MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
OMFA RUBBERS PRIVATE LIMITED |
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Registered Office : |
69, Chawala Complex, A-215, Shakarpur, Vikas Marg, Delhi – 110 092 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.02.1992 |
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Com. Reg. No.: |
47739 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC047739 |
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IEC No.: |
0592052508 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTO00081E |
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PAN No.: [Permanent
Account No.] |
AAACO0144Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Fan and V-Belts. |
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 69000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are
reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sanjiv Roy |
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Designation : |
Accountant |
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Date : |
11.10.2008 |
LOCATIONS
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Registered Office : |
69, Chawala Complex, A-215, Shakarpur, Vikas Marg, Delhi – 110 092, India |
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Tel. No.: |
91-11-22520449 |
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Mobile No.: |
91-9899115230 |
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Fax No.: |
91-11-22500348 |
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E-Mail : |
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Website : |
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Area : |
500 Sq. ft. |
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Location : |
Leased |
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Administrative Office : |
B-20 and 21, Sector – 5, Noida – 201 301, Uttar Pradesh, India |
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Tel. No.: |
91-120-2420482 / 2536674 / 22520449 |
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Fax No.: |
91-120-2421407 |
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Area : |
1600 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Anuj Prakash Farsaiya |
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Designation : |
Director |
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Address : |
D-82, Sector – 27, Noida – 201 301, Uttar Pradesh, India |
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Date of Birth/Age : |
26.10.1965 |
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Qualification : |
B.Tech |
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Date of Appointment : |
24.02.1992 |
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Name : |
Mr. Atul Prakash Farsaiya |
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Designation : |
Director |
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Address : |
D-82, Sector – 27, Noida – 201 301, Uttar Pradesh, India |
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Date of Birth/Age : |
10.11.1956 |
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Qualification : |
B.Com |
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Date of Appointment : |
24.02.1992 |
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Name : |
Mr. Sandeep Bansal |
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Designation : |
Director |
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Address : |
C-196, Sector – 49, Noida, Uttar Pradesh, India |
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Date of Birth/Age : |
15.06.1965 |
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Qualification : |
B.Tech |
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Date of Appointment : |
01.04.1996 |
KEY EXECUTIVES
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Name : |
AGG and Associates |
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Designation : |
Company Secretary |
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Address : |
21/16 West Patel Nagar, New Delhi – 110 008, India |
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Tel No.: |
91-11-25885134 / 42484330 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
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Atul Prakash Farsaiya |
122600 |
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Anuj Prakash Farsaiya |
212600 |
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Raj Bala |
25000 |
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Ravi Farsaiya |
20000 |
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Ritu Gupta |
8120 |
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Rupali Gupta |
16500 |
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Mahinder Gupta |
7000 |
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Ratan Devi |
2500 |
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Pulkit Farsaiya |
41540 |
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Rajiv Gupta |
10000 |
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A K Gupta |
16000 |
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Kamla Devi |
10000 |
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Pranav Farsaiya |
36640 |
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Manju Gupta |
13700 |
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Gaya Prasad |
8000 |
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Kanta Prasad |
3000 |
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Anwar Singh |
6000 |
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Yadram |
4000 |
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G S Yadav |
7000 |
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Kuvar Lal |
3000 |
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Dhan Pal |
4000 |
|
Sainger Capital and Securities Private Limited |
12000 |
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Komal Singh Thakur |
8000 |
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Ram Avtar |
4000 |
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Ram Swarup |
2000 |
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Ram Charan |
2000 |
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Ganga Singh |
8000 |
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Ajit Jain |
24000 |
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Aditya Kumar |
8000 |
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Others / Relatives of Directors |
23560 |
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Total |
668760 |
List of Allotment (As on 20.03.2006)
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Names of Allottees |
No. of Shares |
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Anwar Singh |
3000 |
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Madhu Gupta |
40 |
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Komal Singh Thakur |
4000 |
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Ved Pal |
3600 |
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Aditya Kumar |
8000 |
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Shri Mati Devi |
