MIRA INFORM REPORT
|
Report Date : |
08.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
W B ENGINEERS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
11, White Flint Nest, North Main Road, Koregaon Park, Pune
– 411001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
-- |
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Date of Incorporation : |
4.12.1980 |
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Com. Reg. No.: |
11-23521 |
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CIN No.: [Company
Identification No.] |
U29212PN1980PTC023521 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing processing, repairing and selling of
agricultural machineries and equipments like tractors, earthmoving
machineries and equipments like scrapers, bulldozers, earth drilling machineries
like fork lift trucks, oil, petrol, gas, coal and all kinds of compressors,
hand tools, garage tools, machine tools, etc |
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 60000 |
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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 and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Their trade relations are 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 : |
11, White Flint Nest, North Main Road, Koregaon Park, Pune
– 411001, Maharashtra India |
|
Tel. No.: |
91-20-26121800 |
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Mobile No.: |
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Fax No.: |
91-20-2612 1700 |
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E-Mail : |
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Website : |
http://www.ebengineers.com |
DIRECTORS
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Name : |
Mr. Wilfred Barreto |
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Designation : |
Directors |
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Address : |
Lote G. No. 6,
Quinta Da Bicuda Torre 2750, Cascais, Portugal |
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Date of Birth/Age : |
09.04.1920 |
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Date of Appointment : |
04.12.1980 |
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Name : |
Ms. Marietta Barreto |
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Designation : |
Directors |
|
Address : |
75, The Quandrangle, South Wick Street, London, W-2,
United Kingdom |
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Date of Birth/Age : |
13.08.1958 |
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Date of Appointment : |
01.05.1990 |
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Name : |
Mrs. Maria Barreto |
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Designation : |
Directors |
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Address : |
Lote G. No. 6, Quinta Da Bicuda Torre 2750, Cascais,
Portugal |
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Date of Birth/Age : |
30.06.1930 |
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Date of Appointment : |
15.02.1996 |
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Name : |
Mr. Ramchandra
Kuppuswami |
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Designation : |
Directors |
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Address : |
408, Gera Park, Boat Club Road, Pune – 411001, Maharashtra |
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Date of Birth/Age : |
11.07.1931 |
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Date of Appointment : |
08.0701999 |
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Name : |
Mr.Brian Barreto |
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Designation : |
Directors |
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Address : |
Lote G. No. 6, Quinta Da Bicuda Torre 2750, Cascais,
Portugal |
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Date of Birth/Age : |
10.05.1967 |
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Date of Appointment : |
08.03.02 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Wilfred Barreto |
|
7102 |
|
Mrs. Maria Barreto |
|
1800 |
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Mr. Brian Barreto |
|
1300 |
|
Ms. Marietta Barreto |
|
58522 |
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Mr. Yvetta Barreto |
|
1300 |
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Ms. Maria Sabel Barreto |
|
1300 |
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Mr. Karl Barreto |
|
1300 |
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Mr. Analisa Barreto |
|
1300 |
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Ms. Jacqueline Barreto |
|
1300 |
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Mr. Ramchandra Kuppuswami |
|
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing processing, repairing and selling of
agricultural machineries and equipments like tractors, earthmoving machineries
and equipments like scrapers, bulldozers, earth drilling machineries like
fork lift trucks, oil, petrol, gas, coal and all kinds of compressors, hand
tools, garage tools, machine tools, etc |
|
|
|
GENERAL
INFORMATION
|
Customers : |
