MIRA
INFORM REPORT
|
Report Date : |
03.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THE NATIONAL WIRE HEALD WORKS PRIVATE LIMITED |
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Registered Office : |
54/56, Hill Side, Next To Film Centre Tardeo Road, Mumbai – 400 034,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.06.1952 |
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Com. Reg. No.: |
11-8856 |
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CIN No.: [Company
Identification No.] |
U31300MH1952PTC008856 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT09614D / MUMT10870G |
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PAN No.: [Permanent
Account No.] |
AAACT6131E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Healds and Drop Wires |
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 112000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. The company
had incurred a loss as per its last financials of 31.03.2007. Payments are
however reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. H M Hoosein |
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Designation : |
Director |
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Date : |
03.05.2008 |
LOCATIONS
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Registered Office : |
54/56, Hill Side, Next To Film Centre Tardeo Road, Mumbai – 400 034,
Maharashtra, India |
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Tel. No.: |
91-22-65804521 (3 lines) |
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Fax No.: |
91-22-23511613 |
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E-Mail : |
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Website : |
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Factory : |
Safad Pool Mohili Village, Kurla – Andheri Road, Mumbai 400 072, Maharashtra , India |
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Tel. No.: |
91-22-28511235 |
DIRECTORS
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Name : |
Mr. Adil F Gotla |
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Designation : |
Director |
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Address : |
9 Lotus Court , J Tata road, Churchgate, Mumbai – 400 020, Maharashtra
, India |
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Date of Birth/Age : |
05.01.1968 |
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Date of Appointment : |
01.04.1996 |
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Date of Ceasing: |
05.10.2005 |
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Name : |
Mr. Minoo Daver |
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Designation : |
Director |
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Address : |
191 Mont Blanc, Dadyseth Hill, august kranti Marg., Mumbai – 400 030,
Maharashtra , India |
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Date of Birth/Age : |
20.10.1937 |
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Date of Appointment : |
22.08.2000 |
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Name : |
Mr. Hoiz Hoosein |
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Designation : |
Director |
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Address : |
141, Casablanca Apartment, Cuffe Parade, Mumbai – 400 005,
Maharashtra, India |
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Date of Birth/Age : |
06.03.1931 |
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Date of Appointment : |
21.09.2001 |
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Name : |
Mr. Hosie Mohamedbhoy Hoosein |
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Designation : |
Director |
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Address : |
151, dial Mahal Dalamal park, Cuffe parade, Colaba, Mumbai – 400 005,
Maharashtra, India |
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Date of Birth/Age : |
14.04.1943 |
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Date of Appointment : |
01.02.1978 |
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Name : |
Mr. Kersi Nariman Munshi |
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Designation : |
Director |
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Address : |
E /17, Rustom Baug, Sant Savita Marg, Mumbai – 400 027, Maharashtra,
India |
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Date of Birth/Age : |
03.10.1943 |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Khusru JehaNGIR Gotla |
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Designation : |
Director |
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Address : |
618, Jami Lodge, Jami Jamshed Road, Parsi Colony, Dadar, Mumbai – 400
014, Maharashtra, india |
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Date of Birth/Age : |
17.09.1945 |
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Date of Appointment : |
01.04.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Jehangir B Gotia Joint Mrs. Katie Jehangir
Gotia |
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1060 |
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Mrs. Farida F Gotla Joint Mr. Adil F Gotla Joint Mrs. Kamalrukh A Gotla |
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2592 |
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Mrs. Farisa Furokh Gotla Joint Ms. Maharukh F Gotla |
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1200 |
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Mrs. Katie Jehangir Gotla Joint Mr. Jehangir B Gotla |
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1836 |
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Mr. Minoo D Daver Joint Mrs. Dina M Daver |
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4800 |
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M/S Daver Investment Private Limited |
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1515 |
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Mrs. Dilnavaz M Daver Joint Ms. Roxana M Daver Joint Ms Tannaz M Daver |
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1200 |
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Mr. Hosie M Hoosein Joint Mrs. Rehana H Hoosein |
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1890 |
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Others |
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10307 |
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Total
|
26400 |
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 of Healds and Drop Wires |
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Products : |
· Brand Steel Wire Healds · Brand Flat Wire Healds · Brand Drop Wires
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GENERAL
INFORMATION
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Bankers : |
The Zoroastrian Co-operative Bank Limited Tardeo Branch,
Building No. 7, Ground Floor, Gamadia Colony, Tardeo, Mumbai – 400 007,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M H Contractor Chartered Accountants |
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Address : |
Jash Chamber, 3rd Floor, 7 Sir P M Road, Fort, Mumbai – 400
001, Maharashrtra,. India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26400 |
Equity Shares |
Rs. 100/-
each |
Rs.2.640
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.640 |
2.640 |
2.640 |
