MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
OSWAL INDUSTRIES LIMITED |
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Registered Office : |
Blieshwarpura P O Chattral,
Taluka Kalol, District : Gandhinagar -
382 729, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.03.1983 |
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Com. Reg. No.: |
6037 |
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CIN No.: [Company
Identification No.] |
L27100GJ1983PLC006037 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMO00419G |
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PAN No.: [Permanent
Account No.] |
AAACO3443L |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers and Exporter of valves. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 213272 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Blieshwarpura P O Chattral,
Taluka Kalol, District : Gandhinagar -
382 729, |
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Tel. No.: |
91-2764-232261 / 233661 |
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Fax No: |
91-2764-233411 |
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E-Mail : |
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Website : |
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Corporate Office/ Factory : |
123/3, Block # 258, Ola, Kalol – |
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Tel. No.: |
91 2764 320272 / 226884-6; |
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Fax No.: |
91 2764 226882. |
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E-Mail : |
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Branches : |
Mumbai Office: 3rd Floor, |
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Tel. No.: |
91 22 30088001 |
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Fax No.: |
91 22 23861642 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Babulal H Bokadia |
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Designation : |
Chairman and Managing Director |
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Address : |
Above Shah super market, Kalol, (N G ), District Gandhinagar, |
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Date of Birth/Age : |
27.02.1958 |
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Date of Appointment : |
19.03.1983 |
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Name : |
Mr. Jitendra H Bokadia |
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Designation : |
Executive Director |
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Address : |
25, Dhan Bhavan, 1st
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Date of Appointment : |
01.08.1993 |
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Name : |
Mr. Prakashlal Jain |
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Designation : |
Director |
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Name : |
Mr. Parasmal M Doshi |
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Designation : |
Director |
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Address : |
25, Dhan Bhavan, 1st
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Date of Birth/Age : |
28.05.1958 |
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Date of Appointment : |
01.08.1993 |
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Name : |
Mr. Ratan Bokadia |
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Designation : |
Director |
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Address : |
Above Shah Super Market, Kalol (N G) |
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Date of Birth/Age : |
16.08.1978 |
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Date of Appointment : |
16.08.2001 |
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Name : |
Mr. Anil S Gupta |
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Designation : |
Director |
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Address : |
P O Bashta, District Bajnor, |
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Date of Birth/Age : |
01.01.1958 |
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Date of Appointment : |
15.03.2003 |
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Date of Ceasing: |
01.04.2005 |
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Name : |
Mr. Parmatma B Swaroop |
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Designation : |
Director |
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Address : |
C -339, Lohta Nagar, Gaziabad |
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Date of Birth/Age : |
30.12.1947 |
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Date of Appointment : |
15.03.2003 |
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Name : |
Mr. Bhushanlal Tiekoo |
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Designation : |
Director |
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Address : |
D -7, Karnavati Apartment, Bodakdev, Ahmedabad, |
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Date of Birth/Age : |
14.04.1945 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr Jayant B Bokadia |
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Designation : |
Director |
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Address : |
Above Shah Super Market, Kalol (N G) |
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Date of Birth/Age : |
09.06.1982 |
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Date of Appointment : |
23.08.2005 |
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Name : |
Mr. Ravi P Doshi |
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Designation : |
Director |
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Address : |
454, |
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Date of Birth/Age : |
29.07.1982 |
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Date of Appointment : |
23.08.1982 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of valves. |
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Products : |
· Gate valve · API 6D Through Conduct Gate · Globe Valve · DIN Globe Valve PN · Trunnion Mounted Ball Valve |
GENERAL INFORMATION
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Bankers : |
·
Central Bank of Ashram Road, Ahmedabad · Punjab National Bank Address:
International Banking Branch, Neelkamal Complex, Opposite Sales Email: bo4441@pnb.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mehta Lodha and Company Chartered Accountants |
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Address : |
105, Sakar – 1st Floor, Opposite Gandhigram Railway
station, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity shares |
Rs. 10/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3934900 |
Equity shares |
Rs. 10/-
each |
Rs.39.349
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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39.349 |
39.349 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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13.969 |
5.992 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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53.318 |
45.341 |
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LOAN FUNDS |
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1] Secured Loans |
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53.287 |
25.467 |
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2] Unsecured Loans |
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9.330 |
1.724 |
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TOTAL BORROWING |
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62.617 |
27.191 |
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DEFERRED TAX LIABILITIES |
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4.476 |
4.200 |
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TOTAL |
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120.411 |
76.732 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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74.208 |
28.866 |
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Capital work-in-progress |
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0.000 |
5.229 |
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INVESTMENT |
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0.000 |
0.000 |
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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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33.822 |
28.172 |
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Sundry Debtors |
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28.626 |
33.739 |
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Cash & Bank Balances |
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7.793 |
1.598 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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13.224 |
7.967 |
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Total
Current Assets |
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83.465 |
