MIRA
INFORM REPORT
|
Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
OSWAL F M HAMMERLE TEXITLES LIMITED |
|
|
|
|
Registered
Office : |
341K-1, Mundian Khurd, P O Sahabana, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.01.2006 |
|
|
|
|
Com. Reg. No.: |
16-29518 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1050.000 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17110PB2006PLC029518 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDO00416D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Fabrics. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/Corporate Office : |
341K-1, Mundian Khurd, P O Sahabana, |
|
Tel. No.: |
91-161-2685301-305 |
|
Fax No.: |
91-161-5052439 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
S-10, Mouni Vihar Apartments, Takla, Sykes Extension, |
|
Tel. No.: |
91-231-3298151 |
|
Fax No.: |
91-231-2521809 |
|
|
|
|
Factory : |
Plot No.T-5+T-5/Part/1, Five Star Industrial Area, Kagal, |
|
|
|
|
Marketing Office : |
Okay House, 2nd Floor, Plot No. A-35, Street No. 2, MIDC, Opposite Marol
Bus Depot, Andheri (East), Mumbai – 400 093, |
|
Tel. No.: |
91-22-67424470 |
DIRECTORS
As on 29.08.2011
|
Name : |
Mr. Ashok Oswal |
|
Designation : |
Chairman and Managing Director |
|
Address : |
|
|
Date of Birth/Age : |
08.02.1955 |
|
Qualification : |
B.A, LL.B |
|
Date of Appointment : |
12.01.2006 |
|
DIN No.: |
00009403 |
Other Directorship
|
S.No. |
CIN |
Name of the Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
L17122PB1980PLC004242 |
Vardhman Polytex
Limited |
Managing
director |
01-04-11 |
30-12-86 |
Active |
NO |
|
2 |
U51494PB1987PTC007398 |
|
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
3 |
U51494PB1987PTC007395 |
Ruby Mercantile
Company Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
4 |
U51494PB1987PTC007394 |
Pioneer
Marcantile India Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
5 |
U17212PB1979PTC003952 |
Panchsheel
Textile Mfg and Trading Company Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
6 |
U67120PB1981PTC004747 |
Kent Investments
Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
7 |
U51494PB1987PTC007396 |
Gagan Mercantile
Company Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
8 |
U67120PB1981PTC004748 |
Enakshi
Investments Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
9 |
U67120PB1987PTC021773 |
|
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
10 |
U67120PB1988PTC021768 |
|
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
11 |
U67120PB1989PTC021422 |
Adesh Investment
and Trading Company Private Limited |
Director |
08-01-98 |
08-01-98 |
Active |
NO |
|
12 |
U67120PB1987PTC021769 |
Allepy
Investment and Trading Company Private Limited |
Director |
18-04-02 |
18-04-02 |
Active |
NO |
|
13 |
U17110PB2006PLC029518 |
Oswal F M
Hammerle Textiles Limited |
Managing
director |
18-04-07 |
12-01-06 |
Active |
NO |
|
14 |
U70102PB2008PTC031717 |
Oswal Infratech
Private Limited |
Director |
29-02-08 |
29-02-08 |
Active |
NO |
|
15 |
U74992PB2008PTC032154 |
Oswal Holding
Private Limited |
Director |
30-07-08 |
30-07-08 |
Active |
NO |
|
16 |
U67190WB2007PTC118948 |
Alma Assets
Consultancy Private Limited |
Director |
03-05-10 |
03-05-10 |
Active |
NO |
|
|
|
|
Name : |
Mrs. Manju Oswal |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
04.08.1957 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
12.01.2006 |
|
DIN No.: |
00009449 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of appointment
at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U51494PB1987PTC007398 |
|
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
2 |
U51494PB1987PTC007395 |
Ruby Mercantile
Company Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
3 |
U51494PB1987PTC007394 |
Pioneer
Marcantile India Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
4 |
U17212PB1979PTC003952 |
Panchsheel
Textile Mfg and Trading Company Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
5 |
U67120PB1981PTC004747 |
Kent Investments
Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
6 |
U51494PB1987PTC007396 |
Gagan Mercantile
Company Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
7 |
U67120PB1981PTC004748 |
Enakshi
Investments Private Limited |
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
8 |
U67120PB1987PTC021773 |
|
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
9 |
U67120PB1988PTC021768 |
|
Director |
20-04-93 |
20-04-93 |
Active |
NO |
|
10 |
U67120PB1989PTC021422 |
Adesh Investment
and Trading Company Private Limited |
Director |
25-05-98 |
25-05-98 |
Active |
NO |
|
11 |
U17221PB1999PTC023006 |
Am Kryon
International Private Limited |
Whole-time
director |
11-10-99 |
11-10-99 |
Amalgamated |
NO |
|
12 |
U67120PB1987PTC021769 |
Allepy
Investment And Trading Company Private Limited |
Director |
18-04-02 |
18-04-02 |
Active |
NO |
|
13 |
U17110PB2006PLC029518 |
Oswal F M
Hammerle Textiles Limited |
Director |
12-01-06 |
12-01-06 |
Active |
NO |
|
14 |
U51909DL2008PTC174350 |
Oswal Tradecom
Private Limited |
Director |
21-02-08 |
21-02-08 |
Active |
NO |
|
|
|
|
Name : |
Mr. Adish Oswal |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
18.01.1980 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
12.01.2006 |
|
DIN No.: |
00009710 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U51311DL2001PTC111748 |
Oswal Industrial
Enterprise Private Limited |
Managing
director |
20-07-01 |
20-07-01 |
- |
Active |
NO |
|
2 |
U67120PB1987PTC021769 |
Allepy
Investment And Trading Company Private Limited |
Director |
18-04-02 |
18-04-02 |
- |
Active |
NO |
|
3 |
U17110PB2006PLC029518 |
Oswal F M
Hammerle Textiles Limited |
Director |
12-01-06 |
12-01-06 |
- |
Active |
NO |
|
4 |
U70102PB2008PTC031717 |
Oswal Infratech
Private Limited |
Director |
29-02-08 |
29-02-08 |
- |
Active |
NO |
|
5 |
U74992PB2008PTC032154 |
Oswal Holding
Private Limited |
Director |
30-07-08 |
30-07-08 |
- |
Active |
NO |
|
6 |
L17122PB1980PLC004242 |
Vardhman Polytex
Limited |
Whole-time
director |
01-04-11 |
31-07-09 |
- |
Active |
NO |
|
7 |
U51109WB2007PTC113824 |
Nightnagle
Dealcom Private Limited |
Director |
23-01-10 |
23-01-10 |
- |
Active |
NO |
|
8 |
U67190WB2007PTC118948 |
Alma Assets
Consultancy Private Limited |
Director |
03-05-10 |
03-05-10 |
- |
Active |
NO |
|
9 |
U17120MH1967PLC013669 |
Confederation of
Indian Textile Industry |
Director |
28-09-10 |
28-09-10 |
30-09-11 |
Active |
NO |
|
|
|
|
Name : |
Mr. Josef Hahnl |
|
Designation : |
Director |
|
Address : |
Runinger STR-3, A-4300, |
|
Date of Birth/Age : |
21.02.1934 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
17.03.2006 |
|
DIN No.: |
00610069 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U17110PB2006PLC029518 |
Oswal F M Hammerle
Textiles Limited |
Director |
09-07-07 |
17-03-06 |
Active |
NO |
|
Name : |
Mr. Ajay Chaudry |
|
Designation : |
Director |
|
Address : |
76 Green Park, Near Prince Hostel, Civil Lines, |
|
Date of Birth/Age : |
19.10.1953 |
|
Qualification : |
BSC, LL.B |
|
Date of Appointment : |
12.02.2009 |
|
DIN No.: |
00055733 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
L17122PB1980PLC004242 |
Vardhman Polytex
Limited |
Director |
08-06-89 |
08-06-89 |
Active |
NO |
|
2 |
U67120CH2000PLC023244 |
L S E Securities
Limited |
Nominee director |
25-08-11 |
08-09-05 |
Active |
NO |
|
3 |
L17122DL1989PLC035050 |
Sportking India
Limited |
Director |
25-04-06 |
25-04-06 |
Active |
NO |
|
4 |
U17110PB2006PLC029518 |
Oswal F M
Hammerle Textiles Limited |
Director |
22-09-09 |
07-02-09 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Manpreet Kaur |
|
Designation : |
Secretary |
|
Address : |
House No. 196/3, |
|
Date of Birth/Age : |
10.11.1981 |
|
Date of Appointment : |
23.06.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
Ashok Oswal |
|
2 |
|
Manju Oswal |
|
2 |
|
Adish Oswal |
|
1 |
|
Rakhi Oswal |
|
1 |
|
Abhinav Oswal |
|
1 |
|
Vardhman Polytex Limited, |
|
85984073 |
|
MUT Maschinen Umweilttechnik Transportaniagen GmbH, Schießstattgasse |
