MIRA
INFORM REPORT
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Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
OPAQUE CERAMICS PRIVATE LIMITED |
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Registered Office : |
203, Aksar Arcade, Opposite Memnagar Fire Station, Navrangpura,
Ahmedabad-380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.09.1994 |
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Com. Reg. No.: |
04-23018 |
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CIN No.: [Company
Identification No.] |
U26933GJ1994PTC023018 |
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IEC No.: |
0802005098 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMO00049A |
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PAN No.: [Permanent
Account No.] |
AAACO1727H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Zirconium Silicate and Zir Flour |
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 92880 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Ajay Jha, Account Officer confirmed the details. Subject is a well established and reputed company having satisfactory
track records. Trade relations are fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ajay |
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Designation : |
Accounts officer |
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Contact No.: |
91-9427953569 |
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Date : |
18.07.2008 |
LOCATIONS
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Registered Office : |
203, Aksar Arcade, Opposite Memnagar Fire Station, Navrangpura,
Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26462544 |
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Mobile No.: |
91-9825070921 |
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Fax No.: |
91-79-26421357 |
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E-Mail : |
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Website : |
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Area : |
1516 sq ft |
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Location : |
Owned |
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Factory 1 : |
Plot no. 51/5, G.I.D.C Estate, Motipura, Himatnagar-383001, Gujarat,
India |
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Tel. No.: |
91-2772-229622 |
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Fax No.: |
91-2772-228922 |
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E-Mail : |
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Area : |
40109 Sq ft |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Mahesh A Vora |
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Designation : |
Managing Director |
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Address : |
B-101, Abhiyaan Apartment Behind St. Xaviers High School, Opposite Paritosh
Society, Naranpura, Ahmedabad-380013, Gujarat, India |
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Date of Birth/Age : |
01.01.1955 |
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Qualification : |
Non- Matric |
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Date of Appointment : |
15.09.1994 |
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Name : |
Mrs. Kalpana M Vora |
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Designation : |
Director |
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Address : |
B-101, Abhiyaan Apartment Behind St. Xaviers High School, Opposite
Paritosh Society, Naranpura, Ahmedabad-380013, Gujarat, India |
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Date of Birth/Age : |
02.12.1955 |
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Date of Appointment : |
15.09.1994 |
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Name : |
Mr. Atit M Vora |
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Designation : |
Director |
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Address : |
B-101, Abhiyaan Apartment Behind St. Xaviers High School, Opposite
Paritosh Society, Naranpura, Ahmedabad-380013, Gujarat, India |
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Date of Birth/Age : |
21.08.1981 |
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Date of Appointment : |
14.12.2004 |
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Name : |
Mr. Nishant M Vora |
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Designation : |
Director |
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Address : |
B-101, Abhiyaan Apartment Behind St. Xaviers High School, Opposite
Paritosh Society, Naranpura, Ahmedabad-380013, Gujarat, India |
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Date of Birth/Age : |
29.04.1983 |
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Qualification : |
B com |
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Date of Appointment : |
24.11.2006 |
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Name : |
Mr. Umashankar Singh |
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Designation : |
Director |
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Address : |
51/5, Motipura, GIDC, Himmatnagar, Sabarkantha, Gujarat-383001, India |
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Date of Birth/Age : |
05.08.1960 |
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Date of Appointment : |
15.09.1994 |
KEY EXECUTIVES
|
Name : |
K K Patel and Associates |
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Designation : |
Company Secretary |
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Address : |
B-305, Second Floor, Padmawati Apartment, Sector – 29, Gandhinagar –
382 029, Gujarat, India. |
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Tel. No. : |
91-79-23226515 |
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Mobile No. : |
91-9825023204 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
( As on 31.03.2007)
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Mahesh Vora |
|
196800 |
|
Mrs. Kalpana M Vora |
|
101700 |
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Mr. Umashankar Singh |
|
167600 |
|
Mrs. Geeta Umashankar Singh |
|
33000 |
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Mrs. Bharti H Vora |
|
300 |
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Mr. Nishant M Vora |
|
300 |
|
Mr. Atit M Vora |
|
300 |
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Total |
|
500000 |
Equity Share Break up (As On 29.09.2007)
|
Particular |
Percentage |
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Directors or relatives of directors |
100.000 |
|
Total |
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Zirconium Silicate and Zir Flour |
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Brand Names : |
ZIRCOPAQUE-5 AND ZIRCOPAQUE- PREMIUM |
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Imports : |
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Products : |
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Countries : |
Australia, Sri Lanka, Germany, South Africa, Malaysia |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
