MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
WESTERN CABLEX ENGINEERING PRIVATE LIMITED |
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Registered Office : |
202, Universal Industrial Estate, J P Road, Andheri (West), Mumbai – 400058,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.08.1999 |
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Com. Reg. No.: |
121320 |
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CIN No.: [Company
Identification No.] |
U31300MH1999PTC121320 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW01918A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of
Unparalleled Telecommunication Cables. |
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 34976 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track records.
Financial position is good. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
202, Universal Industrial Estate, J P Road, Andheri (West), Mumbai – 400058,
Maharashtra, India |
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Tel. No.: |
91-22-26358098/ 26235604 |
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Fax No.: |
91-22-26252023/ 26252023 |
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Mobile : |
91-9821129866 |
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E-Mail : |
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Factory : |
403, Oceanic – I, Seven Bunglows, Andheri (W), Mumbai – 400061,
Maharashtra, India |
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Tel. No.: |
91-22-26358098 |
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Fax No.: |
91-22-26340424 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arvindakshan Nair |
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Designation : |
Managing Director |
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Address : |
403, Oceanic – I, Seven Bunglows, Andheri (W), Mumbai – 400061,
Maharashtra, India |
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Date of Birth/Age : |
25.02.1955 |
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Date of Appointment : |
17.08.1999 |
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Name : |
Mr. Prasanna Nair |
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Designation : |
Director |
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Address : |
403, Oceanic – I, Seven Bunglows, Andheri (W), Mumbai – 400061,
Maharashtra, India |
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Date of Birth/Age : |
06.04.1959 |
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Date of Appointment : |
17.08.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Percentage |
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Category |
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Director or relatives of directors |
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89.80 |
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Other top fifty shareholders (other than listed above) |
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10.20 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Unparalleled Telecommunication Cables. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
90 |
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Bankers : |
Versova Branch,
Rajkumar Corner C H S Limited, Plot No.105, J P Road, Andheri (West), Mumbai –
400058, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. M. Dalal and Company Chartered Accountant |
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Address : |
Shop No.9, Royal Apartment, Plot no.142, Sector 3, Charkop, Kandivli (w),
Mumbai – 400067, Maharashtra, India |
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Memberships : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90200 |
Equity Share |
Rs.10/- each |
Rs.0.902
Million |
FINANCIAL DATA
[all figures are in Rupees 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 |
0.902 |
0.902 |
0.902 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.356 |
7.842 |
5.530 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.258 |
8.744 |
6.432 |
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LOAN FUNDS |
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1] Secured Loans |
0.315 |
0.454 |
1.058 |
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2] Unsecured Loans |
0.764 |
0.280 |
0.360 |
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TOTAL BORROWING |
1.079 |
0.734 |
1.418 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.337 |
9.478 |
7.850 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.019 |
3.138 |
3.021 |
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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 |
3.039
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5.000 |
2.013 |
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Sundry Debtors |
1.835
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1.436 |
3.549 |
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Cash & Bank Balances |
6.105
|
3.068 |
2.221 |
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Other Current Assets |
0.016
|
0.066 |
0.218 |
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Loans & Advances |
1.426
|
0.566 |
0.547 |
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Total
Current Assets |
12.421
|
10.136 |
8.548 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.765
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3.364 |
3.478 |
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Provisions |
1.338
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0.432 |
0.241 |
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Total
Current Liabilities |
3.103
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3.796 |
3.719 |
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Net Current Assets |
9.318
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6.340 |
4.829 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.337 |
9.478 |
7.850 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
29.280 |
22.286 |
17.211 |
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Other Income |
0.000 |
0.091 |
0.326 |
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Total Income |
29.280 |
22.377 |
17.537 |
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Profit/(Loss) Before Tax |
4.840 |
3.117 |
2.191 |
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Provision for Taxation |
0.000 |
2.311 |
1.530 |
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Profit/(Loss) After Tax |
4.840 |
0.806 |
0.661 |
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Export Value |
N. A. |
3.941 |
2.065 |
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Import Value |
N. A. |
N.A. |
N.A. |
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Expenditures : |
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Raw Material Consumed |
0.000 |
14.959 |
11.691 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.878 |
0.736 |
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Managerial Remuneration |
0.000 |
0.831 |
0.344 |
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Payment to Auditors |
0.000 |
0.064 |
0.013 |
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Interest |
0.000 |
0.226 |
0.114 |
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Insurance Expenses |
0.000 |
0.022 |
0.024 |
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Power & Fuel |
0.000 |
0.308 |
0.028 |
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Depreciation & Amortization |
0.192 |
1.972 |
2.396 |
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Other Expenditures |
24.247 |
0.000 |
0.0000 |
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Total Expenditure |
24.439 |
19.260 |
15.346 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
16.53
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3.60 |
3.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
16.53
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13.99 |
12.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
31.34
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23.48 |
18.94 |
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Return on Investment (ROI) (PBT/Networth) |
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0.42
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0.36 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.37
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0.52 |
0.80 |
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Current Ratio (Current Asset/Current Liability) |
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1.33
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2.67 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U31300MH1999PTC121320 |
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Name of the
Company |
WESTERN CABLEX ENGINEERING PRIVATE LIMITED |
|
Address |
403, Oceanic – I, Seven Bunglows, Andheri (W), Mumbai – 400061,
Maharashtra, India |
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This form is for |
Creation of
Charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Union Bank of
India Versova Branch,
Rajkumar Corner C H S Limited, Plot No.105, J P Road, Andheri (West), Mumbai
– 400058, Maharashtra, India CIN :
U99999MH1919PTC000615 |
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Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation
Agreement of Goods and Debts |
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Date of the
instrument creating or modifying the charge |
02.03.2006 |
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Amount secured by
the charge |
Rs.3.500 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Interest as usual
for the LG and/ or LC (DP/ 90 days DA) Limit of Rs.3.500 Millions Granted by
the Bank to the Company Margin : 25% |
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Short particulars
of the property charged (including location of the property) |
Hypothecation by
way of first charges in favour of the bank stock lying at 7, Silver
Industrial Estate, Bhimpore, Nani Daman – 396210 and The Borrower’s Book
debts. |
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Particular of the
present modification |
N.A. |
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Name of the company |
WESTERN CABLEX ENGINEERING PRIVATE LIMITED |
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Presented By |
Union Bank of
India Versova Branch,
Mumbai |
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1) Date and description of instrument creating the change |
Term Loan Agreement
(SD-19) (Hypothecation of
Movables) Dated : 1st
October, 2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 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 |
The Borrower
Hypothecates and Charges to the Bank: Thermo Plastic
extruder machine with accessories. All the tangible
movable machinery and plant of the borrower together with spares, tools and
accessories and other movables, both present and future, whether lying loose
or in cases which are now lying or stored in or about or shall be brought
into or be stored or be in or upon a=or about the borrowers premises and
godowns or wherever else the same may be or be held by any party to the order
or disposition of the borrower relating to or pertaining to the borrower
works at 7 Silver Industrial Estate Bhimpore, Nani Daman - 396210 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan : Rs.0.600 Million No of Installment
: 36 Repayment of
Installment : Commencing from 1 month Millions of
Installments : Rs.0.019 Million Tenure :36 months Interest : 12.75%
per annum with monthly rests. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Versova Branch,
Rajkumar Corner C H S Limited, Plot No.105, J P Road, Andheri (West), Mumbai
– 400058, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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.39.43 |
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UK Pound |
1 |
Rs.77.74 |
|
Euro |
1 |
Rs.58.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--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 |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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