|
19015920 |
|
Total |
|
105000000 |
List of Allottees (As on 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
Vardhman Polytex Limited, |
|
5280000 |
|
Total |
|
5280000 |
As on 29.08.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
18.11 |
|
Bodies
corporate |
|
81.89 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Fabrics. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Looms |
Nos. |
NA |
112 |
NA |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
State Bank of SB Miller Ganj, |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S S Kothari Mehta and Company Chartered Accountants |
|
Address : |
146-149, Tribhuvan Complex, Ishwar Nagar, |
|
PAN No.: |
AABFS6730L |
|
|
|
|
Holding Company
: |
Vardhman Polytex Limited |
|
|
|
|
Fellow
Subsidiaries : |
·
Oswal Retail Private Limited ·
F M Hammerle Verwaltung |
|
|
|
|
|
·
Panchsheel Textile Mfg and Trading Company
Private Limited ·
Enakshi Investments Private Limited ·
·
Allepy Investment and Trading Company Private
Limited ·
Kent Investments Private Limited. ·
Ruby Mercantile Company Private Limited ·
·
Gagan Mercantile Company Private Limited ·
Pioneer Mercantile India Private Limited. ·
Adesh Investment and Trading Company Private
Limited ·
·
Oswal Infratech Private Limited ·
Oswal Tradecom Private Limited ·
Oswal Holding Private Limited ·
Nightangle Dealcom Private Limited ·
Alma Assets Consultancy Private Limited |
CAPITAL STRUCTURE
After 29.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
117000000 |
Equity Shares |
Rs.10/- each |
Rs.1170.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
110280000 |
Equity Shares |
Rs.10/- each |
Rs.1102.800
millions |
As on 29.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
117000000 |
Equity Shares |
Rs.10/- each |
Rs.1170.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000
millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1050.000 |
1050.000 |
800.000 |
|
|
2] Share Application Money |
52.800 |
6.605 |
256.605 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(645.842) |
(523.121) |
(254.358) |
|
|
NETWORTH |
456.958 |
533.484 |
802.247 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1725.045 |
1584.337 |
1510.326 |
|
|
2] Unsecured Loans |
50.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1775.045 |
1584.337 |
1510.326 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Other Liabilities |
22.220 |
24.919 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2254.223 |
2142.740 |
2312.573 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1877.689 |
1990.736 |
2112.449 |
|
|
Capital work-in-progress |
7.876 |
39.828 |
0.522 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.600 |
0.300 |
0.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
303.235
|
129.444 |
105.797 |
|
|
Sundry Debtors |
157.494
|
86.497 |
42.233 |
|
|
Cash & Bank Balances |
44.953
|
35.093 |
27.600 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
150.281
|
99.462 |
109.469 |
|
Total
Current Assets |
655.963
|
350.496 |
285.099 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
147.031
|
87.478 |
47.866 |
|
|
Other Current Liabilities |
136.340
|
149.712 |
36.697 |
|
|
Provisions |
4.534
|
1.430 |
1.234 |
|
Total
Current Liabilities |
287.905
|
238.620 |
85.797 |
|
|
Net Current Assets |
368.058
|
111.876 |
199.302 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2254.223 |
2142.740 |
2312.573 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
864.332 |
504.810 |
137.369 |
|
|
|
Other Income |
7.700 |
5.680 |
3.477 |
|
|
|
TOTAL (A) |
872.032 |
510.490 |
140.846 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
417.533 |
223.401 |
|
|
|
|
Manufacturing service costs |
255.547 |
182.064 |
|
|
|
|
Employee related expenses |
107.467 |
81.707 |
|
|
|
|
Administrative selling other expenses |
69.782 |
61.679 |
|
|
|
|
Exceptional income expense, net |
( 98.454) |
(40.310) |
|
|
|
|
TOTAL (B) |
751.875 |
508.541 |
213.460 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
120.157 |
