MIRA
INFORM REPORT
|
Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
WHITE MARK LIMITED |
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|
|
|
Registered Office : |
M-1, |
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Country : |
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|
Financials (as on) : |
31.03.2006 |
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|
|
Date of Incorporation : |
25.01.1990 |
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Com. Reg. No.: |
55-39035 |
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|
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CIN No.: [Company
Identification No.] |
U36999DL1990PLC039035 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELW01107B |
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|
|
|
PAN No.: [Permanent
Account No.] |
AAACW0651Q |
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|
|
Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing of Writing Boards and Systems. |
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 141012 |
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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 : |
M-1, |
|
Tel. No.: |
91-11-26479314 / 22647931
/ 26233990 |
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Fax No.: |
91-11-26217129 |
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E-Mail : |
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Factory
1 : |
Village Neemka, P.O. Bichchor, District Gurgaon, |
|
Area : |
1.5 Acres |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Tarun Periwal |
|
Designation : |
Director |
|
Address : |
12, Amal Tas Marg, |
|
Date of Birth/Age : |
03.01.1961 |
|
Date of Appointment : |
25.01.1990 |
|
|
|
|
Name : |
Mrs. Shalini Periwal |
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Designation : |
Director |
|
Address : |
12, Amal Tas Marg, |
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Date of Birth/Age : |
31.10.1962 |
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Date of Appointment : |
04.07.2000 |
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|
|
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Name : |
Mr. Sagar Mal Periwal |
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Designation : |
Director |
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Address : |
Indrani Lodge, |
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Date of Birth/Age : |
10.08.1930 |
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Date of Appointment : |
04.07.2000 |
|
|
|
|
Name : |
Mr.
Satish Kumar Sodhani |
|
Designation : |
Director |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. Tarun Periwal |
|
285000 |
|
Mrs. Shalini Periwal |
|
426000 |
|
Mr.
Sunil Dutt |
|
1000 |
|
Mr. A.
K. Bindal |
|
5000 |
|
Mr. Ashok Kumar |
|
9000 |
|
Mr.
Dinesh Chand Gupta |
|
5000 |
|
Mr. Dharam Chand |
|
10000 |
|
Mr.
Girish Kumar |
|
5000 |
|
Mr.
Hari Ram Gupta |
|
5000 |
|
Mr. Inder Chand Bothra |
|
11000 |
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Mr.
Jai Chand Jain |
|
7000 |
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Mrs. Laxmi Devi |
|
6000 |
|
Maman
Chand |
|
5000 |
|
Mr. Poonam Chand Kochchar |
|
7000 |
|
Mr.
Ram Dhan |
|
5000 |
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Mr. S. L. Periwal |
|
8000 |
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Total
|
|
800000 |
Equity
share breakup (percentage of total equity)
|
S.
No. |
Category
|
Percentage |
|
1 |
Directors ore relatives of directors |
97.36 |
|
2 |
Other top fifty (50) shareholders (other than
listed above) |
2.64 |
|
|
Total
|
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturing of Writing Boards and Systems. |
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Products : |
Ø
White Boards Ø
Pin Boards Ø
Hinged Boards Ø
Ø
Graph Boards Ø
Letter Boards Ø
Planner Boards Ø
Combi Boards Ø
Revolving Boards Ø
Flip Chart Boards Ø
Chalk Boards Ø
Accessories |
PRODUCTION
STATUS
|
Particulars |
Unit |
Actual Production |
|
Writing Boards |
SQ.M. |
37625 |
GENERAL INFORMATION
|
No. of Employees : |
125 |
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Bankers : |
Ø
State Bank of Travancore Ø ICICI Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
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|
Name: |
Sampat Jain & Associates Chartered Accountants |
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Address: |
Kanti Bedi Market, 2nd Floor, |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 8.000 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 |
8.000 |
8.000 |
8.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
27.253 |
22.803 |
19.674 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35.253 |
30.803 |
27.674 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.538 |
1.323 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.538 |
1.323 |
|
|
DEFERRED TAX LIABILITIES |
0.963 |
1.059 |
1.002 |
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|
|
|
|
|
|
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TOTAL |
36.216 |
32.400 |
29.999 |
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|
|
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APPLICATION OF FUNDS |
|
|
|
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
7.012 |
7.437 |
7.724 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.574
|
7.339 |
6.797 |
|
|
Sundry Debtors |
12.924
|
11.372 |
11.105 |
|
|
Cash & Bank Balances |
9.014
|
10.722 |
7.377 |
|
|
Other Current Assets |
2.828
|
1.859 |
1.368 |
|
|
Loans & Advances |
0.391
|
1.652 |
0.197 |
|
Total Current Assets |
