Draft Prospectus
Fixed Price Issue
Dated: November 2, 2015
Please read Section 32 of the Companies Act, 2013
GHUSHINE FINTRRADE OCEAN LIMITED
Our Company was incorporated as ‘Pallavi Finstock Private Limited’ a private limited company under the Companies Act, 1956 pursuant to Certificate of Incorporation dated May 10,
1995 issued by the Registrar of Companies, Gujarat, Dadra & Nagar Haveli. Subsequently, our Company was converted into a public limited company and the name of our Company was
changed to ‘Pallavi Finstock Limited’ pursuant to a Certificate of Incorporation dated July 14, 2015 issued by the Registrar of Companies, Gujarat, Ahmedabad. Further the name of our
company was changed to Ghushine Fintrrade Ocean Limited vide Certificate of Incorporation pursuant to change of name dated August 4, 2015 issued by the Registrar of Companies,
Gujarat, Ahmedabad. Our corporate identification number is U65910GJ1995PLC025823. For further details of our Company, please refer to the chapters titled ‘General Information’
and ‘History and Certain Corporate Matters’ beginning on page numbers 32 and 84, respectively, of the Draft Prospectus.
Registered Office: 203, Trividh Chambers, Rushabh Petrol Pump Lane, Ring Road, Surat - 395002, Gujarat
Tel: +91 261 2332122, Fax: +91 261 2332122
Website: www.ghushine.com, E-mail: ghushine95e@gmail.com
Company Secretary and Compliance Officer: Mr. Ashish Ajay Giniwala
PROMOTERS: MR. ALOK B. JAIN AND MRS. KAPILA A. JAIN
PUBLIC ISSUE OF 26,00,000 EQUITY SHARES OF FACE VALUE OF ` 10 EACH (“EQUITY SHARES”) OF GHUSHINE FINTRRADE OCEAN
LIMITED (THE “COMPANY” OR THE “ISSUER”) FOR CASH AT PAR, AGGREGATING ` 260.00 LACS (“THE ISSUE”), OF WHICH 1,40,000
EQUITY SHARES OF FACE VALUE OF ` 10 EACH FOR CASH AT PAR, AGGREGATING ` 14.00 LACS WILL BE RESERVED FOR SUBSCRIPTION
BY THE MARKET MAKERS TO THE ISSUE (THE “MARKET MAKER RESERVATION PORTION”). THE ISSUE LESS MARKET MAKER
RESERVATION PORTION I.E. ISSUE OF 24,60,000 EQUITY SHARES OF FACE VALUE OF ` 10 EACH FOR CASH AT PAR, AGGREGATING
` 246.00 LACS IS HEREINAFTER REFERED TO AS THE “NET ISSUE”. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 52.59% AND
49.75% RESPECTIVELY OF THE FULLY DILUTED POST ISSUE PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY.
THE ISSUE IS BEING IN TERMS OF CHAPTER X-B OF THE SEBI (ICDR) REGULATIONS, 2009 AS AMENDED FROM TIMETO TIME.
For further details please refer the section titled ‘Issue Related Information’ beginning on page 149 of the Draft Prospectus
All potential investors may participate in the Issue through an Application Supported by Blocked Amount (“ASBA”) process providing details about the bank
account which will be blocked by the Self Certified Syndicate Banks (“SCSBs”) for the same. For details in this regard, specific attention is invited to the
chapter titled “Issue Procedure” beginning on page 156 of the Draft Prospectus. Qualified Institutional Buyers and Non-Institutional Investors shall compulsorily
participate in the Issue through the ASBA process.
THE FACE VALUE OF THE EQUITY SHARES IS ` 10 EACH AND THE ISSUE PRICE OF ` 10 IS 1 TIME OF THE FACE VALUE
RISKS IN RELATION TO FIRST ISSUE
This being the first public issue of the Issuer, there has been no formal market for our Equity Shares. The face value of the Equity Shares of our Company is ` 10
and the Issue price of ` 10 per Equity Share is 1 time of the face value. The Issue Price (as determined by our Company in consultation with the Lead Manager,
as stated under the chapter titled ‘Basis for the Issue Price’ beginning on page 56 of the Draft Prospectus) should not be taken to be indicative of the market price
of the Equity Shares after such Equity Shares are listed. No assurance can be given regarding an active and/or sustained trading in the Equity Shares or regarding
the price at which the Equity Shares will be traded after listing.
GENERAL RISKS
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue unless they can afford to take the
risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue. For taking an investment
decision, investors must rely on their own examination of the Issuer and this Issue, including the risks involved. The Equity Shares have not been recommended
or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of the Draft Prospectus.
Specific attention of the investors is invited to the section titled ‘Risk Factors’ beginning on page 11 of the Draft Prospectus.