4000 |
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Netra Pal |
3600 |
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Gaya Prasad |
4000 |
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Ganga Singh |
4000 |
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Om Saran |
40 |
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Total |
34280 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Fan and V-Belts. |
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Products : |
·
Classical V-Belts ·
Narrow V-Belt ·
Hexagonal Belts ·
Harvester Combine V-belt ·
Harvester Flat Belt ·
Raw-Edged V-Belt ·
Multi-Ribbed Belts ·
Synchronous Belts |
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Exports : |
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Products : |
Rubber Products |
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Countries : |
·
Argentina ·
USA |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Korea |
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Terms : |
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Selling : |
Cash and Credit (30 days) |
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Purchasing : |
L/C and Cash |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
End Users Government
Sector ·
Indian Railways ·
Ministry of Defense ·
ONGC ·
NTPC ·
NFL. ·
SAIL ·
BCCL ·
IOC ·
Thermal Power plants ·
State Road Transport Undertakings Private Sector ·
Tata group ·
Birla group ·
Jindal group ·
Vedanta group ·
Thaper group ·
Monnet group ·
Motherson group |
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No. of Employees : |
150 |
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Bankers : |
·
Canara Bank C-3, Sector – 1, Noida – 201 301, Uttar Pradesh,
India ·
ICICI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Anoop Kumar Agarwal Chartered Accountants |
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Address : |
37, Chawla Complex, A-215, Shakarpur, Delhi – 110 092, India |
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Tel. No.: |
91-11-22500348 / 22520449 |
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Associates/Subsidiaries : |
·
BNK Rubbers Private Limited ·
OM Enterprise |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
668760 |
Equity Shares |
Rs.10/- each |
Rs.6.688
millions |
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 |
6.688 |
6.688 |
6.345 |
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2] Share Application Money |
0.000 |
0.000 |
0.020 |
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3] Reserves & Surplus |
7.118 |
6.292 |
4.905 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
13.806 |
12.980 |
11.270 |
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LOAN FUNDS |
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1] Secured Loans |
8.262 |
4.830 |
3.862 |
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2] Unsecured Loans |
9.150 |
9.871 |
9.469 |
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TOTAL BORROWING |
17.412 |
14.701 |
13.331 |
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DEFERRED TAX LIABILITIES |
1.390 |
1.391 |
1.480 |
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TOTAL |
32.608 |
29.072 |
26.081 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.456 |
14.521 |
14.265 |
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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 |
8.389
|
6.735 |
7.096 |
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Sundry Debtors |
15.462
|
12.651 |
8.765 |
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Cash & Bank Balances |
1.951
|
0.333 |
0.170 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.920
|
1.057 |
0.864 |
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Total
Current Assets |
27.722
|
20.776 |
16.895 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.840
|
6.036 |
5.075 |
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Provisions |
0.818
|
0.290 |
0.120 |
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Total
Current Liabilities |
9.658
|
6.326 |
5.195 |
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Net Current Assets |
18.064
|
14.450 |
11.700 |
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MISCELLANEOUS EXPENSES |
0.088 |
0.101 |
0.116 |
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TOTAL |
32.608 |
29.072 |
26.081 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
42.968 |
33.425 |
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Other Income |
|
0.215 |
0.041 |
|
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Total Income |
|
43.183 |
33.466 |
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Profit/(Loss) Before Tax |
|
1.345 |
1.070 |
|
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Provision for Taxation |
|
0.519 |
0.197 |
|
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Profit/(Loss) After Tax |
|
0.826 |
0.873 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
0.042 |
0.314 |
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Total Earnings |
|
0.042 |
0.314 |
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Expenditures : |
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Financial Charges |
|
0.955 |
0.834 |
|
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Increase/(Decrease) in Finished Goods |
|
(0.765) |
0.019 |
|
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Depreciation & Amortization |
|
0.663 |
0.613 |
|
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Other Expenditure |
|
40.985 |
30.930 |
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Total Expenditure |
|
41.838 |
32.396 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.91
|
2.61 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.13
|
3.20 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.19
|
3.03 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.08 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.96
|
1.62 |
1.64 |
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Current Ratio (Current Asset/Current Liability) |
|
2.87
|
3.28 |
3.25 |
LOCAL AGENCY
FURTHER INFORMATION
Note
The Registered office of the company has been shifted from 37 Chawala Complex,
A-215 Shakarpur Vikas Marg, Delhi – 110 091, India to the present address
w.e.f. 20.08.2007.
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Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : -- |
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Excise Registration No.: AAACO0144Q XM001 |
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VAT / TIN : 09365800382 |
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IEC Code : 0592052508 |
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PAN / TAN : AAACO0144Q |
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Bank Name : Canara Bank |
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Bank Address : Noida, Sector – I Branch |
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Bank A/c. No.: 25021 |
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Account Since : 1992 |
