MIRA
INFORM REPORT
|
Report Date : |
08.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
WAAREE
INSTRUMENTS LIMITED |
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|
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Registered Office : |
36, Damji
Shamji Industrial Estate, Off. Mahakali Caves Road, Andheri (East), Mumbai –
400093, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.02.1989 |
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Com. Reg. No.: |
11-50808 |
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CIN No.: [Company
Identification No.] |
U29299MH1989PLC050808 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW00885D |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Subject was incorporated to carry on the business of manufacturing, buying, selling, reselling, exporting, exchanging, altering, importing, improving, assembling, distributing and dealings in all kinds of pressure and temperature measuring, controlling, indicating, recording and printing instruments and components such as pressure gauges, pressure switches, digital and analog pressure indicators manometers pressure sensors, pressure regulators and lubricators, dampners, dial thermometers, digital and anlog thermometers, temperature indicators controllers, seamers, sensorg, thermocouples, thermostats, composting cabhs and components including IC's. , P.C. B's and electrical wires. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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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
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Registered Office: |
36, Damji Shamji Indl. Complex,Off. Mahakali Caves Road, Andheri (East), Mumbai - 400 093, INDIA. |
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Tel No: |
91-22-2687
4778 / 66963030 |
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Mobile No: |
91-22-32550701(RIM) |
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Fax No: |
91-22-2687 3613 |
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E-Mail : |
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Website : |
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Dadra Factory : |
260/3/1, Demni RoadNear Jindal Photo Films,Dadra Nagar Haveli,Dadra. (U.T.) - 396230. |
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Tel No.: |
91-260-2668006/8544(Telefax) |
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Mobile No.: |
91-260-3293740 / 42 (Fac. RIM) |
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Email : |
waareedadra@waaree.com
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Website : |
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Branch offices : |
Bangalore
Office
Baroda Office
Chennai
Office
Delhi Office
Kolkata Office
Pune Office
Mumbai Office
Nagpur office
Chandigarh Office
Dharwad Office
Dadra Office
Hyderabad Office
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DIRECTORS
|
Name : |
Mr
Hitesh Doshi |
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Designation : |
Director |
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Name : |
Mr
Viren Doshi |
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Designation : |
Director |
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Name : |
Mr
Kirit Doshi |
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Designation : |
Director |
KEY EXECUTIVES
|
Name
: |
Mr
Firoz Shaikh |
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Designation
: |
General
Manager (Mumbai) |
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Name
: |
Mr
Gautam Roy |
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Designation
: |
Assistant
General Manager (Dadra) |
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Name
: |
Mr S N
Shetty |
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Designation
: |
Regional
Manager (Bangalore) |
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Name
: |
Ms
Kala |
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Designation
: |
CRM
(Bangalore) |
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Name
: |
Mr R
Anandh |
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Designation
: |
Regional
Manager (Baroda) |
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Name
: |
Ms
Ashumi Mehta |
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Designation
: |
CRM
(Baroda) |
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Name
: |
Mr Krishnan
Arun |
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Designation
: |
Regional
Manager (Chennai) |
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Name
: |
Mrs R
Jayalaxmi |
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Designation
: |
CRM
(Chennai) |
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Name
: |
Mr
Shivkumar Gupta |
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Designation
: |
Zonal
Manager (Delhi) |
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Name
: |
Mr
Jitendra Patil |
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Designation
: |
Assistant
Manager (Dadra) |
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Name
: |
Mr
Prakash Parte |
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Designation
: |
Assistant
Manager (Dadra) |
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Name
: |
Mr
Kailash Patil |
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Designation
: |
Assistant
Manager (Dadra) |
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Name
: |
Mr
Monesh Shroff |
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Designation
: |
Regional
Manager (Hyderabad) |
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Name
: |
Ms
Sheela |
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Designation
: |
CRM
(Hyderabad) |
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Name
: |
Mr R N
Chakraborty |
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Designation
