MIRA
INFORM REPORT
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Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
OSWAL INDUSTRIES LIMITED (w.e.f 1994) |
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Formerly Known As: |
OSWAL CASTINGS PRIVATE 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) : |
31.03.2010 |
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Date of Incorporation : |
19.03.1983 |
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Com. Reg. No.: |
04-006037 |
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Paid-up Capital : |
Rs. 93.594 Millions |
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CIN No.: [Company
Identification No.] |
L27100GJ1983PLC006037 |
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IEC No.: |
0895006383 |
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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 Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturers and Exporter of Industrial Valves. |
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No. of Employees : |
350 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba ( 51) |
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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 1400000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Arun Shukla |
|
Designation : |
Accounts Manager |
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Date : |
21.06.2011 |
LOCATIONS
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Registered Office/ Factory 1: |
Blieshwarpura P O Chattral,
Taluka Kalol, District : Gandhinagar -
382 729, |
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Tel. No.: |
91-2764-232261/233661/226885/304700 |
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Fax No: |
91-2764-233411/226882 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office/ Factory 2: |
123/3, Block # 258, Ola, Kalol – |
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Tel. No.: |
91- 2764-226884/85/86 |
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Fax No.: |
91- 2764 -226882. |
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E-Mail : |
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Area: |
Owned |
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Branches : |
Mumbai Office: 3rd Floor, |
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Tel. No.: |
91-22-30088001 to 5/ 66518970 |
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Fax No.: |
91- 22 -23861642 |
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E-Mail : |
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Area: |
Owned |
DIRECTORS
As on 28.09.2010
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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. Ratan Bokadia |
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Designation : |
Director |
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Address : |
3, Manipushpa Society, Part-6, Near |
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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. Bhushanlal Tiekoo |
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Designation : |
Director |
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Address : |
27, PragatLakshmi Society, Panchvati Area, |
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Date of Birth/Age : |
14.04.1945 |
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Date of Appointment : |
30.09.2005 |
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Name : |
Mr Jayant B Bokadia |
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Designation : |
Director |
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Address : |
3, Manipushpa Society, Part-6, Near |
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Date of Birth/Age : |
09.06.1982 |
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Date of Appointment : |
30.09.2005 |
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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 : |
30.09.2005 |
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Name : |
Mr. Arvind Kumar Bhandari |
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Designation : |
Director |
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Address : |
101, Samprat Residency- II, Behind Styagrah Chavni, Bodakdev,
ahmedbad-380 054, |
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Date of Birth/Age : |
02.04.1949 |
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Date of Appointment : |
31.10.2009 |
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Name : |
Mr. Neeraj Yadav |
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Designation : |
Director |
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Address : |
Sardar Patel Marg, Jaipur-302 019, |
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Date of Birth/Age : |
23.08.1974 |
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Date of Appointment : |
14.09.2009 |
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Name : |
Mr. Ashok Bhatia |
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Designation : |
Lalit, Plot No.69, Opposite Gymkhana, Sector-19, Ghadhinagar-382 019, |
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Address : |
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Date of Birth/Age : |
30.01.2010 |
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Date of Appointment : |
17.12.1941 |
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Name : |
Mr. Rashmikant Mehta |
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Designation : |
Director |
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Address : |
27, Samadhur society, |
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Date of Birth/Age : |
04.10.1948 |
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Date of Appointment : |
03.02.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Shukla |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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22.44 |
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Directors
or relatives of directors |
|
66.98 |
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Other
top fifty shareholders |
|
6.87 |
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Others
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|
3.71 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of Industrial Valves |
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Products : |
· Gate valve · API 6D Through Conduct Gate · Globe Valve · DIN Globe Valve PN · Trunnion Mounted Ball Valve
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Depend on Party |
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Purchasing : |
Depend on Party |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
M S and S S Casting |
MT |
3000 |
1307 |
|
Valve |
No. |
40000 |
32203 |
GENERAL INFORMATION
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Customers : |
· Industries |
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No. of Employees : |
350 (approximately) |
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Bankers : |
·
