MIRA INFORM REPORT

 

 

Report Date :

03.04.2013

 

IDENTIFICATION DETAILS

 

Name :

OXYPLANTS INDIA PRIVATE LIMITED

 

 

Registered Office :

Plot 101, Kempanna Garden, 9th BMTC Bus Depot, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

06.02.2007

 

 

Com. Reg. No.:

08-041711

 

 

Capital Investment / Paid-up Capital :

Rs. 5.000 Millions

 

 

CIN No.:

[Company Identification No.]

U24111KA2007PTC041711

 

 

PAN No.:

[Permanent Account No.]

AAACO8957D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Oxygen, Nitrogen and Acetylene Plants.

 

 

No. of Employees :

40 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 29000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. The management of the company has failed to file its financials with the government department for the year 2012.

 

Mr. Damodar, from the Accounts Department has provided all information to us but the financials are not verified. As per previous year’s record, the financial strength of the company is found to be moderate with modest scale of operation. However, trade relations are reported as fair. Business is active. Payment terms are unknown. The company can be considered for business dealings with some caution.

 

Note:

Branch Manager [Canara Bank-Bangalore] has reported that the company maintains proper and good relation with the bank.

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

INFORMATION PARTED BY

 

Name :

Mr Damodar

Designation :

Accounts Department

Contact No.:

91-9845850150

Date :

20.03.2013

 

 

LOCATIONS

 

Registered Office :

Plot 101, Kempanna Garden, 9th BMTC Bus Depot, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India

Tel. No.:

91-80-28364436/28367336/28364436

Mobile No.:

91-9900095015 (Mr. Allakadi Gopal Karmbera- Director)

Fax No.:

91-80-28365075

E-Mail :

info@oxyplants.com

oxyplants@yahoo.co.in

preraj21@indiatimes.com

Website :

http://oxyplants.com

Area :

8000 Sq. ft

Location :

Rented

 

 

 

 

DIRECTORS

 

As on : 30.09.2011

 

Name :

Mr. Ramesh Siddappa

Designation :

Director

Address :

No. 35, 4th Cross, Subbanna Garden, Vijaya Nagar, Bangalore – 560040, Karnataka, India

Date of Birth/Age :

08.06.1969

Date of Appointment :

01.04.2010

DIN No.:

03049246

 

Name :

Mr. Alekkadi Gopal Karmbera

Designation :

Director

Address :

No.1795, 2nd Floor, 23rd Cross, Govind Rajnagar, Bangalore – 560079, Karnataka, India

Date of Birth/Age :

04.06.1948

Date of Appointment :

06.02.2007

DIN No.:

01264341

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2011

 

Names of Shareholders

No. of Shares

Alekkadi Gopal Karmbera

12250

Lingapura Venkatashamappa Prakash

750

Ramesh Siddappa

22000

Gowramma. S

5000

R. Savita

5000

Siddappa Y.

5000

Total

50000

 

Equity Share Break up (Percentage of Total Equity)

 

As on : 30.09.2011

 

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Oxygen, Nitrogen and Acetylene Plants.

 

 

Products :
  • Air Compressor
  • Liquid Nitrogen Pump
  • Expansion Engine
  • Air Separation Unit
  • Cylinder Filling Manifolds
  • Cooling Towers
  • Oxygen Plant, Liquid oxygen pump

Terms :

 

Selling :

L/C, Cash and Credit (30 days/ 60 days)

 

 

Purchasing :

Cash and Credit (30 days/ 60 days)

 

 

Exports :    

 

Products :

Finished Goods

Countries :

Bangladesh, Indonesia, Egypt

 

 

GENERAL INFORMATION

 

Customers :

Manufacturer

 

 

No. of Employees :

40 (Approximately)

 

 

Bankers :
  • Canara Bank, SME Branch, 473D, 13th Cross, lV Phase, Peenya Industrial Estate, Bangalore – 560058, Karnataka, India
  • Karnataka Bank

 

 

Facilities :

Secured Loan

As on

31.03.2011

(Rs. in

Millions)

As on

31.03.2010

(Rs. in

Millions)

Secured Loans

14.339

0.221

Total

14.339

0.221

 

 

 

Auditors :

 

Name :

Dakaliya Rajendra and Company

Chartered Accountants

Address :

256, K.S.Complex, Chickpet Circle, Bangalore – 560053, Karnataka, India

PAN No.:

ACHPR5679M

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 100/-each

Rs. 5.000 Millions

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 100/-each

Rs. 5.000 Millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

5.000

0.100

0.100

2] Share Application Money

0.000

4.900

0.500

3] Reserves & Surplus

2.356

1.269

0.081

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7.356

6.269

0.681

LOAN FUNDS

 

 

 

1] Secured Loans

14.339

0.221

0.282

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

14.339

0.221

0.282

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

21.695

6.490

0.963

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3.372

2.825

1.112

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
19.128

12.025

0.815

 

