MIRA INFORM REPORT
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Report Date : |
13.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDWYN LIMITED |
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Registered Office : |
101 C Shiv House, Hari Nagar Ashram, Delhi – 110 014 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.02.1967 |
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Com. Reg. No.: |
55-21844 |
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CIN No.: [Company
Identification No.] |
U51909DL1967PLC021844 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG00631B |
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PAN No.: [Permanent
Account No.] |
AAACG0979K |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Manufacturing and supplying electrical assemblies, electronic assemblies,
electronic parts, wiring harness assembly, mechanical assemblies, electro
mechanical assemblies. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 240000 |
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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 experience 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
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Registered Office : |
101 C Shiv House, Hari Nagar Ashram, Delhi – 110 014, India |
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Mobile No.: |
91-9810130627 / 9311019860 [Mr. Ajay Goel] 91-9810130627 [Mr. Keshav Thirani] |
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E-Mail: |
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Head Office /
Factory: |
15 and 16, Noida, Special Economic Zone, Noida – 201 305, Uttar
Pradesh, India |
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Tel No.: |
91-120-2568537 / 2568538 / 2568539 / 2562488 |
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Fax No.: |
91-120-2568105 |
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Email : |
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DIRECTORS
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Name : |
Mr. Keshav Kumar Thirani |
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Designation : |
Chairman |
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Address : |
B – 104/2, Western Avenue, Maharani Bagh, New Delhi – 110 065, India |
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Mobile No.: |
91-98101 30627 |
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Date of Birth/Age : |
11.08.1947 |
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Date of Appointment : |
17.09.1984 |
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Name : |
Ms. Jayshree Thirani |
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Designation : |
Managing Director |
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Address : |
B – 104/2, Western Avenue, Maharani Bagh, New Delhi – 110 065, India |
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Date of Birth/Age : |
27.07.1949 |
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Date of Appointment : |
14.08.2000 |
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Name : |
Ms. Anuja Thirani |
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Designation : |
Director |
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Address : |
B – 104/2, Western Avenue, Maharani Bagh, New Delhi – 110 065, India |
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Date of Birth/Age : |
22.01.1981 |
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Date of Appointment : |
26.05.2006 |
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Name : |
Mrs. Girija Jhunjhunwala |
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Designation : |
Independent Director |
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Address : |
M 61, Greater Kailash Part 1, New Delhi – 110 048, India |
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Date of Birth/Age : |
27.01.1971 |
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Date of Appointment : |
26.06.2006 |
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Other Directorship : |
Venture Capital Leasing Limited CIN No.: L65910DL1983PLC015274 Ideal Transactions Private Limited CIN No.: U29309DL1999PTC101680 |
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Name : |
Ms. Aditi Jain |
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Designation : |
Independent Director |
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Address : |
A – 46, New Friends Colony, New Delhi – 110 065, India |
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Date of Birth/Age : |
30.06.1978 |
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Date of Appointment : |
26.05.2006 |
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Name : |
Mr. Trevor Stevwart |
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Designation : |
Director |
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Address : |
Schulstr 3, 78343, Garenhofen, Germany |
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Date of Birth/Age : |
20.07.1961 |
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Date of Appointment : |
09.02.2004 |
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Name : |
Mr. Shivakant Jhunjhunwala |
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Designation : |
Director |
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Address : |
M 61, Greater Kailash Part 1, New Delhi – 110 048, India |
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Date of Ceasing : |
30.10.2003 |
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Name : |
Mr. Ghanshyam Das Thirani |
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Designation : |
Director |
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Address : |
B – 104/2, Western Avenue, Maharani Bagh, New Delhi – 110 065, India |
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Date of Birth/Age : |
17.07.1914 |
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Date of Appointment : |
20.06.1984 |
KEY EXECUTIVES
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Name : |
Mr. Ajay Goel |
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Designation : |
Chief Executive Officer - General manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Other Shareholders: |
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Sunil M. Darda |
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1500 |
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Sriram Vasudeo Phodka |
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500 |
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Arjun Kumar Jain |
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500 |
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Gopal Kumar |
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500 |
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Hira Kartar |
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500 |
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K G Modi |
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500 |
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K V S Menon |
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500 |
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L P Soni |
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500 |
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Mahesh Kumar Bhawsenghka |
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500 |
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Nirmal Kumari Kothari |
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500 |
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Raj Kumar Chordia |
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500 |
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Sonia Sahni |
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500 |
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Subhash Chand Nahar |
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500 |
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Sushil Kumar Jain |
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500 |
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Beena Jain |
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500 |
