MIRA INFORM
REPORT
|
Report
Date : |
30.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
WELDON CELLOPLAST LIMITED |
|
|
|
|
Registered
Office : |
304, 3rd
Floor, 9/2, East Patel Nagar, |
|
|
|
|
Country
: |
|
|
|
|
|
Financials
(as on) : |
31.03.2006 |
|
|
|
|
Date
of Incorporation : |
03.04.1982 |
|
|
|
|
CIN
No.: |
U74999DL1982PLC013422 |
|
|
|
|
Com.
Reg. No.: |
55-13422 |
|
|
|
|
TAN
No.: (Tax
Deduction & Collection Account No.) |
DELW00478C |
|
|
|
|
Legal
Form : |
A closely held public limited liability company |
|
|
|
|
Line
of Business : |
Manufacturers
and Exporter of Label Stock. |
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 17000 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Slow but
Correct |
|
|
|
|
Litigation
: |
Clear |
|
|
|
|
Comments
: |
Subject is a well – established company having
satisfactory track. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
304, 3rd
Floor, 9/2, East Patel Nagar, |
|
Tel.
No.: |
91-11-25740089
/ 25745458 |
|
Fax
No.: |
91-11-25821174 |
|
E-Mail
: |
|
|
Website
: |
|
|
Area : |
450 sq. ft |
|
Location : |
Owned |
|
|
|
|
Corporate
Office : |
304, 3rd
Floor, 9/2, East Patel Nagar, Tele No. 91-11-25740089
/ 25745458 Fax No.
91-11-2582 1174 E- mail :
weldon@vsnl.com / info@weldoncelloplast.com Plot No.
54, Jawahar Co-operative Industrial Estate, Kamothe, Panvel, District
Raigarh, Tel No :
91-22-27879645 Mobile No
: s91-9323555103 130, Mobile No
: 91-9884032686 |
|
|
|
|
Factory
1 : |
Plot No. 92, Sector 6, |
|
Tel.
No.: |
91-129-22241330/25061202 |
|
Fax
No.: |
91-129-25061201 |
|
E-Mail
: |
|
|
Area : |
2565 sq. yds |
DIRECTORS
|
Name : |
Mr. Harveer
Singh Sahni |
|
Designation
: |
Managing
Director |
|
Address
: |
30-B, |
|
Date
of Birth/Age : |
52 years |
|
Qualification
: |
P. G. |
|
Experience
: |
23 years |
|
Date
of Appointment : |
03.04.1982 |
|
|
|
|
Name : |
Mrs.
Sarbinder Kaur |
|
Designation
: |
Director |
|
Address
: |
30-B, |
|
Date
of Birth/Age : |
49 years |
|
Qualification
: |
Graduate |
|
Experience
: |
16 years |
|
Date
of Appointment : |
28.06.185 |
|
|
|
|
Name : |
Mr. Pawandeep Singh Sahni |
|
Designation
: |
Director |
|
Address
: |
30-B, |
|
Date
of Appointment : |
1.12.2000 |
KEY
EXECUTIVES
|
Name : |
Aggarwal
and Associates |
|
Designation
: |
Company
Secretary |
|
Address
: |
272
Dayanand Vihar, Delhi-110092, |
|
Tel No |
91-11-22372434 |
|
Mobile
No. |
91-9811386565 |
|
E-mail
|
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Ms. Kulwant Kaur |
10 |
|
Mr. Harveer Singh Sahni |
3680 |
|
Ms. Sarbinder Kaur |
7622 |
|
Mr. Pawandeep Singh Sahni |
5429 |
|
Mr. Kanwwardeep Singh Sahni |
3620 |
|
Mr. Gulshen |
100 |
|
Mr. Guldeep Singh Sahni |
5 |
|
Mr. Ravinder Singh Sahni |
255 |
|
Ms. Ritu Gupta |
5 |
|
Ms. Ruchika Gupta |
5 |
|
Mr. Gurbakshish Gulati |
50 |
|
Mr. Agya Ram Gulati |
50 |
|
Ms. Rachna Chopra |
40 |
|
Ms. Rukmani Jivraj Gogari |
250 |
|
Mr. Jivraj Murgai Gogari |
250 |
|
Mr. Trilochan Singh |
250 |
|
Ms. Sarla Dinesh Gogari |
250 |
|
Mr. Dinesh Jivraj Gogari |
250 |
|
Mr. Rajkumar Gupta |
1 |
|
Ram
Narayain Gupta and Sons |
1 |
|
Mr. Ravinder Kaur Sahni |
20 |
|
Mr. Harveer Singh Sahani |
3080 |
|
Ms. Sarbinder Kaur |
200 |
|
Mr. Harveer Singh Sahani |
3370 |
|
Mr. Pawandeep Singh Sahni |
50 |
|
Mr. Harveer Singh Sahani |
50 |
|
Mr. Ajay Kumar Gupta |
1 |
|
Ms. Sushila Gupta |
5 |
All the shares are held by directors and their relatives.
