MIRA
INFORM REPORT
|
Report Date : |
04.07.2011 |
IDENTIFICATION DETAILS
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Name : |
OM YARN PLUS PRIVATE LIMITED |
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Registered
Office : |
# 398, Industrial Area A, Ludhiana – 141008, Punjab |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.03.2002 |
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Com. Reg. No.: |
16-025030 |
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Capital
Investment / Paid-up Capital : |
Rs.22.625 Millions |
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CIN No.: [Company Identification
No.] |
U24304PB2002PTC025030 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDO00246B |
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PAN No.: [Permanent Account No.] |
AAACO5945H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers
and exporters of yarns. |
RATING & COMMENTS
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MIRA’s Rating : |
B (36) |
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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 268000 |
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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. 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 |
LOCATIONS
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Registered Office : |
# 398, Industrial Area A, Ludhiana – 141008, Punjab, India |
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Tel. No.: |
91-161-5026497 |
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Fax No.: |
91-161-5026497 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Sanjiv Garg |
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Designation : |
Director |
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Address : |
61-A, Sant Nagar, Civil Lines, Ludhiana, Punjab, India |
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Date of Birth/Age : |
10.11.1960 |
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Date of Appointment : |
23.07.2005 |
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Name : |
Mr. Sanjay Talwar |
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Designation : |
Director |
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Address : |
431-B, College Road, Civil Lines, Ludhiana, Punjab, India |
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Date of Birth/Age : |
07.10.1962 |
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Date of Appointment : |
23.07.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
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No. of Shares |
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Payal Talwar w/o Sh Sanjay Talwar |
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158000 |
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H.K. Sharma S/o Sh Rajinder Paul Sharma |
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500 |
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Himachal Steel Udyog Limited, Ludhiana |
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1052000 |
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R.S. Saluja S/o Sh S.D. Saluja |
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75000 |
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Neeraj Saluja S/o Sh R.S. Saluja |
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75000 |
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Hari Om Yarns Private Limited, Ludhiana, India |
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667000 |
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Sanjay Talwar |
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45000 |
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Manmohan Talwar and Sons, Ludhiana, India |
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30000 |
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Sanjay Talwar and Sons, Ludhiana, India |
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160000 |
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Total |
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2262500 |
AS ON 30.09.2010
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Category |
Percentage |
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Bodies corporate |
75.97 |
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Directors or relatives of Directors |
17.37 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
and exporters of yarns. |
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Products: |
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PRODUCTION STATUS (AS ON : 31.03.2010)
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Installed Capacity |
MTRS |
1309000 |
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Actual Production |
MTRS |
979272 |
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GENERAL INFORMATION
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Bankers : |
Oriental Bank of
Commerce, Overseas Branch, G. T. Road Ludhiana, Ludhiana – 141003, Punjab,
INDIA |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
P.K. Makkar and Company Chartered Accountant |
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Address : |
31-Avtar Nagar (Threeke), Near Octroi Post, Ferozepur Road,
Ludhiana - 142021, Punjab, India |
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Tel. No.: |
91-161-2802898 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2300000 |
Equity Shares |
Rs.10/- each |
Rs.23.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2262500 |
Equity Shares |
Rs.10/- each |
Rs.22.625
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
22.625 |
22.625 |
22.625 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
44.477 |
40.080 |
37.206 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
67.102 |
62.705 |
59.831 |
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LOAN FUNDS |
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1] Secured Loans |
98.096 |
105.334 |
91.732 |
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2] Unsecured Loans |
4.572 |
1.082 |
0.143 |
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TOTAL BORROWING |
102.668 |
106.416 |
91.875 |
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DEFERRED TAX LIABILITIES |
3.585 |
1.489 |
1.094 |
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TOTAL |
173.355 |
170.610 |
152.799 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
85.552 |
91.856 |
91.534 |
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Capital work-in-progress |
0.000 |
0.000 |
0.770 |
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INVESTMENT |
0.000 |
19.845 |
20.536 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
48.519
|
50.254 |
29.153 |
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Sundry Debtors |
44.304
|
21.328 |
23.637 |
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Cash & Bank Balances |
1.176
|
1.539 |
0.828 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
28.184
|
5.299 |
4.832 |
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Total
Current Assets |
122.183
|
78.420 |
58.450 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
33.230
|
19.308 |
18.134 |
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Provisions |
1.150
|
0.203 |
0.357 |
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Total
Current Liabilities |
34.380
|
19.511 |
18.491 |
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Net Current Assets |
87.803
|
58.909 |
39.959 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
173.355 |
170.610 |
152.799 |
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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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OPERATING INCOME
|
148.074 |
107.388 |
108.440 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
134.678 |
99.842 |
101.467 |
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Advertising Expenses |
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Interest |
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TOTAL |
134.678 |
99.842 |
101.467 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
13.396 |
7.546 |
6.973 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.616 |
4.558 |
3.971 |
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PROFIT BEFORE
TAX |
6.780 |
2.988 |
3.002 |
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Less |
TAX |
2.383 |
0.114 |
1.227 |
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PROFIT AFTER TAX
|
4.397 |
2.874 |
1.775 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.580 |
8.706 |
6.931 |
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BALANCE CARRIED
TO THE B/S |
15.977 |
11.580 |
8.706 |
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IMPORTS |
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CIF Imports |
Nil |
0.913 |
5.387 |
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TOTAL IMPORTS |
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Earnings Per
Share (Rs.) |
1.94 |
1.27 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.96
|
2.67 |
1.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.26
|
1.75 |
2.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.04 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.04
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2.00 |
1.84 |
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Current Ratio (Current Asset/Current Liability) |
|
3.55
|
4.01 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
FORM : 8
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Corporate identity number of the company |
U24304PB2002PTC025030 |
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Name of the company |
OM YARN PLUS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
# 398, Industrial Area A, Ludhiana,
Punjab, INDIA |
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This form is for |
Creation of charge |
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Type of charge |
Immovable property Movable property (not being pledge) |
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Particular of charge holder |
Oriental Bank of Commerce, Overseas
Branch, G. T. Road Ludhiana, Ludhiana – 141003, Punjab, INDIA |
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Nature of instrument creating charge |
1. Agreement of Term Loan for Immovable
Property 2. Agreement of Term Loan 3.Letter evidencing extension of equitable
mortgage |
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Date of instrument Creating the charge |
31/05/2011 |
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Amount secured by the charge |
Rs. 50.000 millions |
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Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 3.50 % pa, over base rate with a minimum
of13.50% pa Terms
of repayment Repayable in 84 monthly installments as
under 24 monthly installments of Rs 0.400
millions each 24 monthly installments of Rs 0.600
millions each 36 monthly installments of Rs 0.725
millions each Margin 25% Extent
and operation of the charge 100% Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
Hypothecation of all fixed assets of the
company situated at village Kanganwal G T Road Ludhiana Hypothecation by way of first charge on
machinery, vehicle, goods, items, furniture fixture, movable property of any
kind existing or future belonging to the borrower at village Kanganwal G T
Road Ludhiana Extension of equitable Mortgage factory
land and Building measuring 16027 Sq Yards situated at Village Kanganwal HB
no 245 G T Road Tehsil and Distt Ludhiana Hypothecation of all the fixed assets
(present or future) of the company |
FIXED ASSETS :
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.58 |
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|
1 |
Rs. 71.75 |
|
Euro |
1 |
Rs. 64.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.