MIRA INFORM REPORT

 

 

Report Date :

06.09.2012

 

IDENTIFICATION DETAILS

 

Name :

OLWIN TILES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

C/o. Design House, Shop No.26, 1st Floor, Opposite New Bus Stand, Shanala Road, Morbi – 363 641, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

23.08.2010

 

 

Com. Reg. No.:

04-062078

 

 

Capital Investment / Paid-up Capital :

Rs.26.657 millions

 

 

CIN No.:

[Company Identification No.]

U26933GJ2010PTC062078

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RKTO00455A

 

 

PAN No.:

[Permanent Account No.]

AABCO3548B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Vitrified Tiles.

 

 

No. of Employees :

125 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 349000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively new established company having moderate track. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution. 

 

Profit and loss account of the company is not available.

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Kiritkumar Nanjibha Merja

Designation :

Director

Contact No.:

91-9979029000

Date :

05.09.2012

 

 

LOCATIONS

 

Registered Office :

C/o. Design House, Shop No.26, 1st Floor, Opposite New Bus Stand, Shanala Road, Morbi – 363 641, Gujarat, India

Tel. No.:

Not Available

Mobile No.:

91-9979029000 (Mr. Kiritkumar Nanjibha Merja)

Fax No.:

Not Available

E-Mail :

sales@olwingranito.com

ss223141@yahoo.com

Website :

http://www.olwingranito.com

Area :

2000 sq ft

Location :

Owned

 

 

Factory :

8-A, National Highway, New Jambudia, Morbi, District - Rajkot – 363 642, Gujarat, India

Tel. No.:

91-2822-283116/117

Area :

20000 sq ft

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Chandubhai Devjibhai Koringa

Designation :

Director

Address :

Chandresh Nagar, Block No.21-4, Behind Patel Kaniya, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

14.08.1968

Date of Appointment :

23.08.2010

DIN No.:

03155236

 

 

Name :

Mr. Dipak Mavjibhai Gami

Designation :

Director

Address :

Avenue Park, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

16.07.1966

Date of Appointment :

23.08.2010

DIN No.:

03155245

 

 

Name :

Mr. Pravin Raghavjibhai Patel

Designation :

Director

Address :

13*2-235, Subhash Nagar, Ravapar Road, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

20.01.1967

Date of Appointment :

23.08.2010

DIN No.:

01841795

Other Directorship :

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U26914GJ2007PTC052026

SORENTO GRANITO PRIVATE LIMITED

Additional director

01/11/2007

01/11/2007

-

Active

NO

2

U26933GJ2010PTC062078

OLWIN TILES (INDIA) PRIVATE LIMITED

Director

23/08/2010

23/08/2010

-

Active

NO

 

 

Name :

Mr. Kiritkumar Nanjibha Merja

Designation :

Director

Address :

Avenue Park, Ravapar Road, Morbi, Rajkot – 363 641, Gujarat, India

Date of Birth/Age :

20.04.1980

Date of Appointment :

07.02.2011

DIN No.:

03157294

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

 

Chandubhai Devjibhai Koringa

 

145600

Dipak Mavjibhai Gami

 

31425

Pravin Raghavjibhai Patel

 

143800

Kiritkumar Nanjibha Merja

 

1425

 

As on 04.06.2012

 

Names of Allottees

 

No. of Shares

 

Chandubhai Devjibhai Koringa

 

29400

Dharmendra Mavjibhai Gami

 

54400

Pravin Raghavjibhai Patel

 

106200

Dipak Mavjibhai Gami

 

168575

Kiritkumar Nanjibha Merja

 

98575

Mahadevbhai Amarshibhai Patel

 

186075

Maheshkumar Kuvarjibhai Kalariya

 

48575

Anilbhai Govindbhai Bavarva

 

100000

Bansi Rakeshbhai Dalsaniya

 

12500

Bharatkumar R. Vasnani

 

50000

Bhavesh Narbherambhai Rajpura

 

40000

Chetanbhai Ishwarbhai Kukarvadiya

 

55000

Damjibhai Savjibhai Patel

 

15000

Dharmeshkumar Devkaranbhai Patel

 

10000

Gauriben Mukeshbhai Dalsaniya

 

25000

Kanjibhai Govindbhai Dalsaniya

 

25000

Mukeshbhai Jivrajbhai Dalsaniya

 

25000

Muljibhai Devjibhai Bhesdadiya

 

15000

Niddhiben Mukeshbhai Dalsaniya

 

12500

Prabhulal Devjibhai Koringa

 

35000

Rajesh Babulal Patel

 

30000

Rajesh Ranchhodbhai Koringa

 

105000

Rakeshbhai Jivrajbhai Dalsaniya

 

25000

Rameshbhai Chhaganbhai Dalsaniya

 

25000

Ranjanben Rakeshbhai Dalsaniya

 

25000

Rugnathbhai Muljibhai Kanani

 

15000

Savdas Devjibhai Koringa

 

95000

Vashrambhai Mohanbhai Rupala

 

35000

Rakeshbhai Jivrajbhai Dalsaniya – HUF

 

62500

Mukeshbhai Jivrajbhai Dalsaniya – HUF

 

62500

Heenaben Chetankumar Kukarvadiya

 

187500

Hiren Mahadevbhai Kukarvadiya

 

250000

Jaysukhbhai Pragjibhai Boda

 

50000

Rajesh Mavjibhai Gami

 

100000

Bhavnaben Pravinbhai Kavar

 

125000

Pravinbhai Thobhanbhai Kanjiya

 

90000

Total

 

2394300

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

2.25

Directors or relatives of directors

 

97.75

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Vitrified Tiles.