Central Bank of · Punjab National Bank Address: International Banking Branch, Neelkamal
Complex, Opposite Sales Email: bo4441@pnb.co.in
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Facilities : |
Note: 1. Secured against security of hypothecation of Inventories, Book debts, Personal Guarantee of some of the directors of the company and further secured by way of machinery and charge over both movable and immovable assets of the Unit-1 at Bileshwapura, Chhatral., Unit II Ravi Industrial Estate, Post Chhatral Taluka Kalol aasdn Block No. 258, At Village Ola, Taluka Kalol District – Gandhinagar 2. The
Term loan is secured by way of Equitable Mortgage of Land situated at Unit-1,
Bileshwarpura, Post Vhattral, Taluka Kalol,
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Banking
Relations : |
- |
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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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Tel No.: |
91-79-26586683/ 84/85 |
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Fax No.: |
91-79-26586684 |
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Associates Concern : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- Each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9359400 |
Equity Shares |
Rs.10/- Each |
Rs.93.594
millions |
Note:
Including 3250000 Shares of Rs.10/- each issued
to the shareholders of amalgamating company on 5th August, 2008.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
93.594 |
93.594 |
83.594 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
261.630 |
188.269 |
75.897 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
355.224 |
281.863 |
159.491 |
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LOAN FUNDS |
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1] Secured Loans |
195.972 |
194.698 |
182.983 |
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2] Unsecured Loans |
0.407 |
1.431 |
12.626 |
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TOTAL BORROWING |
196.379 |
196.129 |
195.609 |
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DEFERRED TAX LIABILITIES |
21.665 |
21.536 |
21.199 |
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TOTAL |
573.268 |
499.528 |
376.299 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
256.409 |
242.093 |
229.424 |
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Capital work-in-progress |
1.158 |
1.681 |
6.518 |
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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 |
|
|
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Inventories |
135.964
|
79.598 |
110.627
|
|
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Sundry Debtors |
199.024
|
195.719 |
226.629
|
|
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Cash & Bank Balances |
17.171
|
9.168 |
4.422
|
|
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Other Current Assets |
0.000 |
0.000 |
0.000
|
|
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Loans & Advances |
59.263
|
51.804 |
20.065
|
|
Total
Current Assets |
411.422
|
336.289 |
361.743 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
96.916
|
78.949 |
212.268
|
|
|
Other Current Liabilities |
0.447
|
0.941 |
0.000
|
|
|
Provisions |
4.708
|
4.769 |
10.325
|
|
Total
Current Liabilities |
102.071
|
84.659 |
222.593
|
|
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Net Current Assets |
309.351
|
251.630 |
139.150
|
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MISCELLANEOUS EXPENSES |
6.350 |
4.124 |
1.207 |
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TOTAL |
573.268 |
499.528 |
376.299 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
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Income |
823.445 |
791.787 |
625.082 |
|
|
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Other Income |
3.144 |
1.181 |
3.748 |
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|
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TOTAL (A) |
826.589 |
792.968 |
628.830 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
511.619 |
433.723 |
437.708 |
|
|
|
Manufacturing and Other Expenses |
101.750 |
99.057 |
76.049 |
|
|
|
Employee’s Remuneration |
46.270 |
38.259 |
26.862 |
|
|
|
Administrative and Other Expenses |
32.481 |
35.382 |
22.013 |
|
|
|
Preliminary and Deferred Revenue Expenses
written off |
0.334 |
0.303 |
0.184 |
|
|
|
Increase or decrease in stock |
(35.998) |
23.684 |
(51.123) |
|
|
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TOTAL (B) |
656.456 |
630.408 |
511.693 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
170.133 |
162.560 |
117.137 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.383 |
23.085 |
21.562 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
151.750 |
139.475 |
95.575 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.947 |
22.470 |
24.289 |
|
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|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
124.803 |
117.005 |
71.286 |
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|
|
|
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|
|
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Less |
TAX (H) |
38.448 |
35.922 |
25.468 |
|
|
|
|
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|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
86.355 |
81.083 |
45.818 |
|
|
|
|
|
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|
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Less |
Prior Period
Adjustments |
2.043 |
0.476 |
(0.597) |
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
102.466 |
60.094 |
19.656 |
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.000 |
30.000 |
0.000 |
|
|
|
Dividend |
9.359 |
5.109 |
5.109 |
|
|
|
Dividend Tax |
1.591 |
0.886 |
0.868 |
|
|
|
Provision of Deprecation of earlier years |
0.000 |
2.240 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
170.828 |
102.466 |
60.094 |
|
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|
|
|
|
|
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IMPORTS |
5.676 |
8.123 |
7.788 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.01 |
10.01 |
9.08 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
1020.000 |
|
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|
The above information has been parted by Mr. Arun Shukla
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.45
|
10.23 |
7.29
|
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|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.16
|
14.78 |
11.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.69
|
20.23 |
12.06
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.20 |
0.45
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.84
|
1.00 |
2.62
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.03
|
3.97 |
1.63
|
LOCAL AGENCY FURTHER INFORMATION
THE DETAILS OF
SUNDRY CREDITORS
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
96.916 |
78.949 |
212.268 |
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
FINANCIAL
PERFORMANCE:
The Company:
(1) Achieved the
turnover of Rs.815.900 millions during the year.