: |
Regional
Manager (Kolkatta) |
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Name
: |
Ms
Baishakhi |
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Designation
: |
CRM
(Kolkatta) |
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Name
: |
Mr
Deepak |
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Designation
: |
Branch
Manager (Pune) |
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Name
: |
Mr
Vinai Krishna |
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Designation
: |
Branch
Manager (Mumbai) |
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Name
: |
Ms
Renu |
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Designation
: |
CRM
(Mumbai) |
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Name
: |
Mr
Satish Dhawale |
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Designation
: |
Regional
Manager (Nagpur) |
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Name
: |
Mr
Virender Malhotra |
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Designation
: |
Assistant
Manager (Chandigarh) |
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|
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Name
: |
Mr
Uday Kodi |
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Designation
: |
Senior
Executive Sales (Dharwad) |
BUSINESS DETAILS
|
Line of Business : |
Subject was incorporated to carry on the
business of manufacturing, buying, selling, reselling, exporting, exchanging,
altering, importing, improving, assembling, distributing and dealings in all kinds
of pressure and temperature measuring, controlling, indicating, recording and
printing instruments and components such as pressure gauges, pressure
switches, digital and analog pressure indicators manometers pressure sensors,
pressure regulators and lubricators, dampners, dial thermometers, digital and
anlog thermometers, temperature indicators controllers, seamers, sensorg,
thermocouples, thermostats, composting cabhs and components including IC's. ,
P.C. B's and electrical wires. |
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|
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Products : |
Generic Names of Principal Products/Services of the company are :
The company's products range includes:
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Exports to : |
Brazil,
USA, Japan, Germany, Italy etc. |
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Imports from : |
Germany,
Switzerland. |
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Terms : |
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Selling : |
Credit
: 60 days |
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|
|
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Purchasing : |
Credit
: 30 days |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No of Shares |
|
Mr. Hitesh C. Doshi |
141395 |
|
Mr. Viren C. Doshi |
43200 |
|
Mr. Pankaj C. Doshi |
50950 |
|
Mr. Kirit C. Doshi |
38050 |
|
Ms. Bina P. Doshi |
64630 |
|
Ms. Neepa V. Doshi |
108350 |
|
Ms. Binita H. Doshi |
73080 |
|
Mr. Chimanlal T. Doshi |
63350 |
|
Mrs. Rasilaben C. Doshi |
90600 |
|
Ms. Bindya K. Doshi |
101180 |
|
Ms. Bhavna K. Doshi |
22650 |
|
Pankaj C. Doshi (HUF) |
27880 |
|
Chimanlal T. Doshi (HUF) |
66725 |
GENERAL
INFORMATION
|
Suppliers : |
Some of the major suppliers of the company are as under :-
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Customers : |
Some of the major customers of the company are as under:
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No. of Employees : |
375 |
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Bankers : |
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Facilities : |
The subject enjoys Credit of 65.8 Millions from ICICI Bank, Backbay Reclamation, Mumbai |
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Auditors : |
J D
Shah and Associates Chartered
Accountants Maharashtra |
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|
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Associates : |
Group
Companies
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 50.000 Millions |
|
6,00,000 |
Preference
Shares |
Rs 10/- each |
Rs 6.000 Millions |
|
|
Total |
|
Rs 56.000
Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
35,49,210 |
Equity
Shares |
Rs 10/- each |
Rs 35.492 Millions |
|
4,92,215 |
|
Rs 10/- each |
Rs 4.922 Millions |
|
|
Total |
|
Rs 40.414
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
|
40.414 |
|
2] Share Application Money |
|
|
0.000 |
|
3] Reserves & Surplus |
|
|
92.350 |
|
4] (Accumulated Losses) |
|
|
0.000 |
|
NETWORTH |
|
|
132.764 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
|
89.387 |
|
2] Unsecured Loans |
|
|
4.895 |
|
TOTAL BORROWING |
|
|
94.282 |
|
DEFERRED TAX LIABILITIES |
|
|
7.947 |
|
|
|
|
|
|
TOTAL |
|
|
235.173 |
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
87.705 |
|
Capital work-in-progress |
|
|
10.698 |
|
|
|
|
|
|
INVESTMENT |
|
|
1.788 |
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
|
|
82.579 |
|
Sundry Debtors |
|
|
102.405 |
|
Cash & Bank Balances |
|
|
6.409 |
|
Other Current Assets |
|
|
0.000 |
|
Loans & Advances |
|
|
30.798 |
|
Total Current Assets |
|
|
222.191 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
|
|
87.209 |
|
Provisions |
|
|
|
|
Total Current Liabilities |
|
|
87.209 |
|
Net Current Assets |
|
|
134.982 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
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|
--- |
|
|
|
|
|
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TOTAL |
|
|
235.173 |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
|
|
|
|
|
|
Debt
Equity Ratio(Total Liability/Networth) |
|
|
|
1.36 |
|
|
|
|
|
|
|
Current
Ratio(Current Asset/Current Liability) |
|
|
|
2.54 |
LOCAL AGENCY
FURTHER INFORMATION
Company Profile
Company
is in the field of “PROCESS CONTROL INSTRUMENTS & AUTOMATION“.
