MIRA
INFORM REPORT
|
Report Date : |
10.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
TAWAKKAL WOOD PRODUCTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
24, Mohammedi Old Timber Market No. 1, Maulana Shaukat Ali Road, Mumbai
– 400008, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
01.01.1993 |
|
|
|
|
Com. Reg. No.: |
08-13844 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U00276KA1993PTC013844 / U20290MH2005PTC153947 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT11719B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACT5193N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of wood products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 130000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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. |
LOCATIONS
|
Registered Office : |
24, Mohammedi Old Timber Market No. 1, Maulana Shaukat Ali Road,
Mumbai – 400008, Maharashtra, India |
|
Tel. No.: |
91-22-23835700 |
|
Fax No.: |
91-22-23835762 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
At Post Aghai, Taluka Shahpur, Thane - 421601 |
DIRECTORS
|
Name : |
Mr. Abbas N. Mithiborwala |
|
Designation : |
Director |
|
Address : |
31/33, Nishan Pada Road, Mumbai – 400009, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1968 |
|
Date of Appointment : |
04.10.1996 |
|
|
|
|
Name : |
Ms. Faiyaz F. Valikarimwala |
|
Designation : |
Director |
|
Address : |
31/33, Nishan Pada Road, Mumbai – 400009, Maharashtra, India |
|
Date of Birth/Age : |
01.09.1958 |
|
Date of Appointment : |
12.01.2001 |
|
|
|
|
Name : |
Mr. Saleh najmuddin Nithiborwala |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. V. Sundaresh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Novelty Traders Limited |
|
500 |
|
Laffan Software Limited |
|
500 |
|
Logic Infotech Limited |
|
500 |
|
Bhaskar Fund Management Limited |
|
500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of wood products. |
|
|
|
|
Products : |
Ř Shuttering Ř Compreg Ř Boards Plywood Ř Slates |
GENERAL
INFORMATION
|
Bankers : |
The Shamrao Vithal Co-operative Bank Limited Bandra [West], Mumbai – 400050, Maharashtra, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjay C. Shah Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
Oriental Veneers Products Limited Industrial Laminates India Private Limited Mysore Polymers |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27585 |
Equity Shares |
Rs. 100/- each |
Rs. 2.759
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.759 |
2.759 |
3.992 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
30.368 |
28.754 |
22.921 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.127 |
31.513 |
26.913 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
5.816 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
5.816 |
|
|
DEFERRED TAX LIABILITIES |
1.830 |
2.299 |
1.105 |
|
|
|
|
|
|
|
|
TOTAL |
34.957 |
33.812 |
33.834 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.396 |
22.070 |
18.508 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.055 |
0.055 |
0.055 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.325
|
12.256 |
|
|
|
Sundry Debtors |
20.455
|
14.483 |
|
|
|
Cash & Bank Balances |
2.038
|
1.807 |
27.302 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
8.176
|
1.952 |
|
|
Total
Current Assets |
35.994
|
30.498 |
27.302 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
18.489
|
18.813 |
12.034 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
18.489
|
18.813 |
12.034 |
|
|
Net Current Assets |
17.505
|
11.685 |
15.268 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.002 |
0.002 |
0.003 |
|
|
|
|
|
|
|
|
TOTAL |
34.957 |
33.812 |
33.834 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
|
68.178 |
52.351 |
|
|
Other Income |
|
|
|
|
|
Total Income |
|
68.178 |
52.351 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
1.245 |
0.867 |
|
|
Provision for Taxation |
|
[0.369] |
1.260 |
|
|
Profit/(Loss) After Tax |
|
1.614 |
[0.393] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
0.525 |
0.675 |
|
|
Depreciation & Amortization |
|
5.061 |
2.522 |
|
|
Other Expenditure |
|
66.933 |
51.484 |
|
Total Expenditure |
|
72.519 |
54.681 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
2.37
|
[0.75] |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.83
|
1.66 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.33
|
1.65 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.03 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.56
|
0.60 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.62 |
2.27 |
LOCAL AGENCY
FURTHER INFORMATION
Subject was originally incorporated on 01st January, 1993 at
Karnataka in Bangalore having Company Registration Number 13844.
The company changed its registered office from KSSIDC Industrial
Estatermanagaram, Karnataka – 571511, Bangalore, India to 24, Mohammedi Old
Timber Market No. 1, Maulana Shaukat ali Road, Mumbai – 400008, Maharashtra,
India w. e. f. 13th June 2005 and a new Company Registration No.
11-153947, of Mumbai R.O.C. was obtained.
Business
To carry on as Manufacturers, processors,
distributors, dealers, buyers, sellers, exporters, importers of all kinds of
products made out of wood of any species paper and fabric laminates and any
other products made with combination of above materials etc. The manufacturing
facilities, marketing activities and major clients of the company are located
in the state of Maharashtra.
|
Corporate
identity number of the company |
U20290MH2005PTC153947 |
|
Name of the
company |
TAWAKKAL WOOD PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
24, Mohammedi Old Timber Market No. 1, Maulana Shaukat Ali Road,
Mumbai – 400008, Maharashtra |
|
This form is for |
Modification of Charges |
|
Type of charge |
Equitable mortgage or mortgage of property by deposition the title deeds Hypothecation
|
|
Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited Bandra [West], Mumbai – 400050, Maharashtra, India |
|
Amount secured by
the charge |
Rs. 19.200 Millions
|
|
Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery Book Debts Stock in trade |
|
Particulars of
the property charged |
Mortgage by
deposit of title deeds in favour of the bank as security on : Office No. 401, 4th
Floor, Omega, Powai, Mumbai New Factory and
Building at Naroli |
|
Charge
identification number of the charge to be modified |
80001178 |
|
Brief Description
of the instrument modifying the charge under section 135 |
Supplementary
deed to common deed of hypothecation dated 29.03.2006 |
|
Date of
instrument Modifying the charge |
29.03.200 |
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.42.88 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|