(2) Operating Profit
during the year was Rs.12.480 millions.
The Company has
achieved the turnover of Rs.815.900 millions as against 783.700 million in the
previous year The Company has made profit of Rs.86.355 million as compared to
Rs.81.083 millions in the previous year.
OUTLOOK:
The performance of
the Company is expected to remain encouraging and the company looks for the
better future with all-round expansion and developments taking place in the
paper markets.
The Company has
increased its installed capacity and due to which it expects good results for
the upcoming years.
INDUSTRIAL RELATIONS:
There is conscious
effort on the part of the management to continuously develop knowledge, skills
and attitudes of its employees. Throughout the year Industrial relations
continued to remain cordial and harmonious in the Company.
Contingent liability not provided for in respect
of:
a. Bank Guarantees
given in favour of various customers of Rs. 90.938 Millions ( Previous year Rs
71.742 Millions)
b. Bill Discounted
with the bank Rs. 8.835 Millions (Previous Year Rs. Nil)
c. Letter of Credit Issued by Bank Rs. 23.694 millions (Previous Year Rs. Nil )
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L27100GJ1983PLC006037 |
|
Name of the
company |
Oswal Industries Limited |
|
Address of the
registered office or of the principal place of business in |
Blieshwarpura P O Chattral,
Taluka Kalol, District : Gandhinagar - 382 729, |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10009834 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Punjab National Bank Address: International Banking Branch, Neelkamal
Complex, Opposite Sales Email: bo4441@pnb.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
mortgage deed dated 21st May,2010 between the company and Punjab National
Bank, Ahmedabad for extension of the mortgage to secure aggregate credit
facilities of Rs.671.000 millions, |
|
Date of
instrument Creating the charge |
21.05.2010 |
|
Amount secured by
the charge |
Rs.671.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge Charge is secured
by the mortgage of the immovable properties |
|
Short particulars
of the property charged |
All that piece or
parcel of freehold non agriultural land situate lying and being at
Bileshwarpura, Tal. Kalol, District Gandhinagar Bearing Block No.43/2
Admeasuring 8342.30 Sq.Mtrs. All that piece or
parcel of freehold non agriultural land situate lying and being at
Bileshwarpura, Tal. Kalol, District Gandhinagar Bearing Subplot 3 of Block
No.123 Admeasuring 2675.00 Sq.Mtrs. All that piece or
parcel of freehold non agriultural land situate lying and being at Bileshwarpura,
Tal. Kalol, District Gandhinagar Bearing Subplot 3 of Block No.123
Admeasuring 2675.00 Sq.Mtrs. All that piece or
parcel of freehold non agriultural land situate lying and being at
Bileshwarpura, Tal. Kalol, District Gandhinagar Bearing Subplot 5 Of Block
No.123 Admeasuring 836.13 Sq.Mtrs. All that piece or
parcel of leasehold non agriultural land situate lying and being At Ola, Tal.
Kalol, District Gandhinagar forming part of Block No.258 Admeasuring 21990.00
Sq.Mtrs. All that piece or
parcel of freehold non agriultural land situate lying and being at Vanku,
Tal. Abdasa, District All that piece or
parcel of freehold |
|
Date of latest
modification prior to the present modification |
20.02.2009 |
|
Particulars of
the present modification |
Overall credit facilities
have been enhanced/ granted by bank from Rs.421.000 millions to Rs.671.000
millions. |
Trade References:
- Reliance
- L and T
Fixed Assets:
·
·
Building
·
Plant
and Machinery
·
Computer
·
Vehicles
·
Furniture
and Fixtures
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 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.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
51 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.