MIRA
INFORM REPORT
|
Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
OSWAL EXTRUSION LIMITED |
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Registered Office : |
H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus Stop,
Usmanpura, Ahmedabad-380013, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.12.2004 |
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Com. Reg. No.: |
04-45239 |
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CIN No.: [Company
Identification No.] |
U25200GJ2004PLC045239 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMO00467F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer
of Big Bag Fibc, Trapuline and all kind of bags |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 120000 |
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Status : |
Good |
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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
records. Trade relations are fair. General financial position is good.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Amit |
|
Designation : |
Account Executive |
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Date : |
03.09.2008 |
LOCATIONS
|
Registered Office : |
H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus
Stop, Usmanpura, Ahmedabad-380013, Gujarat, India |
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Tel. No.: |
91-792-7550764 |
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Mob No.: |
91-9328341220 |
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Fax No.: |
91-792-7551764 |
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E-Mail : |
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Website : |
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Area : |
10000 sq ft |
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Location : |
Owned |
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Factory : |
Plot No. 73-5, 82A, Kandal Special Economic Zopne, Sector 2,
Gabdhidham, Kutch-370230, Gujarat, India |
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Tel. No.: |
91-2386-253289 |
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Fax No.: |
91-2386-253433 |
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Mobile No.: |
91-9374081302 |
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Email : |
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Area : |
10000 sq ft |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Siddharth Shantilal Parekh |
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Designation : |
Additional Director |
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Address : |
B-183, Sector 4, Gim- Kutch-370201, Gujarat, India |
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Date of Birth/Age : |
07.06.1984 |
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Date of Appointment : |
07.09.2007 |
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Name : |
Mr. Hiralal Champalal Parekh |
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Designation : |
Director |
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Address : |
B-175, Sector 4, Gandhidham-370201, Gujarat, India |
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Date of Birth/Age : |
28.04.1953 |
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Name : |
Mr. Gekchand Champalal Parekh |
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Designation : |
Director |
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Address : |
131, Sector – 4, Gandhidham Kutch, Gujarat, India |
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Date of Birth/Age : |
06.10.1935 |
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Date of Appointment : |
31.12.2004 |
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Date of Ceasing: |
27.01.2005 |
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Name : |
Mr. Prakash H Parekh |
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Designation : |
Director |
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Address : |
7-B, Sumatinagar Society, Near Sindhi High School, Usmanpura, Ahmedabad-380013,
Gujarat, India |
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Date of Birth/Age : |
26.09.1973 |
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Date of Appointment : |
27.01.2005 |
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Name : |
Mr. Shantilal C Parekh |
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Designation : |
Director |
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Address : |
181, Sector 4, Gandhidham, Gujarat, India |
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Date of Birth/Age : |
30.09.1957 |
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Date of Appointment : |
31.12.2004 |
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Date of Ceasing: |
27.01.2005 |
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Name : |
Mr. Deepak H Parekh |
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Designation : |
Director |
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Address : |
175, Sector 4, Gandhidham, Kutch, Gujarat, India |
