MIRA
INFORM REPORT
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Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
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Name : |
OHMARK CONTROLS PRIVATE LIMITED |
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Registered
Office : |
Survey No.138/ 1, Block 1, Kadabagere Cross, Magadi Main Road, Machohalli
Village, Dasanapura Hobli, Bangalore – 560 091, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.07.1983 |
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Com. Reg. No.: |
08-005430 |
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Capital
Investment / Paid-up Capital : |
Rs.0.869
Million |
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CIN No.: [Company Identification
No.] |
U45309KA1983PTC005430 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRO00067E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Designer of motor controls and a complete
range of resistors with associated switching panels. |
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No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 34000 |
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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. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 PARTED BY
|
Name : |
Mr. S. Dakshinamoorthy |
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Designation : |
Director |
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Contact No.: |
91-9845413491 |
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Date : |
08.12.2011 |
LOCATIONS
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Registered Office/ Factory : |
Survey No.138/ 1, Block 1, Kadabagere Cross, Magadi Main Road, Machohalli
Village, Dasanapura Hobli, Bangalore – 560 091, Karnataka |
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Tel. No.: |
91-80-28536494/ 64506780/
64506781/ 23480398 |
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|
91-9845413491 (Mr. S.
Dakshinamoorthy) |
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Fax No.: |
91-80-28536454/ 23488619 |
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E-Mail : |
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Area : |
10000 sq ft |
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Location : |
Owned |
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Corporate Office : |
3954/ 3769, Bhadrappa Industrial Estate, Kamakshipalya, 2nd
Stage, |
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Tel No.: |
91-80-23480398 |
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Fax No.: |
91-80-23488619 |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. |
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Designation : |
Director |
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Address : |
No.1 D, |
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Date of Birth/Age : |
08.05.1966 |
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Qualification : |
ITI |
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Date of Appointment : |
27.06.2003 |
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DIN No.: |
00168408 |
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Name : |
Mr. Dakshinamoorthy Subramani |
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Designation : |
Director |
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Address : |
L – 14, Kirloskar Colony, 3rd Main, 3rd Stage,
Kamalanagar, |
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Date of Birth/Age : |
10.06.1974 |
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Qualification : |
AME/ Diploma |
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Date of Appointment : |
27.06.2003 |
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DIN No.: |
00168464 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
81, Chaitanaya Ram, Sathyanarayana Layout, Basaveshwarnagar, |
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Date of Birth/Age : |
18.10.1970 |
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Qualification : |
ITI |
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Date of Appointment : |
27.06.2003 |
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DIN No.: |
00481708 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
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No. of Shares |
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Estate of V.N. Murthy |
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11875 |
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S. Dakshinamoorthy |
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31562 |
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B.R. Bhaskar |
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31563 |
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B.M. Gopalakrishna |
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11875 |
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Total
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|
86875 |
As on 29.09.2011
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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 |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Designer of motor controls and a complete
range of resistors with associated switching panels. |
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Products : |
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Exports : |
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Products : |
v Resistor v DBR Panel v Rotor Panel |
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Countries : |
v
v
v
v
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Imports : |
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Products : |
Machinery |
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Countries : |
v
v
v
v
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Terms : |
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Selling : |
Credit (30 days) and Cheque |
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Purchasing : |
Credit (30 days) and Cheque |
GENERAL INFORMATION
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Customers : |
OEM’s and Builders v A.B.B. Limited v Siemens Limited v BHEL |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
v
Canara Bank, Rajaji Nagar, III Block, v
State Bank of |
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Facilities : |
Cash Credit – Rs.2.500 millions (Canara Bank)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MSSV and Company Chartered Accountants |
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Address : |
2nd Floor, No.63/ 2, |
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Income-tax
PAN of auditor or auditor's firm : |
