MIRA
INFORM REPORT
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Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
OBLUM ELECTRICAL INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
A – 16 and 17, Assisted Private Industrial Estate, Balanagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.08.1970 |
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Com. Reg. No.: |
01-001358 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
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CIN No.: [Company Identification
No.] |
U31909AP1970PTC001358 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDO00001B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter
of Lightning Arresters from LT to 400KV rating, Components for Manufacturing
/ Assembling Lighting Arresters (Metal Oxide Varisters, Porcelain Bushings)
and Fixing Accessories for Lightning Arresters (Surge Monitors). |
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No. of Employees
: |
Not Available |
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 304000 |
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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 reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions / with some cautions. |
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) |
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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 |
LOCATIONS
|
Registered Office : |
A – 16 and 17, Assisted Private Industrial Estate, Balanagar, |
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Tel. No.: |
91-40-23772708 / 23774184 / 23775650 / 23771880 |
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Fax No.: |
91-40-23771106 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Balagangadhar Obulampalli |
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Designation : |
Managing Director |
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Address : |
H. No.8-2-311/C/2/A, Road No.14, Banjara Hills, |
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Date of Birth/Age : |
19.06.1939 |
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DIN : |
02066687 |
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Date of Appointment : |
07.08.1970 |
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Name : |
Mrs. Jaya Lakshmi Obulampalli |
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Designation : |
Director |
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Address : |
H. No.8-2-311/C/2/A, Road No.14, Banjara Hills, |
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DIN : |
02066702 |
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Date of Appointment : |
07.08.1970 |
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Name : |
Mr. Srinivas Obulampalli |
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Designation : |
Director |
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Address : |
H. No.8-2-311/C/2/A, Road No.14, Banjara Hills, |
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Date of Birth/Age : |
13.03.1965 |
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DIN : |
02066712 |
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Date of Appointment : |
01.04.1992 |
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Name : |
Mr. Obulampalli Vinay Kumar |
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Designation : |
Director |
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Address : |
H. No.8-2-311/C/2/A, Road No.14, Banjara Hills, |
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Date of Birth/Age : |
29.09.1973 |
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DIN : |
02527371 |
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Date of Appointment : |
01.10.2000 |
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Date of Appointment : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Balagangadhar Obulampalli |
|
59800 |
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Jaya Lakshmi Obulampalli |
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30000 |
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Srinivas Obulampalli |
|
5000 |
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Obulampalli Vinay Kumar |
|
5000 |
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O. Padmavathi |
|
180 |
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C. Ramalaxmi |
|
20 |
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Total |
|
100000 |
As on
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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 and
Exporter of Lightning Arresters from LT to 400KV rating, Components for
Manufacturing / Assembling Lighting Arresters (Metal Oxide Varisters, Porcelain
Bushings) and Fixing Accessories for Lightning Arresters (Surge Monitors). |
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Products : |
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PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Metal Oxide Surge Arresters |
Nos. p.a. |
-- |
250000 |
175922 |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K.R.Srinivasan and Company Chartered Accountant |
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Address : |
306, |
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Tel. No.: |
91-40-66660504 / 23115258 |
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Mobile No.: |
91-9849584200 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
100,000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100,000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
66.024 |
55.657 |
52.019 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
76.024 |
65.657 |
62.019 |
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LOAN FUNDS |
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1] Secured Loans |
41.555 |
23.422 |
24.022 |
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2] Unsecured Loans |
26.472 |
38.859 |
27.867 |
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TOTAL BORROWING |
68.027 |
62.281 |
51.889 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
144.051 |
127.938 |
113.908 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.686 |
21.003 |
22.860 |
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Capital work-in-progress |
0.148 |
0.604 |
0.779 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.238 |
0.875 |
0.900 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
8.975
|
12.381 |
11.823 |
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Sundry Debtors |
157.666
|
101.578 |
84.455 |
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Cash & Bank Balances |
5.354
|
4.351 |
4.963 |
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Other Current Assets |
0.175
|
0.510 |
0.327 |
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Loans & Advances |
13.733
|
23.410 |
16.022 |
|
Total
Current Assets |
185.903
|
142.230 |
117.590 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
30.235
|
14.074 |
23.077 |
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Other Current Liabilities |
1.045
|
2.346 |
1.193 |
|
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Provisions |
