MIRA
INFORM REPORT
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Report Date : |
27.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
WHEELS SCAFFOLDING INDIA LIMITED |
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Formerly Known As : |
WHEELS FABRICATORS PRIVATE LIMITED |
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Registered Office : |
House No. 393 Sector 30 A, Chandigarh – 160 030 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.2001 |
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Com. Reg. No.: |
024179 |
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CIN No.: [Company
Identification No.] |
U28112CH2001PTC024179 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLW10147E |
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PAN No.: [Permanent
Account No.] |
AAACW5248B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturing and exporting of a wide range of scaffolding, shuttering
and form work systems. |
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 3240 |
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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. Trade relations are
fair. Payments are made regularly. The company can be considered good for normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Ajay Gupta |
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Designation : |
Director |
LOCATIONS
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Registered Office : |
House No. 393 Sector 30 A, Chandigarh – 160 030, India |
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Mobile No.: |
91-9417034830 / 9814406460 |
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Website : |
www.wslindia.com |
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Head Office : |
Plot No. D-144, Industrial Area, Phase-7, Mohali – 160 055 (Punjab),
India |
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Tel. No.: |
91-172-4656094, 2237094, 2236094, 258633, 2585821 |
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Fax No.: |
91-172 – 4656094, 2585821 |
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E-Mail : |
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Factory : |
Plot no. 262, Industrial Area, Phase - 1, Panchkhula |
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Tel. No.: |
91-172-2586753 / 2585821 |
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Fax No.: |
91-172-2585821 |
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Mobile No.: |
91-9417034830 / 9814406460 |
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E-Mail : |
info@wheelsfab.com,
ajay@wheelsfab.com |
DIRECTORS
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Name : |
Mr. Rakesh Gupta |
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Designation : |
Director |
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Address : |
393, Sector No. 30 A, Chandigarh – 160 030. |
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Date of Birth/Age : |
22.05.1971 |
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Date of Appointment : |
23.01.2001 |
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Name : |
Mr. Ajay Gupta |
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Designation : |
Director |
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Address : |
393, Sector No. 30 A, Chandigarh – 160 030. |
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Date of Birth/Age : |
04.03.1978 |
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Date of Appointment : |
23.01.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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As on 31.03.2007 |
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Names of Shareholders |
No. of Shares |
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Rakesh Gupta |
22450 |
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Ajay Gupta |
22450 |
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Devi Raj |
2550 |
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Babu Ram |
2550 |
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Total |
50000 |
Equity share breakup (percentage of total equity)
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As on 29.09.2007 |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
`
BUSINESS DETAILS
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Line of Business : |
Manufacturing and exporting of a wide range of scaffolding, shuttering
and form work systems. |
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Products : |
·
Scaffolding Tubes and Fittings ·
Kwickstage Systems ·
Cuplock Systems ·
Adjustable Telescopic Props ·
Adjustable Jacks |
GENERAL
INFORMATION
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Bankers : |
·
HDFC Bank Limited ·
Bank of India ·
State Bank of Patiala Grain Market, Sector 26, Chandigarh – 160
026 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Bhutoria Ganesan and Company Chartered Accountants SCF 174, Grain Market, Sector – 26, Chandigarh – 160 019. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 million |
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Total |
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Rs. 2.500
million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
0.500
million |
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Total |
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0.500 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 |
0.500 |
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 |
0.310 |
0.182 |
0.146 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.81 |
0.282 |
0.246 |
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LOAN FUNDS |
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1] Secured Loans |
1.887 |
2.260 |
2.207 |
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2] Unsecured Loans |
6.805 |
1.991 |
1.336 |
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TOTAL BORROWING |
8.692 |
4.251 |
3.543 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.502 |
4.533 |
3.789 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.923 |
2.393 |
1.848 |
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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 |
2.283
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3.059 |
2.018 |
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Sundry Debtors |
4.311
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0.201 |
0.012 |
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Cash & Bank Balances |
0.230
|
0.010 |
0.450 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.433
|
0.297 |
0.059 |
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Total
Current Assets |
7.257
|
3.567 |
2.539 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.150
|
1.199 |
0.577 |
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Provisions |
0.534
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0.236 |
0.030 |
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Total
Current Liabilities |
4.684
|
1.435 |
0.607 |
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Net Current Assets |
2.573
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2.132 |
1.932 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.008 |
0.009 |
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TOTAL |
9.502 |
4.533 |
3.789 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
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Sales and Other Income |
27.902 |
15.155 |
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Total Income |
27.902 |
15.155 |
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Profit/(Loss) Before Tax |
0.209 |
0.071 |
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Provision for Taxation |
0.080 |
0.035 |
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Profit/(Loss) After Tax |
0.129 |
0.036 |
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Expenditures : |
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Financial Charges |
0.404 |
0.215 |
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Other Expenditure |
27.289 |
14.869 |
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Total Expenditure |
27.693 |
15.084 |
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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 |
(%) |
0.46
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0.24 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.75
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0.47 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.47
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1.19 |
- |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.25 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
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16.51
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20.16 |
16.87 |
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Current Ratio (Current Asset/Current Liability) |
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1.55
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2.49 |
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LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
WHEELS SCAFFOLDING INDIA LIMITED |
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Presented By |
Sh Rakesh Gupta, Director |
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1) Date and description of instrument creating the change |
Agreement of Loan
for over all limit dated 23.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000 million |
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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 |
Equitable
Mortgage of Plot No. 262, Industrial Area Phase – I, Panchkhula in the name
of company. Hypothecation of
stocks of Raw Material, Stocks in Goods, Finished Goods |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 11.35% P.A. Repayable on
Demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Patiala Grain Market, Sector 26, Chandigarh – 160 026 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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Corporate
identity number (CIN) Foreign company registration number |
U28112CH2001PTC024179 |
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Name of the
Company |
WHEELS SCAFFOLDING INDIA LIMITED |
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Address |
House No. 393 Sector 30 A, Chandigarh – 160 030, India |
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This form is for |
Creation of
charge |
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Type of Charge |
·
Immovable
property ·
Others |
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Particulars of
the charge holder |
State Bank of
Patiala Grain Market, Sector 26, Chandigarh – 160 026 |
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Nature or
description of the instrument(s) creating or modifying the charge |
·
Deed of Guarantee
for over all limit ·
Letter
gerarding the grant of industrial limits within the overall limit ·
Confirmation
of deposit of title Deed |
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Date of the
instrument creating or modifying the charge |
30.03.2007 |
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Amount secured by
the charge |
Rs. 5.000 million |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest N.A. Terms of
repayment Repayment on
Demand Margin 25% Extent and
operation of the charge 100% Others Corporate guarantee
given by the company by way of equitable mortgage of Plot No. 262, Industrial
area, Phase1, Panchkula in favour of M/S Asian Scaffohding Systems. |
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Short particulars
of the property charged (including location of the property) |
Corporate guarantee
given by the company by way of equitable mortgage of Plot No. 262, Industrial
area, Phase1, Panchkula in favour of M/S Asian Scaffohding Systems. |
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Particular of the
present modification |
- |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.56 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.67.08 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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45 |
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 |
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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 |
|
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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