AABFM1529R |
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
86875 |
Equity Shares |
Rs.10/- each |
Rs.0.869
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.869 |
0.869 |
0.869 |
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2] Share Application Money |
0.043 |
0.043 |
0.043 |
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3] Reserves & Surplus |
7.553 |
5.263 |
4.226 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.465 |
6.175 |
5.138 |
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LOAN FUNDS |
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1] Secured Loans |
4.320 |
5.434 |
0.152 |
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2] Unsecured Loans |
0.750 |
0.000 |
0.000 |
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TOTAL BORROWING |
5.070 |
5.434 |
0.152 |
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DEFERRED TAX LIABILITIES |
0.202 |
0.190 |
0.000 |
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TOTAL |
13.737 |
11.799 |
5.290 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.275 |
16.764 |
12.427 |
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Capital work-in-progress |
4.344 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.177 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.578
|
1.349
|
0.551 |
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Sundry Debtors |
17.997
|
24.092
|
14.295 |
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Cash & Bank Balances |
5.631
|
0.825
|
0.558 |
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Other Current Assets |
0.099
|
0.000
|
0.000 |
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Loans & Advances |
3.874
|
3.246
|
4.330 |
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Total
Current Assets |
30.179
|
29.512
|
19.734 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
33.783
|
26.422 |
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Other Current Liabilities |
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Provisions |
1.004
|
0.697
|
0.629 |
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Total
Current Liabilities |
39.064
|
34.480
|
27.051 |
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Net Current Assets |
(8.885)
|
(4.968)
|
(7.317) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.737 |
11.799 |
5.290 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
76.247 |
69.175 |
54.584 |
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TOTAL EXPENSES |
73.842 |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4.731 |
3.324 |
2.590 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.426 |
1.223 |
0.498 |
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PROFIT BEFORE
TAX |
3.305 |
2.101 |
2.092 |
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Less |
TAX |
1.015 |
1.064 |
0.328 |
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PROFIT AFTER TAX
|
2.290 |
1.037 |
1.764 |
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EXPORT VALUE |
5.170 |
1.438 |
1.218 |
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Earnings Per
Share (Rs.) |
26.36 |
11.94 |
20.30 |
Expected Sales (2011-2012): Rs.100.000 millions
The above information has been parted by Mr. S. Dakshinamoorthy
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.82
|
4.54
|
6.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.34
|
0.41 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.21
|
6.46
|
5.29 |
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Current Ratio (Current Asset/Current Liability) |
|
0.77
|
0.86
|
0.73 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of
Establishment |
Yes |
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2) Locality of
the firm |
Yes |
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3) Constitutions
of the firm |
Yes |
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4) Premises
details |
Yes |
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5) Type of
Business |
Yes |
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6) Line of
Business |
Yes |
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7) Promoter’s
background |
-- |
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8) No. of
employees |
Yes |
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9) Name of person
contacted |
Yes |
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10) Designation
of contact person |
Yes |
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11) Turnover of
firm for last three years |
Yes |
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12) Profitability
for last three years |
Yes |
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13) Reasons for
variation <> 20% |
-- |
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14) Estimation
for coming financial year |
Yes |
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15) Capital in
the business |
Yes |
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16) Details of
sister concerns |
-- |
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17) Major
suppliers |
No |
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18) Major
customers |
Yes |
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19) Payments
terms |
Yes |
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20) Export /
Import details (if applicable) |
Yes |
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21) Market
information |
-- |
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22) Litigations
that the firm / promoter involved in |
-- |
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23) Banking
Details |
Yes |
|
24) Banking facility
details |
Yes |
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25) Conduct of
the banking account |
-- |
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26) Buyer visit
details |
-- |
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27) Financials,
if provided |
No |
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28) Incorporation
details, if applicable |
-- |
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29) Last accounts
filed at ROC |
-- |
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30) Major Shareholders,
if available |
-- |
Note: The
registered office of the company has been shifted from 3954/3769, Bhadrappa
Industrial Estate, Kamakshi Palya II Stage, Saneguruvanahalli,
PERFORMANCE:
The company had a
turnover of Rs.76.247 millions for the year as compared to the turnover of
Rs.69.175 millions in the previous year. During the year ending 31st
March, 2011 the company has executed orders on behalf of Asia Brown Bovary
Limited, Kirloskar Electric Company Limited and BHEL Limited, The Prospects for
the current year are bright.
