MIRA
INFORM REPORT
|
Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ORSON CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Flat No. A/5, Ganna Bhawan, A-Wing, Akruli Cross Road, No.01, Kandivali
(East), Mumbai – 400 101, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.02.1998 |
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Com. Reg. No.: |
11-113591 |
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CIN No.: [Company
Identification No.] |
U24110MH1998PTC113591 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO03214B / MUMO01859E |
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PAN No.: [Permanent
Account No.] |
AAAC02742C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Unsaturated Poly Rasin |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 400000 |
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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 having satisfactory
track records. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shiv Narayan |
|
Designation : |
Accountant |
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Date : |
14.08.2008 |
LOCATIONS
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Registered Office : |
Flat No. A/5, Ganna Bhawan, A-Wing, Akruli Cross Road, No.01, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
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Tel. No.: |
91-22-32442234 |
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Mobile No.: |
91-9324522165 |
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Fax No.: |
91-22-28462529 |
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E-Mail : |
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Area : |
450 Sq. ft. |
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Location : |
Rented |
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Corporate Office : |
Shop # 12a, Gr Floor, Premson Shopping Centre, Tahira Comp, Caves Road,
Jogeshwari (East), Mumbai – 400 060, Maharashtra, India |
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Tel. No.: |
91-22-28263620 |
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Fax No.: |
91-22-28263620 |
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Factory : |
Gat No. 398, Dinkar Pada, P O Kudus, Taluka Wada, Thane – 421 312,
Maharashtra, India |
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Tel. No.: |
91-2522-343638 |
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Factory 2 : |
Unit No.27, F Wing, Solaries 1, Saki Vihar Road, Andheri (East),
Mumbai 72 |
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Tel No.: |
91-22-32442234/ 28462524 |
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Mob. No.: |
91-9987068717/ 9987068727 |
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Fax No.: |
91-22-28462529 |
DIRECTORS
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Name : |
Mr. Narayan Prasad Goenka |
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Designation : |
Director |
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Address : |
5/B – 501, Alica Nagar, Kandivali (East), Mumbai – 400 101,
Maharashtra, India |
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Date of Birth/Age : |
20.08.1963 |
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Date of Appointment : |
17.02.1998 |
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Name : |
Mrs. Meenadevi Narayan Goenka |
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Designation : |
Director |
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Address : |
5/B – 501, Alica Nagar, Kandivali (East), Mumbai – 400 101,
Maharashtra, India |
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Date of Birth/Age : |
03.06.1964 |
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Date of Appointment : |
01.06.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Narayan Prasad Goenka |
145910 |
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Meenadevi Goenka |
69010 |
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Vijay Kumar Goyal |
5000 |
|
Amarnath Narayan Prasad |
20000 |
|
Nikhil Goenka |
23000 |
|
M/s. Agarwal Exports |
10000 |
|
Abhilasha Money Operation |
33000 |
|
Biowin Pharma India Private Limited |
20000 |
|
Earnest Capital Management Private Limited |
5000 |
|
Elpee Corporate Services Private Limited |
46500 |
|
Gabrie Credit Limited |
5000 |
|
Indo Castle Multi Media |
10000 |
|
Indo City Infotech Limited |
38000 |
|
Kotawala India Limited |
78000 |
|
Maderia Finance and Trading Limited |
12500 |
|
Mansi Securities and Commercials Limited |
12500 |
|
Media Savvy India Limited |
10000 |
|
Platinum Project and Engg. Private Limited |
12500 |
|
Peanence Commercial |
14000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Unsaturated Poly Rasin |
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Imports : |
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Countries : |
·
China ·
Indonesia |
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Terms : |
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Selling : |
PDC |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
Trader |
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No. of Employees : |
About 25 |
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Bankers : |
·
Bank of Baroda Nariman Point Branch, Nirmal Building,
Nariman Point, P O Box No. 9963, Mumbai – 400 021, Maharashtra, India ·
Barclays
Bank PLC Ceejay House, Shivsagar Estate, Dr. A. Beasant Road, Worli, Mumbai –
400 018, Maharashtra, India |
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Facilities : |
LC, OD – Rs.90.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
·
S K Patodia and Associates Chartered Accountants Address : A-8, Narayan
Plaza, 26-A, Chandivali Road, Andheri (East), Mumbai – 400072, Maharashtra,
India ·
E E Sitabkhan and Company Chartered Accountants Address : 17, Mubarak
