MIRA
INFORM REPORT
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Report Date : |
03.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
WRISTON POLYMERS PRIVATE LIMITED |
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Registered Office : |
13, Third Floor, Rajaji Nagar, First street, Royapettah, Madras- 600
014, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.10.1995 |
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Com. Reg. No.: |
18-33197 |
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CIN No.: [Company
Identification No.] |
U25199TN1995PTC033197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEW02016A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Molded Rubber Products |
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 400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. It
has huge accumulated losses. However the company has been successful in
obtaining good amount of loans from its banker. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings.
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INFORMATION PARTED
BY
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Name : |
Mr. Raghu Raman |
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Designation : |
Manager |
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Date : |
03.06.2008 |
LOCATIONS
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Registered Office : |
13, Third Floor, Rajaji Nagar, First street, Royapettah, Madras- 600
014, Tamil Nadu, India |
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Tel. No.: |
91-44-26530788 |
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Fax No.: |
91-44-26533126 / 26243126 |
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E-Mail : |
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Website : |
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Corporate Office : |
D3 Industrial Estate, Mogappair East, Chennai - 600
037, Tamil Nadu, India |
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Tel. No.: |
91-44-26530788 |
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91-9840934447 |
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Fax No.: |
91-44-26533126 |
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E-Mail : |
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Over Seas Office: |
Alpine Elastomer Products, LLC 7-B Ray Place,New Jersey, Fairfield, USA 07004 |
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Tel. No.: |
001-(973)-2440123 |
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Fax No.: |
001-(973)-2440227 / 001-413-7510933 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Gopalakrishnan Chandrasekhar |
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Designation : |
Director |
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Address : |
13, Third Floor, Balaji Nagar, First street, Royapettah, Madras- 600
014, Tamil Nadu, India |
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Date of Birth/Age : |
11.05.1954 |
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Date of Appointment : |
11.10.1995 |
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Name : |
Ms. Harini Chandrasekhar |
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Designation : |
Director |
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Address : |
13, Third Floor, Balaji Nagar, First street, Royapettah, Madras- 600
014, Tamil Nadu, India |
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Date of Birth/Age : |
21.11.1962 |
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Date of Appointment : |
17.04.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2007 :-) |
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No. of Shares |
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Mr. G Chandrasekhar |
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5820 |
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Ms. Harini Chandrasekhar |
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2940 |
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Mrs. Sakuntala Gopalakrishnan |
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1000 |
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Mr. G Nagrajan |
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100 |
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Mrs. Hemlatha Nagarajan |
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100 |
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Total
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9960 |
Equity Shares 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 relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Molded Rubber Products |
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Exports : |
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Products : |
Rubber products |
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Countries : |
USA |
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Imports : |
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Products : |
Raw material |
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Countries : |
Korea, Japan |
GENERAL
INFORMATION
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Bankers : |
· Dena Bank · Bank of India, No.1, Santhome High Road, Chennai – 600 004, Tamil Nadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1: |
Mr. S R Seetharaman Chartered Accountants |
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Address : |
III Floor, RE Apartments, 70/64, Arya Gowda Road, West Mambalam,
Chennai – 600 033, Tamil Nadu, India |
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Name 2: |
Ram and Gopal Company Chartered Accountants |
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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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10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9960 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.996
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 |
0.996 |
0.996 |
0.996 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.226 |
0.194 |
0.194 |
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4] (Accumulated Losses) |
[1.025] |
[1.055] |
[1.064] |
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NETWORTH |
6.197 |
0.135 |
0.126 |
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LOAN FUNDS |
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1] Secured Loans |
2.182 |
2.251 |
0.300 |
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2] Unsecured Loans |
1.627 |
2.249 |
2.628 |
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TOTAL BORROWING |
3.809 |
4.500 |
2.928 |
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DEFERRED TAX LIABILITIES |
2.483 |
1.140 |
1.004 |
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TOTAL |
12.489 |
5.775 |
4.058 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.057 |
4.315 |
2.488 |
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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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.651
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0.312 |
0.079 |
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Cash & Bank Balances |
0.130
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0.179 |
0.095 |
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Other Current Assets |
1.521
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1.657 |
1.299 |
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Loans & Advances |
0.691
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0.520 |
1.251 |
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Total
Current Assets |
2.993
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2.668 |
2.724 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.570
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1.217 |
1.163 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
0.570
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1.217 |
1.163 |
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Net Current Assets |
2.423
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1.451 |
1.561 |
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MISCELLANEOUS EXPENSES |
0.009 |
0.009 |
0.009 |
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TOTAL |
12.489 |
5.775 |
4.058 |
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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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8.618 |
5.738 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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8.618 |
5.738 |
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Profit/(Loss) Before Tax |