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Date of Birth/Age : |
06.10.1935 |
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Date of Appointment : |
31.12.2004 |
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Date of Ceasing: |
27.01.2005 |
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Name : |
Mr. Chetan S Parekh |
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Designation : |
Director |
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Address : |
Plot No. 183, Sector 4, Gandhidham, Gujarat, India |
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Date of Birth/Age : |
30.01.1982 |
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Date of Appointment : |
27.01.2005 |
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Name : |
Mr. Ranjan K Samantharay |
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Designation : |
Director |
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Address : |
119/10/B/C, Vidyanager, Opposite, IFFCO Colony, Gandhidham-370201,
Gujarat, India |
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Date of Birth/Age : |
28.06.1970 |
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Date of Appointment : |
27.01.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Amit |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As ON 30.09.2005
|
Names of Shareholders |
No. of Shares |
% of Total
Holding |
|
Prakash Hiralal Parekh |
160000 |
18.22 |
|
Chetan S. Parekh |
50000 |
5.69 |
|
Manisha C. Parekh |
80000 |
9.11 |
|
Madhu P. Parekh |
58174 |
6.62 |
|
Deepak H Parekh |
10000 |
1.14 |
|
Siddharth S. Parekh |
10000 |
1.14 |
|
Nitu D. Parekh |
10000 |
1.14 |
|
Plastene India Limited |
500000 |
56.94 |
|
Total |
878174 |
100 |
As on 31.03.2006
|
List of Allottees |
|
No. of Shares Allotted |
|
Gaurav Suri |
|
80000 |
|
Major P C Suri |
|
50000 |
|
Champalal Agrimpex Private Limited |
|
160000 |
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Total |
|
290000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies Corporate (not mentioned above) |
|
42.32 |
|
Directors or relatives of directors |
|
5.28 |
|
Other top fifty (50) shareholders (other than listed above) |
|
52.40 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Big Bag Fibc, Trapuline and all kind of bags |
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Products : |
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Terms : |
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Selling : |
L/C, Cash and Credit (90 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days) |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
|
PP Woven Bags |
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|
7300 |
3830 |
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Garbage Bags |
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|
1500 |
-- |
|
HDPE Tarpaulin |
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|
3600 |
142 |
GENERAL
INFORMATION
|
Customers : |
Ř Wholesaler Ř Retailer Ř End Users |
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No. of Employees : |
90 (Office 11, Factory 79) |
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Bankers : |
·
State Bank of India, Gandhidham Branch, Plot No. 284, Ward 12/B, Gandhidham-370201,
Gujarat, India ·
State Bank of Saurashtra, MID Corporation Branch, Sodiac Avenue,
Opposite Commissioner’s Bunglow, Law Garden, Ahmedabad-380006, Gujarat, India ·
State Bank of Indore, Gandhidham |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jitendra Shah and Associates Chartered Accountant |
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Address : |
23, Siddharth Apartment, Sabarmati, Ahmedabad-380005, Gujarat, India |
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Holding Company : |
Champalal Agrimpex Private Limited |
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Sister Concerns : |
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Name : |
Plastene India Limited (Holding Company) |
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Address : |
H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus
Stop, Usmanpura, Ahmedabad-380013, Gujarat |
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Line of Business
: |
Manufacturer of Garbage Bag, Jumbo Bag, Tarpaulin, Recycled Plastic
Agglomerates. |
CAPITAL STRUCTURE
As on 06.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
878174 |
Equity Shares |
Rs. 10/-
each |
Rs.8.781
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.782 |
3.782 |
3.782 |
|
|
2] Share Application Money |
0.000 |
9.674 |
9.250 |
|
|
3] Reserves & Surplus |
73.143 |
11.678 |
0.611 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
81.925 |
25.134 |
13.643 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
88.801 |
132.076 |
30.046 |
|
|
2] Unsecured Loans |
63.475 |
12.982 |
0.000 |
|
|
TOTAL BORROWING |
152.276 |
145.058 |
30.046 |
|
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DEFERRED TAX LIABILITIES |
2.437 |
0.990 |
0.257 |
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TOTAL |
236.638 |
171.182 |
43.946 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.242 |
25.225 |
10.356 |