7 (In Office), 17 (In Factory) Total-24 |
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Bankers : |
JMC House Branch, Opposite parimal Garden, Ellis- Bridge,
Anmedabad-380006, Gujarat, India
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Facilities : |
Credit Limit Rs. 30.500 millions (ICICI Bank Limited) (CC Rs. 17.500 millions, L/C Rs. 17.500 millions) Non Fund and Fund base-Rs.35.000 millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M/s Ashok Chhajed and Associates (Chartered Accountant) |
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Address : |
22, II floor, city centre, Near Swastik Char Rasta, C.G road,
Navrangpura, Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26402929 |
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Fax No.: |
91-79-26402930 |
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E-Mail : |
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Associates/Subsidiaries : |
203,Aksar Arcade, Opposite
Mamnagar Fire Station, Navrangpura, Ahmedabad Line Of Business: Trading Of Zirconium Silicate And Zircon
203,Aksar Arcade, Opposite Mamnagar Fire Station, Navrangpura,
Ahmedabad Line Of Business: Manufacturing Of Zirconium Silicate And Zir Flour |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
5.000 |
3.750 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
13.576 |
7.362 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
18.576 |
11.112 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
|
18.719 |
5.833 |
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2] Unsecured Loans |
|
12.926 |
14.474 |
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TOTAL BORROWING |
|
31.645 |
20.307 |
|
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DEFERRED TAX LIABILITIES |
|
0.302 |
0.482 |
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|
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TOTAL |
|
50.523 |
31.901 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
9.890 |
5.555 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
3.734 |
3.996 |
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Sundry Debtors |
|
35.690 |
21.671 |
|
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Cash & Bank Balances |
|
6.922 |
1.638 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
1.269 |
6.242 |
|
Total
Current Assets |
|
47.615 |
33.547 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
6.982 |
7.201 |
|
|
Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
6.982 |
7.201 |
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|
Net Current Assets |
|
40.633 |
26.346 |
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|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
50.523 |
31.901 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover and Other Income |
|
144.919 |
110.809 |
|
|
Total Income |
|
144.919 |
110.809 |
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|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
7.693 |
8.282 |
|
|
Provision for Taxation |
|
2.777 |
2.846 |
|
|
Profit/(Loss) After Tax |
|
4.916 |
5.436 |
|
|
|
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Expenditures : |
|
|
|
|
|
|
Financial Charges |
|
0.000 |
2.675 |
|
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Other Expenditure |
|
137.226 |
99.852 |
|
Total Expenditure |
|
137.226 |
102.527 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
3.39 |
4.91 |
|
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|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.31 |
7.47 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
13.38 |
21.18 |
|
|
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|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.41 |
0.75 |
|
|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.08 |
2.48 |
|
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|
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|
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Current Ratio (Current Asset/Current Liability) |
|
|
6.82 |
4.66 |
LOCAL AGENCY
FURTHER INFORMATION
Form No 8:
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Name of the company |
OPAQUE CERAMICS
PRIVATE LIMITED |
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Presented
By |
Mr. Mahesh A Vora |
|
1) Date and description of instrument creating the change |
Instrument of
hypothecation of machinery dated 18.07.1995 Instrument of hypothecation
of goods dated 18.07.1995 Instrument of
hypothecation of Book Debts dated 18.07.1995 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.600
millions Rs. 1.000 millions Rs. 0.200 million |
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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 |
Hypothecation of
movable machineries Hypothecation of
goods such as Zircon sand packing materials etc Hypothecation of
Book Debts |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest :2.5 %
OPLR with minimum 18% Margin: 35% Period: 60 months Repayment :18
quarterly installments of Rs. 0.078 million Interest :3% OPLR
with minimum 18.5% Margin: 30% Period: 12 months Interest :3% OPLR
with minimum 18.5% Margin: 50% Period: 12 months |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Vashipur Branch,
Ahmedabad |
|
6) Date and brief description of instrument modifying the charge |
Supplemental
composite instrument of hypothecation of goods, book debts, movable
machinery, vehicles to be obtained in case of enhancement of limit with
extension of hypothecation charges dated 13.07.2005 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
local limit for term loan hypothecation of stock, hypothecation of machinery
vide instrument of hypothecation of machinery dated 18.07.1995 was Rs. 2.600
millions vide instrument of hypothecation of machinery dated 18.03.1997was
Rs. 3.680 millions by supplement composite of hypothecation of goods, book
debts, movable machinery and vehicles dated 21.12.1999 Now the Aggregate
limit is increased to Rs. 11.200 millions by execution of Supplemental
composite instrument of hypothecation of goods, book debts, movable machinery
and vehicles dated 11.07.2005 The original limit
of hypothecation of goods vide instrument of goods dated 18.07.1995 was
Rs.1.000 million, vide instrument of goods dated 18.03.1997. the limit
increased to Rs. 1.200 millions thereafter increase by Rs.1.300 millions by
Supplemental composite instrument of hypothecation of goods, book debts,
movable machinery and vehicles dated 21.12.1999. the limit for hypothecation
of goods stands at Rs.2.500 millions Now the limit of
Rs. 2.500 millions on hypothecation fo stocks increased by Rs. 1.500 millions
aggregating Rs. 4.0000 millions by Execution of supplemental composite
instrument of goods, book debts, movable machinery and vehicles
dated13.07.2005. the limit of hypothecation of stocks stands at Rs.4.000
millions The original
limit for hypothecation of book debts vide instrument of hypothecation of
book debts dated 18.07.1995 Was Rs.2.000 millions vide instrument of
hypothecation of book debts dated 18.03.1997. the increased limit of Rs.