That the financial
results for the company is that there is a profit of Rs.3.305 millions (PY Rs.2.101
millions) after providing for depreciation of Rs.1.426 millions (PY Rs.1.223
millions).
FORM 8:
|
Corporate
identity number of the company |
U45309KA1983PTC005430 |
|
Name of the
company |
OHMARK CONTROLS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Survey No.138/ 1, Block 1, Kadabagere Cross, Magadi Main Road,
Machohalli Village, Dasanapura Hobli, Bangalore – 560 091, Karnataka E-Mail: mssv@vsnl.net |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10223820 |
|
Type of charge |
Immovable
Property Book Debts Others
(Hypothecation of stock) |
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Particular of
charge holder |
Canara Bank, Rajaji Nagar, III Block, E-Mail: blr2698@canarabank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
EMT of building in
No 31, SY No 20/2, 20/3, 21/2, 22, 1231, 124, 125, 126, 40/4, 40/5, 116, 118,
27/4, 27/5, 27/7, 27/14 and 37/22 of Sri Gandhadhakaval Village, Yeswanthpura
Hobli, Bangalore. and Hypothecation of stock and book debt (in respect of
building charge is created vide charge no
10223820 for availing term loan. now additional charge is created
on the same to avail over draft facility of Rs.2.500 millions) |
|
Date of
instrument Creating the charge |
17.12.2009 |
|
Amount secured by
the charge |
Rs.5.494 millions
|
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 13.00% Terms of
Repayment: A. For term loan:
in 60 monthly
installments of Rs.0.049 million each w.e.f November 2009 B. Over draft
facility for working capital: Till closure of
the facility Margin: 25% for term loan Extent and
Operation of the charge: Till closure of
the facility |
|
Short particulars
of the property charged |
Building in No 31,
SY No 20/2, 20/3, 21/2, 22, 1231, 124, 125, 126, 40/4, 40/5, 116, 118, 27/4,
27/5, 27/7, 27/14 AND 37/22 of Sri Gandhadhakaval Village, Yeswanthpura
Hobli, Bangalore Hypothecation of
stock and book debt |
|
Particulars of
the present modification |
Continuing EMT of
the property |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U45309KA1983PTC005430 |
|
Name of the
company |
OHMARK CONTROLS
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Survey No.138/ 1, Block 1, Kadabagere Cross, Magadi Main Road,
Machohalli Village, Dasanapura Hobli, Bangalore – 560 091, Karnataka |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Canara Bank, Rajaji Nagar, III Block, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
EMT of Proposed
Building in No31, Sy No.20/2, 20/3, 20/7, 21/2,22, 121, 124, 125, 126, 40/4,
40/5, 116, 118, 27/4, 27/5, 27/7, 27/14 and 37/22 of Term Loan
Agreement executed on 15.10.2009 |
|
Date of
instrument Creating the charge |
15.10.2009 |
|
Amount secured by
the charge |
Rs.2.994 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 10.00% Terms of
Repayment In 60 monthly
installments of Rs.0.049 million each w.e.f. November 2009 interest and other
charges as and when due. Margin 25% Extent and
Operation of the charge Till closure of
the loan |
|
Short particulars
of the property charged |
No.31, Sy No.20/2, 20/3, 20/7, 21/2, 22, 121, 124, 125,
126, 40/4, 40/5, 116, 118, 27/4, 27/5, 27/7, 27/14 and 37/22 of |
TRADE REFERENCES:
v
BHEL Limited
v
A.B.B. Limited
v
Siemens Limited
FIXED ASSETS:
v Plant and Machinery
v Furniture and Fixtures
v Motor Vehicle
v Motor Car
v Scooter
v Electrical Installation
v Office Equipments
v Land
v Crane Accessories
v
Building
v
EPA BX
v
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.52.23 |
|
|
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.69.60 |
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 |
NO |
|
--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 |
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.