MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
WINCOAT COLOURS AND COATINGS PRIVATE LIMITED |
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Registered Office : |
S2/ 152, Vedant Commercial Complex, Pokhran Road No. 1, Vartak Nagar,
Thane (West) 400 606, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.05.1996 |
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Com. Reg. No.: |
11-99476 |
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CIN No.: [Company
Identification No.] |
U24100MH1996PTC099476 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEW01245G |
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PAN No.: [Permanent
Account No.] |
AAACW3035G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter, Importer and Dealer of Pharmaceutical
Confectionery Table Coating Readymix, Edible Synthetic and Natural Colours
and Edible Printing Inks. |
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 74300 |
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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 meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. Mr. Kranti declined to part with other information despite of the fact
that the name of IndiaMart was given. |
INFORMATION PARTED
BY
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Name : |
Mr. Kranti |
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Designation : |
Finance Manager |
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Date : |
26.05.2008 |
LOCATIONS
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Registered Office : |
S2/ 152, Vedant Commercial Complex, Pokhran Road No. 1, Vartak Nagar,
Thane (West) 400 606, Maharashtra, India
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E-Mail : |
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Website : |
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Head Office : |
A 406, Building No. 1, Kapila Vastu, Kolbad Road, Thane (West) 400
601, Maharashtra, India |
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Corporate Office/ Factory : |
D-24, MIDC, Additional Ambernath Industria Area, Ambernath (East),
Thane, Maharashtra, India |
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Tel. No.: |
91-251-2620997 / 5652535 |
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Fax No.: |
91-251-2621778 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pradeep M. Tamhane |
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Designation : |
Chairman and Managing Director
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Address : |
A – 406, Building No. 11, Kapila Vastu, Kolbad Road, Thane (West),
Mumbai 400 601, Maharashtra, India |
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Date of Birth/Age : |
26.01.1950 |
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Qualification : |
Graduate |
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Date of Appointment : |
13.05.1996 |
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Name : |
Mrs. Malati M. Tamhane |
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Designation : |
Director |
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Address : |
15/ 17, M H B Colony, Tilak Nagar, Chembur, Mumbai 400 089,
Maharashtra, India |
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Date of Birth/Age : |
11.11.1932 |
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Qualification : |
Graduate |
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Date of Appointment : |
13.05.1996 |
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Name : |
Mrs. Prachi Pradeep Tamhane |
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Designation : |
Independent Director |
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Address : |
Flat No. 143, 14th Floor, Sharmistha Tower II, Service Road,
Tarangan, Thane (West) 400 601, Maharashtra, India |
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Date of Birth/Age : |
27.06.1953 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.08.2007 |
KEY EXECUTIVES
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Name : |
Mr. Kranti |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 18.11.2003
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Names of Shareholders |
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No. of Shares |
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Mr. Pradeep M. Tamhane |
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8810 |
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Mrs. Malati M. Tamhane |
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10 |
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Total |
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8820 |
As on 30.09.2007
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Dealer of Pharmaceutical
Confectionery Table Coating Readymix, Edible Synthetic and Natural Colours
and Edible Printing Inks. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
Geranyu, Bangladesh, Ghana, South Africa |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C, D/A, CAA upto 30-60-90 days basis |
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Purchasing : |
On Advance by T/T |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
About 25 |
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Bankers : |
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Facilities : |
Subject enjoys C/C limit from Canara Bank. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. B. Athawale and Company Chartered Accountants |
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Address : |
Sanjeevanee, 2nd Floor, Opp Bank of Baroda, Gokhale Road,
Thane (West) 400 602, Maharashtra, India |
CAPITAL STRUCTURE
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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8820 |
Equity Shares |
Rs. 100/- each |
Rs. 0.882 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 |
0.882 |
0.882 |
0.882 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.688 |
11.312 |
5.938 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.570 |
12.194 |
6.820 |
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LOAN FUNDS |
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1] Secured Loans |
0.754 |
1.167 |
1.542 |
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2] Unsecured Loans |
0.697 |
1.441 |
1.440 |
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TOTAL BORROWING |
1.451 |
2.608 |
2.982 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
20.021 |
14.802 |
9.802 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.950 |
6.399 |
6.613 |
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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 |
2.787
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1.261 |
2.091 |
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Sundry Debtors |
29.956
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25.506 |
19.251 |
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Cash & Bank Balances |
1.208
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1.045 |
0.051 |
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Other Current Assets |
7.145
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5.075 |
3.648 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
41.096
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32.887 |
25.041 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.488
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16.231 |
16.764 |
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Provisions |
12.537
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8.271 |
5.125 |
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Total
Current Liabilities |
27.025
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24.502 |
21.889 |
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Net Current Assets |
14.071
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8.385 |
3.152 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.018 |
0.037 |
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TOTAL |
20.021 |
14.802 |
9.802 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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2.53
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3.22 |
4.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.52
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1.34 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
WINCOAT COLOURS AND COATINGS PRIVATE LIMITED |
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Presented By |
Sangli Bank Limited |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of stock in trade dared 19.06.2001 Agreement of tangible movable property (packing credit) in the form of stock in trade dated 19.06.2001 Agreement for export bills (post shipment) dated 19.06.2001 aggregating Rs. 1.000 million Agreement for Inland bills discounting dated 19.06.2001 for Rs. 2.000 millions Secured term loan agreement dated 19.06.2001 for Rs. 2.000 millions against equitable mortgage of factory land and building, plant and machinery situated at D-24, MIDC, Additional Ambernath Industrial Area, Ambernath, Thane All the agreement executed for creating charge in favour of the Sangli Bank Limited for Rs. 5.000 millions. |
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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 |
Hypothecation of stock in trade Bills drawn and accepted by reputed parties Equitable mortgage of factory land and building, plant and machinery situated at D-24, MIDC, Additional Ambernath Industrial Area, Ambernath, Thane |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As above to secure the loan amount upto Rs. 5.000 millions alongwith interest @ 17% p.a. |
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5) Name and Address and description of the person entitled to the charge. |
Sangli Bank Limited Shanta Sadan, Gokhale Road, Naupada, Thane 400 602, 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:
- Cadila Pharma
- Cadila Healthcare
- Nicolas Piramal
AS PER WEB:
Profile
Subject is engaged in manufacturing Readymix for Tablet Coating. The
range comprises of functional and non-functional coatings, with special emphasis
on environmental friendly and cost effective aqueous coatings.
The company began in 1993 by the name Tamhane Coatings and subsequently
merged with Wincoat Colours and Coatings Private Limited. In 1997 operations
were initiated from its ultra modern production facility at Ambernath,
Maharashtra - about 60 kms. from Mumbai city.
Their production facility is well equipped with the latest Technology
and Instrumentation for Research and Development. Jet Milling, Computerized
Colour Matching and pilot scale coating facilities are installed.
The company's premises and operations were approved and was the first in
its category to be granted a manufacturing license from Food and Drug
Administration, Maharashtra, India.
The company was awarded "UdyogShree" in the year 2001 by the
state Government for excellence and outstanding contribution in Business
Development.
Award
Wincoat Colours and Coatings Private Limited has been awarded the
prestigious GMP certification by WHO
Certificate No. : WHO-GMP-CERT/KD/36
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.84 |
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UK Pound |
1 |
Rs.84.78 |
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Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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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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52 |
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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