BUSINESS
DETAILS
|
Line
of Business : |
Manufacturers
and Exporter of Label Stock. |
|
|
|
|
Products
: |
v Self Adhesive Label stocks v
Silicon Release Papers v
Self Adhesive Transfer Tapes v
Speciality Tapes v
Thermal Transfer Label Stocks Its selected
category is v Fasco Economy v Fasco Premium v Fasco Release Liners v Fasco Self Adhesive Tapes v Fasco Speciality Items |
|
|
|
|
Exports
to : |
|
|
|
|
|
Imports
from : |
Base
paper (Glassine) and hot melt adhesive from |
|
|
|
|
Terms
: |
|
|
Selling : |
L/C and Credit (30/60 days) terms |
|
|
|
|
Purchasing : |
Credit (120 days) terms |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Adhesive
Paper |
Sq/Mtrs |
|
|
3398683.00 |
|
Adhesive
Paper |
Pkts |
|
|
8716.50 |
|
Adhesive
Paper Tapes |
Pcs |
|
|
119736.00 |
|
Release
Paper |
Kgs |
|
|
10061.59 |
GENERAL
INFORMATION
|
Customers
: |
Wholesalers, Retailers and End Users |
|
|
|
|
No. of
Employees : |
22 |
|
|
|
|
Bankers
: |
v Syndicate Bank, Old Rajinder
Nagar, v Bank of v ABN Amro Bank v Kotak Mahindra v American Express Bank |
|
|
|
|
Facilities : |
Secured Loan Syndicate Bank O/D
- Rs. 13.077 Millions Syndicate Bank OSL [Machinery] Rs. 1.226 Millions American Express Bank [Car Loan] Rs. 0.019 Millions Syndicate Bank CBD – Rs. 1.859 Millions ABN Amro Bank – Rs. 0.717 Millions Syndicate Bank – Rs. 0.408 Millions Kotak Mahindra – Rs. 0.080 Millions Unsecured Loans : From Shareholders : Rs.0.494 millions From Directors : Rs.0.963 millions From Others : Rs.0.957 millions |
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors
: |
Ghosh
Khanna and Company Chartered
Accountants |
|
Address: |
L-2A,
Hauz Khas Enclave, |
|
Tel.
No.: |
91-11-26962981 / 82 |
|
Fax
No.: |
91-11-26962985 |
|
E-Mail
: |
|
|
Web site |
|
|
|
|
|
Associates/Subsidiaries
: |
Nil |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
30,000 |
Equity
Shares |
Rs. 100/- each |
Rs. 3.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
28899 |
Equity
Shares |
Rs. 100/- each |
Rs. 2.889 Millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
2.889 |
2.889 |
2.390 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
1.596 |
1.402 |
1.098 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
4.485 |
4.291 |
3.488 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
18.534 |
17.388 |
15.857 |
|
|
2]
Unsecured Loans |
2.558 |
2.414 |
1.720 |
|
TOTAL
BORROWING
|
21.092 |
19.802 |
17.577 |
|
|
DEFERRED
TAX LIABILITIES |
0.821 |
0.965 |
1.009 |
|
|
|
|
|
|
|
TOTAL
|
26.398 |
25.058 |
22.074 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
6.155 |
6.009 |
5.975 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
22.629
|
13.000
|
10.114 |
|
|
Sundry Debtors
|
17.635
|
16.428
|
18.340 |
|
|
Cash & Bank Balances
|
0.578
|
0.801
|
0.880 |
|
|
Other Current Assets
|
0.240
|
0.234
|
0.230 |
|
|
Loans & Advances
|
5.601
|
6.146
|
4.821 |
Total Current Assets
|
46.683
|
36.609
|
34.385 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
25.922
|
17.636
|
17.759 |
|
|
Provisions
|
0.887
|
0.417
|
0.551 |
Total Current Liabilities
|
26.809
|
18.053
|
18.310 |
|
Net
Current Assets
|
19.874
|
18.556
|
16.075 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.369 |
0.493 |
0.024 |
|
|
|
|
|
|
|
TOTAL
|
26.398 |
25.058 |
22.074 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales
Turnover |
65.072 |
60.288 |
58.348 |
|
|
Other Income |
9.568 |
3.007 |
1.941 |
|
|
Total
Income |
74.730 |
63.365 |
60.289 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.584 |
0.461 |
0.443 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
0.584 |
0.461 |
0.443 |
|
|
|
|
|
|
|
|
Total
Earnings |
NA |
3.843 |
5.538 |