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B K Sharma |
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500 |
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Sukhmal Chand Jain |
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500 |
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Shashi Bhang Roy |
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500 |
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Bharath |
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500 |
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P M Bothra |
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500 |
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Foreign
Holdings: |
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TRW Automotive JV LLV |
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400000 |
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Bodies
Corporates Holding : |
|
30300 |
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Venture Capital Leasing limited |
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300 |
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Senko Securities Private Limited |
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100 |
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Allday Investrade Private Limited |
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100 |
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Magan Lal Synthetics Private Limited |
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100 |
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Sujata Commercial Private Limited |
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100 |
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Planet Investment Finance Limited |
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100 |
Equity Share Breakup
[As on 30.09.2007]
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
|
70.00 |
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Other top fifty (50) shareholders (other than listed above) |
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30.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and supplying electrical assemblies, electronic
assemblies, electronic parts, wiring harness assembly, mechanical assemblies,
electro mechanical assemblies. |
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Products : |
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Export to : |
Europe |
PRODUCTION STATUS
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Products |
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Unit |
Installed
Capacity |
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Automobile Parts |
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Nos. |
5200.000 |
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Other Parts |
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Nos. |
800.000 |
GENERAL
INFORMATION
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Bankers : |
v Central Bank of
India, Noida, Special Economic Zone, Noida – 201 305, Uttar Pradesh, India v ICICI Bank,
Noida, Uttar Pradesh, India v IDBI Limited, 12th
Floor, IFCI Tower, 61, Nehru Place, New Delhi – 110019, Delhi, India v IDBI Limited, 11th
Surya Kiran Building, 19 K G Marg, New Delhi – 110001, India |
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Facilities : |
Secured Loan:
Unsecured Loan:
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sushil Jeetpuria and Company Chartered Accountants |
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Address : |
501, Padma Palace, 86 Nehru Place, New Delhi – 110 019, India |
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Tel No.: |
91-11-41618703 - 08 / 41617751 |
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Fax No.: |
91-11-41619691 |
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E-Mail : |
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Associates : |
Spartan Europe Unit A13, The Railway
Triangle, Walton Road,Portsmouth, Hampshire. PO61TN |
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Holding Company
: |
TRW Automotive JV LLV |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
17.500 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.622 |
24.311 |
21.943 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.622 |
41.811 |
31.943 |
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LOAN FUNDS |
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1] Secured Loans |
22.211 |
15.183 |
1.495 |
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2] Unsecured Loans |
12.500 |
0.000 |
0.000 |
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TOTAL BORROWING |
34.711 |
15.183 |
1.495 |
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DEFERRED TAX LIABILITIES |
2.027 |
1.738 |
2.108 |
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TOTAL |
84.360 |
58.732 |
35.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.249 |
19.720 |
11.977 |
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Capital work-in-progress |
0.000 |
12.492 |
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 |
9.104
|
5.249
|
4.311 |
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Sundry Debtors |
15.773
|
11.409
|
1.935 |
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Cash & Bank Balances |
13.364
|
14.913
|
12.440 |
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Loans & Advances |
1.588
|
3.693
|
6.802 |
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Total
Current Assets |
39.829
|
35.264
|
34.487 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.718
|
8.743
|
10.919 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
21.718
|
8.743
|
10.919 |
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Net Current Assets |
18.111
|
26.520
|
23.569 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.360 |
58.732 |
35.546 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
95.961 |
60.122 |
42.214 |
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Other Income |
1.940 |
0.290 |
1.327 |
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Total Income |
97.901 |
60.412 |
43.541 |
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Profit/(Loss) Before Tax |
5.370 |
4.502 |
4.809 |
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Provision for Taxation |
2.059 |
1.563 |
1.859 |
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Profit/(Loss) After Tax |
3.311 |
2.939 |
2.950 |
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Export Value |
NA |
NA |
36.446 |
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Expenditures : |
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Raw Material and Other Material Consumed |
52.828 |
21.334 |
11.458 |
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Manufacturing and Maintenance Expenses |
6.863 |
4.745 |
3.463 |
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Payment to and Provisions for Employees |
11.983 |
9.861 |
9.791 |
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Increase / (Decrease) in Stock |
(2.934) |
(0.399) |
(0.097) |
|
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Administrative, Selling, Distribution and other
Expenses |
16.592 |
16.444 |
10.883 |
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Directors Remuneration and Expenses |
1.296 |
0.997 |
1.091 |
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Depreciation |
5.903 |
2.929 |
2.143 |
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Total Expenditure |
92.531 |
55.911 |
38.732 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.38
|
4.86 |
6.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.60
|
7.49 |
11.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.06
|
8.19 |
10.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.18
|
0.57 |
0.39 |
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Current Ratio (Current Asset/Current Liability) |
|
1.83
|
4.03 |
3.16 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Plant and Machinery
v
Leasehold Improvement
v
Electric Installation
v
Furniture and Fixtures and Office Equipments
v
Vehicle
v
Computer
Performance and
Outlook
The gross sale during the year was Rs. 96.473 Millions as against Rs.
