MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
WELLMAKE TECHNOCAST PRIVATE LIMITED |
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Registered Office : |
Plot No. 9/10/11, Survey No. 164, Near Gajraj Chemical, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.11.2004 |
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Com. Reg. No.: |
04-45058 |
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CIN No.: [Company
Identification No.] |
U27310GJ2004PTC045058 |
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IEC No.: |
2405005867 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTW00087D |
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PAN No.: [Permanent
Account No.] |
AAACW5610 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Auto Parts. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 49000 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a 4 years old company having moderate track. Company’s
profitability is under severe pressure. It has good number of accumulated
losses. General position is moderate. No complaints have been heard. The company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED BY
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Name : |
Mr. Mahesh Dhaduk |
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Designation : |
Director |
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Contact No.: |
Mobile no.91-9925764385 |
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Date : |
26.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. 9/10/11, Survey No. 164, Near Gajraj Chemical, |
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Tel. No.: |
91-2827-254274/ 75 |
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Mobile No.: |
91-9426250787 |
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Fax No.: |
91-2827-254276 |
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E-Mail : |
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Website : |
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Area : |
500 sq meter |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vallabhbhai Dhaduk |
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Designation : |
Director |
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Date of Birth/Age : |
38 years |
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Qualification : |
Metrics |
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Name : |
Mr. Maheshbhai Dhaduk |
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Designation : |
Director |
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Address : |
Patel Garbi Chowk, Opposite Ramji Mandir, Dhaduk Niwas, Navagadh, Tal
Jetpur, District Rajkot – 360370 |
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Date of Birth/Age : |
30 years |
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Qualification : |
Metrics |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. C.R. Kamani |
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Designation : |
Director |
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Date of Birth/Age : |
42 years |
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Qualification : |
B.A. |
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Name : |
Mr. D.P. Thesia |
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Designation : |
Director |
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Date of Birth/Age : |
31 years |
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Qualification : |
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Name : |
Mr. Gunvant Patel |
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Designation : |
Director |
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Date of Birth/Age : |
40 years |
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Qualification : |
M. Tech. |
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Name : |
Mr. Amit Dattani |
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Designation : |
Director |
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Address : |
204, Shivam Apartment, 15 A, Maniar Plot, |
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Date of Birth/Age : |
27.03.1982 |
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Date of Resignation : |
01.09.2007 |
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Name : |
Mr. Tejas Bathiya |
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Designation : |
Director |
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Address : |
Manhar Plot, A 115, Shyam Apartment, 3rd Floor, 304, |
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Date of Birth/Age : |
03.09.1981 |
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Date of Resignation : |
01.09.2007 |
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Name : |
Mr. Pravinbhai U. Rodadiya |
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Designation : |
Additional Director |
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Address : |
Patel Chowk, At Navagadh, Tq. Jetpur, Jetpur – 360 375, |
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Date of Birth/Age : |
08.01.1972 |
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Date of Appointment : |
09.09.2008 |
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Name : |
Mr. Govindbhai Posia |
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Designation : |
Director |
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Address : |
Paresh, 350, Gokuldham, |
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Date of Appointment : |
29.11.2004 |
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Name : |
Mr. Durlabhjibhai Posia |
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Designation : |
Director |
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Address : |
Vijay, Near Swami Mandir, At Village Veraval (Shapar), District |
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Date of Appointment : |
29.11.2004 |
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Name : |
Mr. Maheshbhai Thummar |
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Designation : |
Director |
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Address : |
Swaminarayan Chowk, |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Pravinkumar Pethani |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr. Kiritkumar Patoliya |
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Designation : |
Director |
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Address : |
University Road, Near Yogeshwar Park, Shingala Primary School Street,
B 60, I Shree Khodiyar, Rajkot – 360 005 |
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Date of Appointment : |
15.09.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2007
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Names of Shareholders |
No. of Shares |
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Posia Govindbhai Bavanjibhai |
30668 |
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Jointly Panchalal Bhimjibhai Posia
