MIRA
INFORM REPORT
|
Report Date : |
28.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WERNER FINLEY PRIVATE LIMITED |
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Registered Office : |
9, Cauvery Nagar,
Kamakshipalya, Near Swayam Prabha Kalyana Mantapa, Magadi Road, Bangalore –
560 079, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.03.1993 |
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Com. Reg. No.: |
08-14171 |
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CIN No.: [Company
Identification No.] |
U33121KA1993PTC014171 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacture and
Exporter of Industrial Cooling Systems & Pollution Control Equipments ISO
9001 Certified. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 64000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
Financial position is good. Payments are correct and as per commitments. The company can be
considered good for any normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Radha |
|
Designation : |
Sales Co-ordinator |
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Date : |
14.05.2008 |
LOCATIONS
|
Registered Office : |
9, Cauvery Nagar,
Kamakshipalya, Near Swayam Prabha Kalyana Mantapa, Magadi Road, Bangalore –
560 079, Karnataka, India. |
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Tel. No.: |
91-80-23289889/
23288369 / 23288371 |
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Fax No.: |
91-80-23283191 |
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E-Mail : |
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Website: |
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Location : |
Rented |
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Sales Offices: |
Located at Delhi,
Pune |
DIRECTORS
|
Name : |
Mr. J R Gundu Rao
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Designation : |
Director |
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Address : |
1015, Gokhale Road, III stage, Rajeshwari Nagar, Bangalore 560098,
Karnataka, India |
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Date of Birth/Age : |
08.09.1942 |
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Date of Appointment : |
04.09.1995 |
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Name : |
Dr. C. M. Basavraj Yadav |
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Designation : |
Director |
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Address : |
119, 8th cross, 9th main, III stage, Rajeshwari
Nagar, Bangalore 560098, Karnataka, India |
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Date of Birth/Age : |
03.01.1971 |
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Date of Appointment : |
31.03.1993 |
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Name : |
Mr. Viplov J. G. |
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Designation : |
Director |
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Address : |
1015, Gokhale Road, III stage, Rajeshwari Nagar, Bangalore 560098,
Karnataka, India |
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Date of Birth/Age : |
01.07.1976 |
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Date of Appointment : |
29.09.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 01.09.2005]
|
Names of Shareholders |
|
No. of Shares |
|
Mr. J R Gundu Rao
|
|
20020 |
|
Dr. C. M. Basavraj Yadav |
|
20020 |
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Total |
|
40040 |
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Equity Share
Break-up [As on 31.03.2007] |
|
Percentage of
Holding |
|
Directors or relatives of the Directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and
Exporter of Industrial Cooling Systems & Pollution Control Equipments ISO
9001 Certified. |
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Exports : |
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Countries : |
v Africa v Singapore |
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Imports : |
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Products : |
Panel Air Conditioner |
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Countries : |
US |
GENERAL
INFORMATION
|
Suppliers : |
v
Kirloskar
Copeland Limited, India v
Tecumseh
Products Limited, India |
|
|
|
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Customers : |
v
TVS Motors Limited,
India v
Sundaram
Clayton Limited, India |
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No. of Employees : |
55 |
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Bankers : |
v IDBI Bank
Limited IDBI House, 58, Mission Road, Bangalore 560027 |
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Facilities : |
Term Loan |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. N. S. and Company Chartered Accountants |
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Address : |
94/A, II Floor, Karnataka Bank Building, Infantry Road, Bangalore
560001, Karnataka, India |
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Name : |
Mr. Srinivas Naidu Chartered Accountants |
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Address : |
Bangalore |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40040 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.400
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.667 |
9.857 |
7.920 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.067 |
10.257 |
8.320 |
|
|
LOAN FUNDS |
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1] Secured Loans |
0.345 |
0.546 |
0.000 |
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2] Unsecured Loans |
0.655 |
0.660 |
0.672 |
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TOTAL BORROWING |
1.000 |
1.206 |
0.672 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.067 |
11.463 |
8.992 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.143 |
2.334 |
0.977 |
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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 |
5.159
|
0.000 |
0.000 |