35.731
|
32.944 |
26.844 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4.085
|
6.194 |
3.180 |
|
|
Provisions |
2.442
|
1.787 |
1.389 |
|
Total Current Liabilities |
6.527
|
7.981 |
4.569 |
|
|
Net Current Assets |
29.204
|
24.963 |
22.275 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
36.216 |
32.400 |
29.999 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
80.038 |
69.017 |
52.757 |
|
|
Other Income |
0.406 |
0.041 |
0.084 |
|
|
Total
Income |
80.444 |
69.058 |
52.841 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
6.797 |
4.985 |
3.842 |
|
|
Provision for Taxation |
2.347 |
1.856 |
1.409 |
|
|
Profit/(Loss) After Tax |
4.450 |
3.129 |
2.433 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Personnel Expenses |
0.000 |
0.000 |
5.970 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
0.297 |
|
|
Administrative Expenses |
0.000 |
0.000 |
3.615 |
|
|
Selling and Administration Expenses |
0.000 |
0.000 |
3.134 |
|
|
Financial Charges |
0.000 |
0.000 |
0.185 |
|
|
Raw Material Consumed |
32.336 |
44.140 |
35.035 |
|
|
Purchases made for re-sale |
18.912 |
1.699 |
0.000 |
|
|
Consumption of stores and spares parts |
0.140 |
0.156 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(0.215) |
(0.151) |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
7.444 |
6.264 |
0.000 |
|
|
Managerial Remuneration |
0.840 |
0.780 |
0.000 |
|
|
Payment to Auditors |
0.010 |
0.010 |
0.000 |
|
|
Interest |
0.057 |
0.000 |
0.000 |
|
|
Insurance Expenses |
0.123 |
0.096 |
0.000 |
|
|
Power & Fuel |
0.234 |
0.174 |
0.000 |
|
|
Depreciation & Amortization |
0.623 |
0.612 |
0.566 |
|
|
Other Expenditure |
13.142 |
10.292 |
0.000 |
|
Total
Expenditure |
73.647 |
64.074 |
48.802 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
5.53
|
4.53 |
4.61 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
8.49
|
7.22 |
7.27 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
15.90
|
12.34 |
11.11 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.16 |
0.14 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
0.18
|
0.27 |
0.21 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
5.47
|
4.12 |
5.88 |
LOCAL AGENCY FURTHER INFORMATION
History
Subject was incorporated on 25th January, 1990 at
The company’s registered office was shifted from”S-79, Greater
Kailash II,
Fixed
Assets
Ø Land and Site Development
Ø
Ø Office Flat
Ø Plant and Machinery
Ø Furniture and Fixture
Ø Vehicles
Ø Office Equipments
Operations and Performance
The company achieved a
turnover of Rs. 69.017 Millions with a net profit of Rs. 4.984 millions during
the year as compared to turnover of Rs. 53.194 millions and a net profit of Rs.
3.842 millions during the previous year. After making a provision of Rs. 1.787
millions for Income Tax the net profit after tax amounted to Rs. 3.185
millions.
|
Name of the company |
WHITE
MARK LIMITED |
|
Presented By |
Mr. Tarun
Periwaldi, Director |
|
1) Date and description of instrument creating the change |
8th December, 2003 Loan cum Hypothecation agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.700 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 |
Optra Car, Regn No. DL3CAA1236 Chasis No. MASNF198T3H301704 Engine No. T18SED006957 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Loan repayable in 24 monthly instalment, rate of interest 9.01 % on reducing balance |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
|
Name of the company |
WHITE
MARK LIMITED |
|
Presented By |
MR. TARUN PERIWAL – DIRECTOR |
|
1) Date and description of instrument creating the change |
08.12.2003 Loan cum Hypothecation Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.700 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 |
Optra car, Regn No. DLAA1236 Chasis No. MASNF198T3H301704 Engine No. T18SED006957 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Loan repayable in 24 monthly instalment, rate of interest 9.01% on reducing balance |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank, |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
As
Per Web Details:
Whether in the day to
day work or at seminars, conferences, discussions, training and teaching
sessions, planning & organisational meetings you need to be able to argue the
point visibly. Their philosophy is to support you by providing practical user
friendly products.
Their aim in doing so
is to use visual presentation media to help you succeed and to motivate others.
Their products are manufactured in collaboration with Alliance Europe N.V..
Quality +
Competence
Throughout their
product range - from whiteboards to pin boards, from planners & graphs to
the smallest accessory - price & performance sit happily side by side. You
will find that subject is a partner you can rely on. A 25 year board surface
guarantee for their entire ceramic steel board range is just one example of the
quality of their brand. The ISO 9002 certified quality management system for
the manufacture of the surface of ceramic steel boards is a further indication
of the high level of quality. And because they take notice of the customer’s
individual requirements they offer variety.
Service
Subject service is
geared to match the quality of the products. Orders and requests are dealt with
promptly. Most subjects’ products can be supplied directly from stock. As a
rule they send out orders within 7 days. Their office staff and sales teams are
trained to give you any detail/information and personal advise.
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. 39.79 |
|
|
1 |
Rs. 81.23 |
|
Euro |
1 |
Rs. 56.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
|