60.500 Millions in the previous year.
During the year the company has entered in to new sub-contract
manufacturing arrangements with overseas customers, which are of a long tem
nature. The management expects that these new contracts will continue o
contribute to the sales and profits growth of the Company for many years.
The Company has invested in new equipments for the manufacture of a
range of LED lighting products for the export and domestic market. LED lights
are environment friendly and have low power consumption and are gradually
replacing conventional lights all over the world. The company is making efforts
to market these innovative lighting systems for exterior and interior application
in selected cities to test the acceptance of the products.
During he current year the Company has terminated its banking
arrangement with Central Bank of India and has replaced it with a new facility
from the IDBI Limited. The management expects that the new bankers will respond
favorably to the Company’s future requirement to fund the growth f the
business.
Contingent
Liability
Sales Tax demand for the financial year 1990-91 amounting to Rs. 0.129 million
is outstanding against which company has filed rectification application which
is pending with the Sales Tax Officer
Bankers Charges
Report as per Registry
|
Name of the company |
GOLDWYN LIMITED |
|
Presented By |
Shri. K K
Thirani |
|
1) Date and description of instrument creating the change |
20.09.2005 Loan
Agreements for Mortgage of Buildings and Plant and Machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.000
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 |
Mortgage of
Building at Plot No.15 and 16, Noida, Special Economic Zone, Noida and Mortgage of Plant
and Machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Loan
Agreement for mortgage of Building and Plant and Machinery |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Special Economic Zone, Noida |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10063837 |
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Corporate
identity number of the company |
U51909DL1967PLC021844 |
|
Name of the
company |
GOLDWYN LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
101 C Shiv House, Hari Nagar Ashram, Delhi – 110 014, India |
|
Type of charge |
|
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Particular of
charge holder |
IDBI Limited, 11th Surya Kiran Building, 19 K G Marg, New
Delhi – 110001, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit and supplemental loan / facility agreement |
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Date of
instrument Creating the charge |
27.06.2008 |
|
Amount secured by
the charge |
Rs. 45.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of
Repayment As per sanction
terms Margin As per sanction
terms Extent and
Operation of the charge 100 % Others The above is to
secure credit facilities of Rs. 45.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of
goods and book debts and other movable assets both present and future of the
company. |
|
Particulars of the
present modification |
Extent of
operation of charge over goods and book debts and other movable assets of the
company both present and future stands enhanced from Rs. 40.000 Millions to
Rs. 45.000 Millions for various credit facility. Other terms and conditions
remaining the same. |
WEBSITE DETAILS ATTACHED:
An ISO certified organization; subject specializes in undertaking sub contract work for overseas manufacturers. Well equipped with a state of the art manufacturing unit and backed by highly competent and dedicated team of engineers, they have the expertise to undertake high quality assembly or reworking jobs of any kind. They also accept tooling and jigs and fixtures on a returnable basis. They guarantee their clients confidentiality of designs and reduced cost to improve competitiveness.
PRODUCTS
They have the skills to manufacture the
following types of assemblies and products according to the clients’
specifications and designs:
- Custom Built Switches
- Connectors
- Automotive Switches
- Plastic Injection Moulded Parts
- Press Parts
- Mechanical Assemblies
- Electro Mechanical Assemblies
- Electrical Assemblies
- Electronic Assemblies
- Electronic Parts
They can also reproduce complex assemblies
from samples.
SERVICES
At subject, they also specialize in and
offer the following services:
- Multi -Platform CAD/CAE Integration 3 D Modeling & Assembly
- Concept Design
- Existing Product Re Styling
- Product Styling
- Product Graphics
- Manufacture of Tools & Dies
- Design of Jigs & Fixtures
- Finite Element Analysis
INFRASTRUCTURE
The foundation of subject is based on a
sound infrastructure. Their state of the art manufacturing unit is well
equipped with the following machineries:
|
Injection Moulding Machines |
Power Presses |
|
Special Purpose Assembly Machines |
Pad Printing Machines |
|
Wave Soldering Machine |
Spot Welding Machine |
|
Electric Spark Erosion Machine |
Vertical Milling Machine |
|
Jig Boring Machine |
Lathe |
|
Drilling Machines |
Unigraphics NX 2 and IDEAS Tool Design
Software |
Primary
Competitive Advantages
v
Quality Product
v
Assured Delivery
v
Competitive prices
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 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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|