MIRA
INFORM REPORT
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Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BOMBAY WELLPRINT INKS PRIVATE LIMITED |
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Registered Office : |
C/93/2, MIDC Industrial Hingna Area, Nagpur – 440 016, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
17.09.1992 |
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Com. Reg. No.: |
11-68581 |
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CIN No.: [Company
Identification No.] |
U99999MH1992PTC068581 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPB00772C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Printing Inks. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Unknown |
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Comments : |
The company is poor in Corporate Governance since it failed to comply Statutory
Requirements since incorporation. In our opinion, it would be prudent to deal with the company on safe
and secured trade terms and conditions, only. |
INFORMATION PARTED
BY
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Name : |
Mr. Mahendra |
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Designation : |
Vice President |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office/ Factory: |
C/93/2, MIDC Industrial Hingna Area, Nagpur – 440 016, Maharashtra,
India |
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Tel. No.: |
91-712-236180 |
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Mobile No.: |
91-9923333601 / 9373102129 |
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Fax No.: |
91-712-236180 |
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E-Mail : |
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Area : |
500 Sq.fts |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Ravindra Dhanraj Gandhi |
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Designation : |
Director |
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Address : |
55 Jeevan Chaaya Nagar Ring Road, Nagpur – 440 022, Maharashtra, India
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Date of Birth/Age : |
18.12.1961 |
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Qualification : |
MB |
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Date of Appointment : |
19.09.1992 |
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Name : |
Mrs. Shaila Ravi Gandhi |
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Designation : |
Director |
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Address : |
55 Jeevan Chaaya Nagar Ring Road, Nagpur – 440 022, Maharashtra, India
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Date of Birth/Age : |
05.05.1962 |
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Qualification : |
MB |
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Date of Appointment : |
10.07.2006 |
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Name : |
Mr. Abhay Gandhi |
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Designation : |
Director |
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Address : |
Rajendra Nagar, Dhamngaon Road, Yeotmal, Maharashtra, India |
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Date of Birth/Age : |
07.01.1951 |
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Date of Appointment : |
20.12.2002 |
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Name : |
Mrs. Kirti Gandhi |
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Designation : |
Director |
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Address : |
Vimladhan Rajendra Nagar, Yeotmal, Maharashtra, India |
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Date of Birth/Age : |
12.05.1953 |
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Qualification : |
B. Com |
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Date of Appointment : |
20.12.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Ravi Gandhi |
1271 |
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Mr. Abhay Gandhi |
3300 |
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Mrs. Shrda Gandhi |
517 |
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Mrs. Shaila Gandhi |
3478 |
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Mr. Sachin Gandhi |
434 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Printing Inks. |
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Products : |
· Black Newspaper Ink · Colour Newspaper Ink · Litho Graphic Ink and Jelly |
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Terms : |
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Purchasing : |
Cash, Credit (45 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End Users |
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No. of Employees : |
7 |
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Bankers : |
Bank of India,
Sitabuldi Branch, Nagpur-440 016, Maharashtra, India |
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Facilities: |
C/C Limit (Rs. 2.000 millions) |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Mr. P S Thakare Chartered Accountants |
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Address : |
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
FINNACIALS :-
No financials are filed by the company since incorporation of the
company.
Management although agreed to part financials after a lot of follow-ups
but never did so.
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company |
BOMBAY WELLPRINT INKS PRIVATE LIMITED |
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Presented By |
Dr. Ravindra Dhanraj Gandhi |
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1) Date and description of instrument creating the change |
Deed of
hypothecation of Tangible Movable Machinery
and Plant for creation of Second Charge dated 30.03.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
millions (Rs. 1.100
millions of hypothecation of Stocks Rs. 0.900 million
for hypothecation of Book Debts) |
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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 |
All tangible
movable machinery and plant situated ion C – 93-2, MIDC, Hingna Nagpur
subject to the first charge of hypothecation of the said property in favour of
MSFC |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Cash Credit Facility
of Rs. 2.000 millions Interest @ 4% OBR
minimum @ 16% p.a Quarterly rests. Margin: 25% -
stock 40% Book Debts |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Sitabuldi Branch, Nagpur, Maharashtra, India
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
TRADE REFERENCES:-
· Lokmat Newspaper
· Vijay Printers, Pune
· Dinik Hindustan, Amravati
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.27 |
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UK Pound |
1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.24 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
--- |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
--- |
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--LEVERAGE |
1~10 |
--- |
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--RESERVES |
1~10 |
--- |
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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 |
NO |
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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 |
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12 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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