MIRA
INFORM REPORT
|
Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PARSHVANATH WELDWIRES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. C-4 MIDC Butibori, Nagapur – 441122, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
07.09.1998 |
|
|
|
|
Com. Reg. No.: |
116465 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28999MH1998PTC116465 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of welded mesh and other wire 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 20184 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. 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/Factory Office : |
Plot No. C-4 MIDC Butibori, Nagapur – 441122, Maharashtra, India |
|
Tel. No.: |
91-7104-265479/712-2765194 |
|
Fax: |
91-712-2732260 |
|
Email: |
|
|
|
|
|
Corporate Office : |
“Basanti Nandan” 196, Kumharpura Badkas Chowk, Mahal, Nagpur – 441122,
Maharashtra, India |
|
Tel. No.: |
91-712-2765194/2731864/3103679 |
|
Fax No.: |
91-712-27233 |
|
Mobile: |
91-9422102104 |
|
|
|
DIRECTORS
|
Name : |
Mr. Kapilkumar Nandanlal Jain |
|
Designation : |
Director |
|
Address : |
196, Kumbhar Pura, Badkas Chowk, Mahal, Nagapur – 440002, Maharashtra |
|
Date of Birth/Age : |
27.10.1972 |
|
Date of Appointment : |
07.09.1998 |
|
Email: |
|
|
|
|
|
Name : |
Mrs. Rashmi Mahavir Jain |
|
Designation : |
Director |
|
Address : |
196, Kumbhar Pura, Badkas Chowk, Mahal, Nagapur – 440002, Maharashtra |
|
Date of Birth/Age : |
07.07.1973 |
|
Date of Appointment : |
31.12.2003 |
|
Email: |
|
|
|
|
|
Name : |
Mrs. Anshu Jain |
|
Designation : |
Whole Time Director |
|
Address : |
Kumbhar Pura, Badkas Chowk, Mahal, Nagapur – 440002, Maharashtra |
|
Date of Birth/Age : |
29.10.1976 |
|
Date of Appointment : |
20.06.2007 |
|
Email: |
|
|
|
|
|
Name : |
Mr. Santosh Gayachand Jain |
|
Designation : |
Whole Time Director |
|
Address : |
196, Kumbhar Pura, Badkas Chowk, Mahal, Nagapur – 440002, Maharashtra |
|
Date of Birth/Age : |
20.10.1963 |
|
Date of Appointment : |
20.06.2007 |
|
Email: |
|
|
|
|
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr.Hemantkukar N. Jain |
|
10 |
|
Mr. Anilkumar N. Jain |
|
10 |
|
Mr. Mahaveer N. Jain |
|
10 |
|
Mr. Kapilkumar N. Jain |
|
34000 |
|
Mrs. Rajani K. Jain |
|
7800 |
|
Mr. Kamlesh V. Jain |
|
2500 |
|
Mr. Sunilkumar Jain |
|
7500 |
|
Mr. Chainsingh |
|
2500 |
|
Mr. Girdharilal |
|
2500 |
|
Mr. Kamlesh Singh |
|
2500 |
|
Mr. Nathan Singh |
|
2500 |
|
Mr. Ramlal Singh |
|
2500 |
|
Mr. Janmesh Singh |
|
2500 |
|
Mr. Surendra S. Jain |
|
4500 |
|
Mr. Guttanlal G. Jain |
|
5000 |
|
Mr. Pravinkumar G. Jain |
|
5000 |
|
Mr. Ramlal K. Kushwaha |
|
2500 |
|
Mr. Bundel Singh |
|
2500 |
|
Mrs. Archana S. Jain |
|
48900 |
|
Mrs. Manjula Jain |
|
17000 |
|
Mr. Anilkumar Jain |
|
28200 |
|
Mr. Mahaveer Jain |
|
8000 |
|
Mr. Hemant Jain |
|
8000 |
|
Mrs. Alka Jain |
|
12000 |
|
Mr. Santosh Jain |
|
12000 |
|
Mrs. Pratibha Jain |
|
23200 |
|
Mr. Manoj Jain |
|
6000 |
|
Mr. Kapil K. Jain |
|
10 |
|
Mr. Manish S. Jain |
|
10 |
|
Mr. Hemant Jain |
|
10 |
|
|
|
|
|
Total |
|
249660 |
|
|
|
|
|
Category |
|
Percentage |
|
|
|
|
|
Director or relatives of directors |
|
79.00 |
|
Other top fifty (50) Shareholders (Other than Listed above) |
|
21.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of welded mesh and other wire products. |
|
|
|
GENERAL
INFORMATION
|
No. of Employees : |
60 |
|
|
|
|
Bankers : |
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
Batra Khandelwal and company Chartered Accountants |
|
Address : |
584-A, Jalalpur, Dakshin
Gandhibagh, Behind Rapid Transport, Nagpur – 440002, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
249600 |
Equity shares |
Rs.10/- each |
Rs.2.496