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2] Share Application Money |
0.000 |
0.000 |
31.760 |
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3] Reserves & Surplus |
25.196 |
26.489 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.836 |
29.129 |
34.400 |
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LOAN FUNDS |
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1] Secured Loans |
12.306 |
17.626 |
15.418 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
12.306 |
17.626 |
15.418 |
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DEFERRED TAX LIABILITIES |
2.496 |
3.396 |
0.000 |
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TOTAL |
42.638 |
50.151 |
49.818 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.609 |
15.516 |
15.309 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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 |
18.968
|
11.830 |
15.361 |
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Sundry Debtors |
8.753
|
17.855 |
16.084 |
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Cash & Bank Balances |
10.283
|
10.063 |
9.900 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.475
|
12.043 |
5.739 |
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Total
Current Assets |
43.479
|
51.791 |
47.084 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.764
|
14.642 |
10.541 |
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Provisions |
2.786
|
2.614 |
2.134 |
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Total
Current Liabilities |
14.550
|
17.256 |
12.675 |
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Net Current Assets |
28.929
|
34.535 |
34.409 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.638 |
50.151 |
49.818 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
51.203 |
68.372 |
65.011 |
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Other Income |
0.000 |
8.063 |
0.692 |
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Total Income |
51.203 |
76.435 |
65.703 |
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Profit/(Loss) Before Tax |
[2.021] |
0.903 |
7.698 |
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Provision for Taxation |
0.000 |
0.534 |
1.973 |
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Profit/(Loss) After Tax |
[2.021] |
0.369 |
5.725 |
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Export Value |
2.349 |
4.319 |
7.393 |
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Expenditures : |
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Raw Material Consumed |
NA |
27.706 |
27.193 |
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Purchases made for re-sale |
NA |
NA |
NA |
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Salaries, Wages, Bonus, etc. |
NA |
10.762 |
10.904 |
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Managerial Remuneration |
NA |
0.907 |
1.037 |
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Payment to Auditors |
NA |
0.112 |
0.059 |
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Interest |
1.237 |
1.679 |
0.784 |
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Insurance Expenses |
NA |
0.181 |
0.231 |
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Power & Fuel |
NA |
2.628 |
2.578 |
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Depreciation & Amortization |
1.189 |
NA |
NA |
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Other Expenditure |
50.799 |
31.554 |
15.215 |
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Total Expenditure |
53.225 |
75.529 |
58.001 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[3.95]
|
0.48 |
8.71 |
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Net Profit Margin (PBT/Sales) |
(%) |
[3.95]
|
1.32 |
11.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[3.53]
|
1.34 |
12.32 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.07]
|
0.03 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.96
|
1.19 |
0.82 |
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Current Ratio (Current Asset/Current Liability) |
|
2.98
|
3.00 |
3.71 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Name of the
company |
THE NATIONAL WIRE HEALD WORKS PRIVATE
LIMITED |
|
Presented By |
The Zoroastrian
Co-operative Bank Limited, Tardeo Branch, Mumbai |
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1) Date and description
of instrument creating the change |
Hypothecation
agreement Dated 31.01.2005 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 5.000
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
hypothecated in favour of the bank goods such as cold rolled hardened and
tempered high carbon steel strips purchased from their suppliers abroad under
L/C and all tangible movables machinery and plant , movable property of any
kind belonging to the borrower which now or hereinafter from time to time during this security
shall be brought in stored installed or lying loose or be in or about the
borrower premises or godowns at Safad Pool , Mohili Village, Kurla – Andheri
Road, Mumbai – 400 072 and / or in transit or with borrowers, agents or
wherever else they be and all book debts , outstanding receivable by the
borrower. |
|
4) Gist of the terms
and conditions and extent and operation of the charge. |
Interest at the rate of 3.5% points over
the Bank MLR subject to a minimum of 14.5% per annum and / or at such other
rate as may be prescribed by the bank from time to time for the import letter
of credit (60 days, DA basis) limit of Rs. 5.000 millions granted by the bank
to the company Margin: 20% |
|
5) Name and
Address and description of the person entitled to the charge. |
The Zoroastrian Co-operative Bank Limited Tardeo Branch, Building No. 7, Ground
Floor, Gamadia Colony, Tardeo, Mumbai – 400 007 |
|
6) Date and brief description of instrument
modifying the charge |
Supplemental Deed
of hypothecation (I) additional limit Dated 18.01.2006 |
|
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. |
The original
charge dated 31st January 2005 for Rs. 5.000 millions is hereby
modified by granting an additional sum of Rs. 1.500 millions thereby
enhancing the Import Letter of credit limit from Rs. 5.000 millions to Rs.
6.500 millions and all those the movables specified in the principal deed of
hypothecation shall constitute security to the bank not only for originals
advance / limit but also for the additional advance / limit of Rs. 1.500
millions granted by the bank to the company. |
WEBSITE DETAILS:
The company was established in
1952, it is manufacturer of Healds and Drop Wires.
The company initially started
with the production of Twisted Twin Wire Healds for Shuttle and Power Looms
under the brand name "KEY". To cater to the growing market needs,
they went on to manufacture all types of Flat Steel Healds - Simplex / Duplex
in 'C' / 'J' / 'O' types for Shuttleless Weaving Machines and Drop Wires.
Subject meets its customers needs with unmatched products, stringent quality
control systems, a skilled and efficient workforce and highly competitive
prices.
Their Healds and Drop Wires are exported to leading sophisticated textile
producing Countries in Europe, West Asia and South East Asia.
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.40.65 |
|
UK Pound |
1 |
Rs.80.35 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|