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Sundry Debtors |
14.618
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.891
|
0.000 |
0.000 |
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Other Current Assets |
0.676
|
14.801 |
12.534 |
|
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Loans & Advances |
4.936
|
2.295 |
2.807 |
|
Total
Current Assets |
28.280
|
17.096 |
15.341 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
13.356
|
7.967 |
7.326 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
13.356
|
7.967 |
7.326 |
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Net Current Assets |
14.924
|
9.129 |
8.015 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
17.067 |
11.463 |
8.992 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
89.483 |
75.842 |
59.491 |
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Total Income |
89.483 |
75.842 |
59.491 |
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Profit/(Loss) Before Tax |
5.809 |
1.527 |
2.850 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
5.809 |
1.527 |
2.850 |
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Expenditures : |
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Depreciation & Amortization |
0.646 |
0.358 |
0.221 |
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Other Expenditure |
83.028 |
73.957 |
56.420 |
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Total Expenditure |
83.674 |
74.315 |
56.641 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.49
|
2.01 |
4.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.49
|
2.01 |
4.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.09
|
7.86 |
17.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.14 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.89 |
0.96 |
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Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.14 |
2.09 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
v
EFD Induction Limited, Bangalore
v
G.H. Induction Limited, Chennai
v
Kenna Metal India Limited, Bangalore
OTHER
INFORMATION:-
|
PARAMETER |
DETAIL |
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Statutory
Approval |
|
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Income Tax Registration |
AAACW1842P |
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Central Sales Tax Registration |
0105119-2 |
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Service Tax registration |
MRS-CAI-AAACW1842PST001 |
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VAT / TIN Registration |
29350089205 |
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Import Export Code |
0798010851 |
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Name of Bank |
IDBI Bank |
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Current Account Number |
008102000001083 |
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Account Since |
5 Years |
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Emp PF Reg Number |
KN-BN-24210 |
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Credibility
Factors |
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India Mart Client Since |
1 Years |
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Trade
Affiliations |
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SSI Registration |
YES |
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Chambers of commerce Membership |
NO |
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Standard and
certifications |
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Quality Management Systems |
YES |
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Environment Management Systems |
YES |
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Product Certificates |
YES |
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Other Certificates |
ISO 9000:2001 |
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U33121KA1993PTC014171 |
|
Name of the
company |
WERNER FINLEY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
9, Cauvery Nagar,
Near Swayam Prabha Kalyana Mantapa, Magadi Road, Bangalore – 560 079,
Karnataka, India. |
|
Type of charge |
v
Book debts v
Others |
|
Particular of
charge holder |
v
Industrial
Development Bank of India Ground Floor,
IDBI House, No. 58, Mission Road, Bangalore 560027, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets |
|
Date of
instrument Creating the charge |
05.10.2007 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest @ BPLR
[present effective rate 13.25% p.a.] payable monthly. [b] Terms of
repayment Repayable in
demand [c] Margin As Applicable [d] Extent and
operation of the charge Charge extends on
all the assets throughout the period of sanctioned limits by way of first
charge |
|
Short particulars
of the property charged |
Hypothecation of
the whole of the present and future stocks of raw material, semi finished
goods, finished goods, work in progress, consumable stores, book debts,
machineries and all other movable assets belonging to the company situated at
No. 9, Cauvery Nagar, Kamakshipalya, Magadi Main Road, Bangalore 560079 |
|
Name of the company |
WERNER FINLEY PRIVATE LIMITED |
|
Presented
By |
Mr. J. R. Gundarao Mr. C.M.B. Yadav Mr. Sushil Prasad IDBI Bank Limited |
|
1) Date and description of instrument creating the change |
1] 06.06.2000 –
Loan Agreement 2] 06.06.200 –
Hypothecation Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.000
Millions |
|
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 |
1] First charge
on entire current and fixed assets of the company, present and future 2] Fixed deposits
to the tune of Rs. 2.000 Millions under lien to the Bank. |
|
5) Name and Address and description of the person entitled to the charge. |
IDBI Bank Limited IDBI House, 58, Mission Road, Bangalore 560027 |
|
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 |
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. 42.85 |
|
UK Pound |
1 |
Rs. 84.79 |
|
Euro |
1 |
Rs. 67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|