MIRA
INFORM REPORT
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Report Date : |
15.01.2011 |
IDENTIFICATION DETAILS
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Name : |
OSAKA RUBBER PRIVATE LIMITED |
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Registered
Office : |
103/6, Mittal Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.09.2004 |
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Com. Reg. No.: |
148461 |
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CIN No.: [Company Identification
No.] |
U25100MH2004PTC148461 |
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PAN No.: [Permanent Account No.] |
AAACO6940L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Extracted and Molded Rubber Products and Butyl
Sealants Tapes. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 103440 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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
|
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 PARTED BY
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Name : |
Mr. Vinay Singh |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9322261316 |
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Date : |
15.01.2011 |
LOCATIONS
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Registered Office : |
103/6, Mittal Industrial Estate, |
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Mobile No.: |
91-9322261316 (Mr. Vinay Singh) |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft |
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Location : |
Owned |
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Factory : |
Shakti Udyog Nagar, Plot No. 38, Village Veoor Taluka, Palghur (E),
Dist. Thane, |
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Tel. No.: |
91-22-28502064/1083/66926577 |
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Fax No.: |
91-22-28504082 |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Singh Rammurat Satyaendra |
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Designation : |
Director |
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Address : |
2/104, Anmol, |
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Date of Appointment : |
09.09.2004 |
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Name : |
Mr. Jain Karan Kirandevi |
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Designation : |
Director |
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Address : |
A/7-22, Mahesh Nagar, |
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Date of Appointment : |
09.09.2004 |
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Name : |
Ms. Bandkar Arun Prerna |
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Designation : |
Director |
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Address : |
5, Aparna Apartmetns, |
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Date of Appointment : |
09.09.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Vinay Singh |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2010
|
Names of Shareholders |
No. of Shares |
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Singh Rammurat Satyendra |
269175 |
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Singh HUF Rammurat Satyendra |
70000 |
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Jain Karan Kirandevi |
285024 |
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Bandkar Arun Prerna |
202000 |
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Bandkar Dharamji Arun |
122915 |
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Jain Karan Kapil |
154910 |
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Jain HUF Karan Mahendra |
149260 |
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Jain Karan Mahendra |
83100 |
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Jain Mahendra Mamta |
46480 |
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Singh Satyaendra Pramila |
115600 |
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Singh Amit Pranita |
79382 |
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Singh Shahsi Rambha |
32400 |
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Singh Satyendra Shahsi |
170600 |
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Singh Satyendra Vinay |
157315 |
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TOTAL |
1938161 |
AS ON 31.03.2010
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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 |
|
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Extracted and Molded Rubber Products and Butyl
Sealants Tapes. |
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Products : |
EPDM Rubber Profile – · Architectural Building Profiles Butyl Sealants · Vaccume Bag Tape / Tacky Tape |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
Cash, Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
50 Apprtoximately |
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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 : |
G R Modi and Sons Chartered Accountant |
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Address : |
12, Laxminarayan Shopping Centre, Poddar Park Road, Malad (E), Mumbai
– 400097, Maharashtra, India |
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Tel. No.: |
91-22-28834273/28829304 |
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Fax No.: |
91-22-28829304 |
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E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10 each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1938161 |
Equity Shares |
Rs. 10 each |
Rs.19.381
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 |
19.381 |
19.381 |
9.288 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.479 |
3.199 |
4.166 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.860 |
22.580 |
13.454 |
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LOAN FUNDS |
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1] Secured Loans |
45.757 |
43.027 |
14.302 |
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2] Unsecured Loans |
16.500 |
13.364 |
8.636 |
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TOTAL BORROWING |
62.257 |
56.391 |
22.938 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
88.117 |
78.971 |
36.392 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.813 |
16.329 |
13.188 |
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Capital work-in-progress |
0.000 |
25.478 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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DEFERREX TAX ASSETS |
0.348 |
0.237 |
0.107 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.272
|
8.635 |
4.373 |
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Sundry Debtors |
44.870
|
28.491 |
25.913 |
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Cash & Bank Balances |
6.343
|
3.402 |
1.538 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.884
|
7.912 |
5.079 |
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Total
Current Assets |
68.369
|
48.440 |
36.903 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
16.567
|
7.348 |
11.592 |
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Other Current Liabilities |
0.159
|
0.204 |
0.077 |
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Provisions |
6.025
|
4.326 |
2.393 |
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Total
Current Liabilities |
22.751
|
11.878 |
14.062 |
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Net Current Assets |
45.618
|
36.562 |
22.841 |
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MISCELLANEOUS EXPENSES |
0.238 |
0.265 |
0.156 |