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5333 |
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Jointly Jayaben Posia |
5333 |
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Jointly Atulbhai Ramani |
5333 |
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Jointly Ashish G. Posia |
13333 |
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Jointly Durlabhjibhai Posia |
30668 |
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Jointly Ashokbhai Posia |
5333 |
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Jointly Shardaben Posia |
13333 |
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Jointly Ranchodbhai Posia |
5333 |
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Jointly Varshaben Posia |
5333 |
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Jointly Dilipkumar Malaviya |
13333 |
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Jointly Asmitaben Malaviya |
13333 |
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Jointly Jayesh Malviya |
13333 |
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Jointly Pravinkumar Pethani |
20000 |
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Jointly Ilaben Pethani |
20000 |
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Jointly Parsottambhai Padaria |
10000 |
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Jointly Sanjay Padaria |
10000 |
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Jointly Mansukhbhai Baravadia |
10000 |
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Jointly Atul Baravadia |
10000 |
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Jointly Pavinkumar Radadia |
6668 |
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Jointly Ukabhai Radadia |
6667 |
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Jointly Jitendra Radadia |
6667 |
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Jointly Maheshbhai Thummar |
13333 |
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Jointly Pravinaben Thummar |
13333 |
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Jointly Bharatbhai Thummar |
13333 |
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Jointly Babubhai Dhaduk |
10000 |
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Jointly Vallabhbhai Dhaduk |
10000 |
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Jointly Maheshbhai Dhaduk |
10000 |
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Jointly Dilipbhai Dhaduk |
10000 |
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Kiritkumar Patodiya |
10000 |
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Jointly Madhuben Patodiya |
10000 |
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Jointly Krishnaben Jointlyagadia |
10000 |
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Sajid Methew |
20000 |
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Faldu Nitaben Sunvantbhai |
10000 |
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Total |
400000 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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72.50 |
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Other
top fifty shareholders |
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27.50 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Auto Parts. |
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Products : |
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Terms : |
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Selling : |
Credit 60/ 90 days |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers
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No. of Employees : |
125 (in office – 10, in factory – 115) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil Kumar and Company Chartered Accountants |
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Address : |
Limda Chawk, |
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Name : |
Arvind Kumar Maniar and Company Chartered Accountants |
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Address : |
Abhay Nivas, 14 Panchnath Plot, |
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Tel. No.: |
91-281-2445700/ 2445800 |
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Fax No.: |
91-281-2443599 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.10/- each |
Rs.4.000
millions |
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As on 31.03.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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30.000 |
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Expected Sales (2008-09): Rs.50.000 millions
ABRIDGED BALANCE
SHEET
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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 |
1.500 |
1.500 |
0.100 |
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2] Share Application Money |
9.518 |
8.868 |
3.625 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.170) |
(0.804) |
0.000 |
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NETWORTH |
9.848 |
9.564 |
3.725 |
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LOAN FUNDS |
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1] Secured Loans |
3.398 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.070 |
0.000 |
0.000 |
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TOTAL BORROWING |
3.468 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.316 |
9.564 |
3.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.247 |
7.458 |
2.060 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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18.132
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6.275 |
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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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27.379 |
13.733 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.372
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1.625 |
0.000 |
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Sundry Debtors |
8.064
|
3.944 |
0.000 |
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Cash & Bank Balances |
2.193
|
0.279 |
1.232 |
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Other Current Assets |
1.583
|
0.208 |
0.429 |
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Loans & Advances |
0.920
|
0.219 |
0.000 |
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Total
Current Assets |
18.132
|
6.275 |
1.661 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
13.741
|
4.183 |
0.028 |
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Provisions |
0.344
|
0.015 |
0.004 |
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Total
Current Liabilities |
14.085
|
4.198 |
0.032 |
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Net Current Assets |
4.047
|
2.077 |
1.629 |
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MISCELLANEOUS EXPENSES |
0.022 |
0.029 |
0.036 |
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TOTAL |
13.316 |
9.564 |
3.725 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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21.601 |
