MIRA
INFORM REPORT
|
Report Date : |
21.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
O E N INDIA LIMITED |
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Registered
Office : |
P B No 1952, Vyttila, Ernakulam-682019, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.03.1968 |
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Com. Reg. No.: |
002169 |
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Capital
Investment / Paid-up Capital : |
Rs.50.993 Millions |
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CIN No.: [Company Identification
No.] |
U31200KL1968PLC002169 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHN000054F |
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Legal Form : |
A Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Electro Mechanical Components-Relays, Switches,
Trimmer Potentiometers etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1739024 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having good track. General financial
position is good. Trade relations are reported as fair. Business is active.
Payments are reported to be 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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
|
Registered Office : |
P B No 1952, Vyttila, Ernakulam-682019, |
|
Tel. No.: |
91-484-2301132/2303709/2302483 |
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Fax No.: |
91-484-2302287/2302221/2302211 |
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E-Mail : |
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Factory : |
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DIRECTORS
AS ON 28.09.2010
|
Name : |
Ms. Pamela Anna Mathew |
|
Designation : |
Managing Director |
|
Address : |
OEN House, P B No 1952, Vyttila |
|
Date of Birth/Age : |
24.02.1950 |
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Date of Appointment : |
01.02.1975 |
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|
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|
Name : |
Mr. Venu Nallur |
|
Designation : |
Director |
|
Address : |
Nallur House, House No. 111/176-C, |
|
Date of Birth/Age : |
15.08.1948 |
|
Date of Appointment : |
01.04.2000 |
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|
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|
Name : |
Dr. D Babu Paul |
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Designation : |
Director |
|
Address : |
Cheerothottam, Kowdiar, Trivandrum-695009, |
|
Date of Birth/Age : |
60 Years |
|
Date of Appointment : |
29.09.2004 |
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|
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|
Name : |
Mr. Sarah Mathew |
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Designation : |
Director |
|
Address : |
OEN House, P B No 1952, Vyttila |
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Date of Appointment : |
27.10.1973 |
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|
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|
Name : |
Mr. Sunela Sarah Thomas |
|
Designation : |
Director |
|
Address : |
103, Canal Crossings, Stewarts Ville, New Jersey-08886 |
|
Date of Birth/Age : |
16.06.1961 |
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Date of Appointment : |
29.09.2007 |
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|
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Name : |
Mr. Thomas |
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Designation : |
Director |
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Address : |
28/1058, Prashanthe, |
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Date of Birth/Age : |
07.09.1946 |
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Date of Appointment : |
29.09.2007 |
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Date of Cessation |
10.02.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
4.54 |
|
Bodies corporate |
0.10 |
|
Directors or relatives of Directors |
48.84 |
|
Government Companies |
25.00 |
|
Others |
21.52 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electro Mechanical Components-Relays, Switches,
Trimmer Potentiometers etc. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Switched |
|
* |
1800000 |
403972 |
|
Relays |
|
* |
20000000 |
19502176 |
|
Potentiometers |
|
* |
100000 |
1000 |
|
Tools, Moulds, Jigs And Fixtures |
|
* |
** |
** |
* Licensed capacity in not applicable to the
company as the industry has been delicensed,
Installed capacity is as cerrified by the
Managing Director on which the Auditors have relied
** Production for captive use Rs.11.556
millions
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Bank of India, M G Road, Ernakulam Branch, 35/1301-2, 1st
Floor, Collis Estate, Ernakulam Kochi-682016, Kerala, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Varma And Carma (Rajasekharan R) Chartered Accountant |
|
Address : |
Varma and Varma, Chartered Accountants, Sriniketan, Nettepadam Road,
Cochin-682016, |
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|
|
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5099260 |
Equity Shares |
Rs.10/- each |
Rs.50.993
Millions |
(a)
4724825 equity shares if Rs.10/-
each were allotted as fully paid bonus shares by way of capitalization of
reserves.
