MIRA
INFORM REPORT
|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ODISSI EXPORTS PRIVATE LIMITED |
|
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Registered
Office : |
Plot No.59, 2nd Floor, Janpath, Kharvela Nagar, Bhubaneswar
– 751001, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.04.2008 |
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Com. Reg. No.: |
15-009962 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
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|
CIN No.: [Company Identification
No.] |
U13100OR2008PTC009962 |
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|
IEC No.: |
2308000741 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BBNO00929F |
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PAN No.: [Permanent Account No.] |
AABCO0337Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Exporter of Iron Ore Fines. |
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No. of Employees
: |
20 (Approximately) (In Office – 12 and In Branch – 8) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a successor of “Odissi Exports” a proprietory concern
started in the year 2002. It is an established company having a satisfactory track record. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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. Dipti Prasad Das |
|
Designation : |
Managing Director |
|
Contact No.: |
91-9437036066 |
|
Date : |
11.02.2013 |
LOCATIONS
|
Registered Office : |
Plot No.59, 2nd Floor, Janpath, Kharvela Nagar, Bhubaneswar
– 751001, Orissa, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9437036066 (Mr. Dipti Prasad Das) |
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Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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|
|
|
Corporate Office 1: |
Plot No.166, 1st Floor, Ganga Nagar, Unit – 6, Bhubaneswar –
751009, Orissa, India |
|
Tel. No.: |
91-674-2596626/ 27/ 28 |
|
Fax No.: |
91-674-2596626 |
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Area : |
1600 sq. ft. |
|
Location : |
Rented |
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|
|
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Corporate Office 2: |
421, 4th Floor, Laxmi Plaza, Laxmi Industrial Estate, Link Road,
Andheri (West), Mumbai – 400053,m Maharashtra, India |
|
Tel. No.: |
91-22-26311205/ 26311215 |
|
Location : |
Rented |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. Dipti Prasad Das |
|
Designation : |
Managing Director |
|
Address : |
Plot No.58, Basanta Vihar, Near Bramheshwar Temple, Tankapani Road,
Bhubaneswar – 751002, Orissa, India |
|
Date of Birth/Age : |
02.05.1972 |
|
Qualification : |
MBA |
|
Experience : |
15 years |
|
Date of Appointment : |
24.04.2008 |
|
PAN No.: |
AAMPD6086B |
|
DIN No.: |
01415381 |
|
|
|
|
Name : |
Mrs. Prachi Rasbihari Ray |
|
Designation : |
Director |
|
Address : |
Plot No.58, Basanta Vihar, Near Bramheshwar Temple, Tankapani Road,
Bhubaneswar – 751002, Orissa, India |
|
Date of Birth/Age : |
17.05.1975 |
|
Qualification : |
Graduate |
|
Experience : |
8 years |
|
Date of Appointment : |
24.04.2008 |
|
PAN No.: |
AIKPR3940E |
|
DIN No.: |
02086425 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2012)
|
Names of Shareholders |
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No. of Shares |
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|
Dipti Prasd Das |
|
5000 |
|
Prachi Ray |
|
5000 |
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|
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Total |
|
10000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
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|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Exporter of Iron Ore Fines. |
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Exports : |
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Products : |
Iron Ore Fines |
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Countries : |
· China · Singapore · Australia |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
20 (Approximately) (In Office – 12 and In Branch – 8) |
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Bankers : |
· State Bank of India Bhubaneshwar, Orissa, India · Oriental Bank of Commerce Ravi Talkies Square, 2982, Ravi Talkies Road, Bhubaneshwar – 751002,
Orissa, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
D. D. Mishra and Associates Chartered Accountant |
|
Address : |
Annapurna Theatre Campus, Grand Road, Puri – 752001, Orissa, India |
|
Tel No.: |
91-6752-227472/ 227040 |
|
Mobile No.: |
91-9439007472/ 9861169627 |
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PAN No.: |
AAPUM1959Q |
|
Email : |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
8.826 |
8.826 |
8.826 |
|
|
3] Reserves & Surplus |
1.503 |
0.866 |
0.359 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10.429 |
9.792 |
9.285 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.619 |
7.503 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7.619 |
7.503 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18.048 |
17.295 |
9.285 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.399 |
0.755 |
0.166 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.813
|
18.696 |
6.360 |
|
|
Sundry Debtors |
20.717
|
45.780 |
5.772 |
|
|
Cash & Bank Balances |
0.815
|
0.148 |
11.630 |
|
|
Other Current Assets |
0.000
|
0.011 |
0.000 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.125 |
|
Total
Current Assets |
38.345
|
64.635 |
23.887 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
20.266
|
47.746 |
3.861 |
|
|
Other Current Liabilities |
0.116
|
0.210 |
10.790 |
|
|
Provisions |
0.314
|
0.139 |
0.139 |
|
Total
Current Liabilities |
20.696
|
48.095 |
14.790 |
|
|
Net Current Assets |
17.649
|
16.540 |
9.097 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.022 |
|
|
|
|
|
|
|
|
TOTAL |
18.048 |
17.295 |
9.285 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
275.734 |
216.375 |
72.803 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
275.734 |
216.375 |
72.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
0.000 |
|
|
|
|
Purchase of Stock in trade |
253.882 |
211.925 |
|
|
|
|
Change in Inventories of Finished Goods, work-in progress and stock in
trade |
1.883 |
(12.336) |
72.337 |
|
|
|
Manufacturing and Other Direct Expenses |
0.000 |
0.000 |
|
|
|
|
Employee Benefit Expenses |
0.866 |
0.838 |
|
|
|
|
Administrative and Other Expenses |
16.493 |
14.587 |
|
|
|
|
TOTAL (B) |
273.124 |
215.014 |
72.337 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.610 |
1.361 |
0.466 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.304 |
0.488 |
0.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.306 |
0.873 |
0.435 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.355 |
0.366 |
0.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.951 |
0.507 |
0.410 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.314 |
0.000 |
0.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.637 |
0.507 |
0.271 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.865 |
0.358 |
0.087 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1.502 |
0.865 |
0.358 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
63.72 |
50.74 |
27.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.23
|
0.23 |
0.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.34
|
0.23 |
0.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.45
|
0.78 |
1.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.05 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73
|
0.77 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85
|
1.34 |
1.62 |
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 three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
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 |
Yes |
|
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 |
BUSINESS ACTIVITIES
The company is indulged in trading and acting
as intermediary exporter of Iron Ore fines. The company is also exploring
various aspects in expanding it’s Business activities.
TRADE REFERENCE:
· Auroglobal Comtrade Private Limited
93, Shastri Nagar, Bhubaneshwar – 751023,
Orissa, India
Contact Person: Mr. Ajat Shatru – Director
Contact No.: 91-9437080184
· Swastik Agroproduct Private Limited
20, Janpath, Bhubaneshwar – 751001, Orissa, India
Contact Person: Mr. Sanjeev Bhata
Contact No.: 91-674-2314826/
91-9473370388
· Rohit Ferrotech
33, Chittaranjan Avenue, 4th Floor, Kolkata – 700012, West Bengal, India
Contact Person: Mr. Chandradeep Kukherjee
Contact No.: 91-9830037059
· KTC Korea Limited
KTC Youngsang Building, 567-49 Yeonnm-Dong, Mapo-Gu Seoul, Republic of Korea
Contact Person: Mr. Abhishek Thakur – Vice President
Contact No.: 02-2086-6555/
00821090687075
FIXED ASSETS:
· Land
· Building
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer
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 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 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.53.77 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.