Coal Cement Neyveli Lignite Corporation J.K. Cements Singareni Collieries Company Limited Binani Cements Aditya Cements Following Subsidiaries of Coal India Limited Vikram Cements Malabar Cements Eastern Coalfields Limited Rajshree Cements Western Coalfields Limited India Cements Limited Northern Coalfields Limited Vasvadatta Cements Bharat Coking Coal Limited Birla Cement Works Mahanadi Coalfields Limited Madras Cements Limited South Eastern Coalfields Limited Larsen & Toubro Cement Company Associated Cement Company Limited Century Cements J.K. Cements Lakshmi Cements & Ceramics Inc. Limited. Iron Ore Government N.M.D.C. Limited Govt. of Maharashtra Kudremukh Iron ore Company Limited Hindustan Zinc. Limited Gujarat Mineral Development Corporation. Limited Hindustan Copper Limited. Following Iron Ore Mining Company in Goa. Ahmedabad Electricity Company Limited Gujarat State Electricity Board Sesa Goa Limited Andhra Pradesh Agro Industries Bandekar Bros. Maharashtra State Electricity Board Chowgule & Company Limited Rajasthan State Mines & Minerals Limited Dempo Mining Corporation. Gujarat State Land Development Corporation Limited V.M.Salgascar & Bro Limited Salgascar Mining Industries Steel Plants Private Contractors Bhillai Steel Plant E.C.C. Limited Bokaro Steel Plant Afcons Limited Tata Iron & Steel Company. Plasser India
Rourkela Steel Plant Delta Construction Company Steel Authority of India Limited. Vishakhapatnam Steel Plant |
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No. of Employees : |
Total 50 |
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Bankers : |
Bank of Maharashtra Industrial Finance Branch Pune: 411004 Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharad P. Joshi and Company Chartered Accountant |
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Address : |
209, Indulal Commercial Complex, L B Shastri Road, Navi Peth, Pune – 411030 Maharashtra |
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Tel. No.: |
91-20-24321437 |
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Fax No.: |
91-20-24331584 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Share |
Rs.10/-(each) |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27534 |
Equity Share |
Rs.10000/-
(each) |
Rs.27.534
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.532 |
7.532 |
7.532 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.972 |
6.478 |
6.193 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16.504 |
14.010 |
13.725 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.538 |
12.387 |
14.170 |
|
|
2] Unsecured Loans |
2.387 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2.925 |
12.387 |
14.17 |
|
|
DEFERRED TAX LIABILITIES |
0.644 |
0.248 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
20.073 |
26.645 |
27.895 |
|
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|
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APPLICATION OF FUNDS |
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|
|
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FIXED ASSETS [Net Block] |
4.644 |
4.096 |
2.113 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.043 |
0.043 |
0.043 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
2.423 |
4.725 |
|
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Sundry Debtors |
6.961 |
22.044 |
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Cash & Bank Balances |
30.297 |
8.521 |
39.209 |
|
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Other Current Assets |
0.000 |
0.000 |
|
|
|
Loans & Advances |
5.159 |
3.851 |
|
|
Total
Current Assets |
44.840
|
39.141 |
39.209 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
29.454 |
16.635 |
13.470 |
|
|
Provisions |
--
|
-- |
-- |
|
Total
Current Liabilities |
29.454
|
16.635 |
13.470 |
|
|
Net Current Assets |
15.386
|
22.506 |
25.739 |
|
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|
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
20.073 |
26.645 |
27.895 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
|
Sales Turnover |
|
265.284 |
52.033 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
265.284 |
52.033 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
4.489 |
1.645 |
|
|
Provision for Taxation |
|
1.995 |
0.856 |
|
|
Profit/(Loss) After Tax |
|
2.494 |
0.789 |
|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
|
247.588 |
9.514 |
|
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Commission Earnings |
|
0.000 |
0.000 |
|
|
Other Earnings |
|
12.980 |
0.034 |
|
Total Earnings |
|
260.568 |
9.548 |
|
|
|
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|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
|
213.093 |
10.668 |
|
|
Stores & Spares |
|
0.000 |
0.000 |
|
|
Capital Goods |
|
6.776 |
0.960 |
|
|
Components &
Spares |
|
8.681 |
2.489 |
|
|
Others |
|
0.000 |
0.000 |
|
Total Imports |
|
228.55 |
14.117 |
|
|
|
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|
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Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
212.008 |
52.003 |
|
|
Trading Expenses |
|
2.664 |
2.205 |
|
|
Manufacturing and Other Expenses |
|
40.153 |
22.966 |
|
|
Interest |
|
4.873 |
2.908 |
|
|
Depreciation & Amortization |
|
1.096 |
0.803 |
|
Total Expenditure |
|
260.794 |
80.885 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
0.94
|
1.51 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.69
|
3.16 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.07
|
3.80 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.11 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.78
|
1.18 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52
|
2.35 |
2.91 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
W.
