MIRA
INFORM REPORT
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Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ORBIT COATINGS PRIVATE LIMITED |
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Formerly Known
As : |
ORBIT WINDOOR PRIVATE LIMIED |
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Registered
Office : |
Charholi Khurdpagade Vasti, Alandi, Pune - 412 105, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.05.1987 |
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Com. Reg. No.: |
25-043530 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.500
Millions |
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CIN No.: [Company Identification
No.] |
U72200MH1987PTC043530 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEO01072B |
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PAN No.: [Permanent Account No.] |
AAACO2043C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Powder Coating and Powder. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually correct
and commitments. The company can considered for normal business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Mr. Pillai |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office/ Factory : |
Charholi Khurdpagade Vasti, Alandi, Pune – 412 105, |
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Tel. No.: |
91-20-56011777 / 21262-232361 |
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Fax No.: |
91-20-25536255 |
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E-Mail : |
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Website : |
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Corporate Office : |
1, |
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Tel. No.: |
91-20-25536626 |
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Fax No.: |
91-20-25536255 |
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E-Mail : |
DIRECTORS
As on 28.09.2010
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Name : |
Mr. Sandeep Kantilal Sanghavi |
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Designation : |
Managing Director |
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Address : |
109/B, Shivaji Nagar, Pune-411005, |
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Date of Birth/Age : |
16.01.1964 |
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Qualification : |
B.Com. |
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Date of Appointment : |
21.05.1987 |
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Name : |
Mr. Kantilal Surajmal Sanghavi |
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Designation : |
Director |
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Address : |
16A, Mamasaheb Thopte Marg, Pune-411005, |
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Date of Birth/Age : |
20.10.1940 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
21.03.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Pillai |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Sandeep Kantilal Sanghavi |
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13000 |
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Mohini Kantilal Sanghavi |
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1000 |
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Kantilal Surajmal Sanghavi |
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1000 |
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Total
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15000 |
As on 28.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Powder Coating and Powder. |
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GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
·
Bank of ·
ICICI Bank Limited ·
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.G. Gadgil and Company Chartered Accountants |
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Address : |
A/6, Madhuban Apartment, |
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Tel. No.: |
91-20-25431943 |
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Mobile No.: |
91-9422002743 |
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Fax No.: |
91-20-25531547 |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.936 |
10.883 |
10.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.436 |
12.383 |
11.760 |
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LOAN FUNDS |
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1] Secured Loans |
9.336 |
13.249 |
20.135 |
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2] Unsecured Loans |
13.582 |
12.662 |
12.236 |
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TOTAL BORROWING |
22.918 |
25.911 |
32.371 |
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DEFERRED TAX LIABILITIES |
2.561 |
2.561 |
2.621 |
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TOTAL |
37.915 |
40.855 |
46.752 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.873 |
23.829 |
25.311 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.014 |
0.014 |
0.015 |
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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 |
6.528
|
5.910 |
7.250
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Sundry Debtors |
12.716
|
9.453 |
9.433
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Cash & Bank Balances |
0.526
|
0.451 |
6.496
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Other Current Assets |
0.000
|
4.870 |
0.000
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Loans & Advances |
8.571
|
9.034 |
10.391
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Total
Current Assets |
28.341
|
29.718 |
33.570 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.956
|
5.259 |
4.975 |
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Other Current Liabilities |
7.357
|
5.754 |
5.988
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Provisions |
3.000
|
1.693 |
1.181
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Total
Current Liabilities |
14.313
|
12.706 |
12.144
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Net Current Assets |
14.028
|
17.012 |
21.426
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.915 |
40.855 |
46.752 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
50.975 |
43.604 |
52.159 |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.177 |
4.870 |
5.334 |
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Less |
FINANCIAL
EXPENSES |
1.326 |
2.242 |
2.541 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.851 |
2.628 |
2.793 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.008 |
2.004 |
2.098 |
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PROFIT BEFORE
TAX |
0.843 |
0.624 |
0.695 |
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Less |
TAX |
0.415 |
0.375 |
0.250 |
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PROFIT AFTER TAX
|
0.428 |
0.249 |
0.445 |
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IMPORTS |
0.553 |
0.453 |
6.896 |
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Earnings Per
Share (Rs.) |
28.53 |
16.60 |
NA |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.61
|
1.17 |
1.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07
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0.05 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.99
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3.12 |
3.78 |
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Current Ratio (Current Asset/Current Liability) |
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1.98
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2.34 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year the
Coating labour charges income increased from Rs 7.100 millions in the previous year
to Rs.9.400 millions in the current year which accounts for 32% increase. The overall sale of Powder recorded
an increase from Rs.35.900 millions in the previous year to Rs.41.300 millions
in the current year which shows an increase of 15 % over previous year.
