MIRA
INFORM REPORT
|
Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
OBEETEE TEXTILES PRIVATE LIMITED |
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Registered Office : |
Bisunderpur Civil Lines, Mirzapur 231001, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.09.1995 |
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Com. Reg. No.: |
20-18737 |
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CIN No.: [Company
Identification No.] |
U18101UP1995PTC018737 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
ALDO00135C |
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PAN No.: [Permanent
Account No.] |
AAACO2596C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Non Woven Textile Products |
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 490000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established reputed company meeting its normal commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings |
INFORMATION PARTED
BY
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Name : |
Mr. Amrish Agrawal |
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Designation : |
Sales and Marketing Assistant Manager |
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Contact No.: |
91-9313404030 |
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Date : |
03.06.2008 |
LOCATIONS
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Registered Office : |
Bisunderpur Civil Lines, Mirzapur 231001, Uttar Pradesh, India |
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Tel. No.: |
91-5442-252304 / 252610 |
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Fax No.: |
91-5442-252413 |
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E-Mail : |
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Factory 1 : |
Located at Rudhrapur |
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Tel. No.: |
91-5944-250190 / 189 |
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Fax No.: |
91-5944-250189 |
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Area : |
4.5 Acre |
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Location : |
Owned |
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Branch: |
1011-B, 10th Floor, Indra Prakash Building, 21, Barakhamba,
New Delhi 110001, India |
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Tel. No.: |
91-11-23354261 / 60 |
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Fax No.: |
91-11-23354260 |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Sanjiva Gupta |
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Designation : |
Director |
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Address : |
Surekha Estate, Mahant Ka Shivala, Mirzapur 231001, Uttar Pradesh,
India |
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Date of Birth/Age : |
19.01.1962 |
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Qualification : |
C.A. |
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Date of Appointment : |
23.07.2004 |
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Name : |
Mr. Mohammed Hassan Khan |
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Designation : |
Director |
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Address : |
Narghat Next Apsara Cinema, Mirzapur 231001, Uttar Pradesh, India |
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Date of Birth/Age : |
06.08.1959 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
13.08.1999 |
KEY EXECUTIVES
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Name : |
S. K. Garg |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 31.03.2007]
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Names of Shareholders |
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No. of Shares |
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Obeetee Private Limited |
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1919900 |
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Sanjiva Gupta Jointly with Obeetee Private Limited |
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100 |
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Total |
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1920000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies Corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Non Woven Textile Products |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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No. of Employees : |
97 |
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Bankers : |
Specialized Commercial
Branch, The Mall, Cantt, Varanasi 221002, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A. P. Jain and Company Chartered Accountants |
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Address : |
A. P. Jain and Company, B-14, Sarvodaya Nagar, Kanpur 208005, Uttar
Pradesh, India |
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Name : |
P. L. Tondon and Company |
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Address : |
Kanpur, Uttar Pradesh, India |
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Holding Company: |
Obeetee Private Limited CIN No.: U17226UP1932PTC000475 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1920000 |
Equity Shares |
Rs. 10/-
each |
Rs. 19.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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19.200 |
19.200 |
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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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80.335 |
55.778 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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99.535 |
74.978 |
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LOAN FUNDS |
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1] Secured Loans |
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85.086 |
92.427 |
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2] Unsecured Loans |
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18.700 |
20.068 |
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TOTAL BORROWING |
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103.786 |
112.495 |
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DEFERRED TAX LIABILITIES |
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0.000 |
4.476 |
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TOTAL |
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203.321 |
191.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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121.730 |
140.650 |
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Capital work-in-progress |
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2.308 |
0.773 |
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INVESTMENT |
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0.000 |
0.000 |
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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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22.308 |
23.541 |
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Sundry Debtors |
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109.352 |
63.650 |
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Cash & Bank Balances |
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18.209 |
8.418 |
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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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7.318 |
7.880 |
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Total
Current Assets |
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157.187 |
103.489 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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76.812 |
51.769 |
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Provisions |
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1.092 |
1.202 |
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Total
Current Liabilities |
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77.904 |
52.971 |
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Net Current Assets |
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79.283 |
50.518 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.008 |
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TOTAL |
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203.321 |
191.949 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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319.544 |
181.261 |
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Other Income |
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5.455 |
7.005 |
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Total Income |
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324.999 |
188.266 |
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Profit/(Loss) Before Tax |
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25.770 |
19.048 |
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Provision for Taxation |
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1.214 |
6.575 |
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Profit/(Loss) After Tax |
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24.556 |
12.473 |
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Expenditures : |
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Cost of Goods Sold |
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197.065 |
126.723 |
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Expenses |
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71.749 |
41.168 |
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Increase/(Decrease) in Finished Goods |
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1.128 |
[9.702] |
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Interest |
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7.293 |
2.121 |
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Depreciation & Amortization |
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21.987 |
8.901 |
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Preliminary Expenses written off |
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0.007 |
0.007 |
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Total Expenditure |
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299.229 |
169.218 |
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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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PAT / Total Income |
(%) |
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7.55 |
6.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
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8.06 |
10.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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9.23 |
7.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.82 |
2.20 |
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Current Ratio (Current Asset/Current Liability) |
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2.02 |
1.95 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Space Décor
Private Limited, Delhi
- S. Exports,
Mirzapur
- Narayan
Enterprises, Agra
Form 8
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This form is for |
Modification of
charge |
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Corporate
identity number of the company |
U18101UP1995PTC018737 |
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Name of the
company |
OBEETEE TEXTILES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Bisunderpur Civil Lines, Mirzapur 231001, Uttar Pradesh, India |
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Type of charge |
Book Debts Movable property |
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Particular of
charge holder |
State Bank of
India Specialized
Commercial Branch, The Mall, Cantt, Varanasi 221002, Uttar Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
[i] Agreement of
hypothecation of goods and assets [ii] Letter
regarding the grant of individual limits within the overall limit |
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Date of
instrument Creating the charge |
02.11.2007 |
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Amount secured by
the charge |
Rs. 89.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest [i] on
working capital @ 1.50% above State
Bank Advance Rate. Present effective
rate is 14.25% per annum with monthly rests or at such other rate as may be
notified by the bank to the borrower from time to time. [ii] On SLC @
2.50% above State Bank Advance Rate. Present effective rate is 15.25% per
annum with monthly rests or at such other rate as may be notified by the bank
to the borrower from time to time. [b] Terms of
repayment Working Capital –
Repayable on demand [c] Margin 25% on Raw
material 50% on stock in
process 25% on finished
goods 50% on book debts 20% on letter of
credit 20% on bank
guarantee [d] Extent and
operation of the charge The Company’s
properties are hypothecated to secure various credit facilities aggregating
to Rs. 89.000 Millions granted by the bank to the borrower. |
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Short particulars
of the property charged |
Hypothecation by
way of first charge on entire current assets book debts and all other movable
assets of the borrower including documents of title to goods, outstanding
moneys, receivables, bills, invoices, contracts, investments and right and
all present and future machinery belonging to or in the possession or under
the control of the borrower wherever lying stored and kept whether in India
or elsewhere throughout the world or in transit. |
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Date of latest
modification |
17.03.2007 |
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Particulars of
the present modification |
Total amount of
charge secured against hypothecation of entire current assets, book debts,
plant and machinery etc. of the company has now been enhanced from Rs. 61.000
Millions to Rs. 89.000 Millions |
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 :
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. 42.79 |
|
UK Pound |
1 |
Rs. 83.77 |
|
Euro |
1 |
Rs. 66.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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
|
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 |
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