ISSUER’S ABSOLUTE RESPONSIBILITY
The Issuer, having made all reasonable inquiries, accepts responsibility for and confirms that the Draft Prospectus contains all information with regard to the
Issuer and this Issue, which is material in the context of this Issue, that the information contained in the Draft Prospectus is true and correct in all material aspects
and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of
which makes the Draft Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading, in any material respect.
LISTING
The Equity Shares offered through the Draft Prospectus are proposed to be listed on the BSE SME Platform. In terms of the Chapter XB of the SEBI (ICDR)
Regulations, 2009, as amended from time to time, we are not required to obtain an in-principal listing approval for the shares being offered in this issue. However,
our Company has received an approval letter dated [●] from BSE for using its name in this offer document for listing of our shares on the SME Platform of BSE
Limited (‘BSE’). For the purpose of this Issue, the designated Stock Exchange will be the BSE.
LEAD MANAGER TO THE ISSUE
REGISTAR TO THE ISSUE
FIRST OVERSEAS CAPITAL LIMITED
1st Floor, B Wing, Todi Estate
Sun Mill Compound
Lower Parel, Mumbai - 400013
Tel No: +91 22 4050 9999;
Fax No: +91 22 4050 9900
Email: rushabh@focl.in;
Investor Grievance Email: investorcomplaints@focl.in
Website: www.focl.in
SEBI Registration No: INM000003671
Contact Person: Mr. Rushabh Shroff
ISSUE OPENS ON:
ISSUE CLOSES ON:
PURVA SHAREGISTRY (INDIA) PRIVATE LIMITED
No. 9, Shiv Shakti Ind. Estate,
Gr. Floor, J. R. Boricha Marg
Lower Parel, Mumbai-400 011
Tel: +91 22 2301 6761/8261
Fax: +91 22 2301 2517
Website: www.purvashare.com
Email: busicomp@vsnl.com
SEBI Regn No. INR000001112
Contact Person: Mr. Rajesh Shah
ISSUE PROGRAMME
[●]
[●]
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8EC89>59>DBB145%351> "9=9D54 K B16D&B?C@53DEC
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PARTICULARS
A. CASH FLOW FROM
OPERATING ACTIVITIES
Profit Before Tax
Adjusted for :
a. Depreciation
b. Interest Expenses
c. Other Adjustments
Operating profit before working
capital changes
Adjusted for :
a. Decrease /(Increase) in Inventories
b. Decrease / ( Increase ) in trade
receivable
c. ( Increase ) / Decrease in short term
loans and advances
d. ( Increase ) / Decrease in Other
Current Assets
e. ( Increase ) / Decrease in Long term
loans and advances
f. Increase / ( Decrease ) in Trade
Payables
g. Increase / (Decrease) in short term
provisions
h. Increase / ( Decrease ) in other
current liabilities
i.Increase / ( Decrease ) in Long Term
Provisions
Cash generated from operations
Income Tax Paid ( net of refunds )
NET CASH GENERATED FROM
OPERATION
B. CASH FLOW FROM
INVESTING ACTIVITES
a. Purchase of Fixed Assets
b. Sale of Fixed Assets
c. ( Purchase) / Sale of non-current
investment
d. Interest received
e. Dividend Income
f. ( Increase ) / Decrease in Other Non
Current Assets
Net cash (used) in investing activities
C. CASH FLOW FROM
FINANCING ACTIVITES
a. Interest Paid
b. Proceeds from share issued
c. ( Repayments ) / proceeds of long
term borrowings
d. ( Repayments ) / proceeds of short
CH);=M
31.03.12 31.03.11
30.09.15
31.03.15
31.03.14
31.03.13
94.89
0.96
1.08
0.02
(0.00)
(1.74)
0.04
0.03
0.00
0.06
0.01
0.00
0.07
0.01
0.00
0.11
0.01
0.00
0.21
0.00
0.00
0.15
0.00
(0.32)
94.96
1.03
1.16
0.14
0.21
(1.91)
125.00
(135.75)
0.00
0.00
0.00
0.00
(370.70)
(6.92)
6.11
35.00
9.04
3.00
(15.85)
(28.06)
0.58
(53.75)
(6.37)
(1.13)
0.00
0.00
(0.12)
0.00
0.00
0.00
(4.25)
0.20
(0.08)
(0.06)
0.00
0.00
162.98
0.00
0.00
0.00
0.01
0.00
29.50
(0.40)
0.47
0.04
0.03
0.04
5.43
0.32
