MIRA
INFORM REPORT
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Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
WHITELAND ENGINEERING TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
Opp. Bhaily Railway Station, Padra Road, Near Banco Products of India
Limited, Baroda – 391 410, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.04.1999 |
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Com. Reg. No.: |
35760 |
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CIN No.: [Company
Identification No.] |
U32109GJ1999PTC035760 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDW00034G |
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PAN No.: [Permanent
Account No.] |
AAACW2804R |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Sluice Valves, Non Return Valve, Air
Release Valve, Butterfly Valve, Gate Valve, Globe Valve, Ball Valve and
Sluice Gates. |
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 3510 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company meeting its smaller commitments timeously.
Trade relations are fair. Business is active. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Chirag Suthar |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9825084008 |
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Date : |
14.07.2008 |
LOCATIONS
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Registered Office : |
Opp. Bhaily Railway Station, Padra Road, Near Banco Products of India
Limited, Baroda – 391 410, Gujarat, India |
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Tel. No.: |
91-265-2230070/ 2230369/ 2230038 91-2667-244754 |
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Mobile No.: |
91-9825083083 |
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Fax No.: |
91-265-2230070/ 2303369/ 2230038 |
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E-Mail : |
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Website : |
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Area : |
400 Sq. ft |
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Location : |
Owned |
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Factory : |
M G Road, H R Thakkar Estate, P O Bajwa, Vadodara – 391 310, Gujarat,
India |
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Area : |
12000 Sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Dhaval Thakkar |
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Designation : |
Director |
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Address : |
M G Road, H R Thakkar Estate, P O Bajwa, Vadodara – 391 310, Gujarat,
India |
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Date of Birth/Age : |
35 Years |
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Qualification : |
Dip. Eng |
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Name : |
Mrs. Avani Thakkar |
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Designation : |
Director |
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Address : |
M G Road, H R Thakkar Estate, P O Bajwa, Vadodara – 391 310, Gujarat,
India |
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Date of Birth/Age : |
33 Years |
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Qualification : |
B.B.A. |
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Name : |
Mrs. Jayaben Thakkar |
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Designation : |
Director |
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Address : |
M G Road, H R Thakkar Estate, P O Bajwa, Vadodara – 391 310, Gujarat,
India |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.Com |
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Name : |
Mr. Shyasal Thakkar |
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Designation : |
Director |
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Address : |
M G Road, H R Thakkar Estate, P O Bajwa, Vadodara – 391 310, Gujarat,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Equity share breakup (Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Sluice Valves, Non Return Valve, Air
Release Valve, Butterfly Valve, Gate Valve, Globe Valve, Ball Valve and
Sluice Gates. |
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Terms : |
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Selling : |
Credit (30 days) Advance also on big deal. |
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Purchasing : |
Credit ( 60 days) |
GENERAL
INFORMATION
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Customers : |
v End Users |
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No. of Employees : |
Total: 45 (Office: 5, Factory: 40) |
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Bankers : |
Axis Bank Vardhman Complex, Opp. GEB Race Course, Vadodara – 390007, Gujarat,
India |
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Facilities : |
CC _ Rs. 3.000 millions |
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Banking Relations
: |
Satifactory |
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Auditors : |
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Name : |
B N Gandhi and Company Chartered Accountants |
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Address : |
502 – B, 5th Floor, Manubhai Towers, Station Road,
Sayajigunj, Vadodara – 390007, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,00,000 |
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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10,000 |
Equity shares |
Rs. 10/- each |
Rs. 0.100
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.602 |
0.364 |
0.172 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.702 |
0.464 |
0.272 |
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LOAN FUNDS |
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1] Secured Loans |
0.198 |
0.291 |
0.000 |
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2] Unsecured Loans |
1.215 |
1.202 |
1.288 |
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TOTAL BORROWING |
1.413 |
1.493 |
1.288 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.115 |
1.957 |
1.560 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.002 |
0.894 |
0.448 |
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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 |
1.235
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0.938 |
1.087 |
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Sundry Debtors |
3.629
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3.032 |
1.862 |
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Cash & Bank Balances |
0.116
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0.024 |
0.097 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.401
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0.189 |
0.004 |
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Total
Current Assets |
5.381
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4.183 |
3.050 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.474
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3.302
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2.122 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
4.474
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3.302 |
2.122 |
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Net Current Assets |
0.907
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0.881 |
0.928 |
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MISCELLANEOUS EXPENSES |
