MIRA
INFORM REPORT
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Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
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Name : |
OLIVIA IMPEX PRIVATE LIMITED |
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Registered Office : |
Premier House, 8th Floor, 38, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.09.2001 |
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Com. Reg. No.: |
11-133428 |
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CIN No.: [Company
Identification No.] |
U51909MH2001PTC133428 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMO02824D, MUMO2497F |
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PAN No.: [Permanent
Account No.] |
AAACO4346A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Oleochemicals |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 271712 |
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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 well established company having fine track. Trade relations
are reported as fair. Financial position of the company appears to be sound.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can be considered for normal 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
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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 DECLINED BY
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Name : |
Ms. Poonam |
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Designation : |
Accounts Manager |
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Date : |
28.03.2011 |
LOCATIONS
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Registered
Office : |
Premier House, 8th Floor, 38, |
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Tel. No.: |
91-22-66920111 / 56346872 / 28223322 |
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Fax No.: |
91-22-28384558 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Fazal Allaudin Sabuwala |
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Designation : |
Director |
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Address : |
301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050,
Maharashtra, India |
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Date of
Birth/Age : |
04.05.1945 |
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Date of
Appointment : |
21.09.2001 |
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Name : |
Mr. Farid Fazal Sabuwala |
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Designation : |
Director |
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Address : |
301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050,
Maharashtra, India |
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Date of
Birth/Age : |
27.09.1969 |
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Date of
Appointment : |
21.09.2001 |
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Name : |
Ms. Shehnaz Fazal Sabuwala |
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Designation : |
Director |
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Address : |
301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050,
Maharashtra, India |
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Date of
Birth/Age : |
20.11.1949 |
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Date of
Appointment : |
01.04.2004 |
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Name : |
Mrs. Dimple Farid Sabuwala |
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Designation : |
Director |
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Address : |
301, Arjuna Tower, Mount Mary Road, Bandra W, Mumbai - 400050,
Maharashtra, India |
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Date of
Birth/Age : |
31.05.1973 |
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Date of
Appointment : |
01.04.2004 |
KEY EXECUTIVES
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Name : |
Ms. Poonam |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Fazal Allaudin Sabuwala |
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538750 |
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Farid Fazal Sabuwala |
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624310 |
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Shehnaz Fazal Sabuwala |
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86250 |
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Dimple Farid Sabuwala |
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690 |
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TOTAL |
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1250000 |
AS ON 30.09.2010
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Equity share breakup (percentage of total equity) |
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Category |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
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TOTAL |
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100.00 |
BUSINESS DETAILS
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Line of Business
: |
Supplier of Oleochemicals |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Standard Chartered Bank, SME Credit, 23-25, M G Road,, Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
Notes:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D.R. Dalal and Company Chartered Accountant |
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Address : |
6, Keshav Apt, |
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Tel. No.: |
91-22-28986080 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 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 |
12.500 |
12.500 |
12.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.428 |
42.652 |
21.085 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
67.928 |
55.152 |
33.585 |
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LOAN FUNDS |
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1] Secured Loans |
41.631 |
45.909 |
51.548 |
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2] Unsecured Loans |
154.189 |
104.540 |
70.283 |
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TOTAL BORROWING |
195.820 |
150.449 |
121.831 |
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DEFERRED TAX LIABILITIES |
1.782 |
1.116 |
0.454 |
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TOTAL |
265.530 |
206.717 |
155.870 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.219 |
48.789 |
47.796 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
32.506 |
37.277 |
37.518 |
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DEFERREX TAX ASSETS |
0.194 |
0.194 |
0.194 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000 |
0.000 |
9.915 |
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Sundry Debtors |
104.132 |
111.930 |
112.880 |
