MIRA
INFORM REPORT
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Report Date : |
01.10.2008 |
IDENTIFICATION DETAILS
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Name : |
WELD METALS INDIA PRIVATE LIMITED |
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Registered Office : |
M-54, Chittaranjan Park, New Delhi - 110019 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.02.1996 |
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Com. Reg. No.: |
55-76338 |
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CIN No.: [Company
Identification No.] |
U27109DL1996PTC076338 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELW01101C DELW00631B DELW01315G |
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PAN No.: [Permanent
Account No.] |
AAACW1182E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Welding Products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 23000 |
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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. Business is active. The company can
be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
M-54, Chittaranjan Park, New Delhi - 110019, India |
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Tel. No.: |
91-11-26212122/ 91-124-4003391/ 4003392 |
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Fax No.: |
91-124-4003393 |
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E-Mail : |
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Website : |
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Factory : |
B-36, Phase V, Udyog Vihar, Industrial Area, Gurgaon,
Haryana |
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Tel. No.: |
91-124-25003391/25003392 |
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Fax No.: |
91-124-25003393 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rajat Malhotra |
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Designation : |
Director |
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Address : |
M-54, Chittaranjan Park, New Delhi - 110019, India |
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Date of Births/ Age : |
27.11.1961 |
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Date of Appointments: |
15.02.1996 |
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Email : |
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Name : |
Ms. Suman Sehgal |
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Designation : |
Director |
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Address : |
B-114 Gulmohar Park, New Delhi – 110 049, India |
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Date of Births/ Age : |
26.02.1956 |
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Date of Appointments: |
15.02.1996 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of
Shareholders |
No of Shares |
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Rajat Malhotra |
110100 |
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Suman Sehgal |
110100 |
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Total |
220200 |
(As on 31.03.2007)
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Category |
Percentage |
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Directors or
relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Welding Products |
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Products : |
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Brand Name : |
“Weldmetals” |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (30/60 days) |
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Purchasing : |
Cash, L/C or Credit (30 days) |
GENERAL
INFORMATION
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Suppliers : |
·
Rapsri Engineering Industries Limited, Bangalore,
Karnataka |
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Customers : |
·
Mul Denpro Limited · Hero Honda Motors Limited · Honda Siel Card India Limited · Kinetic Honda Motor Limited · Hyundai Motors India Limited · BPL Limited · LG Electronics Limited · Denso India Limited · Maruti Udyog Limited · Wheels India Limited · Samtel Color Limited · Bharat Maruti Limited · Tata Motors ·
Bajaj Auto Limited |
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No. of Employees : |
15 |
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Bankers : |
Barakhamba Road Branch, 17 Barakhamba Road, New Delhi – 110001, India
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
S. Saddy and Company Chartered Accountants |
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Address : |
A- 219, Som Datt Cjambers, 5 Bhikaji Cama Place, New Delhi
– 110066, India |
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Tel No.: |
91-11-26192122/ 26170226 |
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Email : |
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Associates/Subsidiaries : |
·
Weld Motors India Private Limited Gurgaon, Haryana, India |
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 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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220200 |
Equity Shares |
Rs.10/- each |
Rs.2.202 millions |
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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 |
2.202 |
2.202 |
2.202 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.347 |
1.135 |
0.437 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.549 |
3.337 |
2.639 |
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LOAN FUNDS |
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1] Secured Loans |
3.746 |
2.967 |
0.440 |
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2] Unsecured Loans |
14.900 |
12.850 |
10.100 |
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TOTAL BORROWING |
18.646 |
15.817 |
10.540 |
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DEFERRED TAX LIABILITIES |
0.003 |
0.038 |
0.065 |
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TOTAL |
23.198 |
19.192 |
13.244 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.911 |
5.488 |
3.363 |
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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 |
11.714
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8.912 |
7.611 |
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Sundry Debtors |
10.625
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8.860 |
5.150 |
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Cash & Bank Balances |
1.151
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0.094 |
1.189 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
10.409
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6.191 |
4.501 |
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Total
Current Assets |
33.899
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24.057 |
18.451 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.807
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9.702 |
8.249 |
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Provisions |
0.805
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0.651 |
0.325 |
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Total
Current Liabilities |
16.612
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10.353 |
8.574 |
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Net Current Assets |
17.287
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13.704 |
9.877 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
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TOTAL |
23.198 |
19.192 |
13.244 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
59.991 |
41.999 |
29.059 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
59.991 |
41.999 |
29.059 |
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Profit/(Loss) Before Tax |
1.981 |
1.249 |
0.942 |
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Provision for Taxation |
0.769 |
0.551 |
0.390 |
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Profit/(Loss) After Tax |
1.212 |
0.698 |
0.552 |
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Total Expenditure |
58.010 |
40.750 |
28.117 |
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 |
(%) |
2.02
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1.66 |
1.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.30
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2.97 |
3.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.98
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4.23 |
4.32 |
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Return on Investment (ROI) (PBT/Networth) |
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0.44
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0.37 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.75
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7.84 |
7.24 |
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Current Ratio (Current Asset/Current Liability) |
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2.04
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2.32 |
2.15 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U27109DL1996PTC076338 |
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Name of the company
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WELD METALS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
M-54, Chittaranjan Park, New Delhi – 110019, India |
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This form is for |
Modification of
Charge |
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Type of charge |
Book Debts Movable Property Stock, BD, P and
M, Current and Fixed Assets, EM |
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Particular of
charge holder |
Vijaya Bank Barakhamba Road Branch, 17 Barakhamba Road, New Delhi – 110001, India |
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Nature of
instrument creating charge |
Supplementary
Agreement, Agreement for Hypothecation of Stock and Book debts. |
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Date of
instrument Creating the charge |
01.11.2007 |
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Amount secured by
the charge |
Rs.5.000 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interests
: Interests is
chargeable at 14% p.a. at such other rates as may fixed by the bank from time
to time. Terms of
repayment: Repayable as per
Bank Norms Margin: Margin as per
Bank Norms Extent and
Operation of the charge: 100% Others: Hypothecation of
stocks, Book debts, Plant and Machinery, Other current and fixed assets and
e.m. of land bearing No.36 B, Phase –V, Udyog Vihar, Gurgaon and industrial
shed constructed thereon is to secure the CC (H) Limit of Rs.5.000 Millions
(Increased from Rs.3.000 Millions sanction to the company) |
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Particulars of
the property charged |
Hypothecation of stocks,
Book debts, Plant and Machinery, Other current and fixed assets and e.m. of
land bearing No.36 B, Phase –V, Udyog Vihar, Gurgaon and industrial shed
constructed thereon |
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Particulars of
the present modification |
The CC (H) Limit Secured
by this charge is Increased from Rs.3.000 Millions to Rs.5.000 Millions
security: Hypothecation of
stocks, Book debts, Plant and Machinery, Other current and fixed assets and
e.m. of land bearing No.36 B, Phase –V, Udyog Vihar, Gurgaon and industrial
shed constructed thereon. |
Website Details:
Profile:
India, the organisation subject having commenced operations
since 1995 in the field of manufacturing Resistance Welding Products.
Over the years, they have progressively continued providing quality products
range and graduated to become one of the manufacturing companies of its kind in
India.
When it comes to Auto Industries their brand “Weldmetals” is
the name to reckon with firmly etched in the minds of the customers not only in
India but all over the world.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.94 |
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UK Pound |
1 |
Rs.85.57 |
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Euro |
1 |
Rs.67.79 |
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 |
NO |
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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 |
YES |
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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
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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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