MIRA INFORM REPORT

 

 

Report Date :

20.08.2011

 

IDENTIFICATION DETAILS

 

Name :

ORIENT RUBBER PRODUCTS PRIVATE LIMITED

 

 

Registered Office :

Flat No. 2C, Koyla Vihar, Vasundhara, Vedbhoomi, 2Nd Floor, VIP Road, P.O. Airport, Kolkata – 700052, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

28.01.1999

 

 

Com. Reg. No.:

21-088710

 

 

Capital Investment / Paid-up Capital :

Rs.1.088 Millions

 

 

CIN No.:

[Company Identification No.]

U25199WB1999PTC088710

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALO01114B

 

 

PAN No.:

[Permanent Account No.]

AAACO4283E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, trader and exporter of Pipe Fitting, Collar Couplings, Split Collars etc.

 

 

No. of Employees :

24 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (35)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 14000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Financial position of the company is improving. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for small business dealings of 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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pinaki Ghosh

Designation :

Sales Executive

Contact No.:

91-9836062515

Date :

16.08.2011

 

 

LOCATIONS

 

Registered Office :

Flat No. 2C, Koyla Vihar, Vasundhara, Vedbhoomi, 2Nd Floor, VIP Road, P.O. Airport, Kolkata – 700052, West Bengal

Tel. No.:

91-33-65201097

Mobile No.:

91-9836062515 (Mr. Pinaki Ghosh)

Fax No.:

91-33-25258030

E-Mail :

pinakigh@orientrubberproducts.com

Website :

www.orientrubberproducts.com

Area :

15000 Sq. Ft.

Location :

Owned

 

 

Sales Office :

148, Shivaji Nagar, Nagpur – 440010, Maharasahtra, India

 

 

 

 

Factory :

Bilkanda No.1 Gram Pachayet, Bodai, 2nd Lane, P.O. Juberia, P.S. Ghola, Kolkata – 700110, India

Tel. No.:

91-33-25371235 / 32979683

Fax No.:

91-33-25371235 / 32979683

E-Mail :

orient.works@gmail.com

 

 

DIRECTORS

As on 30.09.2010

 

Name :

Mr. Ashoke Chatterjee

Designation :

Director

Address :

CD-39 Salt Lake City, Sector – 1, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

11.04.1948

Date of Appointment :

28.01.1999

DIN No.:

00698135

 

 

Name :

Mr. Aloke kalikrishna Chatterjee

Designation :

Director

Address :

148 Shivaji Nagar, Nagpur – 440010, Maharasahtra, India.

Date of Birth/Age :

14.11.1949

Date of Appointment :

28.01.1999

DIN No.:

00853046

 

 

Name :

Mr. Rabindra Chatterjee

Designation :

Director

Address :

288 Sayanta Ra Whc Road, Laxmi Nagar, Nagpur – 440022, Maharasahtra, India

Date of Birth/Age :

07.12.1936

Date of Appointment :

28.01.1999

DIN No.:

00977798

 

 

Name :

Mrs. Soma Chatterjee

Designation :

Director

Address :

CD-39 Salt Lake City, Sector – 1, Kolkata – 700064, West Bengal, India

Date of Birth/Age :

27.11.1951

Date of Appointment :

25.09.2000

DIN No.:

00853310

 

 

KEY EXECUTIVES

 

Name :

Mr. Pinaki Ghosh

Designation :

Sales Executive

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

 

Names of Shareholders

No. of Shares

Percentage of Holding

Mr. Ashoke Chatterjee

45950

42.25%

Mr. Aloke kalikrishna Chatterjee

37010

34.03%

Mr. Rabindra Chatterjee

23305

21.43%

Mrs. Soma Chatterjee

2500

2.30%

 

 

 

Total

108765

100%

 

 

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2010

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture, trader and exporter of Pipe Fitting, Collar Couplings, Split Collars etc.