71.476 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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36.554 |
28.466 |
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Provisions |
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2.554 |
1.087 |
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Total
Current Liabilities |
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39.108 |
29.553 |
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Net Current Assets |
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44.357 |
41.923 |
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MISCELLANEOUS EXPENSES |
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1.846 |
0.714 |
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TOTAL |
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120.411 |
76.732 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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274.718 |
216.668 |
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Other Income |
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1.388 |
1.437 |
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Total Income |
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276.106 |
218.105 |
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Profit/(Loss) Before Tax |
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11.180 |
3.076 |
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Provision for Taxation |
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2.829 |
1.304 |
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Profit/(Loss) After Tax |
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8.351 |
1.772 |
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Expenditures : |
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Raw Material Consumed |
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173.124 |
145.105 |
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Consumption of stores and spares parts |
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20.097 |
21.277 |
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Increase/(Decrease) in Finished Goods |
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[1.715] |
[3.600] |
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Salaries, Wages, Bonus, etc. |
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16.993 |
12.881 |
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Managerial Remuneration |
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1.500 |
0.720 |
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Payment to Auditors |
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0.030 |
0.030 |
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Interest |
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5.671 |
3.801 |
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Insurance Expenses |
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1.253 |
1.166 |
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Power & Fuel |
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12.088 |
10.861 |
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Depreciation & Amortization |
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5.769 |
3.700 |
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Other Expenditure |
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30.114 |
19.086 |
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Total Expenditure |
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264.926 |
215.030 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.02 |
0.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.06 |
1.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.09 |
2.91 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.90 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
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2.13 |
2.41 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the
company |
Oswal industries limited |
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Presented
By |
Shri Babulal
Bokadia |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation dated 25.10.2001 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 11.000
millions. The details of the same as under:
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
The stocks of Raw
Materials, Semi Finished goods and Finished goods, Book debts, etc |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @PLR + 4%p.a. Subject to a
minimum of 9% |
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5) Name and
Address and description of the person entitled to the charge. |
Central Bank of Ashram Road, Ahmedabad |
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Corporation identity number or foreign company registrations number of
the company |
L27100GJ1983PLC006037 |
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Name of the company |
Oswal Industries Limited |
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Address |
Blieshwarpura P O Chattral, Taluka Kalol, District : Gandhinagar - 382 729, |
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This Form is for |
Modification of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder
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Punjab National Bank Address: International Banking Branch,
Neelkamal Complex, Opposite Sales Email: bo4441@pnb.co.in
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Amount Secure by the charge |
Rs. 99.500 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
All the securities described in column No. 13 ( C ) herein below is
hypothecation and charge to the bank for various facilities aggregating to
Rs. 149.000 millions and other details more particularly described in the
Annexure “ A” Hereto. |
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Description of the property charge whether it is a charge on |
· Stock in trade · Plant and machinery · Furniture and fixtures · Book debts |
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Particulars of the property charged (including location of the
property) |
(A) All the present and future stocks of Raw Material such as M S
Scrap, SS Scrap, Ferro Maganise, Ferro Alluminum, Ferro Titenum, Cobat
Metal etc and other details more
particularly described in the annexure “ B” hereto |
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Br5iefg description of instrument modifying charge |
Supplemental hypothecation agreement executed by Oswal Industries
Limited (borrower) in favour of Punjab National Bank (Bank) |
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Particulars of the Present modification |
All the securities as described in column No. 13 (C) herein above
hypothecated and charged to the bank and other details more particularly
described in the Annexure “C” hereto |
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WEBSITE DETAILS:
Subject is one of the leading manufacturer and exporter of
valves. Oswal's valve division is certified
by API, ISO and CE. Oswal's product range of all major pressure class
valves like Gate
Valves, Globe
Valves, Check
Valves and Ball
Valves which are made from high quality cast carbon steel, alloys
steel,
stainless steel AND super alloys material.
Infrastructure
The valve manufacturing unit is equipped with all necessary (state-of-the-art) quality equipments and facilities for design on CAD, pattern development, machining as per relevant standard, inspection, assembly and testing of finished valves.
Adequate quality assurance measures are adopted for manufacturing of valves to ensure that they comply with the contractual requirements. Close control is maintained on the quality of the incoming materials and parts, production processes and final product quality. A compliance and guarantee certificate is issued along with every supply.
Gate valves, Globe valves, Check valves and Ball valves are the main products of the valve manufacturing unit. The size ranges from 2" (50mm) to 24" (600mm) and pressure rating of ANSI 150# to ANSI 600#. However valves with higher sizes and pressure rating like ANSI 900# and 1500# can also be supplied. The valves conform to International standards as per the requirements of the customer such as API, ASTM, ANSI, DIN, BSI, NACE and MSS and are produced in stainless steel, carbon steel and other alloy steel.
Client Sectors:
· Chemicals
· Coal Fields
· Copper and Zinc
· Food
· Filteration
· Oil and Gas
· Paper and Pulp
· Petrochemical
· Pharmaceutical
· Rayon/ PP
· Refinery
·
Steel
Other information:
Valve Division:
123/3, Block # 258, Ola, Kalol –
Taluk: Kalol, Distt: Gandhinagar,
382 729,
91 2764 320272 / 226884-6;
91 2764 226882.
Foundry Division:
Blieshwarpura P O Chattral, Taluka
Kalol, District : Gandhinagar - 382 729,
Tel No: 91-2764-232261 / 233661
Fax No:91-2764233411
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.39.79 |
|
|
1 |
Rs.81.23 |
|
Euro |
1 |
Rs.56.41 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|