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In case of any affiliations / memberships / certifications : |
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Name : ISO |
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Type : 9001:2000 |
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Expiry Date : 2011 |
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Trade References
·
ONGC
·
Birla Group
·
Jindal Group
Form No. 8
|
Name of the company |
OMFA RUBBERS PRIVATE LIMITED |
|
Presented By |
Canara Bank,
Sector-1, Noida |
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1) Date and description of instrument creating the change |
Cash Credit
Agreement dated 27.03.1993 (Regd. on 13.05.1993) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.250 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 |
All the Raw Materials,
Semi-finished and finished goods |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 6.50%
p.a. over RBI rate with a minimum of 18.25% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank C-3, Sector – 1, Noida – 201 301, Uttar Pradesh, India |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
Agreement dated 27.12.2004 Agreement re:- Advances
against Book Debts as Prime Security dated 27.12.2004 |
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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. |
Earlier Modification Previously
modified on 16.04.1993, 09.05.1994, 14.12.1994, 07.11.1996, 30.11.1996,
05.05.1997, 15.10.1998, 11.02.2000, 21.11.2001 and finally on 01.05.2003
(Regd. on 12.05.2003) to enhance the limit from Rs.1.500 millions to Rs.3.500
millions Present Modification Extent of
operation of charge over all the Goods and Book Debts as mentioned in
previous Charges stands Enhanced from Rs.3.500 millions to Rs.4.000 millions
(with a sub-limit of ODBD of Rs.1.500 millions) |
|
Corporate identity
number of the company |
U74899DL1992PTC047739 |
|
Name of the
company |
OMFA RUBBERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
69, Chawala Complex, A-215, Shakarpur, Vikas Marg, Delhi – 110 092,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book Debts ·
Others o
Stocks |
|
Particular of
charge holder |
Canara Bank C-3, Sector – 1, Noida – 201 301, Uttar Pradesh, India |
|
Nature of
instrument creating charge |
·
Supplemental
Common Hypothecation Agreement ·
Letter
evidencing deposit of title deeds along with Schedule ‘A’ and ‘B’. |
|
Date of
instrument Creating the charge |
06.08.2007 |
|
Amount secured by
the charge |
Rs.13.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest @ 1.25% below
PLR (presently 13.25%) with a minimum of 12.00% p.a. or at such other rates
as may be specified by the RBI / Bank from time to time. Terms of
repayment As per Agreement Margin As per Agreement Extent and
operation of the charge 100% Others Cash Credit of
Rs.10.000 millions with a Sub limit ODBD of Rs.5.000 millions), Term Loan of
Rs.0.500 million, FLC of Rs.2.500 millions and BG of Rs.0.500 million. |
|
Particulars of
the property charged |
Primary Security
: Hypothecation stock of raw material, finished goods, semi finished good and
and book debts of the company. Collateral
Security : - Equitable Mortgage of factory land and building situated at
B-21, Sector- 5, Noids All plant and
machinery furniture and fixtures of the company. |
|
Particulars of
the present modification |
The total credit
facilities stands enhanced from Rs.11.000 millions to Rs.13.500 millions (CC
limit stands enhanced from Rs.7.500 millions to Rs.10.000 millions with a
sub-limit of ODBD of Rs.5.000 millions), TL Rs.0.500 million, FLC Rs.2.500
millions and BG Rs.0.500 million. Other terms and conditions remain same. |
Web Details
Subject manufactures and markets a complete range of ISI approved Power Transmission
Belts (V, Cogged and Ribbed) for industrial, agricultural and automotive
usages. The company embarked on its journey of progress and excellence in the
year 1992. In 2002, the company became an ISO 9001:2000 certified company.
The company has a installed capacity of 8 million units per annum currently.
Hi-Tech is highly respected amongst the product range due to its cost
effectiveness, reliability, trouble-free operation and customized availability.
At the time of its advent, the company had a total installed capacity of 9,
00,000 units per annum from its unit in NOIDA. A figure that has swelled to
over 4 million units per annum within a decade equating to growth of over 400%.
This stupendous progress has been possible through consistent excellence in the
quality and reliability of the product. The evolution into becoming a leading
Power Transmission Belt producer is a tale of commitment, dedication and
sincerity.
Today, the client base is spread across the spectrum of reputed industries
and government organizations. In Govt. sector the clients are Indian Railways, Ministry of Defense, ONGC,
NTPC, NFL., SAIL, BCCL, IOC, Thermal Power plants, State Road Transport
Undertakings etc. In Private sector, we have customer like Tata group, Birla
group, Jindal group, Vedanta group, Thaper group, Monnet group, Motherson group
to name few.
Today Endura HI - TECH V-belts
are trusted for their high level of quality and dependability by numerous
satisfied customers across the country. The user segment of Endura HI-TECH V-belts include
industries such as Textiles, Cement, Iron and Steel, Sugar, Paper, Compressor,
Rice Mills, Mining, Marines, Agricultural etc.
Having established a significant role in the domestic market, they are poised
to take quantum leap in the export market too. Subject Is now globally
recognized for it's high quality products and services. they, at subject strive
to offer tailor-made solutions for the varying needs of the customers. The
highly efficient transmission belts have made a strong presence in
international markets particularly in countries like the USA, Europe and Middle
East. Besides these countries, they are also exporting to Argentina, Turkey,
Italy, Saudi Arabia, Canada, Thailand, Africa, etc.
They have three state-of-the-art
manufacturing units, which are located at the industrial hubs of NCR Delhi -
Noida and Greater Noida, while the third one is located at the upcoming
industrial estate of Rudrapur, a few hours drive from Delhi. Manufacturing
units are equipped with advanced production technology and they also have
in-house R and D besides quality control labs.
Construction
Fabric Cover
Neoprene jacket for high heat resistance
Wear resistance
Excellent oxygen and Ozone resistance
Antistatic properties
Tension Layer
Excellent adhesion to elastomer
Moderate to high stiffness
High flex resistance
Tension Member
The tension member is made of high tensile strength
And low elongation HMLS polyester cord known as high modulus low stretch
for better power transmission
Cushion Rubber
Strong adherence to the tension member
Excellent adhesion
Fatigue resistance
Compression Rubber
Enough resistant to crack
Good heat resistance
High load carrying capacity
For
better flexing
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.48.14 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|