 

 

Exports :

 

Products :

Vitrified Tiles

Countries :

v      Arabian Countries

v      Europe

 

 

Imports :

 

Products :

Raw Materials

Countries :

v      China

v      Italy

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

125 (Approximately)

 

 

Bankers :

v      The Cosmos Co-Operative Bank Limited, Cosmos Bank House, Opposite Sales India, Ashram Road, Ahmedabad – 380 009, Gujarat, India

v      HDFC Bank Limited, Morbi, Gujarat, India

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S. Sharda and Associates

Chartered Accountants

Address :

8-13, Ashapura Tower, Sanala Road, Morbi – 363 641, Gujarat, India

Income-tax PAN of auditor or auditor's firm :

AAAFZ3476D

 

 

CAPITAL STRUCTURE

 

After 30.09.2011

 

Authorised Capital : Rs.100.000 millions

 

Issued, Subscribed & Paid-up Capital : Rs.50.640 millions

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Shares

Rs.10/- each

Rs.50.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2665700

Equity Shares

Rs.10/- each

Rs.26.657 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2011

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

26.657

2] Share Application Money

 

 

1.290

3] Reserves & Surplus

 

 

59.400

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

87.347

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.699

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

0.699

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

88.046

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

1.777

Capital work-in-progress

 

 

15.977

 

 

 

 

INVESTMENT

 

 

0.015

DEFERRED TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.000

 

Sundry Debtors
 

 

36.798

 

Cash & Bank Balances
 

 

35.150

 

Other Current Assets
 

 

0.177

 

Loans & Advances
 

 

0.038

Total Current Assets
 

 

72.163

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

 

3.207

 

Other Current Liabilities
 

 

 

 

Provisions
 

 

0.017

Total Current Liabilities
 

 

3.224

Net Current Assets
 

 

68.939

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

1.338

 

 

 

 

TOTAL

 

 

88.046

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2011

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

0.04

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

22.38

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Check List by Info Agents

Available in Report (Yes / No)

1) Year of Establishment

Yes

2) Locality of the firm

Yes

3) Constitutions of the firm

Yes

4) Premises details

Yes

5) Type of Business

Yes

6) Line of Business

Yes

7) Promoter’s background

Yes

8) No. of employees

Yes

9) Name of person contacted

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last three years

No

12) Profitability for last three years

No

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

No

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

20) Export / Import details (if applicable)

Yes

21) Market information

--

22) Litigations that the firm / promoter involved in

--

23) Banking Details

Yes

24) Banking facility details

Yes

25) Conduct of the banking account

--

26) Buyer visit details

--

27) Financials, if provided

Yes

28) Incorporation details, if applicable

Yes

29) Last accounts filed at ROC

Yes

30) Major Shareholders, if available

Yes

31) Date of Birth of Proprietor/Partner/Director, if available

Yes

32) PAN of Proprietor/Partner/Director, if available

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Bankers Charges Report as per Registry

 

Corporate identity number of the company

U26933GJ2010PTC062078

Name of the company

OLWIN TILES (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

C/o. Design House, Shop No.26, 1st Floor, Opposite New Bus Stand, Shanala Road, Morbi – 363 641, Gujarat, India

E-Mail: ss223141@yahoo.com

This form is for

Creation of charge

Type of charge

Immovable Property

Book Debts

Movable Property (not being pledge))

Others (Stock and Plant and Machinery)

Particular of charge holder

The Cosmos Co-Operative Bank Limited, Cosmos Bank House, Opposite Sales India, Ashram Road, Ahmedabad – 380 009, Gujarat, India

E-Mail: manoj.shah@cosmosbank.in

Nature of description of the instrument creating or modifying the charge

Deed of Hypothecation of Stock, Book Debts and Machinery

Simple Registered Mortgage

Date of instrument Creating the charge

13.05.2011

Amount secured by the charge

Rs.322.500 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Cash Credit / Term Loan:- 12 % p.a. as per present Credit Rating

Import Letter of Credit:- as per Banks Rules.

 

Terms of Repayment:

72 Monthly installment of Rs.3.666 millions after 12 months moratorium period

 

Margin:

Cash Credit:- 25 %

Import Letter of Credit:- 10 %

Term Loan:  25 %

Import LC: 25 %

Bank Guarantee: 25 %

 

Extent and Operation of the charge:

First and Sole Charge of the Bank.

Short particulars of the property charged

As described in Deed of Hypothecation of Stock, Book-debts and Machinery in Schedule – I

Industrial Land of 49068.03 Sq. Mtrs at Survey No. 107, 108/p1, 108/p2, 108/p3, Village Jambudiya, Morbi

Factory Building to be Constructed on above land, owned by the Company, at Survey No.107, 108/p1, 108/p2, 108/p3, Village Jambudiya, Morbi

Whether any of the property or interest therein under reference is not registered in the name of the company

Yes

If yes, in whose name it is registered

Factory Land and Building and Plant and Machinery owned by ideal Cera Products situated at Old Ghuntu Road Morbi

 

 

 

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.55.90

UK Pound

1

Rs.88.63

Euro

1

Rs.70.03

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--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

 

27

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.