8.000 millions is thereafter increased by Rs. 1.000 millions by supplemental
instrument of hypothecation of goods, book debts, movable machinery and
vehicles dated 21.12.1999. the limit of hypothecation of book debts stands at
Rs. 9.000 millions Now the limit of
Rs. 9.000 millions of hypothecation of book debts is increased by Rs. 1.100
millions Aggregating Rs. 2.000 millions by execution of supplemental
instrument of hypothecation of goods, book debts, movable machinery and
vehicles dated 13.07.2005. the limit of hypothecation of book debts stands at
Rs. 2.000 millions Now the limit for
foreign letter of credit is sanctioned for Rs. 5.000 millions Now the limit for
bank guarantee is sanctioned for Rs. 2.000 millions The company had
been sanctioned the term loan for Rs. 1.100 millions and the company repaid the
instrument of term loan for Rs. 2.650 millions dated on 16.05.2003 The company had
subsequently repaid the balance amount for Rs. 3.350 millions of the term
loan . hence the term loan is repaid as on date Accordingly the
total limits now stands at Rs.1.120 millions as under Cash credit
(hypothecation of stocks) Rs. 4.000 millions Cash credit
(hypothecation of book debts) Rs. 2.000 millions Foreign letter
credit Rs. 5.000 millions Bank Guarantee
Rs. 0.200 million As per the terms
and conditions specified on renewal of various credit facilities of bank of
Baroda, Vastrapur Branch, Ahmedabad dated 16.06.2005 The above limits
are further secured by way of an equitable mortgage of immovable property
situated at Plot No 51/5. 51/4/8 admeasuring 892 sq mtrs and 2013 sq mtrs
respectively in GIDC Industrial estate, Motipura, Himatnagar with Bank of
Baroda, Himatnagar Branch. |
|
This form is for |
Creation of
charge |
|
Charge
identification number of the modified
|
|
|
Corporate identity
number of the company |
U26933GJ1994PTC023018 |
|
Name of the
company |
OPEQUE CERAMICS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
203, Akshar Arcade,
Opposite Mamnagar Fire Station , Near Vijay Char Rasta, Navarangpura,
Ahmedabad-380009, Gujarat, India |
|
Type of charge |
Immovable property Any interest in
immovable property others |
|
Particular of
charge holder |
CIN No:
L65190GJ1994PTC021012 Name: ICICI Bank
Limited Address: Landmark
race CourceCircle, Alkapuri, Baroda-39015, Gujarat, India Email: manoj.kansal@icicibank.com |
|
Nature of description
of the instrument creating or modifying the charge |
No instrument was
executed but on 20.07.2007, a
mortgage by way of deposit of title deeds was (Memorandum of entry- first
time mortgage by deposit of titles deeds with ICICI Bank) created in favor of
ICICI bank pursuant to resolution passed by the board of directors at its
meeting held on 04.07.2007 |
|
Date of
instrument Creating the charge |
20.07.2007 |
|
Amount secured by
the charge |
Rs.3.500 millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per annexure
II attached herewith Terms of
Repayment: As per annexure
II attached herewith Margin: As per annexure
II attached herewith Extent and
operation of the charge: As per annexure
II attached herewith Others: As per annexure
II attached herewith |
|
Short particulars
of the property charged |
As per annexure
II attached herewith |
Trade References:
- Asian granite India limited,
Ceramics Zone,
Dalpur,
Taluka: Prantij,
Himatnagar,
District:
Sabarkanth
Phone:
91-2770-240931/32/33
- Euro Ceramics Limited
Boston House,
ground floor
Suren Road,
Chakala, Andheri (w)
Phone:91-22-40194019
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 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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|