MIRA
INFORM REPORT
|
Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WIRECOM INDIA PRIVATE LIMITED |
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Registered Office : |
27-39, Sethi Industrial Estate, 10-E, Suren Road, Near Cinemagic
Cinema, Andheri (East), Mumbai - 400093, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.10.1996 |
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Com. Reg. No.: |
103472 |
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CIN No.: [Company
Identification No.] |
U28992MH1996PTC103472 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW01806A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Spring Sheet and Metal
Components |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 23676 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company but has not filed any
financials with Government departments after 2003. Management parted general information
but declined to part with latest financials. Payments are reported as slow
but correct. The company can be considered for small business dealings initially |
INFORMATION PARTED
BY
|
Name : |
Mr. Bhadresh Bhatt |
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Designation : |
Accounts Manager |
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Date : |
23.05.2008 |
LOCATIONS
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Registered Office/ Factory : |
27-39, Sethi Industrial Estate, 10-E, Suren Road, Near Cinemagic
Cinema, Andheri (East), Mumbai - 400093, Maharashtra, India |
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Tel. No.: |
91-22-26839222/ 26844867/ 66943273/ 28367078/ 28200678 |
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Mobile No.: |
91-9821041750 |
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Fax No.: |
91-22-26833167 |
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E-Mail : |
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Website : |
http://www.indiamart.com/wirecom |
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Area : |
450 sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Bharat P. Shah |
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Designation : |
Director |
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Address : |
39, Sethi Industrial Estate, 10-E, Suren Road, Near Cinemagic Cinema, Andheri
(East), Mumbai - 400093, Maharashtra, India |
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Date of Birth/Age : |
56 years |
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Qualification : |
B. Com |
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Name : |
Mrs. Jyoti B. Shah |
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Designation : |
Director |
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Address : |
39, Sethi Industrial Estate, 10-E, Suren Road, Near Cinemagic Cinema,
Andheri (East), Mumbai - 400093, Maharashtra, India |
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Date of Birth/Age : |
54 years |
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Qualification : |
B. Com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Spring Sheet and Metal
Components |
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Products : |
· Spring Sheet · Metal Components |
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Exports : |
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Products : |
All Products |
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Countries : |
Dubai |
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Imports : |
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Products : |
Wire |
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Countries : |
Swedan |
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Terms : |
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Selling : |
Against Payment |
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Purchasing : |
Against Payment |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
100 |
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Bankers : |
· BOB (Bank of
Baroda) Chakala Branch, Sattam Industrial Estate, Andheri (East), Mumbai -
400099, Maharashtra, India |
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Facilities : |
CC – Rs.18.500 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manish P. Mehta and Company Chartered Accountant |
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Address : |
Kalbadevi, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.000 |
2.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.919 |
3.316 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.919 |
5.316 |
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LOAN FUNDS |
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1] Secured Loans |
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14.951 |
11.670 |
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2] Unsecured Loans |
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6.303 |
5.150 |
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TOTAL BORROWING |
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21.254 |
16.820 |
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DEFERRED TAX LIABILITIES |
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2.081 |
1.593 |
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TOTAL |
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29.254 |
23.729 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.220 |
14.981 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.196 |
4.009 |
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Sundry Debtors |
|
6.692 |
7.155 |
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Cash & Bank Balances |
|
0.436 |
0.104 |
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Other Current Assets |
|
0.421 |
0.248 |
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Loans & Advances |
|
2.067 |
1.785 |
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Total
Current Assets |
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14.812 |
13.301 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.441 |
4.334 |
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Provisions |
|
0.337 |
0.221 |
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Total
Current Liabilities |
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3.778 |
4.555 |
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Net Current Assets |
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11.034 |
8.746 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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29.254 |
23.729 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover(Including Other Income) |
|
32.992 |
28.678 |
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Total Income |
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32.992 |
28.678 |
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Profit/(Loss) Before Tax |
|
1.276 |
1.521 |
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Provision for Taxation |
|
0.184 |
0.173 |