30.644
|
20.354 |
3.951 |
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Total
Current Liabilities |
61.924
|
36.774 |
28.221 |
|
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Net Current Assets |
123.979
|
105.456 |
89.369 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
144.051 |
127.938 |
113.908 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
377.171 |
256.194 |
230.731 |
|
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Other Income |
9.886 |
9.030 |
7.124 |
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TOTAL (A) |
387.057 |
265.224 |
237.855 |
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Less |
EXPENSES |
|
|
|
|
|
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Raw Material Consumed |
228.960 |
154.465 |
147.521 |
|
|
|
Manufacturing Expenses |
50.765 |
31.010 |
32.513 |
|
|
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Expenses on Employees |
16.268 |
13.877 |
13.035 |
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Other Expenses |
29.223 |
18.676 |
21.335 |
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Selling Expenses |
6.565 |
2.834 |
0.941 |
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[Increase] / Decrease in stocks |
3.733 |
2.678 |
[1.559] |
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TOTAL (B) |
335.514 |
223.540 |
213.786 |
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Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
51.543 |
41.684 |
24.069 |
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Less |
FINANCIAL
EXPENSES (D) |
9.405 |
9.191 |
8.383 |
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PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.138 |
32.493 |
15.686 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.988 |
5.198 |
5.608 |
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PROFIT / LOSS
BEFORE TAX (E-F) (G) |
37.150 |
27.295 |
10.078 |
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Less |
TAX (I) |
15.122 |
11.958 |
4.126 |
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PROFIT / LOSS
AFTER TAX (G-I) (J) |
22.028 |
15.337 |
5.952 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.657 |
27.519 |
21.567 |
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|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.000 |
2.500 |
- |
|
|
|
Dividend |
10.000 |
10.000 |
- |
|
|
|
Tax on Distributed profit |
1.661 |
1.699 |
- |
|
|
BALANCE CARRIED
TO THE B/S |
35.024 |
28.657 |
27.519 |
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EARNINGS IN FOREIGN
CURRENCY |
|
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|
FOB Value of Export |
7.050 |
36.664 |
20.282 |
|
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TOTAL EARNINGS |
7.050 |
36.664 |
20.282 |
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IMPORTS |
|
|
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|
|
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|
Raw Materials and Stores |
86.045 |
65.933 |
42.230 |
|
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TOTAL IMPORTS |
86.045 |
65.933 |
42.230 |
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|
Earnings Per
Share (Rs.) |
220.29 |
153.37 |
59.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.69
|
5.78 |
2.50 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.85
|
10.65 |
4.37 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.16
|
16.72 |
7.17 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.41 |
0.16 |
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.71
|
1.51 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.00
|
3.87 |
4.17 |
LOCAL AGENCY FURTHER INFORMATION
Contingent Liabilities :
Rs. In millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
(A) On Account Of
Guarantees Given By Bunks |
39.342 |
30.629 |
|
(B) On Account Of Bills
Discounted With Banks |
9.338 |
3.662 |
|
(C) Income Tax Disputed
By The Company Pending In Appeal |
0.251 |
0.251 |
|
(D)Claims Against The
Company Not Acknowledged As Debts |
0.045 |
0.045 |
|
(E) Corporate Guarantees
Given By The Company |
2.022 |
1.906 |
|
(F) Sales Tax Disputed By
The Company Pending In Appeal |
0.177 |
0.277 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U31909AP1970PTC001358 |
|
Name of the
company |
OBLUM ELECTRICAL
INDUSTRIES PVT LTD |
|
Address of the registered
office or of the principal place of
business in |
A-16217, Assisted
Pr. Indl.Estate, Balanagar, Hyderabad-500037, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
90135568 |
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Type of charge |
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
|
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Date of
instrument Creating the charge |
23.08.2010 |
|
Amount secured by
the charge |
Rs.135.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
– CC(Hypothecation)
Base Rate + 5.00% (floating) Presently at 12.75% STCL Base Rate +
5.50% (floating) presntly at 13.25% Terms of
Repayment – Working Capital :
Repayable On Demand STCL: As per
earlier sanction letter Margin - Working
Capital: RM-Imported 25%, RM-Domestic 30%, SIP 30%, FG 40% and Receivables
50% (cover period 90 days), EPC 25%, LC 15% and BG 10% Extent and
Operation of the charge – First charge on
all current assets of the company both present and future. First charge on
all Fixed Assets of the company both present and future. EM of - (i) Factory land
and building situated at A16-17, Associated Private Industrial Estate,
Balanagar, (ii) Factory L and
B of M/s.Oblum Insulators, situated at Plot No.49, IDA, Balanagar, (iii) Residential
Bldg. bearing Municipal No.6-3-562 and 6-3-562/A/1, Erramanzil Colony,
Somajiguda, Others - Total
Limits of Rs. 135.000 millions (CC Rs. 30.000 millions, DP (Cheques) Rs.
5.000 millions, IUBD (LC Bills) Rs.20.000 millions, STCL Rs. 15.000 millions,
LC Rs.5.000 millions and BG 60.000 millions). Personal
Guarantee of Directors: O. Balagangaghar,
O. Jayalakshmi, O. Srinivas and O. Vinay Kumar Guarantee given
by Oblum Insulators - partnership firm which is an associate of the company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First charge on
all current assets of the company, both present and future. EM of factory
land and building situated at A16-17, Associated Private Industrial Estate,
Balanagar, |
|
Particulars of
the present modification |
Total Limits
Enhanced from Rs.93.500 millions to Rs.135.000 millions as under – [Rs. In million] Facility Existing Proposed 1. Cash Credit
(Hyp) 20.000 30.000 2. DP (Chqs) 2.500 5.000 3. IUBD (LC
Bills) 11.000 20.000 4. STCL 15.000 15.000 5. Letter of
Credit 5.000 5.000 6. Bank
Guarantee 40.000 60.000 |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Testing Equipments
·
Furniture and Fittings
·
Computer
·
Water Works
·
Office Appliances
·
Electrical Equipments
·
Power Generation Equipments
·
Research and Development Equipments
·
Vehicles
·
Weighing Machine
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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 |
6 |
|
--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 |
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.