MIRA INFORM REPORT

 

 

Report No. :

345324

Report Date :

16.10.2015

 

IDENTIFICATION DETAILS

 

Name :

OZON VITRIFIED PRIVATE LIMITED

 

 

Registered Office :

S. No. 84P1/P1, Sartanpur-Matel Road, Opposite Landgrace, Taluka Wankaner, Sartanpar – 363622, Gujarat

Tel. No.:

91-2828-294020

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

15.07.2010

 

 

Com. Reg. No.:

04-061609

 

 

Capital Investment / Paid-up Capital :

Rs.29.000 Million

 

 

CIN No.:

[Company Identification No.]

U26933GJ2010PTC061609

 

 

IEC No.:

2410005195

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RKTO00453F

 

 

PAN No.:

[Permanent Account No.]

AABCO3240L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter and Supplier of Vitrified Tiles and Ceramic Tiles.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (29)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject was established in the year 2010 and it is a manufacture, exporter and supplier of vitrified tiles.

 

For the financial year ended 2014, company reported marginal dip of 1.31% in its revenue profile and profitability margins remains low at 0.63% during the year under a review.

 

Rating remain constrained on account of company’s modest scale of operations and its presence in a highly competitive tiles manufacturing industry with fortunes linked to demand from cyclical real estate sector.

 

Rating also takes into consideration its moderate financial profile marked by modest liquidity indicators, susceptibility of its profitability to volatile raw material prices and working capital- intensive nature of operations.

 

However, trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealing 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.

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities= B+

Rating Explanation

Risk prone credit quality and carries very high credit risk.

Date

12.02.2015

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities= A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

12.02.2015

 

 

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 31-03-2015.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Bhavesh Patel

Designation :

Director

Contact No.:

91-9825177779

Date :

14.10.2015

 

 

LOCATIONS

 

Registered Office :

S. No. 84P1/P1, Sartanpur-Matel Road, Opposite Landgrace, Taluka Wankaner, Sartanpar – 363622, Gujarat, India

Tel. No.:

91-2828-294020

Mobile No.:

91-9825177779 (Mr. Bhavesh Prabhubhai Patel)

Fax No.:

Not Available

E-Mail :

info@zonutrified.com

ozon_vitrified@rediffmail.com

Website :

http://www.ozonuitrified.com

Area :

Owned

 

 

Factory :

8-A, National Highway, Sartanpur Road, At: Sartanpur Taluka Wankaner, District Rajkot, Dhuva – 363621, Gujarat, India

Area :

Leased

 

 

DIRECTORS

 

AS ON 16.08.2014

 

Name :

Mr. Shardbhai Meghjibhai Vadsola

Designation :

Director

Address :

Sahyog Society, Ravapar Roadl, Morbi-363641, Gujarat, India

Date of Birth/Age :

05.11.1973

Date of Appointment :

15.07.2010

DIN No.:

01639545

 

 

Name :

Mr. Bhavesh Prabhubhai Patel

Designation :

Director

Address :

Old SBS Colony, Kayaji Plot, Ravapar Roadm, Morbi-363641, Gujarat, India

Date of Birth/Age :

21.09.1977

Date of Appointment :

15.07.2010

DIN No.:

01947804

 

 

Name :

Mr. Suryakant Dhanji Kavar

Designation :

Director

Address :

Anupam Society, Block No. 4/7, Ravapar Roadl, District Rajkot, Morbi-363641, Gujarat, India

Date of Birth/Age :

04.06.1983

Date of Appointment :

01.09.2010

DIN No.:

03191922

 

 

Name :

Mr. Ravjibhai Mavjibhai Jetpariya

Designation :

Director

Address :

Gautam Society, Ravapar Road, Morbi-363641, Gujarat, India

Date of Birth/Age :

11.08.1980

Date of Appointment :

01.09.2010

DIN No.:

03191928

 

 

MAJOR SHAREHOLDERS

 

AS ON 16.08.2014

 

 

SHAREHOLDERS DETAILS FILE ATTACHED

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 16.08.2014

 

Category

 

Percentage

Directors or relatives of Directors

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter and Supplier of Vitrified Tiles and Ceramic Tiles.

 

 

Products :
  • Vitrified Tiles
  • Ceramic Tiles
    • Ozon Ivory
    • Cosmo
    • Moon
    • Neon
    • Earth
    • Global
    • Proton
    • Flora
    • Delta
    • Plasma
    • Axis
    • Pluto
    • S. and P. White
    • S. and P. Grey
    • Ozon Black

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Terms :

Not Divulged

 

 

PRODUCTION STATUS – (AS ON 31.03.2014)

 

Particulars

Installed Capacity

(Qty in Mts)

Install Capacity

46500.000

Production

31710.290

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

A G Belting Private Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

  • Sai Diesels Private Limited
  • VardhmanVitrified Private Limited
  • Ben Cera Resources Private Limited
  • Daisy Minerals Private Limited

 

 

Customers :

Company Name :

Arvind Ceramics Private Limited

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

  • Kag India Private Limited
  • Rajasthan Build Private Limited
  • Redstone Granito Private Limited
  • Rudraksha Ceramic Private Limited

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name :

State Bank of India

Branch :