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0.031 |
0.008 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.031 |
0.008 |
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Expenditures : |
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Financial Charges |
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0.472 |
0.370 |
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Depreciation & Amortization |
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0.343 |
0.387 |
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Other Expenditure |
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7.772 |
4.973 |
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Total Expenditure |
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8.587 |
5.730 |
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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 |
(%) |
0.36
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0.14 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.36
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0.14 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.24
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0.11 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.06 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.71
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42.35 |
32.42 |
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Current Ratio (Current Asset/Current Liability) |
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5.25
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2.19 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
OTHER
INFORMATION:-
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PARAMETER |
DETAIL |
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Statutory
Approval |
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Income Tax Registration |
AAACW1010B |
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Central Sales Tax Registration |
656401 |
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VAT / TIN Registration |
33980780839 |
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Excise Registration |
AAACW1010BXM007 |
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Name of Bank |
Bank of India |
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Current Account Number |
801630100020054 |
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Credibility
Factors |
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India Mart Client Since |
2004 |
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Years of Establishment |
1966 |
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Trade
Affiliations |
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SSI Registration |
YES |
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Export Promotion Council |
YES |
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Chambers of commerce Membership |
CIF |
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Standard and
certifications |
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Quality Management Systems |
ZSOTS16949 (2002) |
Trade References:
· Texim International
· Ram Charan and Company
FORM 8:-
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Corporation identity number or foreign company registrations number of
the company |
U25199TN1995PTC033197 |
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Name of the company |
WRISTON POLYMERS PRIVATE LIMITED |
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Address |
13, Third Floor, Rajaji Nagar, First street, Royapettah, Madras- 600
014, Tamil Nadu, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable Property · Book Debts · Movable Property |
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Particular of the charge holder
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Bank of India Limited Address: No. 1, Santhome High Road,
Chennai – 600 004, Tamil Nadu, India E-Mail: boi8016@eth.net
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Nature or description of the instrument creating charge |
Hypothecation of stocks, hypothecation of book debts and equitable
mortgage of immovable property of the company. |
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Date of the instrument creating charge |
06.09.2006 |
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Amount Secure by the charge |
Rs. 2.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : 11.5% Terms of repayment: Increase in Cash credit limits Margin: 25% Extent and operation of the charge: Continuous |
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Short Particulars of the Property charged |
All the movable assets / property / machinery / goods/ stocks of
rubber products, raw materials etc. and all such movable assets / property /
machinery / goods stocks as may be required by the borrower at any time
during the continuance of the agreement , as security of due repayment by the
borrower to the bank . All receivables including the present and future.
Equitable mortgage of the company property situated at D – 2 and D -3 JJ
Nagar East, Muggapair East, Chennai – 600 050. |
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Particulars of the present modification |
Increase of cash credit limits from Rs. 1.500 millions to Rs. 2.000
millions. |
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Name of the
company |
WRISTON
POLYMERS PRIVATE LIMITED |
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Presented By |
WRISTON POLYMERS PRIVATE LIMITED (herein after called “ The Borrower”) and Bank of India , Santhome Branch, No.1
Santhome High road, Mylapore, Chennai – 600 004, Tamil Nadu, India |
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1) Date and
description of instrument creating the change |
17.12.2004 Agreement of
hypothecation to secure demand cash credit for Rs. 1.500 millions Hypothecation of
tangible movable property of Rs. 1.800 millions Term Loan
Agreement of Rs. 0.450 million Agreement of Term
Loan and Hypothecation of movable machinery and plant for Rs. 1.350 millions No instrument
creation of equitable mortgage by way deposit of the Title Deeds of the
company Immovable properties (Memorandum of oral assent is enclosed) All dated
17.12.2004 related to one and the same charge. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 5.100
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 |
Hypothecation
of:- All the movable assets
/ property / machinery / goods / stocks of rubber products, raw materials,
etc. and all such movable assets / property / machinery / goods stocks as may
be acquired by the borrower at any time during the continuance of the
agreement as security of due repayment by the borrower to the bank. Stocks including
therein the stocks for the time being whether raw of manufacture and also all
producers goods and any and every
tangible movable property of the borrower
whether now lying or at any time hereafter during the continuance of
the security lying or being in or about the borrower premises and godowns at
Chennai or wherever else the same may be or be held by any party anywhere to
the order and disposition of the
borrower or in course of transit to the borrower. All the movable
machinery and plant together with all accessories, stores and spares relating
thereto, now belonging , or hereafter
to belong to whether installed or not
and whether lying loose or in
oases or which may at any time
hereafter installed or lying whether loose at godowns or
wherever else the same may be or be held by any party anywhere to the order
and disposition of the borrower or in
courses of transit to the borrower hypothecated to the bank by way of first
charge and Creation of
equitable mortgage by way of deposit of title deeds of the company immovable
properties , i.e all the piece of
land with buildings, sheds and structures standing thereon situated at
No. D -2, and D -3, in J J Nagar East, Industrial Estate, mogappair East,
Chennai – 600 050, bounded on the :
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4) Gist of the terms
and conditions and extent and operation of the charge. |
Rate of Interest : Interest @ 1% p.a above the RBI rate from time to time with a minimum
rate of 11.755 p.a Margin:
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5) Name and
Address and description of the person entitled to the charge. |
Bank of India Santhome Branch, No. 1, santhome High road, Mylapore, Chennai – 600
004, Tamil Nadu, India |
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6) Date and brief description of instrument
modifying the charge |
3.004.2005 Agreement of term
Loan and hypothecation of movable machinery plant. Guarantee
agreement No instrument.