Decade back company had started with an objective of solution provider and now
company is confident that it has achieved it by continuous innovation &
quality enhancement process.
Company has a state of art manufacturing facility at Dadra, backed by own
calibration laboratory (for Pressure) recommended by NABL (National
Accreditation Board of Laboratories) for accredition. Company undertakes
Calibration of field & Test Pressure Instruments at the laboratory having
NPL (National Physical Laboratory) traceability.
Company has been accredited for DIN ISO 9001- 2000 by TUV. Company is also
recognised by Technical Development Committee (Instrumentation Forum) for the
range of products.
Manufacturing products include Pressure and Temperature Gauge, Temperature
Sensors – RTD & Thermocouple, Level, Floats, and Switches etc. Apart from
these items, company represents overseas manufacturers like Dwyer-U.S.A.,
Keller – Switzerland, E+E Austria, Nuovafima – Italy for online as well as
Portable measuring Instruments in Pressure, Temperature, Level, Humidity, Air
Velocity, rpm and Gas Analysis.
Company is approved by Engineers India Ltd., New Delhi, as well as other
consultants like PDIL, L & T, Toyo, Jacobs H & G, Chemtex, KPG, KTI,
Udhe, LINDE, TICB etc… Companies valuable clientele includes Power Sectors,
Refineries, Pharmaceuticals, Petrochemicals, Steel, Fertilizers, Food, Cement,
Sugar, Pulp & Paper Industries like ONGC, RCF, MRPL, BARC, NTPC, BHEL,
IOCL, GAIL, IISCO, Navy, Reliance, Enron etc…
Company is Commitment to service is driven by the belief that every customer
must be a satisfied customer, which in itself is the best advertisement.
For the Industry: ‘WAAREE’ is strongly supporting Instrumentation Experts Club.
‘WAAREE” has developed instrumentation portal for Instrumentationguide.com and
printed various books like Instrumentation handbook, Calibration Hand Book etc.
History
WAAREE" has founded by Doshi
family on 3rd October 1989
Company
has started the manufacturing of Thermometers with 4 people at Andheri in
Mumbai.
In 1989,
- Inception of the company with 20% share of Doshi family.
- Started trading & repairing of MST thermometer.
- Rental property, area of 150 sq.ft.
In 1990,
- Started manufacturing of M.S. Thermometer, production of 5 pc a day
- Established a residential representation in PUNE.
- Company's first property purchased Industrial area at Vasai near
Mumbai, area of 400 sq.ft.
In 1991,
- Production of M.S.T increased to 20 pc a day.
- First branch started at Baroda and the first dealer appointed.
In 1992,
- Production for Bimetallic Thermometer started.
- First indirect export order executed.
- Product area increased to 800 sq.ft.
In 1993,
- First time use of micro bore capillary used in thermometer.