Para Bazar Branch, Near GPO, Morbi – 363641, Gujarat, India

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Long Term Borrowings

 

 

Secured term loans from bank

 

 

State Bank of India Term Loan A/c

(Against E. M. of factory land and building of the company and hypothecation of plant and machinery of the company)

66.634

85.063

HDFC Bank Car Loan A/c

(Against hypothecation of motor car Ertiga-II A/c)

0.162

0.253

 

 

 

Short Term Borrowings

 

 

Working Capital Facilities

 

 

From Banks

 

 

State Bank of India – C/C A/c. - 31819145482

(Against hypothecation of stock)

55.755

8.025

State Bank of India – C/C A/c. - 32903968037

(Against hypothecation of stock)

0.000

47.618

 

 

 

Total

122.551

140.959

 

Auditors :

 

Name :

V. N. Sitapara and Associates

Chartered Accountants

Address :

202, Ram Chowk, Savsar Plot Main Road, Morbi – 363641, Gujarat, India

Tel. No.:

91-2828-223996

Mobile No.:

91-9825314320

PAN No.:

ATHPS0479F

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

AS ON 16.08.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

3250000

Equity Shares

Rs.10/- each

Rs.32.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

2900000

Equity Shares

Rs.10/- each

Rs.29.000 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

29.000

29.000

29.000

(b) Reserves & Surplus

51.838

49.401

47.253

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

80.838

78.401

76.253

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

101.376

109.888

118.853

(b) Deferred tax liabilities (Net)

3.624

3.647

3.638

(c) Other long term liabilities

0.000

14.970

29.331

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

105.000

128.505

151.822

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

55.755

55.643

60.093

(b) Trade payables

63.985

67.674

40.270

(c) Other current liabilities

31.150

31.428

29.071

(d) Short-term provisions

0.675

0.600

0.000

Total Current Liabilities (4)

151.565

155.345

129.434

 

 

 

 

TOTAL

337.403

362.251

357.509

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

162.706

182.048

207.961

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

9.829

8.406

11.590

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

172.535

190.454

219.551

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

63.915

63.840

61.821

(c) Trade receivables

93.924

102.920

63.845

(d) Cash and cash equivalents

2.943

1.384

6.195

(e) Short-term loans and advances

2.798

2.420

4.989

(f) Other current assets

1.288

1.233

1.108

Total Current Assets

164.868

171.797

137.958

 

 

 

 

TOTAL

337.403

362.251

357.509

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

383.734

388.897

203.732

 

 

Other Income

1.535

1.056

1.913

 

 

TOTAL                                    

385.269

389.953

205.645

 

 

 

 

 

Less

TOTAL EXPENSES

357.273

359.356

190.866

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

27.996

30.597

14.779

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION        

24.861

27.840

19.888

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX 

3.135

2.757

(5.109)

 

 

 

 

 

Less

TAX                                                                 

0.698

0.609

3.638

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

2.437

2.148

(8.747)

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.84

--

--

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

 

 

 

State Bank of India term Loan A/c

26.116

23.688

21.648

HDFC Bank Car Loan A/c – Ertiga Car

0.000

0.342

0.000

HDFC Bank Car Loan A/c – Ertiga-II Car

0.300

0.000

0.000

Total

26.416

24.030

21.648

 

 

 

 

Cash generated from operations

NA

NA

NA

Net cash flow from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

PAT / Sales

(%)

0.64

0.55

(4.29)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

0.93

0.76

(1.43)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.04

0.04

(0.07)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.27

2.42

2.63

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.09

1.11

1.07

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

29.000

29.000

29.000

Reserves & Surplus

47.253

49.401

51.838

Share Application money pending allotment

0.000

0.000

0.000

Net worth

76.253

78.401

80.838

 

 

 

 

long-term borrowings

118.853

109.888

101.376

Short term borrowings

60.093

55.643

55.755

Current Maturities of Long term debt

21.648

24.030

26.416

Total borrowings

200.594

189.561

183.547

Debt/Equity ratio

2.631

2.418

2.271

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

203.732

388.897

383.734

 

 

90.887

(1.328)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

203.732

388.897

383.734

Profit

(8.747)

2.148

2.437

 

(4.29%)

0.55%

0.64%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

Yes

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

COMPANY PERFORMANCE:

 

The Company has reported income from operation during the year is Rs. 383.734 million as compared to the previous year's income from operation of Rs. 388.897 million. The Company has incurred net profit of Rs. 2.437 million as against previous year's net profit of Rs. 2.148 million. With a view to conserve Resources, the Directors do not recommend any dividend.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Long Term Borrowings

 

 

From directors

2.960

2.980

From shareholders and relatives

31.620

21.592

 

 

 

Total

34.580

24.572

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10255692

25/03/2014 *

258,000,000.00

State Bank of India

State Bank Of India, Morbi, Gujarat - 363641, India

C02615573

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Factory Land

·         Factory Building

·         Plant and Machinery

·         Import Machinery

·         Spray Drier

·         Computer

·         Office Furniture

·         Office Equipment

·         Lab Instrument

·         Car Swift-5883

·         Car Swift-2232

·         Car Ertiga

·         Gasifire

·         Car Ertiga-II

·         Vehicles

 

 

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 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 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.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.74.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPR

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

29

 

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.