MIRA
INFORM REPORT
|
Report Date : |
12.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SENAPATHY WHITELEY PRIVATE LIMITED |
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Registered Office : |
Casa Fina, 5, Primerose Road, Off M.G. Road, Bangalore-560025,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.08.1960 |
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Com. Reg. No.: |
08-1395 |
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CIN No.: [Company
Identification No.] |
U5110KA1960PLC001395 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS15024C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business of manufacturers of insulation press boards of
all varieties and grades including the popular brand known as “Elephantide”,
Assemblers, Importers, Exporters, Stockiests, Repairers, Distributors,
Merchants and Dealers of all kinds of insulation press boards and accessories
of all kind sand all articles and things used in the manufacture,
construction, erection, maintenance and working thereof or in connection
herewith in any way whatsoever. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
USD 250000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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 : |
Casa Fina, 5, Primerose Road, Off M.G. Road, Bangalore-560025, Karnataka,
India |
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Tel. No.: |
91-80-25593145/ 3291/ 3307 |
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Fax No.: |
91-80-25593392/ 5597778 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Lakshmanan Senapathy Arcot |
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Designation : |
Chairman |
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Address : |
Sharanam, 1/C, Cunningham Road, Bangalore-560052, Karnataka, India |
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Date of Birth/Age : |
12.06.1931 |
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Date of Appointment : |
31.12.1964 |
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Name : |
Mr. Whiteley Holmes David |
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Designation : |
Director |
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Address : |
Room N.W. 6, Hampden, House 120, Duchy Road, Harrogate H.G.12 HE,
North Yorkshire, United Kingdom |
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Date of Birth/Age : |
19.01.1917 |
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Date of Appointment : |
29.03.1960 |
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Name : |
Mr. V. S. Dhanasekar |
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Designation : |
Director |
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Address : |
32, Boag Road, T. Nagar, Chennai-600017, Tamilnadu, India |
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Date of Birth/Age : |
03.10.1940 |
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Date of Appointment : |
26.10.1981 |
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Name : |
Mr. Lakshmanan Senapathy Sharan |
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Designation : |
Whole Time Director |
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Address : |
Sharanam, 1/C, Cunningham Road, Bangalore-560052, Karnataka, India |
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Date of Birth/Age : |
29.06.1973 |
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Date of Appointment : |
28.09.1998 |
KEY EXECUTIVES
|
Name : |
Mr. K.R. Seshadri |
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Designation : |
Company Secretary |
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Address : |
184, 38th Cross, V Block, Jayanagar, Bangalore-560041,
Karnataka, India |
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Date of Birth/Age : |
12.07.1933 |
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Date of Appointment : |
01.10.1983 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. A.S. Lakshmanan |
5087 |
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D.H. Whiteley |
5600 |
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Mr. V.S. Dhanasekar |
7488 |
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Mr. Lakshmanan S. Sharan |
15166 |
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Mr. David Holmes Whiteley |
5600 |
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Mr. Michael Holmes Whteley |
2800 |
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Mr. Willliam Henry Whiteley |
2800 |
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Mrs. Margaret Elsie Whiteley |
5600 |
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Mr. A. S. Lakshmanan |
5087 |
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Mrs. Leela Krishnamurthy |
5600 |
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Mrs. Kamala Satchidanantham |
4088 |
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Mrs. Saraswathi Lakshmanan |
1745 |
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Mrs. Indra Prem Menon |
3570 |
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Mrs. Anita Shanmugham |