Sundry Debtors
4.413

5.023

0.125

 

Cash & Bank Balances
0.146

0.163

0.450

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
2.942

1.242

1.026

Total Current Assets
26.629

18.453

2.416

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.000

14.032

0.405

 

Other Current Liabilities
7.763

0.391

2.140

 

Provisions
0.543

0.375

0.041

Total Current Liabilities
8.306

14.798

2.586

Net Current Assets
18.323

3.655

(0.170)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.010

0.021

 

 

 

 

TOTAL

21.695

6.490

0.963

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

37.102

33.142

1.691

 

 

Other Income

 

 

 

 

 

TOTAL                                    

37.102

33.142

1.691

 

 

 

 

 

Less

EXPENSES

34.955

31.054

1.602

 

 

TOTAL                                    

34.955

31.054

1.602

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION                                  

2.147

2.088

0.089

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.517

0.524

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX             

1.630

1.564

0.089

 

 

 

 

 

Less

TAX                                                                 

0.543

0.376

0.027

 

 

 

 

 

 

PROFIT AFTER TAX                            

1.087

1.188

0.062

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

2.356

1.269

0.080

 

 

 

 

 

 

Earnings Per Share (Rs.)

21.74

1188.47

62.72

 

 

 

Particulars

 

31.03.2012

Rs in Millions

Sales Turnover (Approximately)

39.000 (Approximately)

 

 

Expected Sales ( 2012-2013 ) : Rs. 40.000 Millions

 

The above information has been parted by Mr Damodar.

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
2.93

3.58

3.67

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.39

4.72

5.26

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.43

7.35

2.41

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22

0.25

0.13

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
1.95

2.40

4.21

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
3.21

1.25

0.93

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last four years

Yes

12]

Profitability for last three years

No

13]

Reasons for variation <> 20%

---------------------

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--------------------

22]

Litigations that the firm / promoter involved in

--------------------

23]

Banking Details

Yes

24]

Banking facility details

No

25]

Conduct of the banking account

--------------------

26]

Buyer visit details

--------------------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

Note:

The Registered office of the company has been shifted from B -38, 3rd Stage, Peenya Industrial Estate, Peenya, Bangalore – 560058, Karnataka, India to the present address (w.e.f. 01.08.2011).

 

 

Bankers Charges Report as per Registry :

 

Corporate identity number of the company

U24111KA2007PTC041711

Name of the company

OXYPLANTS INDIA PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Plot 101, Kempanna Garden, 9th BMTC Bus Depot, 4th Phase, Peenya Industrial Area, Bangalore – 560058, Karnataka, India,

Email Id - preraj21@indiatimes.com

This form is for

Modification of charge

Charge identification (ID) number of the charge to be modified

10231606

Type of charge

Book Debts

Movable Property (not being pledge)

Floating Charge

Particular of charge holder

Canara Bank, SME Branch, 473D, 13th  Cross, IV Phase, Peenya Industrial estate, Bangalore – 560058, Karnataka, India, Email Id- cb2454@canarabank.com

Nature of instrument creating charge

Supplemental Common Hypothecation Agreement

Date of instrument Creating the charge

03.02.2012

Amount secured by the charge

Rs. 34.800 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest:

OCC/ODBD- 15.25% p.a

Adhoc- 17.25% p.a

BRD- LIBOR+ 3.50%

 

Terms of Repayment:

OCC/ODBD- Running account repayable on demand

 

Margin:

OCC/ODBD- As per Bank Norms

 

Extent and operation of the charge:

The charge shall operate to the extent of the loan amount plus interest commission costs expenses and other charges thereon

 

Others:

The said amount of Rs.34.800 Millions Comprises of OCC/ODBD- Rs. 20.000 Millions , BRD- Rs.12.300 Millions and Adhoc Limit of Rs. 2.500 Millions

 

Short particulars of the property or asset(s) charged (including complete address and location of the property)

1)                First charge by way of hypothecation of Stocks of Raw Matrials, Semi finished goods, finished goods, stores, spares, plant, Machineries, Book debts and other movables present and future

2)                stored/installed at Company premises at No.101, Kempanna Garden, Near 9th BMTC Bus Depot, 4th Phase, Peenya Industural Area, Bangalore 560058 or at any other place

Particulars of the present modification

By the above, the amount secured by charge stands enhanced from Rs.22.500 Millions to Rs. 34.800 Millions.

 

(all other terms and conditions remain unchanged)

 

 

Fixed Assets:

 

·         Furnitures and Fixtures

·         Electrical Installation

·         Motor Car

·         Office Equipments

·         Plant and Machinery

·         Tools and Equipments

·         Computer

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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. 54.33

UK Pound

1

Rs. 82.72

Euro

1

Rs. 69.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

30

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.