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Profit/(Loss) After Tax |
0.756 |
0.234 |
0.050 |
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Expenditures : |
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Depreciation & Amortization |
0.000 |
0.812 |
0.449 |
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Other Expenses |
49.438 |
36.677 |
24.398 |
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Total Expenditure |
49.438 |
37.489 |
24.847 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.51
|
0.62
|
0.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.51
|
1.05
|
1.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.51
|
1.57
|
3.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.20
|
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.34
|
11.93
|
7.69 |
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Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.43
|
1.24 |
LOCAL AGENCY
FURTHER INFORMATION
Table
|
Parameters |
Details |
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Statutory
Approvals |
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Income Tax Registration |
AAAC05892 R |
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Central Sales Tax Registration |
10685455 Dt. 11.10.2002 |
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VAT / TIN Registration |
29090310120 Dt. 01.04.2005 |
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Excise Registration |
AAAC05892 RXM001 |
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Import Export Code |
0703005120 |
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Name of Bank |
Canara Bank |
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Current Account Number |
2454261005335 |
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Account Since |
4 Years |
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Emp OF Reg Number |
KN / 29402 |
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Company ESI Reg. Number |
53 / 17283 / 67 |
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Credibility
Factors |
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India Mart Client Since |
+ 5 Years |
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Trade
Affiliations |
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SSI Registration |
31232 |
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Chambers of Commerce Membership |
Yes |
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D and B D – U – N – S Number |
No |
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Government Recognised Export House Status |
No |
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Other Affiliations |
No |
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Standards and
Certifications |
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Quality Management Systems |
ISO 9001:2000 |
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Environment Management Systems |
No |
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Safety Certificates |
Yes |
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Product Certificates |
No |
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Other Certificates |
No |
Form 8
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Name of the company |
OM SHAKTI HYDRAULICS PRIVATE LIMITED |
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Presented By |
Canara Bank, Specialised
SSI Branch, Peenya, Bangalore – 560 058 |
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1) Date and description of instrument creating the change |
05.01.2005 Deed
of hypothecation Re machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.200 millions |
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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 |
Plant and
machinery, Tools and accessories as per list attached to the agreement as
also those to be purchased hereafter which are kept/ to be or in transit
being erected at the premises in the occupation of the borrower at no. B 197,
II Stage, Peenya Industrial Area, Bangalore – 560 58, Karnataka, India. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 2% above the ongoing benchmark PLR with a minimum of 12.75% p.a. Repayment – In 56
monthly Instalments of Rs. 39000/- each and last Installment of Rs. 16000/-
commencing from April , 2005. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
Specialised SSI Branch, Peenya, Bangalore – 560 058 |
Form 8
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
90194548 |
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Corporate
identity number of the company |
U31909KA2002PTC030372 |
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Name of the
company |
OM SHAKTI HYDRAULICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
B-197, 5th Main, 2nd Stage, Peenya Industrial Area, Bangalore-560058, Karnataka, India |
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Type of charge |
v
Book debts v
Movable
property (not being pledge) |
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Particular of charge
holder |
Name : Canara
Bank Address: SME
Branch, 473D, 13th Cross, IV Phase, Peenya Industrial Area, City : Bangalore State : Karnataka ISO country code
: IN Pin code : 560058 e-mail ID : tr_jairam@vsnl.net |
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplemental
Agreement b) Supplemental
collateral security agreement c) Agreement to
be obtained CDB / SDB/ BE advances d) Deed of
hypothecation re: machinery (All the above
pertain to the same charge) |
|
Date of
instrument Creating the charge |
27.03.2007 |
|
Amount secured by
the charge |
Rs. 15.750
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC / ODBD –
14.25% p.a. TL – 14.5% p.a. Terms of
repayment OCC / ODBD –
Repayable on demand subject to annual review / renewal TL – within 60
months at Rs. 12500/- Margin OCC / ODBD – 25%
on stocks; 40% on book debts TL – 25% Extent operation
of the charge The charge shall
operate to the extent of Rs. 15.750 millions plus Interest, commission,
costs, expenses and other charges thereon. Others The said amount
of Rs. 15.750 millions comprises OCC / ODBD Rs. 6.000 millions (enhanced from
Rs. 4.000 millions) ILC Rs. 1.000 million continued at existing level; BE SSI
Rs. 5.000 millions now sanctioned; TL Rs. 3.750 millions (with a submit of
Rs. 1.300 million as FLC) now sanctioned. The overall limits
are enhanced from Rs. 5.000 millions to Rs. 15.750 millions. |
|
Short particulars
of the property charged |
Continuing
security by way of first charge on stocks of raw materials, semi finished
goods, finished goods, stores, spares, book debts, plant, machineries and
other movable assets both present and future stored/installed at company’s
premises at B 197, Peenya Industrial Area, II Stage, Bangalore – 560058 or at
any other place. |
|
Date of latest
modification prior to the present modification |
10.04.2006 |
|
Particulars of
the present modification |
By the above ,
the amount secured by charge stands enhanced from Rs. 5.000 millions to Rs.
15.750 millions (All the terms
and conditions remain unchanged) |
Trade References
v
L and T Com Komsell
v
BHEL
v
Demal - Mysore
As per website:
Established in 1990,
subject is a part of BBK group of companies, is a leading manufacturer of hydraulic cylinders,
pneumatic cylinders & telescopic cylinders. The company is organised
& managed by young, dynamic and efficient engineers who have worked in
various hydraulic industries for over a decade.
Subject is a BBK Group of Companies established in 1990 Organised & Managed by Young, Dynamic and Efficient Engineers having worked in various Hydraulic Industries for over a Decade. Policy Being Quality, Customer Satisfaction and Services. The company boasts of having supplied quality products to various companies in the Indian Industrial Sector. Subject is an ISO 9001:2000 Quality Standard certified Company.
Supported with a wide dealer network, Good and efficient sales and service personal, the products are available at short notice thus enabling to serve the industry with less delivery time.
The Companies are aided with sound manufacturing and testing facilities, which
have gained the confidence of valued customers over a long period of time.
Hydraulic and Pneumatic standard cylinders and other systems according to ISO,
top Standards have been supplied to Machine Tool, Steel, Food Processing, Paper,
Pulp, Defence, Material Handling, SPM, Automobiles, Heavy duty application such
as Hydraulic Press, Earth Moving Equipment Industries, so on and so forth.
The Group has developed Tipping kits and Cabin tilt units for vehicles.
Cylinder, Pump and Valve all indigenously built and Quality in par with the
already existing giants in the industry.
Special Cylinders such as Clamp & Swing Cylinders are specially made
according to customer specifications, which are the landmark in the companies
list of achievements. It has the design strength to develop new projects
according to customer requirements from concept to the manufacturing stage.
Stainless steel cylinders for marine applications have been manufactured and
supplied taking into consideration, special parameters such as Corrosion
pitting high and low temperature.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
The 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.
The 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. 42.63 |
|
UK Pound |
1 |
Rs. 83.40 |
|
Euro |
1 |
Rs. 65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 factorsP carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|