MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
XTRACARE PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 40, Saheed Nagar, Bhubaneswar-751007, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.12.2001 |
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Com. Reg. No.: |
15-006672 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.980
Million |
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CIN No.: [Company Identification
No.] |
U24246OR2001PTC006672 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Dealers of All Kinds and Varietals of
Health Care Products Including Child Care Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
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 72000 |
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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 – 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 : |
Plot No. 40, Saheed Nagar, Bhubaneswar-751007, |
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E-Mail : |
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Head Office : |
725, 6th B Cross, 3rd Block, Koramangala,
Bangalore-560034, |
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Tel. No.: |
91-80-25504453 / 25504454 |
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Fax No.: |
91-80-25505537 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Ashok Kumar Patra |
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Designation : |
Managing Director |
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Address : |
Suar Sahi, Puri-752001, |
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Date of Birth/Age : |
20.08.1965 |
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Date of Appointment : |
20.12.2001 |
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Name : |
Mr. Pradeep Kumar Senapati |
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Designation : |
Director |
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Address : |
43-D, Ashok Nagar, Bhubaneswar-756009, Khurda, |
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Date of Birth/Age : |
03.04.1966 |
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Date of Appointment : |
12.08.2002 |
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Name : |
Mrs. Babita Rani Patra |
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Designation : |
Director |
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Address : |
C-40, Saheed Nagar, Bhubaneswar-751007, |
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Date of Birth/Age : |
09.03.1972 |
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Date of Appointment : |
20.12.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Ashok Kumar Patra |
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94000 |
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Babita Rani Patra |
|
4000 |
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Total |
|
98000 |
As on 30.09.2010
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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 |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Dealers of All Kinds and Varietals of
Health Care Products Including Child Care Products. |
GENERAL INFORMATION
|
Bankers : |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai-400013,
Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
U.K. Mahapatra and Company Chartered Accountant |
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Address : |
Plot No. 237, 2nd Floor, Bapuji Nagar, Bhubaneswar-751009, |
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Tel. No.: |
91-674-2597956 / 2597620 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98000 |
Equity Shares |
Rs.10/- each |
Rs.0.980
Million |
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 |
0.980 |
0.980 |
0.980 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.100 |
10.281 |
5.626 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.080 |
11.261 |
6.606 |
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LOAN FUNDS |
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1] Secured Loans |
0.506 |
4.254 |
0.130 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.506 |
4.254 |
0.130 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.586 |
15.515 |
6.736 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.550 |
1.827 |
0.757 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.155 |
0.113 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.447
|
6.622 |
2.092 |
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Sundry Debtors |
11.976
|
9.874 |
12.131 |
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Cash & Bank Balances |
2.534
|
0.951 |
0.013 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.292
|
4.357 |
2.303 |
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Total
Current Assets |
30.249
|
21.804 |
16.539 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.430
|
2.293 |
7.154 |
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Other Current Liabilities |
1.979
|
1.670 |
1.735 |
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Provisions |
7.959
|
4.483 |
2.085 |
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Total
Current Liabilities |
13.368
|
8.446 |
10.974 |
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Net Current Assets |
16.881
|
13.358 |
5.565 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.217 |
0.414 |
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TOTAL |
18.586 |
15.515 |
6.736 |
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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 |
131.008 |
96.312 |
60.270 |
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Other Income |
0.000 |
1.604 |
0.038 |
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TOTAL (A) |
131.008 |
97.916 |
60.308 |
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Less |
EXPENSES |
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Cost of Sales |
104.584 |
75.138 |
40.097 |
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Administrative Expenses |
8.432 |
9.073 |
7.848 |
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Selling Expenses |
6.998 |
5.795 |
5.803 |
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TOTAL (B) |
120.014 |
90.006 |
53.748 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10.994 |
7.910 |
6.560 |
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Less |
FINANCIAL
EXPENSES (D) |
0.248 |
0.354 |
0.156 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.746 |
7.556 |
6.404 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.492 |
0.474 |
0.204 |
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PROFIT BEFORE
TAX (E-F) (G) |
10.254 |
7.082 |
6.200 |
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Less |
TAX (H) |
3.435 |
2.428 |
2.019 |
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PROFIT AFTER TAX
(G-H) (I) |
6.819 |
4.654 |
4.181 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.280 |
5.626 |
1.445 |
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BALANCE CARRIED
TO THE B/S |
17.099 |
10.280 |
5.626 |
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Earnings Per
Share (Rs.) |
69.59 |
47.49 |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.21
|
4.75 |
6.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.83
|
7.35 |
10.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
32.25
|
29.97 |
35.85 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.63 |
0.94 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
1.13 |
1.68 |
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Current Ratio (Current Asset/Current Liability) |
|
2.26
|
2.58 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The performances of the company during the financial year ended
31.03.2010 has been very encouraging. The total income from operations /
turnover stood at Rs.131.000 millions previous year Rs.96.300 millions. The
operating profit before interest, deprecation and income tax for the year stood
at Rs.10.994 millions compared to previous years operating loss of Rs.7.910
millions.
The company has during the financial year ended 31.03.2010 incurred a
profit after tax of Rs.6.819 millions in comparison to the net profit of
Rs.4.654 million in the previous year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24246OR2001PTC006672 |
|
Name of the
company |
XTRACARE PRODUCTS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 40, Saheed Nagar, Bhubaneswar-751007, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
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Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel,
Mumbai-400013, Maharashtra, India |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Letter Of
Hypothecation. |
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Date of
instrument Creating the charge |
31.07.2008 |
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Amount secured by
the charge |
Rs.6.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment On Demand Margin Company shall at all
times during the continuance of this security maintain the said debts of a sufficient amount to
provide the margin of security as may from time to time advised by the Bank. Extent and
Operation of the charge Hypothecation by
way of First Charge on Company's Stocks, Book Debts etc., to secure as a
continuing security. |
|
Short particulars
of the property charged |
Hypothecation by
way first charge on (a) All the stock in trade both present and future
consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise, fixed assets and whatsoever being
movable properties; (b) All present and future book debts. |
Fixed Assets:
- Office Equipment
- Furniture and Fixtures
- Computer
- Motor Cycle
- Air Conditioner
- Motor Car
AS PER WEBSITE DETAILS:
PROFILE:
Subject as an organization is more like a practicing philosophy... a culture than a business entity. It has been conceived with the single-minded vision and focus towards providing quality and caring products to consumers at an affordable price. Over the months and years, they at subject have constantly strived to deliver and uphold these values.
Their core business expertise is in the OEM, marketing and selling of a range of caring products under the brand name of subject for their consumers. Their product line includes Nappi-pads, Baby Diapers, Wet Tissues, Adult Diapers to name a fews. They are looking to push ahead with an aggressive marketing and sales campaign to capture a sizeable mind share in the marketplace.
There are ambitious plans for a nationwide presence in the near future. A plethora of new products are in the pipeline to be launched. A highly experienced and qualified team in operations, marketing and sales is handling this venture.
They have plans of rapid expansion into product lines that 'care' not only for the child but also for the entire family, providing them the 'caring' environment that they have always wanted. That's the true subject philosophy!
Needless to say the future beckons us.
At subject they believe that the sky is the limit!
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.43.95 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.67 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
6 |
|
--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 |
NO |
|
--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.