MIRA INFORM REPORT

 

 

Report No. :

331803

Report Date :

11.07.2015

 

IDENTIFICATION DETAILS

 

Name :

OSNAR PAINTS AND CONTRACTS PRIVATE LIMITED

 

 

Registered Office :

8, T. K. Industrial Estate, Acharya Donde Marg.  Sewree (West), Mumbai – 400015, Maharashtra

Tel. No.:

91-22-24136577

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

12.11.1965

 

 

Com. Reg. No.:

11-013361

 

 

Capital Investment / Paid-up Capital :

Rs. 7.000 Million

 

 

CIN No.:

[Company Identification No.]

U45402MH1965PTC013361

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMO03015F

 

 

PAN No.:

[Permanent Account No.]

AAACO0828K

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of Undertaking Contracts for Painting Protective and Anti-Corrosion Coating of Various Project.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a private limited company incorporated in the year 1965, having moderate track.

 

Company has incurred continuous losses from its operations, which has eroded the net worth of the company.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow.

 

The company can be considered for business dealing with fully safe and secured 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2013.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON CO-OPERATIVE

 

(TEL. NO.: 91-22-24136577)

 

 

LOCATIONS

 

Registered Office :

8, T. K. Industrial Estate, Acharya Donde Marg.  Sewree (West), Mumbai – 400015, Maharashtra

Tel. No.:

91-22-24136577/ 24135763/ 24130085/ 24130975

Fax No.:

91-22-24137293

E-Mail :

osnar@rediffmail.com

info@osnar.com

Website :

www.osnar.com

 

 

Factory:

C-28, TTC Industrial Area Village Pawne, MIDC Thana Belapur Road, Navi Mumbai – 400705, Maharashtra, India

Tel. No.:

91-22-27612762

Fax No.:

91-22-27681327

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Samir Ompraksh Degan

Designation :

Managing Director

Address :

17, Nishat, Little Gibbs Road, Malbarhill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

25.09.1962

Date of Appointment :

27.06.1985

DIN No.:

00043450

 

 

Name :

Mr. Omprakash Kundanlal Degan

Designation :

Director

Address :

17, Nishat, Little Gibbs Road, Malbarhill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

11.03.1933

Date of Appointment :

12.11.1965

DIN No.:

00203855

 

 

Name :

Mr. Ashok Krishnanand Shastry

Designation :

Director

Address :

17, Nishat, Little Gibbs Road, Malbarhill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

03.01.1934

Date of Appointment :

12.11.1965

DIN No.:

00206780

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Omprakash Degan

15411

22.02

Chandra Degan

15630

22.33

Ashok Shastry

541

0.77

Samir Degan

25597

36.57

Surita Khanna

7821

11.17

Shalini Degan

5000

7.14

Total

 

70000

100.00

 

 

 

 

AS ON 30.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of Undertaking Contracts for Painting Protective and Anti-Corrosion Coating of Various Project.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         Accurate Insulations

·         Al-Amin Roadlines

·         Arihant steel Tube Company

·         Blastline India Limited

·         Blr Logistiks Limited

·         Farooq and Company

·         Osnar Chemical Private Limited

·         Zena Enterprises

·         Vasu Chemicals Private Limited

·         T.K. Industrial estate Co-operating Society Limited 

 

 

Customers :

Reference:

Not Divulged

Name Of The Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since How Long Known:

Not Divulged

Maximum Limit Dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

·         BG Exploration And Production India Limited

·         Gammon India Limited-Kaiga

·         Great Offshore Salvage Service Limited

·         Icon Engineering

·         Jinal Drilling and industries Limited

·         Larsen and Toubro Limited – Barmer

·         Rsos Limited

·         Shree Coatings

·         Siemens Limited

·         Xicon International Limited

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Bank of Maharashtra

Branch:

Busa Udyog Bhavan, T. J. Road, Sewree (West), Mumbai - 400015, Maharashtra, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         HDFC Bank Limited

·         State Bank of India

·         Standard Chartered Bank

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Bank of Maharashtra (Project Loan)

(Secured against hypothecation of property)

2.839

6.039

 

 

 

SHORT-TERM BORROWINGS

 

 

Bank of Maharashtra – Secured Bank Overdraft (Secured against hypothecation of property)