0.206 |
0.182 |
0.184 |
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TOTAL |
2.115 |
1.957 |
1.560 |
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
6.37
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7.12 |
7.80 |
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Current Ratio (Current Asset/Current Liability) |
1.20
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1.27 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v IRCL Infrastructure – Ahmedabad
v Ramkey Infrastructure – Gujarat
v Gujarat Water Supply and Sewerage Board – Gujarat
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U32109GJ1999PTC035760 |
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Name of the company |
WHITELAND ENGINEERING TECHNOLOGIES PRIVATE LIMITED |
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Address |
Opp. Bhaily Railway Station, Padra Road, Near Banco Products of India
Limited, Baroda – 391 410, Gujarat, India |
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Type of Charges |
v Book Debts v Movable property (not being pledge) v Others |
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Particular of the charge holder |
Name: Axis Bank Limited Address: Vardhman Complex, Opp. G E B, Race Course City: Vadodara State : Gujarat ISO country code: IN Pin code: 390007 e-mail ID: santoshkumar.bajpai@axisbank.com |
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Nature or description of the instrument creating or modifying the charge |
Composite Hypothecation Deed |
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Date of the instrument creating charge |
24.12.2007 |
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Amount Secure by the charge |
Rs. 6.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest BPLR – 2.25% i.e. At present 12.75% p.a. payable monthly (b) Terms of repayment Payable on demand in case of working capital limits and in case of term loan to be repaid in 60 monthly installments starting from June 2008. (c) Margin 25% on stock, 40% on receivables and 25% of the project cost. (d) Extent and operation of the charge All the stock in trade both present and future consisting stock including raw material, stock in process, finished goods, cash and other current assets whatsoever and other movables by way of first charge in favour of the Bank to secure the said credit facility. |
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Short particulars of the Property charged |
All the stock in trade both present and future consisting stock including raw material, stock in process, finished goods, cash and other current assets whatsoever and other movables by way of first charge in favour of the Bank to secure the said credit facility. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
As Per Website
Details
With emphasis upon quality and complete customer satisfaction, they provide a smart solution for a variety of standard and custom designed valves and valve accessories. Subject is an ISO 9001:2000 certified company with its ability to manufacture innovative products adhering to different quality standards. They were founded in the year 1999, and backed by a team of highly experienced professionals created a niche for them selves within a very short span of time to become a name to reckon with. Today, they are the most reputed manufacturer and exporter of a massive range of products such as Sluice Valve, Non-Return Valve, Air Release Valve, Butterfly Valve, Gate Valve, Globe Valve, Ball Valve and Sluice Gates. These products, all made of supreme quality metal and with the aid of cutting edge technology, are acclaimed worldwide because of their reliability and unmatched quality.
At subject they crave for perfection and strive to achieve the highest quality standard through continuous research and improvement. For us, quality remains the touchstone of success, and they leave no stone unturned to sustain the faith that the customers place upon us. At present, they are a reputed member of many reputed organizations such as VMDA, LUB (Laghu Udyog Bharti), IIF (Indian Institute of Finance), and many more. Some of the highly reputed clients include:
v
Gujarat Water Supply and Sewerage Board (GWSSB)
v
Gujarat Electricity Board (GEB)
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Gujarat State Fertilizers Company (GSFC)
v
Oil and Natural Gas Corporation Limited (ONGC)
v
Gujarat Industries Power Company Ltd (GIPCL)
v
Gujarat Alkalies and Chemicals Limited (GACL)
v
Thermal Power Stations in Rajasthan.
Product Range
Dealing with Whiteland Engineering Technologies Pvt. Ltd. means more than well
designed and well built products. Besides manufacturing world class products as
per varied internationally acclaimed standards, they also provide reliable
engineering support in context to installation of products and after sales
services, when required. The product basket includes the "Flosys" and
"Geeta" brand Valves and Valve Accessories-
v
Sluice Valve
(As per IS 14846-2000 ISI Mark)
v
Non-Return
Valve (As per IS 5312, BS and API Standard)
v
Air Release
Valve (As per IS 14845-2000)
v
Butterfly Valve
(As per IS 13095 BS)
v
Gate Valve (As
per IS, API and BS Standard)
v
Globe Valve (As
per BS and API Standard)
v
Ball Valve (As
per BS and API Standard)
v
Swing Check
Valve
v
Sluice Gates
(As per IS Standard and Tailor-made as per customer requirement).
The Quality
Subject is well known in the industry for its capability to manufacture products
as per varied international quality standards such as IS, API, BS, etc. At the
modern manufacturing unit, they have a highly advanced quality control facility
loaded with a range of sophisticated machinery. Here, the quality control
experts perform extensive operations to check and recheck the quality of the
products at every level of the manufacturing process. From the procurement of
raw materials (steel, pig iron, gun metal, packing material, rubber insertion,
etc.) to the final inspection of products before being delivered, everything is
done as per a well defined quality management policy. Such thorough quality
control measures ensure us to sustain the trust, they have created amongst the
thousands of satisfied customers.
Infrastructure
The main strength of subject is its robust infrastructural
base. They have complete in-house facilities for manufacturing, quality control
and R and D. All these units are highly advanced and loaded with hi-tech
machinery. In addition, they are fortunate enough to be headed by the highly
experienced promoters enriched with four decades of rich experience. It is
under their guidance, the team of experts excels in the design and development
of advanced technology products which reflect the expertise and committed
attitude towards the highly esteemed customers.
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 :
The 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.
The 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. 42.82 |
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UK Pound |
1 |
Rs. 84.89 |
|
Euro |
1 |
Rs. 68.07 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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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 |
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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 |
|
32 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|