8.412 |
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Other Income |
|
0.108 |
0.000 |
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Total Income |
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21.709 |
8.412 |
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Profit/(Loss) Before Tax |
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(0.367) |
(0.804) |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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(0.367) |
(0.804) |
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Expenditures : |
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Purchases |
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17.229 |
7.510 |
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Employees Expenses |
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1.745 |
0.343 |
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Power & Fuel |
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3.027 |
0.927 |
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Repairs and Maintenance Expenses |
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0.055 |
0.014 |
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Other Manufacturing Expenses |
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0.632 |
1.079 |
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Administrative Expenses |
|
0.584 |
0.229 |
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Selling and Distribution Expenses |
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0.265 |
0.000 |
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Increase/(Decrease) in Finished Goods |
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(3.746) |
(1.626) |
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Directors Remuneration |
|
0.105 |
0.000 |
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Rates and Taxes |
|
0.338 |
0.000 |
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Preliminary Expenses W/off |
|
0.007 |
0.007 |
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Financial Charges |
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0.753 |
0.000 |
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Depreciation & Amortization |
|
1.082 |
0.733 |
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Total Expenditure |
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22.076 |
9.216 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(1.69)
|
(9.56) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(1.70)
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(9.56) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.34)
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(5.85) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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(0.04)
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(0.08) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.78
|
0.44 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.29
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1.49 |
51.91 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered office of the company has been shifted from
“Paresh”, 350, Gokuldham,
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Additional Requirement of Indiamart for Trust-Seal |
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Excise Registration No.: AAACW5610 XM001 |
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VAT / TIN : 24092501216 |
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IEC Code : 2405005867 |
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PAN / TAN : AAACW5610 |
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Bank Name : Kotak Mahindra Bank |
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Bank Address : |
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Bank A/c. No.: 08312094444354 |
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Account Since : 4
years |
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In case of any affiliations / memberships / certifications
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Name : ISO |
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Type : 9001:2000 |
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Expiry Date : 2010 |
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TRADE REFRENCES:
- Kartik Corporation,
- Alwys Technocast Private Limited,
PROGRESS OF THE PROJECT:
The company was able to achieve turnover of
more than Rs.20.000 millions, but due to heavy depreciation and other
administrative charges it suffered net loss.
FIXED ASSETS:
- Building Construction
- Lab and Measuring Instrument
- Self Fabricate Machine
- Air Conditioner
- Machinery
- EPBX System
- Computer
- Computer Printer – Cannon
- Electric Fitting
- Office Equipment
- Mobile Instruments
- Furniture and Fittings
WEBSITE DETAILS:
Subject a well laid out modern plant manufacturing the total spectrum of
Investment Castings made from Ferrous and Non-Ferrous metals and its alloys
including Nickel and Cobalt base super alloy with an installed capacity of 720
MT. per annum and spread over and area of 5000 sq. mt. land. Subject is
considered as one of the best manufacturing unit of precision Investment
Casting having in-house advanced technologies to develop and manufacture
castings of best quality, functionality and cost effectiveness within
stipulated time frame
Subject have some of its valued customers using Investment Castings in
various field like Automobiles, Hand tools, Process pumps and valves, Defence
components, Artificial limbs, Marine, Textiles, Electrical switchgears,
Orthopedic implants, Surgical items, and Building hardware etc.
well trained technicians to enhance R & D activities to establish
best manufacturing practice. Such continuous R & D activities make it
possible to support current production technology and improve manufacturing
processes at subject, which are critical to meet the demands of industry.
Subject also has a team of field engineers to interact with the customer for
their specific needs, even to the extent of helping them in designing of their
components.
Technology:
The Company deploys the latest equipments and their continual
improvements in quality for producing patterns from complex toolings in an
unbelievable range of configurations. Day our thoroughness in employing the
lost wax process for intricate designs has become legend. Generally, they can
pour almost any alloy into the mould for any complex construction of casting.
Today the thoroughness in employing the lost wax process for intricate
designs has become legend. Generally, they can pour almost any alloy into the
mould for any complex construction of casting
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.47.89 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.67.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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|
--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 |
|
27 |
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 |
|