1.949 |
(72.614) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
92.117 |
123.828 |
72.701 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.040 |
(121.879) |
(145.315) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
150.760 |
146.884 |
108.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(122.720) |
(268.763) |
(253.460) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.898 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(122.720) |
(268.763) |
(254.358) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(523.121) |
(254.358) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(645.841) |
(523.121) |
(254.358) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
160.935 |
75.885 |
26.202 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
0.000 |
54.057 |
22.548 |
|
|
|
Dyes and Chemicals |
7.985 |
29.749 |
18.188 |
|
|
|
Stores and Spares/fabric |
6.266 |
19.279 |
3.028 |
|
|
TOTAL IMPORTS |
14.251 |
103.085 |
43.764 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.17) |
(3.11) |
(3.18) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(14.07)
|
(52.65) |
(180.59) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.20)
|
(53.24) |
(184.51) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.84)
|
(11.48) |
(10.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.27)
|
(0.50) |
(0.32) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.51
|
3.42 |
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.47 |
3.32 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY
During the year, the
turnover of the Company has been increased 71% from Rs.505.300 millions to
Rs.864.300 millions. The Company included a loss during the year of Rs.122.700
millions against Rs.268.700 millions in the previous year. However the Company
earned a cash profit of Rs.28.000 millions during the year against the cash
loss of Rs.121.800 millions in previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
TEXTILE INDUSTRY-
STRUCTURE AND DEVELOPMENT
The Indian textile
industry is the second-largest producer and exporter of cotton and yarn. It
produces about 14% of the world's production of textiles and yarn. Cotton
textile production grew by 10.1 percent during April-November 2010-11 as
compared with 3.6 percent during April-November 2009-10. Growth in the industrial
sector was buoyant during the first two quarters of 2010-11. The manufacturing
sector, in particular, showed a remarkable robustness, growing at 12.6 percent
and 9.9 percent respectively during the said two quarters. Thereafter,
industrial output growth began to moderate. This compares with global trends as
global manufacturing continued to rebound post-crisis till the first half of
2010 and has thereafter moderated.
Post-slowdown/recession
in developed economies, the Indian textile sector gathered momentum; however,
export performance continues to lag substantially behind that
Global cotton
production is expected to grow by about 10- 12% while consumption might grow by
7- 8% in the coming year, which will help improve carryover stock of cotton. As
such, cotton prices are expected to be reasonably placed next year/season as
against an unpredicted rise last year.
The Indian textile
industry needs diversification and value addition across the value-chain. An
important sector which is currently receiving much needed attention is the
technical textiles sector. At the same time, it is important to enhance the
conventional sector profitably through innovations/creativity to enhance
productivity, captive consumption in terms of input material, power, among
others.
FUTURE OUTLOOK
The demand for
textiles products is likely to pick up with the global economy pulling out of
recession. Keeping in view and assuming that the Government will remove the
bottlenecks, constraining the growth of Industry, they believe that the
industry will show better performance in the coming years. As part of textile
industry, the performance of the Company is likely to show improvement.