2870 |
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Mr. V.S. Dhanasekar |
7488 |
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Mrs. R. Chitraekha |
4803 |
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Mr. V.D. Nagaraj |
1417 |
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Mr. V.D. Ponkumar |
1417 |
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Ms. V.D. Grihalakshmi |
1091 |
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Mrs. D. Sivagamasundari |
1453 |
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Mr. Sharan Senapathy Lakshmanan |
15166 |
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Mr. A. K. Santosh |
2800 |
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Ms. Priya Keshava Rao |
2800 |
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Mr. R. Omprakash |
1417 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of manufacturers of insulation press boards
of all varieties and grades including the popular brand known as
“Elephantide”, Assemblers, Importers, Exporters, Stockiests, Repairers,
Distributors, Merchants and Dealers of all kinds of insulation press boards
and accessories of all kind sand all articles and things used in the
manufacture, construction, erection, maintenance and working thereof or in
connection herewith in any way whatsoever. |
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Products : |
v Press Boards and
Paper v Paper Filter
Paper |
GENERAL
INFORMATION
|
Customers : |
v
ABB Limited, Baroda v
TELK Limited, Angamally v
NGEF Limited, Bangalore v
Alsthom Limited, Bangalore & Allahabad v
KAVIKA, Bangalore v
KEC Limited, Bangalore v
BHEL - Bhopal, Jhansi, Hardwar v
Khedda Insulation Systems Private Limited, Bangalore v
Crompton Greaves Limited, Mumbai v
Voltamp Transformers Limited, Baroda v
ABB Limited, Baroda & Bangalore v
TELK Limited, Angamally, Kerala v
NGEF Limited, Bangalore v
TVS Group of Companies, Chennai v
BHEL - Bhopal, Jhansi & Hardwar v
Crompton Greaves Limited, Mumbai v
Voltamp Transformers Limited, Baroda v Alsthom
Limited, Bangalore and Allahabad v
Purolator India Limited, Delhi v
John Fowler India Limited, Delhi v
Demanik Enterprises, Bangalore v
S.K. Industries, Bangalore v
Navami Engineering Private Limited, Bangalore v
R. B. Associates Private Limited, Bangalore v
Kirloskar Mahle Filtration Systems Private Limited, Pune v
Elofic Industries India Limited, Bangalore |
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No. of Employees : |
499 |
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Bankers : |
The Karnataka Bank Limited, Kasturba Road Branch, Mohan Mansion,
Kasturba Road, Bangalore-560001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Brahmayya & Company Chartered Accountants |
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Address : |
Khivraj Mansions, 10/2, Kasturba Road, Bangalore-560001, Karnataka,
India |
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Group Companies
: |
v Senapathy Whiteley Private Limited v Lakshmanan Isola Private Limited v Senapathy Symons Insulations Private Limited v Khedda Insulation Systems v Electrical Insulation Components |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
84000 |
Equity Shares |
Rs.100/-
each |
Rs.8.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.400 |
8.400 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
58.261 |
49.586 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
66.661 |
57.986 |
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LOAN FUNDS |
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1] Secured Loans |
|
63.731 |
65.046 |
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2] Unsecured Loans |
|
22.482 |
23.414 |
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TOTAL BORROWING |
|
86.213 |
88.460 |
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DEFERRED TAX LIABILITIES |
|
4.235 |
5.591 |
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TOTAL |
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157.109 |
152.037 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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31.039 |
29.393 |
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Capital work-in-progress |
|
3.843 |
3.139 |
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INVESTMENT |
|
4.418 |
1.920 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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27.690 |
34.596 |
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Sundry Debtors |
|
79.951 |
74.764 |
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Cash & Bank Balances |
|
15.297 |
6.731 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
25.991 |
32.168 |
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Total
Current Assets |
|
148.929 |
148.259 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
32.552 |
35.047 |
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Provisions |
|
1.437 |
1.424 |
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Total
Current Liabilities |
|
33.989 |
36.471 |
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Net Current Assets |