Extension of equitable mortgage by way of deposit of title deeds of the company’s
immovable properties (a copy of memorandum for Extension of oral Assent) Both dated
30.04.2005 related to one and the same modification |
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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. |
By the present
modification the limit has been enhanced
from Rs. 5.100 millions to Rs. 5.483 millions and the details are
hereunder:
Rate of Interest: Term Loan:
Interest @1%p.a over the bank of India PTLR, minimum 11.75% p.a or at such
other rate of Interest as may be notified to them by the bank from time to
time. Guarantee As per
guidelines commission as applicable Repayment of term
Loan: Rs. 0.004
commencing from September 2005 until the entire is fully paid repaid. Margin: Term Loan : 20% Guarantee : 25% The existing
charges on : All the movable assets
/ property machinery / goods /stocks / rubber products, raw materials, etc
and all such movable assets /
property / machinery / goods/ stocks as may be acquired by the borrower at any time during the continuance of the agreement as security
of due repayment by the borrower to the bank. Stocks including
therein the stocks for the time being whether raw or manufacture And also all
producers goods and any and every tangible movable property of the borrower
whether now lying or at any time hereafter during the continuance of the
security lying or being in or about borrower premises and godowns at Chennai
or wherever else the same may be or be held by any party anywhere to the
order and disposition of the borrower or in course of transit to the borrower.
All movable
machinery and plant together with all accessories , stores and spares relating thereto , now, belonging , or
hereafter to belong to the borrower (both present and future) and whether
installed or not and whether lying loose or in oases or which may at
any time hereafter during the continuation of this security be installed or
lying whether loose at godowns or wherever else the same ma\y be or be
held by any party anywhere to the
order and disposition of the borrower
or in course of transit to the borrower hypothecated to the bank by way of
First charge and Extension of equitable mortgage by way of deposit of title
deeds of the company immovable properties i.e all the piece of land with
building , sheds and structures
standing thereon situated at No. D-2 and D -3 in JJ Nagar East,
industrial Estate, mogappair East, Chennai – 600 050 bounded on the :
The aforesaid
immovable properties of the company shall continue to secure as collateral
security for the enhanced limit of Rs. 5.483 millions together with Interest,
costs, charges and other expenses which may be debited to their accounts from
time to time. |
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WEBSITE DETAILS:
Profile
Established in the year 1966, the company is manufacturer, exporter and supplier
of molded rubber products. Portraying a unique strength to resist high
temperatures, flex, extreme weather conditions and abrasion, their products are
highly popular amongst their diverse customer base. The all encompassing
assortment of their products comprises rubber gaskets, o rings, seals, bellows,
grommets, rubber to meal bonded items, sleeves, bushes and rubber foots.
Products
Their products are manufactured using the best grades of raw materials
like Nitrile, EPDM, Silicone, Neoprene, Viton and NR. In their endeavour to
maintain quality in their products, great attention is paid to the source of
these materials. Hence, they import the raw materials from trusted vendors from
Germany, Korea and Japan. It is only when their quality is confirmed that they
are sent further for production. Their company is known for specialized
production, wherein they do not sell standard products but manufacture them as
per the requirement of the customers. Their impeccable products are known for
their:
· Cost effectiveness
· Raw material strength
· Durability
· Low temperature flexibility
· Reliability
Infrastructure
Their company takes pride in their state-of-the-art infrastructure that
comprises of an advanced manufacturing unit managed efficiently by a trained
human resource. Their machines are upgraded at regular intervals to keep them
in good shape and are in tune with the latest technological developments taking
place across the globe. They are using imported vacuum molding presses for
making critical seals. In addition to these, they have all the requisite
machinery for the following processes:
· Designing
· Engineering
· Prototyping
· Production
· Finishing
They are also supported by a highly talented human resource having
several years of experience behind them. Their dexterous team consists of
engineers, technocrats, designers, quality inspectors, administration staff,
marketing professionals and allied workers.
Applications Areas
Their wide assortment of products have become highly popular across
diverse industries. They are catering to the application needs of following
industries:
· Automotive industry
· Electronics industry
· White goods
· Defence industry
· Aerospace
· Hydraulics and pneumatic system
· Extreme high temperature applications
· Chemical and fluid resistance areas
· Maintenance applications
· Home appliances
Quality Assurance
They have stringent quality checking system in place that has earned
them the ISO/TS 16949:2002 certification. They have earned their accreditation from
DET NORSKE VERITAS CERTIFICATION, INC.(DNV) Houston, TX USA. Having a strict
quality process ensures that each of the products is tested on various
parameters such as:
· High and low temperature flexibility
· Ability to withstand extreme temperatures
· Durability
· Material strength
· Stress and strain properties
· Impact strength
· Insulation
· Density measurement
· Melt viscosity
· Demattia flex resistance
· Abrasion resistance
All the tests are performed at their in-house testing facility and NABL
approved laboratories that are equipped with latest tools and equipment for
testing. They also inspect the finished products for zero defect before
delivering them to the 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 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.42.24 |
|
UK Pound |
1 |
Rs.83.26 |
|
Euro |
1 |
Rs.65.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|