(b)
834 equity shares of
Rs.10/- each allotted as fully paid for consideration other than cash pursuant
to scheme of amalgamation.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.993 |
50.993 |
50.993 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
383.763 |
326.048 |
313.099 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
434.756 |
377.041 |
364.092 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
31.490 |
5.993 |
|
|
2] Unsecured Loans |
24.963 |
23.859 |
26.260 |
|
|
TOTAL BORROWING |
24.963 |
55.349 |
32.253 |
|
|
DEFERRED TAX LIABILITIES |
29.381 |
26.810 |
20.794 |
|
|
|
|
|
|
|
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TOTAL |
489.100 |
459.200 |
417.139 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
268.746 |
281.198 |
236.206 |
|
|
Capital work-in-progress |
5.093 |
4.067 |
4.125 |
|
|
|
|
|
|
|
|
INVESTMENT |
43.342 |
0.544 |
0.544 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
98.176
|
94.389 |
96.495 |
|
|
Sundry Debtors |
137.194
|
109.554 |
123.850 |
|
|
Cash & Bank Balances |
24.667
|
9.945 |
7.483 |
|
|
Other Current Assets |
3.987
|
4.992 |
7.383 |
|
|
Loans & Advances |
39.660
|
41.396 |
40.533 |
|
Total
Current Assets |
303.684
|
260.276 |
275.744 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
65.606
|
30.595 |
30.431 |
|
|
Other Current Liabilities |
4.819
|
5.438 |
17.848 |
|
|
Provisions |
61.310
|
50.852 |
51.201 |
|
Total
Current Liabilities |
131.765
|
86.885 |
99.480 |
|
|
Net Current Assets |
171.919
|
173.391 |
176.264 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
489.100 |
459.200 |
417.139 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
638.002 |
485.699 |
584.178 |
|
|
|
Other Income |
43.538 |
36.619 |
41.645 |
|
|
|
TOTAL (A) |
681.540 |
522.318 |
625.823 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
259.994 |
213.796 |
266.665 |
|
|
|
Stock Differential |
1.773 |
3.363 |
7.144 |
|
|
|
Other Expenses |
238.121 |
209.814 |
219.324 |
|
|
|
Capital Jobs Allocated |
(12.050) |
(9.127) |
(12.667) |
|
|
|
Purchase of trading goods |
54.320 |
46.083 |
36.840 |
|
|
|
TOTAL (B) |
542.158 |
463.934 |
517.306 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
139.382 |
58.384 |
108.517 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
139.382 |
58.384 |
108.517 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.761 |
33.928 |
30.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
103.621 |
24.456 |
77.679 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
36.987 |
5.541 |
21.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
66.634 |
18.915 |
56.475 |
|
|
|
|
|
|
|
|
|
Add |
Profit on |
0.000 |
0.000 |
56.229 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.393 |
4.444 |
3.688 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
58.000 |
13.000 |
103.000 |
|
|
|
Dividend |
7.649 |
5.099 |
7.649 |
|
|
|
Tax on Dividend |
1.270 |
0.867 |
1.300 |
|
|
BALANCE CARRIED
TO THE B/S |
4.108 |
4.393 |
4.444 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17.212 |
13.970 |
39.282 |
|
|
|
Job Charges |
6.752 |
7.995 |
6.940 |
|
|
|
Other Earnings |
0.593 |
0.818 |
0.689 |
|
|
TOTAL EARNINGS |
24.557 |
22.783 |
46.911 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
151.142 |
130.247 |
131.772 |
|
|
|
Stores & Spares |
1.872 |
3.787 |
1.683 |
|
|
|
Capital Goods |
1.798 |
23.940 |
1.424 |
|
|
|
Others |
47.577 |
38.297 |
29.757 |
|
|
TOTAL IMPORTS |
202.389 |
196.271 |
164.636 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.07 |
3.71 |
11.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.77
|
3.62 |
9.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.24
|
5.03 |
13.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.10
|
4.51 |
15.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.06 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.37 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.30
|
2.99 |
2.77 |
LOCAL AGENCY FURTHER INFORMATION
Operations:
During 2009-10, after the economic downturn and difficult market
conditions globally in 2008-09. Economies
across the world, with a few exceptions, showed signs of recovery and growth.
The Indian economy bounced back and strongly growing at 7.2 % in 2009-10. The
automotive sector in
The company clocked one of it best performances reflecting in
substantial growth in net sales of the company by 31.38% to Rs.6.380 Millions
in the year under review from Rs.4.856 millions in the financial year 2008-09,
Consequent to this commendable performance the profit before tax of the company
for the current year was Rs.1.036 millions and profit after tax was Rs.0.666
million as against Rs.0.244 million and Rs.0.189 million respectively in the
previous year. The volume growth coupled with other actions on pricing and cost
reduction enabled the company to achieve significant improvement in
profitability. The company continues with its rigorous cost restructuring
exercises efficiency improvements resulting in significant savings through
value engineering economizing at all levels. Optimization of plant capacity
utilization and constant monitoring of cost competitiveness in almost all areas
enabled the company to take full advantage of the recovery in economy.
Form 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10133420 |
|
Corporate
identity number of the company |
U31200KL1968PLC002169 |
|
Name of the
company |
O E N India
Limited |
|
Address of the
registered office or of the principal place of business in |
P B No 1952
Vyttila, Ernakulam-682019, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of India, M G Road, Ernakulam Branch, 35/1301-2, 1st
Floor, Collis Estate, Ernakulam Kochi-682016, Kerala, India |
|
Nature of
description of the instrument creating or modifying the charge |
Letter Evidencing
Deposit of Title Deeds |
|
Date of
instrument Creating the charge |
24.11.2008 |
|
Amount secured by
the charge |
Rs.28.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 1.50%
below Bank Rate, Minimum 12.75% per annum or at such other rate of interest
as may be notified to them by the Bank from time to time. Terms of Repayment
As determined by
the Bank from time to time. Margin As determined by
the Bank from time to time. Extent and
Operation of the charge Mortgage of
Company's Immovable Properties as security for the loan sanctioned along with
interest and other dues thereon. Others NIL |
|
Short particulars
of the property charged |
All that piece of
land with buildings, sheds and structures standing thereon, situate at
Kottathara Village, Mannarkkad Taluk, District Palakkad Sy.No.62/72, area 1.20
acres and pathway right to the property. |
Fixed Assets :
- Land And Building
- Plant And Machinery
- Furniture And Fixtures
- Equipments
- Motor Vehicles
- Software
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.4.93 |
|
|
1 |
Rs.72.91 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.