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
27.07
29.50
(169.58)
0.46
8.12
0.18
(18.63)
0.00
2.92
0.00
(0.00)
0.00
(2.43)
(170.04)
7.94
(18.63)
2.92
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.21)
0.00
0.00
0.00
0.00
45.50
0.00
0.00
12.00
0.00
0.00
(56.27)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(2.50)
(2.50)
(2.00)
43.50
0.00
12.00
0.00
(56.27)
0.00
0.00
0.00
(0.21)
(0.03)
0.00
(0.01)
134.50
(0.01)
9.74
(0.01)
41.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(32.50)
0.00
32.50
0.00
0.00
0.00
0.00
0.00
29
8EC89>59>DBB145%351> "9=9D54 K B16D&B?C@53DEC
term borrowings
Net cash generated/(used) in
financing activities
Net Increase / ( Decrease ) in cash
and cash equivalents
Cash and cash equivalents at the
beginning of the year
Cash and cash equivalents at the end
of the year
(0.03)
134.49
(22.77)
73.59
0.00
0.00
(4.96)
7.95
(2.83)
(1.31)
2.92
(0.21)
8.71
0.76
3.59
4.90
2.00
2.21
3.75
8.71
0.76
3.59
4.90
2.00
+IN?M
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M.S. Prasad
Advocate, High Court
423, New Hanuman Nagar,
Danda, Khar West,
Mumbai - 400 052
Tel No: +91 9322295503
Email: msprasad1952@yahoo.co.in
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F;=M
Particulars
30-Sep-15
No. of
31-Mar-16
No. of
Actuals
Days
Estimated
Days
Current Assets
Trade Receivables
Inventory
377.62
93
443.84
88
10.75
4
231.26
50
Other Current Assets
104.70
42.00
Total
493.07
717.10
Current Liabilities
Trade Payables
162.98
Other Current Liabilities
5.75
Short Term Provisions
56
136.11
10.00
29.50
40.00
Total
198.23
186.11
Working Capital Gap
Less: Existing Bank Borrowings
294.84
0.00
530.99
0.00
Net Working Capital Requirement
294.84
530.99
0.00
235.00
294.84
295.99
Proposed Working Capital to be funded from IPO
Funding through Internal Accruals
53
29
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Net issue proceeds pending utilization (for the stated objects) shall be deposited only in the scheduled
commercial banks included in the Second Schedule of Reserve Bank of India Act, 1934.
54
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L->LM:M>=
PARTICULARS
A. CASH FLOW FROM
OPERATING ACTIVITIES
Profit Before Tax
Adjusted for :
a. Depreciation
b. Interest Expenses
c. Other Adjustments
Operating profit before working
capital changes
Adjusted for :
a. Decrease /(Increase) in Inventories
b. Decrease / ( Increase ) in trade
receivable
c. ( Increase ) / Decrease in short term
loans and advances
d. ( Increase ) / Decrease in Other
Current Assets
e. ( Increase ) / Decrease in Long term
loans and advances
f. Increase / ( Decrease ) in Trade
Payables
g. Increase / (Decrease) in short term
provisions
h. Increase / ( Decrease ) in other
current liabilities
i.Increase / ( Decrease ) in Long Term
Provisions
Cash generated from operations
Income Tax Paid ( net of refunds )
NET CASH GENERATED FROM
OPERATION
B. CASH FLOW FROM
INVESTING ACTIVITES
a. Purchase of Fixed Assets
b. Sale of Fixed Assets
c. ( Purchase) / Sale of non-current
investment
d. Interest received
e. Dividend Income
f. ( Increase ) / Decrease in Other Non
Current Assets
Net cash (used) in investing activities
C. CASH FLOW FROM
FINANCING ACTIVITES
a. Interest Paid
b. Proceeds from share issued
c. ( Repayments ) / proceeds of long
term borrowings
/MCH);=M
31.03.12 31.03.11
30.09.15
31.03.15
31.03.14
31.03.13
94.89
0.96
1.08
0.02
(0.00)
(1.74)
0.04
0.03
0.00
0.06
0.01
0.00
0.07
0.01
0.00
0.11
0.01
0.00
0.21
0.00
0.00
0.15
0.00
(0.32)
94.96
1.03
1.16
0.14
0.21
(1.91)
125.00
(135.75)
0.00
0.00
0.00
0.00
(370.70)
(6.92)
6.11
35.00
9.04
3.00
(15.85)
(28.06)
0.58
(53.75)
(6.37)
(1.13)
0.00
0.00
(0.12)
0.00
0.00
0.00
(4.25)
0.20
(0.08)
(0.06)
0.00
0.00
