MIRA
INFORM REPORT
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Report Date : |
17.01.2007 |
IDENTIFICATION DETAILS
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Name : |
OSWAL
MINERALS LIMITED |
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Registered Office : |
8/11, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
04.07.1996 |
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Com. Reg. No.: |
18-35973 |
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CIN No.: [Company
Identification No.] |
U30006TN1996PLC035973 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRO01140G |
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PAN No.: [Permanent
Account No.] |
AACCM6499G |
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Legal Form : |
Closely
held Public Limited Liability Company |
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Line of Business : |
Importer
and Trader of Ferrous and Non- Ferrous Metal Products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an old and established company having moderate track. Directors are
reported as experienced and respectable businessman. Trade relations are
reported as fair. Company’s profitability is low. Payments are reported as
slow but correct. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
8/11, |
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Admin
Office : |
No.
6,2nd |
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Tel.
No.: |
91-80-23123187 / 23123456 / 23123599 / 23124248
/ 23123047 / 23128593 |
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Fax
No.: |
91-80-23123114 |
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E-Mail
: |
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Website : |
DIRECTORS
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Name : |
Mr I
Srinivas |
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Designation : |
Director
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Address : |
6, |
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Date of Appointment : |
28.09.2004 |
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Name : |
Ms
Sapna Jain |
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Designation : |
Director |
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Address : |
6/2, 2nd
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Date of Appointment : |
30.09.2005 |
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Name : |
Ms
Sukhi Devi |
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Designation : |
Director |
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Address : |
6/1, 2nd
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Date of Appointment : |
28.09.2004 |
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Name : |
Mr
Vimal Kumar |
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Designation : |
Director |
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Address : |
1033, |
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Date of Appointment : |
28.09.2004 |
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Name : |
Mr
Sripal Kumar |
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Designation : |
Director |
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Address : |
6, 2nd
Main Road, Ramachandrapuram, |
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Date of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Indian
Promoters |
6130560 |
79.10 |
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Private
Corporate Bodies |
609310 |
7.87 |
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Indian
Public |
1010130 |
13.03 |
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Total |
7750000 |
100.00 |
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Category
of Shareholders |
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Percentage of Holding |
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Directors
or relatives of Directors |
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79.10 |
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Bodies
Corporate |
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7.87 |
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Indian
Public |
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13.03 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer
and Trader of Ferrous and Non- Ferrous Metal Products |
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Products : |
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GENERAL INFORMATION
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Bankers : |
63/1, III Main, 18th
Cross Malleshwaram,
Rajaji Nagar, |
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Auditors : |
K R
Bhansali and Associates Chartered
Accountants |
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Tel. No.: |
21
Parthasarthy Puram Extension, 2nd Floor, T Nagar, Chennai - 600017 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
85,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 85.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
77,50,000 |
Equity
Shares |
Rs 10/- each |
Rs 77.500 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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77.500 |
77.500 |
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2] Calls in Arrears |
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(1.475) |
(11.400) |
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3] Reserves & Surplus |
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42.433 |
35.680 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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118.457 |
101.779 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.338 |
1.350 |
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TOTAL |
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118.795 |
103.129 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.450 |
35.265 |
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Capital work-in-progress |
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INVESTMENT |
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0.000 |
17.833 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.535 |
0.000 |
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Sundry Debtors |
|
76.020 |
2.361 |
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Cash & Bank Balances |
|
9.747 |
4.185 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
18.705 |
45.174 |
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Total Current Assets |
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122.007 |
51.720 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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8.080 |
3.180 |
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Total Current Liabilities |
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8.080 |
3.180 |
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Net Current Assets |
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113.927 |
48.540 |
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MISCELLANEOUS EXPENSES |
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2.418 |
1.491 |
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TOTAL |
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118.795 |
103.129 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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176.653 |
3.989 |
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Profit/(Loss)
Before Tax |
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(3.152) |
(4.328) |
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Provision
for Taxation |
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(0.344) |
(0.915) |
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Profit/(Loss)
After Tax |
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(2.808) |
(3.413) |
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Total
Expenditure |
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179.805 |
8.318 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
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(1.74) |
(85.56) |
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Net
Profit Margin(PBT/Sales) |
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(1.78) |
(108.49) |
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Return
on Total Assets(PBT/Total Assets} |
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(2.53) |
(4.97) |
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Return
on Investment (ROI)(PBT/Networth) |
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(0.02) |
(0.04) |
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Debt
Equity Ratio(Total Liability/Networth) |
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0.06 |
0.03 |
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Current
Ratio(Current Asset/Current Liability) |
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15.09 |
16.26 |
LOCAL AGENCY FURTHER INFORMATION
OSWAL GROUP is a leading importer and trading
house based in Bangalore dealing in various Low Carbon and High Carbon Ferro
Alloys, Virgin Metals, Stainless Steel Scraps, High Alloy Scraps, Nickel
Scraps, Minerals, Non-Ferrous and Non-Ferrous Metal Scraps, Refractories etc.,
Our Company is located in
We have been sourcing our products from the best manufacturers in the
sub - continent and across the globe. We have a very good rapport with our
Customers and our policy ever since has been " QUALITY, SERVICE AND
RELIABILITY ". OSWAL GROUP gives its utmost attention to the
customers and leaves no stone unturned to satisfy them.
Business Performance
The
company has started its new business activity of trading in mineral and alloys
the company achieved a turnover of Rs 175.965 Millions in the financial year
2004-05 against Rs 29.615 Millions in the financial year 2003-04. the company
has incurred loss of Rs 2.807 Millions after tax compared to previous Loss of
Rs 3.362 Millions in the previous year, the company has incurred cash loss of
Rs 1.127 Millions the loss is mainly due to sale of assets and shares and your
directors are hopeful of maintaining and improving the turnover and profit in
coming year by strategic business.
Business Outlook and Operating Environment
The
company is new business line i.e. of extracting and trading the different types
of minerals and ores. The company has already started the new business. And the
company has achieved a turnover of Rs 175.965 Millions during the first year of
operation in new line of activity and company has strategic plan to improve its
business plan in coming years.
Assets
- Computer and other
Peripherals
- Office Equipments
- Furniture and Fittings
- Software under Development
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.44.32 |
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|
1 |
Rs.86.11 |
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Euro |
1 |
Rs.57.38 |
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 |
4 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
39 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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