CONTINGENT LIABILITIES NOT PROVIDED FOR (As on
31.03.2011)
Bank guarantees
issued by Banks in favour of President of India through Asstt. Comm. Of Custom
and MSEB amounting to Rs.29.376 millions.
FORM 8
|
Corporate identity number of the company |
U17110PB2006PLC029518 |
|
Name of the company |
OSWAL F M HAMMERLE TEXTILES LIMITED |
|
Address of the registered office or of the principal place of business in |
341K-1, Mundian Khurd, P O Sahabana, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10018949 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Others o
Stocks |
|
Particular of charge holder |
State Bank of SB Miller Ganj, E-mail : sbi.04046@sbi.co.in |
|
Nature of instrument creating charge |
Working Capital Limit Consortium Agreement Loan |
|
Date of instrument Creating the charge |
18.03.2011 |
|
Amount secured by the charge |
Rs.870.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest For Term Loan 1.40% above Base rate, present effective rate 9.65% with
monthly and annual rest For WC- 1.40% above Base rate, present effective rate 9.65% Terms of Repayment TL -1 Repayment would be in 40 quarterly installments starting from 30th April 2010. WC- As per Agreement. Margin RM SIP FG
25% Receivables (cover period of 90 days ) 40% Bank Guarantee 10% ILC/LC
10% Extent and Operation of the charge 100% |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Primary TL- First Charge on entire fixed assets of the company,
including equitable mortgage, Lease hold rights of factory land measuring
1,64,000/- Sq mts (40 acrs) bearing plot no T-5+T+5/part/1 Primary WC-First pri passu charge on entire current assets of the
company including raw material, consumable stores and spares, stock in
process, finished goods, bills, book debts and receivables etc Collateral: TL 2nd charge on current assets on pari passu basis Collateral WC: second charge on entire fixed assets of the company. |
|
Particulars of the present modification |
The Limits have revised as follows : (Amt in Millions)
Existing Revised CC (hyp) 27.500 150.000 (under Consortium) Term Loan-1 750.000 710.000 (only SBI) LC/IL
10.000 10.000 (SBI) The Working Capital limits as
per Consortium Agreement is as follows
:(Amount in Millions) ) State Bank of India Rs.75.000 Millions ( CC limit revised from 25.000
to 75.000), State bank of Patiala Rs.50.000 Millions, State Bank of Mysore
Rs.25.000 Millions = Total 150.000 Millions |
FIXED ASSETS
·
Free
·
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
WEB DETAILS
MANAGEMENT TEAM
Mr. Ashok Oswal – Chairman and Managing
Director of the Vardhman Polytex Limited and subject. He is a Law Graduate and
having experience of over 30 years in the textile business. Under the dynamic
leadership of Mr. Ashok Oswal, the Group has consolidated its strength in
textiles and plans to reach highest standards of quality at a competitive cost
in manufacturing different types of yarns viz; Cotton Yarn, Cotton Blended
Yarns, Acrylic Yarn, Acrylic Polyester Blended Yarns and Dyed Yarns with the
state of the Art Machinery and R and D facilities available. Further, Mr. Ashok
Oswal is the person who has envisaged the green field project of yarn dyed
shirting fabric at
Mr. Adish Oswal – Mr. Adish Oswal
is Executive Director of the Company. He is actively involved into the
strategic decision making and responsible for the Corporate Affairs of the
Group. He is also taking care of the business development function in both yarn
and fabrics.
Mr. Sunil Bhatnagar – Mr. Sunil Bhatnagar is President (Human Resources) of the Company. He is having over 35 years rich experience in Human Resource Management. He is responsible for the entire Human Resources development and recruitment of the best talent in the Group.
Mr. Ashok Goyal – Mr. Ashok Goyal
is President (Yarn Business) of the Company. He is having over 28 years rich
experience in the Textile Industry. He is responsible for the entire yarn
business operations and marketing of the Company.
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.49.97 |
|
|
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.65.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.