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Capital work-in-progress |
45.428 |
4.481 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.106
|
0.000
|
20.245 |
|
|
Sundry Debtors |
133.600
|
111.516
|
25.729 |
|
|
Cash & Bank Balances |
5.573
|
6.182
|
2.516 |
|
|
Other Current Assets |
0.000
|
61.458
|
0.000 |
|
|
Loans & Advances |
47.671
|
15.976
|
10.985 |
|
Total
Current Assets |
248.950
|
195.132
|
59.475 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
92.304
|
53.765
|
26.030 |
|
|
Provisions |
0.751
|
0.000
|
0.000 |
|
Total
Current Liabilities |
93.055
|
53.765
|
26.030 |
|
|
Net Current Assets |
155.895
|
141.367
|
33.445 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.073 |
0.109 |
0.145 |
|
|
|
|
|
|
|
|
TOTAL |
236.638 |
171.182 |
43.946 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
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|
|
|
Sales Turnover |
561.650 |
423.831 |
143.808 |
|
|
Other Income |
2.016 |
0.832 |
0.172 |
|
|
Total Income |
563.666 |
424.663 |
143.980 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
40.984 |
11.898 |
0.948 |
|
|
Provision for Taxation |
2.019 |
0.156 |
0.337 |
|
|
Profit/(Loss) After Tax |
38.965 |
1.742 |
0.611 |
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Earnings in Foreign Currency : |
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|
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Export Earnings |
426.450 |
238.337 |
39.754 |
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Expenditures : |
|
|
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|
|
|
Raw Material Consumed |
0.000 |
208.283 |
31.373 |
|
|
Cost of Good Sold |
461.768 |
0.000 |
0.000 |
|
|
Purchases made for re-sale |
0.000 |
166.885 |
117.524 |
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
[18.380] |
[14.148] |
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
8.845 |
1.020 |
|
|
Payment to Auditors |
0.000 |
0.025 |
0.020 |
|
|
Interest |
12.923 |
10.707 |
2.620 |
|
|
Insurance Expenses |
0.000 |
4.912 |
0.446 |
|
|
Power & Fuel |
0.000 |
0.350 |
0.126 |
|
|
Depreciation & Amortization |
1.802 |
1.303 |
0.223 |
|
|
Other Expenditure |
46.189 |
29.836 |
3.828 |
|
Total Expenditure |
522.682 |
412.765 |
143.032 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
06.91 |
0.41
|
0.42 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
07.29 |
2.81
|
0.66 |
|
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|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.43 |
5.34
|
1.36 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
50.02 |
0.48
|
0.07 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.99 |
7.91
|
4.11 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.67 |
3.63
|
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25200GJ2004PLC045239 |
|
Name of the
company |
OSWAL EXTRUSION LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
H.B. Jirawala House, 13, Navbharat Society, Opposite Panchsheel Bus
Stop, Usmanpura, Ahmedabad-380013, Gujarat, India |
|
Type of charge |
Book Debts Movable Property Floating Charge Others |
|
Particular of charge
holder |
State Bank of Saurashtra, MID Corporation Branch, Sodiac Avenue,
Opposite Commissioner’s Bunglow, Law Garden, Ahmedabad-380006, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
1)
Agreement of
Hypothecation of Goods and Assets for the Grant of Loan of Rs. 46.000
Millions by State Bank of Saurashtra, Mid – Corporate Branch, Ahmedabad 2)
Agreement
for terms and conditions for the grant of Term Loan of Rs. 46.000 Millions 3)
Letter of
State Bank of Indore, Gandhidham Branch, Gandhidham ceding pari passu charge |
|
Date of
instrument Creating the charge |
28.03.2007 |
|
Amount secured by
the charge |
Rs. 46.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest : 2.00%
below Bank’s BPLR (Floating) Terms of
Repayment Repayment of TL
Loan in 24 Quarterly installments, first 23 installments of Rs. 1.920
Millions each and the last installments of Rs. 1.840 Millions, repayment to
commence with effect from 15.07.2007 Margin The Borrower
shall maintain sufficient quantity and value of the goods and assets to
provide the margin of security required by the Bank from time to time, with
minimum 34.11% Extent and
Operation of the charge 1)
1st
Pari Passu charge in favour of State Bank of Saurashtra, Mid- Corporation
Branch, Ahmedabad on existing and proposed Plant and Machinery of the
company. 2)
2nd
Charge on Current Assets of the company. Others The 1st
charge on Movable Plant and Machinery and the Second Charge on current assets
shall rank pari passu with State Bank of Indore, Gandhidham for its Term Loan
of Rs. 10.000 Millions |
|
Short particulars
of the property charged |
1) All present
and future movable machinery of the company namely stitching machines, Film
Plant, Bale Pressing Machines, Tarpaulin Sealing Machines, Eyeleting
Machines, Extrusion Machines, Cutting Machines, Testing Machines, Laboratory
Equipments, Crane, Transformer, Electrical installation etc by way of First
Charge. |
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.46.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
|