- Production started as imports substitutes.
In 1994,
- Production capacity for all products doubled
- DOSHI family take over 100% shares in WIL.
In 1995,
- Production of pressure gauges, temperature gauges, thermocouples &
RTD's started.
In 1996,
- Calibration Lab traceable to NPL installed.
- The production of manufactured products increases by 100%.
In 1997,
- Imports first consignment of Nuovafima gauges.
- Production facility started at DADRA.
- WAAREE standardizes for the time in India:
>Stainless Steel Case
>Socket welded to the Case
>Bourdon tube sizes as per IS - 3624
- Started receiving consultant approvals.
- New branches setup in 3 cities in India.
In 1998,
- Transformation of the Dadra manufacturing facility as an integrated
production house.
- Distributorship for international companies like Dwyer, Arthermo &
FT Manovia.
- Corporate office inaugurated at Andheri, Mumbai.
- European standards followed for manufacturing pressure gauges.
- Onsite Calibration contracts taken up.
In 1999,
- Foreign agencies of Keller, Inor & ITEC added.
- The production output doubles up.
- New Infotech division started at Mumbai providing Internet and web
software solutions.
- The company becomes the largest distributor for Satyam Infoway.
- Export department reoriented
In 2000,
- Acquires production facility from PRICOL for the industrial pressure
gauges.
- www.instrumentationguide.com, India's
first and only instrumentation portal is launched and promoted by WAAREE.
- Acquires 100% stake in Anmol Fluid Controls Pvt Ltd.
- Export for pressure gauges in Europe begins.
- Also gains the status for the largest exporter of pressure gauges in
the country.
- WAAREE Lanka, first overseas unit started in Sri Lanka.
In 2001,
- Launches Instrumentation handbook first time in India.
- Corporate newsletter "Controlfusion@WAAREE" launched
- The company exhibits it product range first time at ISA exhibition,
Houston.
- New branches started.
- Company achieves ISO 9002 certification.
- The calibration laboratory gets NABL accreditation for pressure
facility.
In 2002,
- Initiation and formation of Instrumentation Experts Club (IEC) forum.
- Starts production of level switches
In 2003,
- Formation of Shree WAAREE LLC, Dubai.
- WAAREE projects and consultancy division formed at Head office.
- Exclusivity agencies like Omntec, Ametek - Drexelbrook, Ametek -
Jofra
- New office at Hyderabad.
- First Online instrumentation super store launched
"www.instrumall.com"
- The company upgrades to ISO 9001 status.
- First private company in India to setup calibration lab for Humidity.
In 2004,
- Formation of 4D company
- Largest export order for pressure gauges executed in Indian
history.
- New branch office for Mumbai, Bangalore, Delhi.
- Expansion of existing branches like Dadra, Baroda & Hyderabad.
- Regional office started at Ahmedabad
- WAAREE is the sponsor for India's largest Automation exhibition
"Automation - 2004".
- New agencies added like Daehan, Pixys, Fatek, Onspec
- Addition of new products & technologies like SCADA & PLC
- SAP Implementation
- The calibration laboratory gets certification for temperature facility
also.
In 2005,
- Launch of Instrumentation Super Store's @ Vapi & Bangalore
- Formation of EOU
- Addition of new products & technologies like DCS
Exports
Today
‘WAAREE” is the largest exporters of Pressure Gauges in the country. ‘WAAREE”
is one of the fastest growing instrumentation and control company in India.
Waaree has started exporting pressure and temperature gauges since 2000. Since
2002, Waaree became the biggest Exporters of Pressure Gauges /
Thermometers. Apart from Pressure Gauges,Waaree export Accessories like
Thermowells, Gauge Saver, Syphon, Snubber and other products like Level
switches, Level gauges, Thermocouples, RTDs and Glass Thermometers
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.44.06 |
|
UK
Pound |
1 |
Rs.86.39 |
|
Euro |
1 |
Rs.57.46 |
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 |
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 |
YES |
|
--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 |
|