162.98
0.00
0.00
0.00
0.01
0.00
29.50
(0.40)
0.47
0.04
0.03
0.04
5.43
0.32
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
27.07
29.50
(169.58)
0.46
8.12
0.18
(18.63)
0.00
2.92
0.00
(0.00)
0.00
(2.43)
(170.04)
7.94
(18.63)
2.92
(0.00)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(0.21)
0.00
0.00
0.00
0.00
45.50
0.00
0.00
12.00
0.00
0.00
(56.27)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(2.50)
(2.50)
(2.00)
43.50
0.00
12.00
0.00
(56.27)
0.00
0.00
0.00
(0.21)
(0.03)
0.00
(0.01)
134.50
(0.01)
9.74
(0.01)
41.10
0.00
0.00
0.00
0.00
0.00
0.00
(32.50)
32.50
0.00
0.00
117
8EC89>59>DBB145%351> "9=9D54 K B16D&B?C@53DEC
d. ( Repayments ) / proceeds of short
term borrowings
Net cash generated/(used) in
financing activities
Net Increase / ( Decrease ) in cash
and cash equivalents
Cash and cash equivalents at the
beginning of the year
Cash and cash equivalents at the end
of the year
0.00
0.00
0.00
0.00
0.00
0.00
(0.03)
134.49
(22.77)
73.59
0.00
0.00
(4.96)
7.95
(2.83)
(1.31)
2.92
(0.21)
8.71
0.76
3.59
4.90
2.00
2.21
3.75
8.71
0.76
3.59
4.90
2.00
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Particulars
Unsecured Loans
Borrowed
Mr. Alok A. Jain
Alok Jain HUF
Repaid
Mr. Alok A. Jain
Alok Jain HUF
Outstanding Unsecured Loans
/M &HF;=M
31.03.12 31.03.11
30.09.15
31.03.15
31.03.14
31.03.13
0.00
0.00
0.00
0.00
0.00
0.00
11.00
21.50
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11.00
21.50
0.00
0.00
0.00
0.00
0.00
0.00
30.09.15
31.03.15
31.03.14
31.03.13
31.03.12
31.03.11
126
8EC89>59>DBB145%351> "9=9D54 K B16D&B?C@53DEC
0.00
0.00
0.00
0.00
0.00
0.00
11.00
21.50
0.00
0.00
0.00
0.00
100.00
0.00
0.00
0.00
0.00
0.00
95.75
0.00
0.00
0.00
0.00
0.00
4.25
0.00
0.00
0.00
0.00
0.00
Investment In Group Company
Mercury Ventures Limited
0.00
0.00
0.00
45.50
0.00
0.00
Sale of Investments
Mr. Alok A. Jain
Mrs. Kapila Jain
Alok Jain HUF
Master Samyak Jain
Aakanksha Jain
Akshita Jain
0.00
0.00
0.00
0.00
0.00
0.00
6.25
9.50
5.00
15.25
3.50
6.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Mr. Alok A. Jain
Alok Jain HUF
Advances
Given
Mrs. Kapila Jain
Received
Mrs. Kapila Jain
Balance
Mrs. Kapila Jain
GG>QNK> 31$
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As at
Particulars
30.09.15
31.03.15
31.03.14
31.03.13
31.03.12
31.03.11
Pantafor Soft Limited
0.00
0.00
0.00
0.00
1.23
1.23
Mercury Ventures Limited
0.00
0.00
45.50
45.50
0.00
0.00
Investment In Mutual Funds
0.00
0.00
0.00
12.00
0.00
0.00
Total
0.00
0.00
45.50
57.50
1.23
1.23
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Particulars
For the period
ended 30.09.15
':<L
% to Operating
Income
Income
742.70
Operating Income
11.25
Other Income
Increase/ Decrease in Inventory
(125.00)
Total
628.95
Purchase of Stock in Trade
527.46
71.02%
3.12
0.42%
Employee Benefit Expenses
Other Operating and Administrative Expenses
3.41
0.46%
533.99
71.90%
94.96
12.79%
Interest and Other Financial Charges
0.03
0.00%
Depreciation & Amortisation
0.04
0.00%
PBT
94.89
12.78%
Tax Expenses
29.50
3.97%
Profit After Tax as Restated
65.39
8.80%
Total Expenditure
PBIDT
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4? G;CHFS=IGG?H=?>IOLNL;>CHAIJ?L;NCIHMCHNB?GIHNBMJ?LCI>?H>?>0?JN?G<?L
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Particulars
31.03.15
31.03.14
31.03.13
31.03.12
Income
Operating Income
Other Income
6.26
0.35
0.00
0.00
5.06
5.72
0.26
1.35
6.07
0.26
1.35
Increase/ Decrease in Inventory
135.75
Total Revenue
147.07
Total Expenditure
146.04
4.91
0.12
1.15
Profit Before Interest, Depreciation and Tax
1.03
1.16
0.14
0.21
Profit before Taxation
0.96
1.08
0.02
(0.005)
Profit After Tax
0.67
0.90
0.02
(0.005)
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