B. Engineers International Private Limited |
|
Presented By |
W. B. Engineers International Private Limited |
|
1) Date and
description of instrument creating the change |
18.03.2005 Composite Deed of Hypothecation for all
facilities. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.17.600 Millions |
|
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 |
First and exclusive charge and security by way of hypothecation
security charge in favour of the bank
over the company’s present and future movable plants, machineries, goods
stocks of raw materials, item, inventories, stocks, in process, semi-finished
and finished goods, stores and spares, not relating to plant and machinery
(consumable stores and spares), stock in trade, goods, in process movable in
transit, bills receivables and book debts and all of the company’s other
movable assets and properties, both present and future situated or located at
any place and now lying, being affixed or installed at any, being affixed or
installed at any place at any time and the 90 company’s goodwill and all
outstanding monies, claim, receivables, book, debt due on become due to the
company any time or from time to time and all of the company’s rights, title
or interest therein. First and exclusive charge and security by way of hypothecation charge
over the company’s present and future movable plants and machineries such as
computers furniture and fixture, air conditioners fax machines, office
equipments, tolls plant and machinery |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Repayable on demand Details of facilities granted are as under: Project loan for Rs.15.000 Millions Working Capital (Sub limit within project Loan: ) Import/Inland LC Rs.11.400
Millions Bank Guarantee Rs.2.600 Millions Interest/Commission : Project Loan 3% over PLR minimum 14.25% p.a. present monthly rests Import/Inland LC and Bank
Guarantee: Comm: As per C.O.Guidelines Project Loan repayable by 31.05.2005 |
|
5) Name and
Address and description of the person entitled to the charge. |
Bank of Maharashtra Industrial Finance Branch, 1183/A, F.C. Road, Pune 411 005 |
|
6) Date and brief description of instrument
modifying the charge |
N.A |
|
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. |
|
Corporate
identity number of the company |
U29212PN1980PTC023521 |
|
Name of the
company |
W B Engineers
International Private Limited |
|
Address of the
registered office or of the principal place of business in India of the company |
C 21/22 Liberty
Society North Main Road koregaon Park, Pune:411001 Maharashtra India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
|
|
Nature of
instrument creating charge |
Composite Deed of
Hypothecation for all facilities |
|
Date of instrument
Creating the charge |
03/08/2006 |
|
Amount secured by
the charge |
Rs.73.000Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Term Loan
Rs.17.400 Millions ROI 11.25% or as determined by the bank from time to time
import Letter of Credit Rs. 55.7 Millions, ROI 13.25% TL Repayment
within 4 Years |
|
Description of
the property charged |
Plant and
machinery Book debts Stock in trade |
|
Particulars of
the property charged |
First and
Exclusive charge and security over company’s presents and future movable
plants machineries, goods, Stock of raw materials, items, inventories, stock
in process, semi finished and finished goods, store and spares( consumable
stores and spares) stock in trade, goods in process, movable in transit and
tangible and intangible assets, vehicles, goodwill trade mark, copyright
patent and all outstanding monies, claim bills receivable book debts to
company. |
COMPANY PROFILE
The Founder and Chairman
of WBEI, Mr. Wilfred Barreto, a Mechanical Engineer with a Doctorate in
Business Management, has over forty years of experience in the field of
agricultural, construction and earthmoving equipment. He played an important
role in bringing Caterpillar, Poclain and John Deere (Agricultural) to India
during his tenure with Larsen & Toubro, Mumbai.
Message from the Chairman
"Their guiding philosophy for over two
decades has been their insistence on excellence, based on total integrity in their
dealings with their suppliers, colleagues and clients. This they have
demonstrated by the consistently high quality of products supplied, efficient
after-sales service rendered, reliability of spare parts and their complete
dedication to customer care. As the world-wide operations of their group
continue to expand, their aim is to maintain their traditional emphasis on
excellence".
-Mr. W. Barreto
Company Profile
WBEI is a well-established Indian Company primarily engaged in providing
product support services to the mining and construction industry in India.
The Company presents the Indian market with
an exclusive range of quality equipment and components, the challenges of
impeccable levels of product quality and service, firm commitment to customer
satisfaction and maximum focus on users needs, laying the foundations for long
lasting business partnerships.
WBEI are well represented throughout the
country with a network of branch offices as well as local agents for marketing
of their products. A mobile team of highly qualified and skilled engineers is
available at a short notice to repair and service clients' equipment. They also
train clients' personnel on preventive maintenance both to reduce downtime as
well as for basic maintenance operations.
Over the years, WBEI has developed extensive
contacts across the broad spectrum of the Indian mining and construction
industry with special emphasis on product support, commitment to quality and
prompt deliveries.
Major Achievements
Mr. W. Barreto was personally responsible
for sale of almost four thousand agricultural machines (Tractors, Combine
Harvesters etc.) valued at approximately US $ 160 million, in the Middle East.
Sale and service of earthmoving and
construction equipment including crawler dozers, loaders, pipe layers and heavy
duty trucks valued at over US $ 100 million in the Middle East and in India.
Achieving a major share of the undercarriage
market in India.
Product Range
WBEI offers a diverse range of products,
components and services to Government organizations, public sector
undertakings, coal and other mining sectors, steel plants, cement plants and
private contractors.
Partners
INTERTRACTOR GMBH - GERMANY Undercarriage
components & ground engaging tools for all makes of crawler equipment
PROMTRACTOR - RUSSIA Pipe
layers, Bulldozers & Loaders
XMS EQUIPMENT - USA Replacement
parts for Draglines and Shovels
CAPE GROUP - SINGAPORE Vibro
Hammers, Piling Rigs and Grouting & Dewatering Pumps
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.44.31 |
|
UK Pound |
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.58.47 |
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 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--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/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 |
|