CURRENT OPERATIONS:-
During the current
year the sales for the period April- Aug 2010 were at Rs.28.700 millions which
are in line with the estimates of the Company for the year 2010-11.
EXPANSION PROJECT:
The Company hay made plans for expanding its business this
year and as such submitted a project report to its bankers of Rs 8.000 millions
, requesting for a term loan of Rs.6.000 millions . After expansion, the
present installed capacity can be effectively used which in turn will increase
the production and sales and ultimately the profitability of the Company. Their
Bankers, Bank of Baroda have accepted our proposal and sanctioned a Term Loan
of Rs.5.400 millions.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80005069 |
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Corporate
identity number of the company |
U72200MH1987PTC043530 |
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Name of the
company |
ORBIT COATINGS
PVT LTD |
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Address of the registered
office or of the principal place of
business in |
Charholi Khurdpagade Vasti, Alandi, Pune – 412 105, |
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Type of charge |
Book Debts Movable Property
(not being pledge) Immovable
Property |
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Particular of
charge holder |
Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
Memorandum of Entry 2. Supplemental
Composite Agreement of Hypothecation of Goods, Book - Debts, Moveable
Machinery and Vehicles Above both the
documents constitute single charge. |
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Date of
instrument Creating the charge |
14.09.2010 |
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Amount secured by
the charge |
Rs.29.400
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
@11.50% p.a. i.e. 3.50% + Base Rate Terms of
Repayment As specified by
the Bank Margin Margin @25% on
the stocks, book debts, moveable machinery and also provide cash margin @15%
in respect of Letter of Credit and Bank Guarantee. Extent and
Operation of the charge First charge on all
that piece and parcel of non agriculture land bearing Gat No.14 out of S.
No.43/1,B/2+2and S.no.44/2 situated at village Charholi Khurd, Tal. Khed,
Dist. Pune |
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Short particulars
of the property charged |
I)
All
that piece and parcel of non
agriculture land bearing Gat No.14, out of S.no.43/1,B/2+2 and S.no.44/2
situated at village Charholi Khurd, Tal. Khed, Dist. Pune together with
factory building. II)
Immovable
property III)
All
machineries as per the list of machineries. |
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Particulars of the
present modification |
By this present
modification the existing limit has been enhanced by Rs.8.400 Millions as per the details as below
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FIXED ASSETS
·
Land
·
Roads and Site
·
Development
·
Building
·
Machinery
·
Furniture
·
Vehicle
·
Equipments
·
Typewriter
·
Cycle
·
Computer
WEBSITE DETAILS:
PROFILE:
Subject Established in 1987, subject is a leader in powder
coating technology and has set for itself a mission to be the most reliable
source for everything related to powder coating. From hardwares i.e. powder
itself to the complimentary 'software which includes all the technical support
services.
To Amke this Happen ORBIT has:
Installed
a state-of-the-art modern plant on 1,80,000 sq.ft. of land, with 5,000 sq.ft.
built-up area and an annual capacity of over 700 tonnes at Alandi, Pune.
Subject
is an ISO 9001: 2000 certified company
In-house
R and D facilities with comprehensive and sophisticated testing laboratory.
Qualified,
highly trained and experienced staff.
ORBIT and Head-Resistant Coatings
Orbit started working with H.B Fuller ,
In 2009, Orbit diversified in heat-resistant liquid paints to offer customers a
wide range of products for different applications.
Manufacturing Facilities
Orbit
has two state-of-the-art manufacturing lines custom-designed to suit high heat
applications.
The
manufacturing process is controlled by firstly following ISO 9001 : 2000
standards wherein the production takes place only after complete testing of the
first sample. Strict monitoring at every stage ensures the quality of
production.
The
particle size is also checked with modern testing equipment. Orbit has imported
ultra modern testing equipment to maintain the consistent distribution of
particles.
Their
main assets are highly skilled and dedicated experts who are well qualified and
rich in experience. The manufacturing staff is well supported by other
qualified and dedicated experts who keep production running smoothly by
providing 100% imported raw materials.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
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 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
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--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 |
|
47 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.