|
114.940 |
111.788 |
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MISCELLANEOUS EXPENSES |
|
2.869 |
5.797 |
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TOTAL |
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157.109 |
152.037 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.80 |
2.15 |
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Current Ratio (Current Asset/Current Liability) |
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4.38 |
4.06 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
|
Name of the company |
SENAPATHY
WHITELEY PRIVATE LIMITED No.43, Dickenson Road, 2nd Floor,
Bangalore-560042 |
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Presented By |
Times Bank Limited, Bangalore
Branch, Bangalore And Senapathy Whiteley Private
Limited |
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1) Date and description of instrument creating the change |
Date : 09.03.1998 Hypothecation agreement of r movable machinery and undertaking agreement (Both pertain to the same charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.100 millions |
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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 |
All the movable machinery and Bio-residue based gasifier system to be supplied by the Indian Institute of Science, Bangalore consisting of Reactor, Coolers, Blower with water spray, Filter, Ducting, Venturi and burner, Instrumentation, Biomass, Conveyor, accessories, Electrical and water pumps, Automation and Controls whether installed or not and whether lying loose or in cases or which are now lying or stored in or about or shall here after from time to time during the continuance of the security be brought into or upon or be stored or be in or about the company’s premises or wheresoever situated or wherever else the same may be held by any party anywhere to the order or disposition of the company r in the course of transit or delivered both present and those that may be acquired from time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest : at 3% above PLR with an effective rate 19% per annum plus interest tax. Repayment : In 12 quarterly installments of Rs.0.175 millions each with effect from 31.03.1998.0. The company has agreed to execute such documents to extend first hypothecation charge on all the current assets, both present and future as collateral security. |
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5) Name and Address and description of the person entitled to the charge. |
Time s Bank Limited Bangalore Branch, No.25/1M.B. Road Bangalore |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Website Details :
Established in 1960, Senapathy Whiteley Private Limited
pioneered the manufacture of electrical insulation materials for the Indian transformer
industry. The Company was launched with technical collaboration of
B S & W Whiteley Limited of the United Kingdom.
The plant is strategically situated in Achalu Village,
Ramanagaram, on the banks of the river Arkavathy, a tributary of the Cauvery
River (60 km from Bangalore, India - off the Bangalore - Mysore Highway)
The Company manufactures special grades of insulation boards
and paper required for power transformers, distribution transformers and other
electrical equipments. The products are manufactured to meet rigid
specifications under the International and Indian Standards.
Senapathy Whiteley has constantly attempted to innovate and
expand its product portfolio. In 1983, the company diversified to manufacture Base
Filter paper for Air, Fuel and Lube Oil Filters used in automobile and
industrial applications.
Corporate Highlights
v
ISO 9002 certification by BVQI since 1995
v
Member of Indian Standards Institution for insulating
materials
v Export
market covers Bangladesh, Muscat, Dubai, Australia and New Zealand
Customers
v
ABB Limited, Baroda
v
TELK Limited, Angamally
v
NGEF Limited, Bangalore
v
Alsthom Limited, Bangalore & Allahabad
v
KAVIKA, Bangalore
v
KEC Limited, Bangalore
v
BHEL - Bhopal, Jhansi, Hardwar
v
Khedda Insulation Systems Private Limited, Bangalore
v
Crompton Greaves Limited, Mumbai
v
Voltamp Transformers Limited, Baroda
v
ABB Limited, Baroda & Bangalore
v
TELK Limited, Angamally, Kerala
v
NGEF Limited, Bangalore
v
TVS Group of Companies, Chennai
v
BHEL - Bhopal, Jhansi & Hardwar
v
Crompton Greaves Limited, Mumbai
v
Voltamp Transformers Limited, Baroda
v Alsthom
Limited, Bangalore and Allahabad
v
Purolator India Limited, Delhi
v
John Fowler India Limited, Delhi
v
Demanik Enterprises, Bangalore
v
S.K. Industries, Bangalore
v
Navami Engineering Private Limited, Bangalore
v
R. B. Associates Private Limited, Bangalore
v
Kirloskar Mahle Filtration Systems Private Limited, Pune
v
Elofic Industries India Limited, Bangalore
Group
v Senapathy Whiteley Private Limited
v Lakshmanan Isola Private Limited
v Senapathy Symons Insulations Private Limited
v Khedda Insulation Systems Electrical Insulation Components
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.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|