MIRA
INFORM REPORT
|
Report Date : |
05.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HYDERABAD WIRES AND FILAMENTS PRIVATE LIMITED |
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Registered Office : |
Plot 16, ICRISAT Colony, Akbar Road, Secunderabad 500009, Andhra
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.06.1989 |
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Com. Reg. No.: |
01-010101 |
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CIN No.: [Company
Identification No.] |
U31300AP1989PTC010101 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDH00382E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Tungsten and Molybdenum Wires and Filaments |
RATING &
COMMENTS
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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 34000 |
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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. Trade relations are fair.
Payments are usually correct and as per commitments. The Company can be considered normal for business dealing at usual
trade terms and conditions |
LOCATIONS
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Registered Office : |
Plot 16, ICRISAT Colony, Akbar Road, Secunderabad 500009, Andhra
Pradesh, India |
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Tel. No.: |
91-40-27752240 / 23097474 |
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Fax No.: |
91-40-23093586 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Laxminarayana Kondaveeti |
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Designation : |
Director |
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Address : |
Plot No. 16, ICRISAT Colony, Akbar
Road, Secunderabad 500009, Andhra Pradesh, India |
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Date of Birth/Age : |
21.04.1950 |
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Date of Appointment : |
12.06.1989 |
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Name : |
Mr. Harish Kondaveeti |
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Designation : |
Director |
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Address : |
Plot No. 16, ICRISAT Colony, Akbar
Road, Secunderabad 500009, Andhra Pradesh, India |
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Date of Birth/Age : |
22.10.1979 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Ms. Kamaladevi Kondaveeti |
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Designation : |
Director |
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Address : |
Plot No. 16, ICRISAT Colony, Akbar
Road, Secunderabad 500009, Andhra Pradesh, India |
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Date of Birth/Age : |
18.12.1959 |
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Date of Appointment : |
30.12.1993 |
KEY EXECUTIVES
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Name : |
Mr. V. Mohan Rao |
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Designation : |
Company Secretary |
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Address : |
Flat No. 304, Padma Sree Enclave, Behind Bhaskar Model School,
Nizampet Road, Kukatpally, Hyderabad 500 072, India |
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Mobile No. : |
91-9849258347 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Laxminarayana Kondaveeti |
|
69000 |
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Harish Kondaveeti |
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10000 |
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Kamaladevi Kondaveeti |
|
50000 |
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Narayana Rao |
|
15000 |
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Lepakshi Reddy |
|
6000 |
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Harish K. |
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10000 |
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150000 |
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Equity Share
Break-up |
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Percentage of Holding |
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Directors or relatives of Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tungsten and Molybdenum Wires and Filaments |
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Products : |
Tungsten and Molybdenum Wires and Filaments |
GENERAL INFORMATION
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Bankers : |
Punjab National
Bank RP Road Branch,
Lane Beside Dargah, Secunderabad 500021, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sarathy and Balu Chartered Accountants |
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Address : |
12, Master Sai Apartments, Sangeeth Nagar, Somajiguda, Hyderabad
500082, Andhra Pradesh, India |
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Tel No. : |
91-40-23312442 / 23396336 |
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Fax. No. : |
91-40-23322463 |
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E- Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
0.750 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.265 |
4.911 |
3.921 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.515 |
6.411 |
5.421 |
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LOAN FUNDS |
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1] Secured Loans |
7.531 |
3.120 |
2.677 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.274 |
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TOTAL BORROWING |
7.531 |
3.120 |
2.951 |
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DEFERRED TAX LIABILITIES |
1.460 |
1.262 |
1.191 |
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TOTAL |
17.506 |
10.793 |
9.563 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.727 |
5.667 |
5.821 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.114
|
1.872 |
0.875 |