5.847

5.849

Standard Chartered Bank – Secured Bank Overdraft (Secured against Bank Fixed Deposit)

1.513

1.544

HDFC Bank Limited – Secured Bank Overdraft (Secured against hypothecation of property)

3.600

4.004

Total

 

13.799

17.436

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Jayesh Sheth and Company

Chartered Accountants

Address :

802-803/8th Floor, Navjivan Commercial Premises, Building No. 3, Dr. D.B. Marg, Grant Road, (East), Mumbai – 400008, Maharashtra, India

Tel. No.:

91-22-23013531

Mobile No.:

91-9892245997

Fax No.:

91-22-23066156

E-Mail :

jayesh@cajayesh.in

jayeshethca@gmail.com

Income-tax PAN of auditor or auditor's firm :

AOKPS1068N

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100,000

Equity Shares

Rs. 100/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

70,000

Equity Shares

Rs. 10/- each

Rs. 7.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

7.000

7.000

7.000

(b) Reserves & Surplus

(23.093)

4.813

3.207

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

(16.093)

11.813

10.207

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

17.717

18.922

17.026

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

17.717

18.922

17.026

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

10.960

11.397

0.000

(b) Trade payables

34.962

11.895

12.219

(c) Other current liabilities

2.503

2.503

1.603

(d) Short-term provisions

8.555

10.593

17.956

Total Current Liabilities (4)

56.980

36.388

31.778

 

 

 

 

TOTAL

58.604

67.123

59.011

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

7.371

8.328

9.064

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2.344

2.344

2.344

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

9.715

10.672

11.408

 

 

 

 

(2) Current assets

 

 

 

(a) Work-in-progress

15.554

6.623

2.580

(b) Inventories

6.104

8.158

6.148

(c) Trade receivables

13.315

29.250

28.967

(d) Cash and cash equivalents

3.875

3.531

2.990

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

10.041

8.889

6.918

Total Current Assets

48.889

56.451

47.603

 

 

 

 

TOTAL

58.604

67.123

59.011

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

9.832

42.455

40.256

 

 

Other Income

NA

0.307

0.329

 

 

TOTAL                                    

NA

42.762

40.585

 

 

 

 

 

Less

EXPENSES

NA

39.949

37.424

 

 

 

 

 

 

PROFIT BEFORE TAX

(27.906)

2.506

2.832

 

 

 

 

 

Less

TAX                                                     

0.000

0.900

1.076

 

 

 

 

 

 

PROFIT AFTER TAX

(27.906)

1.606

1.756

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3.827

2.220

0.464

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(24.079)

3.826

2.220

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(398.66)

22.94

25.09

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin
(PAT / Sales)

 

(283.83)

3.78

4.36

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(49.60)

3.87

5.00

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

1.73

0.21

0.28

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

(1.78)

2.57

1.67

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.86

1.55

1.50

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

7.000

7.000

7.000

Reserves & Surplus

3.207

4.813

(23.093)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

10.207

11.813

(16.093)

 

 

 

 

Long-term borrowings

17.026

18.922

17.717

Short term borrowings

0.000

11.397

10.960

Total borrowings

17.026

30.319

28.677

Debt/Equity ratio

1.668

2.567

(1.782)

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

40.256

42.455

9.832

 

 

5.463

(76.841)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

40.256

42.455

9.832

Profit

1.756

1.606

(27.906)

 

4.36%

3.78%

(283.83%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

O. P.

3.817

3.815

Chandra Degan

1.101

0.700

Samir Degan

7.670

5.988

Shalini Samir Degan

2.290

2.380

 

 

 

Total

 

14.878

12.883

 

 

CONTRACTS

 

During the year the company executed contracts worth Rs. 9832 Million as against the previous year turnover of Rs. 42.455 Million. This year the company has incurred loss of Rs. 27.906 Million as against last year’s profit of Rs. 3.826 million. The company expects to achieve better results and turnover in the subsequent year.

 

 

FIXED ASSETS:

 

·         Property

·         Office Premises

·         Furniture and Furniture

·         Plant and Machinery

·         Motor Car

·         Air Compressors

·         Modi Xerox Machine

·         Disel Jeep

·         Epabx system

·         Fax Machine

·         Motor Cycle

·         Computer

·         Air Conditional

 

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.63.38

UK Pound

1

Rs.97.65

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

ARC

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

 

11

 

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.