 

 

Products :
  • Pipe Fittings
  • Rubber Gasket
  • Manhole Cover
  • Hose Assembly
  • Water Meter

 

 

Exports :

 

Products :
  • Pipe Repair Fitting
  • Rubber

Countries :
  • Canada
  • South East
  • Dubai

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

 

GENERAL INFORMATION

 

Customers :
  • Retailer
  • Trader

 

 

No. of Employees :

24 (Approximately)

 

 

Bankers :
  • State bank of India, P.O. Airport Branch, Kolkata, West Bengal, India

 

  • Corporation Bank, Baguihati Branch, Parvathi Vihar, VIP Road, Baiguihati, Kolkata – 700059, West Bengal, India

 

 

Facilities :

Secured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Loan From Corporation Bank, Beguihati Branch

(Against Hypothecation of Stock, Book Debts)

3.085

3.402

Total

3.085

3.402

Unsecured Loan

As on

31.03.2010

(Rs. in

Millions)

As on

31.03.2009

(Rs. in

Millions)

Loan From Directors

Shri Aloke Chatterjee

0.000

0.015

Other Unsecured Loans

1.301

2.877

Total

1.301

2.892

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Nr. Koushik Roy

Chartered Accountant

Address :

Flat No.2D, Ved Bhumi, Koyla Vihar, V.I.P Road, Kolkata - 700052, West Bengal, India

Tel. No.:

91-33-25250063

Mobile No.:

91-9830025600 / 9432253303 / 9433921517

E-Mail :

mail@roy-n-sen.net / roynsen@vsnl.net

PAN.:

ADKPR8179A

 

 

CAPITAL STRUCTURE

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000

Equity Shares

Rs.10/- each

Rs.2.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

108765

Equity Shares

Rs.10/- each

Rs.1.088 Millions

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.088

1.118

1.118

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2.424

1.272

0.657

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

3.512

2.390

1.775

LOAN FUNDS

 

 

 

1] Secured Loans

3.065

3.402

3.187

2] Unsecured Loans

1.301

2.892

2.371

TOTAL BORROWING

4.366

6.294

5.560

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

7.878

8.684

7.335

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3.321

3.633

3.525

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2.984

1.806

0.998

 

Sundry Debtors
6.498

8.224

5.333

 

Cash & Bank Balances
0.421

0.137

0.291

 

Other Current Assets
0.819

0.797

0.842

 

Loans & Advances
1.795

3.194

1.844

Total Current Assets
12.517

14.158

9.308

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
6.063

7.199

3.551

 

Other Current Liabilities
0.605

0.800

0.711

 

Provisions
1.330

1.159

1.299

Total Current Liabilities
7.998

9.158

5.561

Net Current Assets
4.519

5.000

3.747

 

 

 

 

MISCELLANEOUS EXPENSES

0.038

0.051

0.063

 

 

 

 

TOTAL

7.878

8.684

7.335

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

32.482

26.847

 

 

Other Income

NA

NA

 

 

 

TOTAL                                    

NA

NA

 

 

 

 

 

 

 

PROFIT BEFORE TAX                           

1.631

0.956

 

 

 

 

 

NA

 

TAX                                                                 

0.527

0.342

 

 

 

 

 

 

 

PROFIT AFTER TAX                            

1.272

0.658

 

 

 

 

 

 

 

Earnings Per Share (Rs.)

11.69

--

 

 

           

Particulars

 

 

 

31.03.2011

Sales Turnover (Approximately)

 

 

50.000

 

Expected Sales (2011-2012) : Rs.60.000 Millions

 

The above information has been parted by Mr. Pinaki Ghosh.

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Net Profit Margin

(PBT/Sales)

(%)
5.02

3.56

--

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
10.30

5.37

--

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.46

0.40

--

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.52

6.47

6.27

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.57

1.55

1.67

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES  :

 

  • Electro Steel
  • D. C. Industries Private Limited

 

PERFORMANCE :

 

During the year under review, the company earned Cash Profit of Rs.2.079 Millions which is much higher than previous year’s profit of Rs.1.137 Millions.

 

Keeping in mind the proposed expansion plan, the Board of Directors recommended ploughing back the entire profit after necessary provisions for income tax, to strengthen the financial provision and to skip the dividend for this year also.

 

FIXED ASSETS :

 

  • Land
  • Factory Shed and Building
  • Plant and Machinery
  • Electrical Equipment
  • Office Equipments
  • Motor Car
  • Furniture and Fixtures
  • Testing Equipment
  • Tools and Equipment
  • Cooler
  • Cycle
  • Fax Machine
  • Computer
  • Computer Software

    •
  • 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.45.61

UK Pound

1

Rs.75.32

Euro

1

Rs.65.68

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

35

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.