|
|
|
|
|
|
|
|
Total
Imports |
NA |
6.126 |
5.486 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
NA |
52.935 |
52.461 |
|
|
Administrative Expenses |
NA |
3.170 |
2.413 |
|
|
Purchases made for re-sale |
53.670 |
NA |
NA |
|
|
Deferred Revenue Expenses w/o |
NA |
NA |
0.003 |
|
|
Salaries, Wages, Bonus, etc. |
0.164 |
NA |
NA |
|
|
Managerial Remuneration |
0.872 |
NA |
NA |
|
|
Payment to Auditors |
0.020 |
NA |
NA |
|
|
Interest |
3.029 |
3.145 |
2.317 |
|
|
Insurance Expenses |
0.298 |
NA |
NA |
|
|
Power & Fuel |
1.194 |
NA |
NA |
|
|
Depreciation & Amortization |
1.050 |
1.153 |
1.020 |
|
|
Other Expenditure |
13.847 |
2.376 |
1.631 |
|
Total
Expenditure |
74.145 |
62.903 |
59.845 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
0.78
|
0.73
|
0.73 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
0.78
|
0.73
|
0.73 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
1.10
|
1.08
|
1.10 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.13
|
0.10
|
0.13 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
10.68
|
8.82
|
10.29 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.74
|
2.02
|
1.88 |
LOCAL
AGENCY FURTHER INFORMATION
Form 8 Particular for creation or
modification of charges
|
Corporation
identity number or foreign company registrations number of the company |
U74999DL1982PLC013422 |
|
Name of
the company |
WELDON CELLOPLAST LIMITED |
|
Address |
304, 3rd Floor, 9/2, East Patel Nagar, |
|
This Form
is for |
Modification of charge |
|
Type of
Charges |
Hypothecation |
|
Particular
of the charge holder |
Syndicate Bank Old Rajinder Nagar New Delhi-110060 |
|
Date of
the instrument modifying charge |
29.03.2006 |
|
Amount
Secure by the charge |
Rs.0.080 millions |
|
Description
of the instrument modifying the charge |
Composite hypothecation agreement |
|
Modification
charge Charge
identification number of the charge to be modified |
80003394 |
|
Particulars
of the Property charged |
All goods except immovable properties, like stocks raw
materials, finished goods etc. lying at Plot No.92, Sector 6, |
|
Particulars
of the present modification |
Limit stands enhanced from Rs.15.150 millions ODH-14.300
millions, Sub limit SOD-PCL/LC- (1.000 millions), ILC/FLC/DA 90 days maximum
Rs.2.000 millions, CDD/CBD/DATBD-1.300 millions, FDBP-1.200 millions, OSL
(ML) |
Fixed Assets:
v Plant & Machinery
v Generator
v Furniture
v Air Conditioner
v Car
v Office Equipment
v Computer
v Software
v Vehicle
It is in
trade terms with :
˜
Bilt
Graphics Papers Limited
˜
Anil
Agencies Private Limited
˜
Shri
Krishna Paper Mills Industries Limited
˜
Balwant
Rai & Sons
Subject technology driven, highly flexible manufacturer of
self-adhesive materials, with expertise to solve customer problems, which
volume driven companies rarely address. The main focus of business is in
meeting the needs of customers which often translates into creation of
innovative self-adhesive products. At Weldon it is normal that customers come
with strange and tricky problems which are attended patiently and all efforts
are made to convert the problem into business, opportunity for both the
customer and Weldon.
It interact with the end users to customize products according to the customer
needs. Subject focus on international customers is proven from its rising
exports.
Company profile
Subject leading producers of self-adhesive labelstocks in
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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.40.73 |
|
|
1 |
Rs.80.43 |
|
Euro |
1 |
Rs.54.74 |
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
|
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 |