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Cash & Bank Balances |
160.948 |
169.112 |
48.073 |
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Other Current Assets |
2.316 |
3.143 |
4.002 |
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Loans & Advances |
43.066 |
27.759 |
22.068 |
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Total Current Assets |
310.462 |
311.944 |
196.938 |
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Less: CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
90.903 |
168.382 |
79.387 |
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Other Current Liabilities |
9.759 |
2.755 |
37.540 |
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Provisions |
27.189 |
20.350 |
9.649 |
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Total Current Liabilities |
127.851 |
191.487 |
126.576 |
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Net Current Assets |
182.611 |
120.457 |
70.362 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
265.530 |
206.717 |
155.870 |
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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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TOTAL |
1013.552 |
1048.567 |
455.804 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
20.281 |
33.229 |
27.627 |
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Less |
TAX |
NA |
NA |
NA |
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PROFIT AFTER TAX
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NA |
NA |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total
Assets (PBT/Total
Assets} |
(%) |
5.62 |
9.21 |
11.23 |
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Return on
Investment (ROI) (PBT/Networth) |
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0.30 |
0.60 |
0.82 |
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Debt Equity
Ratio (Total
Liability/Networth) |
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4.77 |
6.20 |
7.40 |
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Current Ratio (Current
Asset/Current Liability) |
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2.43 |
1.63 |
1.56 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
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Particulars |
31.03.2010 Rs. in Millions |
31.03.2009 Rs. in Millions |
31.03.2008 Rs. in Millions |
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Sundry Creditors For Goods |
86.410 |
166.719 |
76.325 |
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Sundry Creditors For Expenses |
4.493 |
1.663 |
3.162 |
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Operating Results:
During the year the company has achieved
a turnover of Rs. 1013.552 Millions as against Rs.1048.567 Millions for the previous
year and earned profit before tax of Rs.20.281 Millions as against profit of
Rs.33.228 Millions for the previous year. Results obtained are so far
satisfactory looking to the general slow down in industry. The directors hope
for even better results in the ensuing year.
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Furniture and Fixture
- Vehicles
- Computers
- Premises
Form 8:
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51909MH2001PTC133428 |
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Name of the
company |
OLIVIA IMPEX
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Premier House,
Plot No. 38, 8th Floor, |
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Type of charge |
Book Debts Others –
Exclusive charge by hypothecation of current assets |
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Particular of
charge holder |
ICICI Bank
Limited, |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation executed by Olivia Impex Private Limited in favour of ICICI
Bank Limited at Mumbai on 22-08-2008. |
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Date of
instrument Creating the charge |
22.08.2008 |
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Amount secured by
the charge |
Rs. 320.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest IBAR+ CC Premia-
3.5% Terms of
Repayment Payable on demand
Margin 25% Margin on component
of inventory and book debts. Extent and
Operation of the charge Exclusive charge
in favour of the Bank by way of hypothecation of the company’s entire stocks
of raw materials, semi-finished and finished goods, consumable stores and
spares and such other movables including book-debts, bills whether
documentary or clean, outstanding monies, receivables, both present and
future, in a form and manner satisfactory to the Bank. |
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Short particulars
of the property charged |
Exclusive charge
in favour of the Bank by way of hypothecation of the company’s entire stocks
of raw materials, semi-finished and finished goods, consumable stores and
spares and such other movables including book-debts, bills whether
documentary or clean, outstanding monies, receivables, both present and
future, in a form and manner satisfactory to the Bank. |
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Corporate
identity number of the company |
U51909MH2001PTC133428 |
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Name of the
company |
OLIVIA IMPEX
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Premier House,
Plot No. 38, 8th Floor, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Standard
Chartered Bank |
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Nature of
instrument creating charge |
Hypothecation
Agreement |
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Date of
instrument Creating the charge |
29/10/2010 |
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Amount secured by
the charge |
Rs.340.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit Facility. Interest /
Commission - As agreed by and with the Bank from time to time. Terms of
Repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and
Operation of the charge The Bank is
having pari passu charge on current assets along with ICICI Bank and Bank of
India, as described in Sr. no. 15 below. Others |
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Short particulars
of the property charged |
a) all the stock in trade both present and
future consisting of raw materials, finished goods, goods in process of
manufacturing and other merchandise. b) b) all the present and future book debts,
outstanding moneys receivable, claims and bills. (as more described in
attached agreement) |
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.44.67 |
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|
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL
CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE
INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT
ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.