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Profit/(Loss) After Tax |
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1.092 |
1.348 |
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Expenditures : |
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Cost of Goods Sold |
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12.810 |
11.463 |
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Manufacturing Expenses |
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6.840 |
5.785 |
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Employees Remuneration and Benefits |
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2.222 |
1.857 |
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Administrative Expenses |
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1.453 |
1.546 |
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Raw Material Consumed |
|
0.754 |
0.677 |
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Financial Expenses |
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1.906 |
1.095 |
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Interest |
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0.062 |
0.089 |
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Insurance Expenses |
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4.217 |
3.745 |
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Power & Fuel |
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1.448 |
0.897 |
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Depreciation & Amortization |
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0.004 |
0.003 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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31.716 |
27.157 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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3.31 |
4.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.87 |
5.30 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.86 |
5.38 |
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Return on Investment (ROI) (PBT/Networth) |
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0.21 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.23 |
4.02 |
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Current Ratio (Current Asset/Current Liability) |
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3.92 |
2.92 |
LOCAL AGENCY
FURTHER INFORMATION
Trust seal Acceptance Chart:
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Parameters |
Details |
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Statutory Approvals |
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Income Tax
Registration (PAN) |
AAACW1957D |
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Central Sales
Tax Registration |
27460008425C |
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TIN Registration |
27460008425V |
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Excise
Registration |
AAACW1957DXM001 |
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Import Export
Code |
0399046585 |
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Name of Bank |
BOB (Bank of
Baroda) |
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Current Account
Number |
05880500000018 |
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Account Since |
1996 on wards |
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Emp PF
Registration Number |
MH91821 |
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Company ESI
Registration Number |
3507757- LOMOROL |
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Credibility Factors |
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Indiamart Client
Since |
7 year |
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Trade Affiliations |
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SSI Registration |
YES |
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Export Promotion
Council |
NO |
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Chambers of
Commerce Membership |
NO |
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Standards and Certifications |
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Quality Management Systems |
YES |
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Environment Management Systems |
NO |
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Safety Certificates |
NO |
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Products Certificates |
NO |
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Other Certificates |
ISO – 9002:2000 |
Trade Reference:
· Schnteider Electrical Private Limited, Nashik and Chennai
· Goderaj and boyce Manufacturing Company, Vikroli and Goa
· Enchore Group, Haridwar and Daman
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U28992MH1996PTC103472 |
|
Name of the
Company |
WIRECOM INDIA PRIVATE LIMITED |
|
Address |
27-39, Sethi Industrial Estate, 10-E, Suren Road, Near Cinemagic
Cinema, Andheri (East), Mumbai, Maharashtra, India |
|
This form is for |
Modification of Charge |
|
Type of Charge |
Equitable Mortgage or Mortgage of Property by depositing the title
deeds Hypothecation |
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Particulars of
the charge holder |
Bank of Baroda Chakala Branch,
Sattam Industrial Estate, Cardinal Gracious Road, Andheri (East), Mumbai –
400099, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Further
supplemental memorandum of deposit of title deeds |
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Date of the
instrument creating or modifying the charge |
11.07.2006 |
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Amount secured by
the charge |
Rs.8.740 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
The charge is
created to secure various g=facilities Interests: 0.50%
below BPLR i.e. 11.50% p.a. on Cash Credit, 1.25% above BPLR i.e. 12.25% on
Term Loan I, II and III and 0.25% above BPLR i.e. 11.25% |
|
Short particulars
of the property charged (including location of the property) |
Immovable
Property Plant and
Machinery Furniture and
Fixture Book Debts Vehicles The whole of the
borrower stocks, both present and future such as Industrial Spring etc, and
all the present future Book debts etc and all the tangible movable machinery
and plant and the vehicles of the borrower together with spares, tools and
accessories and other movable both present and future and all that ownership
industrial Unit No.39 adm. 300 sq. ft on 3rd Floor, and Unit
No.31, on 2nd Floor of Sethi Industrial Estate Prem Co-op Socety
Limited, at 10-E Suren Road, Andheri (E), Mumbai – 400093, India |
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Particular of the
present modification |
Charge on
Immovable properties in increased upto Rs.18.019 Millions ro cover CC –
Rs.6.500 Millions T/L I Rs.2.696 Millions T/L II Rs.0.248 Million, T/L II
Rs.4.200 Millions T/L IV Rs.3.675 Millions and Gtee Rs.0.700 Million |
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.42.85 |
|
UK Pound |
1 |
Rs.84.74 |
|
Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|