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.496 |
2.496 |
|
|
2] Share Application Money |
|
0.260 |
0.260 |
|
|
3] Reserves & Surplus |
|
2.290 |
1.704 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
5.046 |
4.460 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
11.230 |
7.227 |
|
|
2] Unsecured Loans |
|
1.467 |
0.745 |
|
|
TOTAL BORROWING |
|
12.697 |
7.972 |
|
|
DEFERRED TAX LIABILITIES |
|
0.748 |
0.794 |
|
|
|
|
|
|
|
|
TOTAL |
|
18.491 |
13.226 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.656 |
6.954 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.388 |
0.284 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
10.158 |
5.264 |
|
|
Sundry Debtors |
|
6.189 |
1.834 |
|
|
Cash & Bank Balances |
|
1.022 |
0.030 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.912 |
0.549 |
|
Total
Current Assets |
|
18.281 |
7.677 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
6.621 |
1.258 |
|
|
Provisions |
|
0.213 |
0.431 |
|
Total
Current Liabilities |
|
6.834 |
1.689 |
|
|
Net Current Assets |
|
11.447 |
5.988 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
18.491 |
13.226 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
|
20.000 |
N.A. |
|
Other Income |
|
0.000 |
N.A. |
|
Total Income |
|
20.000 |
N.A. |
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
- |
- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
- |
- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
- |
- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
- |
- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.87 |
2.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.60 |
4.55 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporation identity number or foreign company registrations number of
the company |
U28999MH1998PTC116465 |
|
Name of the company |
PARSHVANATH WELDWIRES PRIVATE LIMITED |
|
Address |
Plot No. C-4 MIDC Butibori, Nagapur – 441122, Maharashtra, India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
Immovable Property Book debts Movable Property (Not being Pledge) |
|
Particular of the charge holder
|
Corporation Bank SVP Marg, Kingsway, Nagpur – 440001,
Maharashtra, India |
|
Nature or description of the instrument creating charge |
|
|
Date of the instrument creating charge |
27.01.2007 |
|
Amount Secure by the charge |
Rs.10.000 Millions |
|
Brief of the principal terms and conditions and extent and operation of
the charge |
|
|
Short particulars of the property charged (including location of the
property) |
Hypothecation od stocks and book debts and
plant and machinery with fittings, fixture accessories in C-4 MIDC, Butibori,
Nagpur. |
|
Particular of the present modification |
- |
|
Name of the company |
PARSHVANATH WELDWIRES PRIVATE LIMITED |
|
Presented By |
Mr. Kapil Jain , Director |
|
1) Date and description of instrument creating the change |
Hypothecation of tangible
movable property dated 7th july 2004, Agreement of
hypothecation of bookdebts dated 7th july 2004, Agreement fot cah
credit / overdraft/ bill discounting dated 7 th july 2004, Hypothecation of
plant and machinery dated 7th july 2004, (All this documents
constitute a single charges) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.350 Millions
(Rupees Forty Three Lacs Fifty Thousand Only) |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Raw Materials wire (MS
and Gi): Stocks in oprocess wire (MS and Gi): Finished goods (wire MS and GI
welded mesh) Conssumable stores and book debts; Hypothecation of plant and
machinery at C-4 MIDC, Butibori, Nagpur.for securing the cash credit limit to
the tune of Rs.4.350 Millions by first charge. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Intt:
13.50 p.a. Chargeable monthly; Panal Interest 2& p.a. Margin: 25%,
Rapayment: On demand |
|
5) Name and Address and description of the person entitled to the charge. |
Shikshak Sahakari
Bank Limited, Head Office at
gandhi sagar, Mahal, Nagpur through, Itwari Branch, Near Gandhi Pultla,
Nagpur – 440002. |
|
6) Date and brief description of instrument modifying the charge |
Deed of mortage,
Dated 12.08.2004 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Mortgage of
property situated at MIDC at Plot No. C-4 MIDC, Butibori Industrial Area
within the village limits of vateght, Taluka and registration sud-district
hingna, District Nagpur total admeastrial 2468.00 sq. mtrs. alongwith
Industrial unit thereon to secure cash credit limit Rs.4.350 Millions and
Term Loan of Rs.3.000 Millions Lacs total amounting Rs.7.350 Millions; Rate
of Interst @ 13.50 p.a. chargable monthly; penal interst @2% p.a. |
Company Profile:
Subject is the
India's leading manufacturer of Welded mesh and other wire products. From our
modern 30,000 square foot factory at MIDC Butibori on the outskirts of Nagpur(Maharashtra),customers
are served both at home and overseas with high quality products and a second to
none service.
Subject welded mesh is available in a wide range of
specification of aperture size, and wire diameters and mesh patterns, and
is supplied in panels up to 1500 mm wide.
Made from the highest quality stainless steel wire, mild
steel, brass , galvanized Iron for
maximum strength durability, and resistance to corrosion, parshvanath welded mesh,
barbed wires, chain links and rolls are made in standard specifications, which
are available ex-stock and in
non-standard specifications, which can be manufactured to order normally on
short delivery times.
More and more applications for its qualities of hygiene,
strength and durability are found each year
and they are major suppliers to the chemical, pharmaceutical, health
care, food, pollution control, and building industries.
Website
details:
The company commenced it's wiremesh operation with one
welding line for general purpose application and building industry. The company
has since substantially increased its capacity equipped with distinctive
welding features. The company has broadened its mesh types into general purpose
welded wiremesh, poultry mesh, engineered construction mesh and fine gauge
galvanized mesh.
Manufacturing
Process
The joining of the wires at the intersection is achieved by
electric resistance welding. This is by a combination of heavy electric current (applied at low voltage) passed
through the junction of wires, combined
with heavy mechanical pressure. A solid state thyristorregulated electronic
control ensures very fine control of time (in cycles) and current amplitude
(total phase angle). All the spacing between wires are controlled by an
automatic mechanism of high reliability.
Materials
Being Used
MS
The wires used in the fabric are cold drawn from controlled
quality mild steel wire rods with carbon contents generally less than 0.15%.
It's manufactured with long and cross wire spacing varying from 25mm to 400mm.
Wires used for manufacture of fabric are generally in the range of 2mm to 12mm diameter.
GI
Hot Dipped Galvanized wire .
SS
Brass of IS standard
Specifications
- Materials- GI, SS, MSand brass.
- Wire Dia-2mm to 12 mm.
- Mesh width-upto 1200mm.
- Mesh Size-12mm to 300mm.
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.39.43 |
|
UK Pound |
1 |
Rs.81.35 |
|
Euro |
1 |
Rs.57.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
46 |
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. |
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 |
|