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TOTAL |
88.117 |
78.971 |
36.392 |
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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 |
98.979 |
104.115 |
79.648 |
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Other Income |
1.998 |
3.769 |
1.584 |
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TOTAL (A) |
100.977 |
107.884 |
81.232 |
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Less |
EXPENSES |
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Cost of Goods Sold |
63.035 |
73.844 |
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Freight |
1.680 |
1.958 |
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Consumption of stores & spare parts |
1.530 |
1.691 |
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Power and fuel |
2.353 |
1.536 |
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Rent |
0.777 |
0.771 |
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Repair to machinery |
0.865 |
0.811 |
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Compensation to Employees |
7.976 |
6.873 |
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Insurance |
0.242 |
0.251 |
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Workman and staff welfare expanse |
0.169 |
0.152 |
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Sales promotion including publicity |
0.221 |
0.191 |
71.188 |
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Advertisement |
0.217 |
0.229 |
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Bad Debts |
0.026 |
0.000 |
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Donation |
0.010 |
0.000 |
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Commission |
0.402 |
0.164 |
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Traveling expanses including foreign traveling |
0.463 |
0.549 |
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Conveyance |
0.269 |
0.386 |
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Telephone charges |
0.334 |
0.290 |
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Gift |
0.083 |
0.574 |
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Rate and taxes excluding taxes on Income |
0.129 |
0.456 |
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Auditors Remuneration |
0.040 |
0.040 |
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Other / Miscellaneous expanses |
2.137 |
3.218 |
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TOTAL (B) |
82.958 |
93.984 |
71.188 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18.019 |
13.900 |
10.044 |
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Less |
FINANCIAL
EXPENSES (D) |
7.300 |
6.258 |
2.756 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.719 |
7.642 |
7.288 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.851 |
2.478 |
2.423 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.868 |
5.164 |
4.865 |
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Less |
TAX (H) |
1.588 |
1.804 |
1.570 |
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PROFIT AFTER TAX
(G-H) (I) |
3.280 |
3.360 |
3.295 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.198 |
4.166 |
NA |
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Less |
APPROPRIATIONS |
|
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|
|
|
|
|
Dividend |
0.000 |
3.715 |
NA |
|
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|
Tax on Dividend |
0.000 |
0.613 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
6.478 |
3.198 |
NA |
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|
Earnings Per
Share (Rs.) |
1.69 |
3.33 |
3.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.24
|
3.11 |
4.05 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.91
|
4.95 |
6.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.41
|
7.97 |
9.71 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.22 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.28
|
3.02 |
2.75 |
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Current Ratio (Current Asset/Current Liability) |
|
3.00
|
4.07 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS AVAILABLE FOR
(Rs.
In millions)
|
PARTICULARS |
AS ON 31.03.2010 |
AS ON 31.03.2009 |
AS ON 31.03.2008 |
|
Sundry Creditors for Goods |
15.908 |
5.939 |
11.118 |
|
Sundry Creditors for Capital Goods |
0.000 |
0.545 |
0.000 |
|
Sundry Creditors for Expenses |
0.659 |
0.865 |
0.474 |
FORM 8
|
This form is for |
Creation of charge |
|
Corporate identity
number of the company |
U25100MH2004PTC148461 |
|
Name of the
company |
OSAKA RUBBER
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
103/6, Mittal Industrial Estate, |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
The Bharat Co-Operative Bank (Mumbai) Limited, Andheri (Esst) Branch,
Shop No.6 and 106, Ground Floor, Town Centre, Near Mittal Industrial Estate,
Marol, Mumbai – 400059, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
1) Agreement For
Hypothecation Of Tangible Moveable Property. 2) Agreement For Creating
Charge On Book-Debts. (Both The Above
Agreements Constitute A Single Charge) |
|
Date of
instrument Creating the charge |
15.10.2008 |
|
Amount secured by
the charge |
Rs.20.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 14 %
P.A , Or Such Other Rate As Agreed Between The Borrower Company And The Bank
From Time To Time. Penal Interest
Rate , As Agreed Between The Borrower Company And The Bank From Time To Time. Terms of
Repayment Repayment , As
Agreed Between The Borrower Company And The Bank From Time To Time. Margin Margin Rate , As
Agreed Between The Borrower Company And The Bank From Time To Time. Extent and Operation
of the charge At The Request Of
The Borrower Company , The Bank Has Sanctioned Term Loan Limit Of Rs. 20.000
millions, Against Hypothecation Of Stocks, Machineries, Equipments And
Book-Debts. |
|
Short particulars
of the property charged |
At The Request Of
The Borrower Company , The Bank Has Sanctioned Term Loan Limit Of Rs. 20.000
millions, Against Hypothecation Of Stocks, Machineries, Equipments And
Book-Debts. |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Electric Installation
- Printer/Computer
WEBSITE DETAILS
PROFILE
Subject was incorporated in the Year 1981 and has been at the forefront of business activity for the last 25 years. The company has historically been engaged in manufacture of Rubber Components for the last many years.
Subject manufacturers EPDM Rubber Profile and caters to the sealing products requirements of the Following industries: Automobiles, Constructions, Bus Body Builders, Aluminium Fabricators, Shipping, Railways, Engineering, and Insulated Glass Units etc.
In the year 1995, the Company diversified in the manufacture of Butyl Sealants Tapes, Mastic Tapes, Vacuum Bag Tapes / Tacky Tapes which, in fact, its major product line today with emphasis on Quality and Technical Developments. The company produces wide range of Sealants mainly Butyl Rubber Sealants Tapes for various applications such as Automotive, Constructions, Telecommunications (D.O.T), Roofing, Composite Products, Cable Jointing Kits, Wind Mill Energy, White goods appliances such as Refrigeration's and Air Conditioners.
In the year 2005, they incorporated a new company M/s.
As an ISO 9001:2000 Certified company, they have stringent quality control in the manufacturing and hence guarantee of consistency in quality for the each lot they supply. The company has state of art Laboratory which has major testing equipment like Tensile Strength Testing Equipment, Climatic Control Hot Air Oven, Specific Gravity to name a few.o
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.