Manjil, Saifee Park, Church Road, Marol, Andheri (East), Mumbai – 400 059,
Maharashtra, India |
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Sister Consist : |
ORSON CHEMICALS |
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Address : |
Unit No.27, F Wing, Solaries 1, Saki Vihar Road, Andheri (East),
Mumbai 72 |
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Tel No.: |
91-9322137489 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1117500 |
Equity Shares |
Rs.10/- each |
Rs.11.175
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 |
11.175 |
11.175 |
8.665 |
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2] Share Application Money |
8.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
60.525 |
58.080 |
32.860 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
80.200 |
69.255 |
41.525 |
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LOAN FUNDS |
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1] Secured Loans |
22.332 |
13.557 |
0.000 |
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2] Unsecured Loans |
0.359 |
0.504 |
4.583 |
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TOTAL BORROWING |
22.691 |
14.061 |
4.583 |
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DEFERRED TAX LIABILITIES |
4.156 |
3.763 |
2.900 |
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TOTAL |
107.047 |
87.079 |
49.008 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.893 |
32.079 |
22.052 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.053 |
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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 |
12.742
|
13.088 |
17.072 |
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Sundry Debtors |
92.040
|
52.273 |
30.207 |
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Cash & Bank Balances |
0.197
|
0.534 |
0.726 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.397
|
7.360 |
7.924 |
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Total
Current Assets |
113.376
|
73.255 |
55.929 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
37.217
|
17.911 |
28.817 |
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Provisions |
1.027
|
0.395 |
0.289 |
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Total
Current Liabilities |
38.244
|
18.306 |
29.106 |
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Net Current Assets |
75.132
|
54.949 |
26.823 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.051 |
0.080 |
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TOTAL |
107.047 |
87.079 |
49.008 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
209.347 |
178.422 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
209.347 |
178.422 |
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Profit/(Loss) Before Tax |
|
3.899 |
3.897 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.899 |
3.897 |
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Expenditures : |
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Interest |
|
1.931 |
1.668 |
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Depreciation & Amortization |
|
1.859 |
1.571 |
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Other Expenditure |
|
201.658 |
171.286 |
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Total Expenditure |
|
205.448 |
174.525 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.86
|
2.18 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.86
|
2.18 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.68
|
3.70 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.06 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.47 |
0.81 |
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Current Ratio (Current Asset/Current Liability) |
|
2.96
|
4.00 |
1.92 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from Unit No. 272,
2nd Floor, F-Wing, Building No. Solaris 1, Saki Vihar Road, Opp L and
T Gate No. 6, Andheri (East), Mumbai – 400 072, Maharashtra, India to the
present address with the effect from 01.02.2008.
Form No. 8
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Corporate
identity number of the company |
U24110MH1998PTC113591 |
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Name of the
company |
ORSON CHEMICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat No. A/5, Ganna Bhawan, A-Wing, Akruli Cross Road, No.01,
Kandivali (East), Mumbai – 400 101, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
Barclays Bank PLC Ceejay House,
Shivsagar Estate, Dr. A. Beasant Road, Worli, Mumbai – 400 018, Maharashtra, India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
06.03.2008 |
|
Amount secured by
the charge |
Rs.80.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
Interest As may be decided between the Borrower and the Bank from time to time. ·
Terms of
repayment As may be specified by the Bank from time to time. ·
Margin As may be specified by the Bank from time to time. ·
Extent and
operation of the charge First and Exclusive Charge by way of hypothecation in favour of
Barclays Bank PLC on all Current Assets of the Borrower, both present and
future to secure the following facilities granted by the Bank to the
Borrower. Overdraft / WCDL : INR 30 Million Letter of Credit (LC) – Inland/Import : INR 50 Million Counter Bank Guarantee : INR 15 Million (inner limit of LC) Total INR : 80 Million |
|
Particulars of
the property charged |
All Current
Assets Viz. stocks of raw materials, semi finished and finished goods,
outstandings, receivables, investments, deposits, book debts, monies
receivables, claims, bills and consumables stores and other movables. |
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.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
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 |
NO |
|
--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 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 |
|