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Sundry Debtors |
9.144
|
8.812 |
6.523 |
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Cash & Bank Balances |
0.060
|
0.333 |
0.435 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.835
|
0.473 |
0.493 |
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Total
Current Assets |
13.153
|
11.490 |
8.326 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
7.315
|
6.055 |
4.584 |
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Provisions |
0.059
|
0.310 |
0.000 |
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Total
Current Liabilities |
7.374
|
6.365 |
4.584 |
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Net Current Assets |
5.779
|
5.125 |
3.742 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.506 |
10.793 |
9.563 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
34.500 |
25.787 |
24.410 |
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Other Income |
0.011 |
0.008 |
0.009 |
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Total Income |
34.511 |
25.795 |
24.419 |
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Profit/(Loss) Before Tax |
2.017 |
1.621 |
1.553 |
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Provision for Taxation |
0.663 |
0.632 |
0.466 |
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Profit/(Loss) After Tax |
1.354 |
0.989 |
1.087 |
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Expenditures : |
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Manufacturing Expenses |
27.221 |
20.096 |
15.721 |
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Administrative Expenses |
3.179 |
2.213 |
2.305 |
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Personal Expenses |
2.171 |
1.840 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.993 |
0.104 |
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Payments to employees |
0.000 |
1.840 |
1.613 |
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Excise Duty |
0.000 |
3.552 |
2.632 |
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Interest |
0.636 |
0.527 |
0.235 |
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Depreciation & Amortization |
0.543 |
0.488 |
0.461 |
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Total Expenditure |
33.750 |
31.549 |
23.071 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.92
|
3.83 |
4.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.84
|
6.28 |
6.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.10
|
9.44 |
10.47 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23
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0.25 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.75
|
1.47 |
1.38 |
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Current Ratio (Current Asset/Current Liability) |
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1.78
|
1.80 |
1.81 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Factory
- Plant and machinery
- Furniture and
fixtures
- Vehicles
- Office
equipments
- Computers
FORM 8
|
This Form is for |
Modification of Charge |
|
Charge
identification number of the charge to be modified |
90139819 |
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Corporate
identity number of the company |
U31300AP1989PTC010101 |
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Name of the
company |
HYDERABAD WIRES AND FILAMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot 16, ICRISAT Colony, Akbar Road, Secunderabad 500009, Andhra
Pradesh |
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Type of charge |
Immovable
property Book debts Movable property |
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Particular of
charge holder |
Punjab National
Bank RP Road Branch,
Lane Beside Dargah, Secunderabad 500021, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter confirming
Deposit of title deeds. Hypothecation of
Goods and book debts to secure Cash Credit Limits Hypothecation of
movable assets |
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Date of instrument
Creating the charge |
12.02.2007 |
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Amount secured by
the charge |
Rs. 8.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Cash Credit
(Hypothecation of stocks) 50% over BPLR which at present is 11.75% + 50% =
12.25% per annum with monthly rests. Cash credit (Book
Debts) 50% over BPLR which at present is 11.75% + 50% = 12.25% per annum with
monthly rests. [b] Terms of
Repayment One year [c] Margin 25% for stocks
and 30% for Book Debts [d] Extent and
operation of the charge First charges on
hypothecation of raw material such as tungsten wires, molybdenum wires,
filaments, consumable stores, stock in process, finished goods. First charge on
hypothecation of Book debts arising out of genuine trade transactions. Mortgage of all
the properties by extension of Deposit of Title Deeds at Survey No. 79, Shed
No. 15, IDA Jeedemetia Gajularamaram Village. |
|
Short particulars
of the property charged |
First charges on
Hypothecation of raw material such as tungsten wires, molybdenum wires,
filaments, consumable stores, stock in process, finished goods. First charge on
hypothecation of Book Debts arising out of genuine trade transactions. Mortgage of all the
properties by Extension of Deposit of Title Deeds at Survey No. 79, Shed No.
15, IDA Jeedemetla, Gajularamaram Village. |
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Date of latest
modification prior to the present modification |
14.11.2005 |
|
Particulars of
the present modification |
Enhancement of
the existing limits from Rs. 5.000 Millions to Rs. 8.000 Millions Cash Credit
[Hypothecation of stocks) with a sub limit of Rs. 8.000 Millions for Cash
Credit (Book Debts). |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.39.37 |
|
UK Pound |
1 |
Rs.81.82 |
|
Euro |
1 |
Rs.56.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|