MIRA
INFORM REPORT
|
Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WEX TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
37-38, Bandal Dhankude Plaza, S No. 97/8/1, Near PMT Bus Depot, Paud
Road, Kothrud, Pune – 411 038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.03.2001 |
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Com. Reg. No.: |
25-15940 |
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CIN No.: [Company
Identification No.] |
U24231PN2001PTC015940 |
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IEC No.: |
3102000487 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEW00347E |
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PAN No.: [Permanent
Account No.] |
AAACW3445L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Water treatment chemicals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 73000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Shekhar Patki |
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Designation : |
Director |
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Contact No.: |
91-9822546353 |
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Date : |
15.10.2008 |
LOCATIONS
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Registered Office : |
37-38, Bandal Dhankude Plaza, S No. 97/8/1, Near PMT Bus Depot, Paud
Road, Kothrud, Pune – 411 038, Maharashtra, India |
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Tel. No.: |
91-20-25285635 |
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Fax No.: |
91-20-25285639 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Factory : |
W-4, MIDC, Kurukbh, Tal-Daund, Pune – 411 038, Maharashtra, India |
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Tel. No.: |
91-20-25285635 |
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Mobile No.: |
91-9822546353 |
DIRECTORS
|
Name : |
Mr. Dhrubojoti A Banerjee |
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Designation : |
Director |
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Address : |
A-1, Nikash Skies, Someshwar Wadi, Pune – 411 007, Maharashtra, India |
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Date of Birth/Age : |
08.11.1954 |
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Date of Appointment : |
20.09.2006 |
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Name : |
Mr. Shekhar S Patki |
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Designation : |
Director |
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Address : |
E/C/1, Shree Nagari, Behind Appu Ghar, Nigdi, Pune – 411 044,
Maharashtra, India |
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Date of Birth/Age : |
05.07.1958 |
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Date of Appointment : |
08.03.2001 |
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Name : |
Mr. Satish H Kulkarni |
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Designation : |
Director |
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Address : |
Om Plot No. 17, Shri Hari Co-Op. Hsg. Soc., Shridhar Nagar,
Dhankawadi, Pune – 411 043, Maharashtra, India |
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Date of Birth/Age : |
04.08.1958 |
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Date of Appointment : |
08.03.2001 |
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Name : |
Mr. Uddhav B Harmunje |
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Designation : |
Director |
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Address : |
A-102, DSK Chanderdeep, Mukund Nagar, Narali Baug, Pune – 411 011,
Maharashtra, India |
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Date of Birth/Age : |
05.11.1952 |
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Date of Appointment : |
08.03.2001 |
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Name : |
Mr. Sandip P Gokhale |
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Designation : |
Director |
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Address : |
1120, Shukrawar Peth, Sathe Colony, Pune – 411 001, Maharashtra, India |
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Date of Birth/Age : |
09.08.1953 |
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Date of Appointment : |
30.09.2003 |
KEY EXECUTIVES
|
Name : |
Kailas Prajot |
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Designation : |
Company Secretary |
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Address : |
529/1, 2nd Floor, Shraddha Chambers, Near Ramakrishna Math,
Opp. Dandekar Bridge, Sinhagad Road, Pune – 411 030, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Dhrubojit A Banerjee |
90000 |
|
Shekhar S Patki |
90000 |
|
Satish H Kulkarni |
90000 |
|
Uddhav B Harmunje |
90000 |
|
Sandip P Gokhale |
90000 |
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Total |
450000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Water
treatment chemicals. |
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Products : |
·
Water Pretreatment Chemicals ·
Boiler Water Treatment Chemicals ·
Cooling Water Treatment Chemicals ·
Effluent Water Treatment Chemicals ·
Reverse Osmosis Membrane Protection and Maintenance Chemicals ·
Boiler Fireside Treatment |
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Terms : |
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Selling : |
Credit (60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
48 (In Office 40 and In Factory 8) |
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Bankers : |
Bank of India Pashan Road Branch, Pune – 411 008, Maharashtra, India HDFC Bank |
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Facilities : |
CC Rs.35.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S H Sane and Company Chartered Accountants |
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Address : |
Office 1375, Sadashiv Peth, Shanta Laxman Apartments, Near Chimnya
Ganapati, Next to Bansod Mango House, Pune – 411 030, Maharashtra, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
4.500 |
4.300 |
3.300 |
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2] Share Application Money |
0.000 |
0.200 |
0.800 |
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3] Reserves & Surplus |
10.107 |
4.369 |
2.795 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.607 |
8.869 |
6.895 |
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|
LOAN FUNDS |
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1] Secured Loans |
14.573 |
19.897 |
13.563 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
14.573 |
19.897 |
13.563 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.046 |
0.047 |
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TOTAL |
29.180 |
28.812 |
20.505 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.518 |
10.649 |
7.010 |
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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 |
9.341
|
7.008 |
7.397 |
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Sundry Debtors |
21.749
|
21.012 |
20.036 |
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Cash & Bank Balances |
2.727
|
6.128 |
0.935 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
6.326
|
2.952 |
3.211 |
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Total
Current Assets |
40.143
|
37.100 |
31.579 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
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Current Liabilities |
18.813
|
17.669 |
17.197 |
|
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Provisions |
4.668
|
1.268 |
0.900 |
|
Total
Current Liabilities |
23.481
|
18.937 |
18.097 |
|
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Net Current Assets |
16.662
|
18.163 |
13.482 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.013 |
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|
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|
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TOTAL |
29.180 |
28.812 |
20.505 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales and Other Income |
|
130.104 |
105.077 |
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Total Income |
|
130.104 |
105.077 |
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Profit/(Loss) Before Tax |
|
9.138 |
3.452 |
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Provision for Taxation |
|
3.400 |
1.339 |
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Profit/(Loss) After Tax |
|
5.738 |
2.113 |
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Expenditures : |
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Depreciation & Amortization |
|
1.793 |
1.375 |
|
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Other Expenditure |
|
119.173 |
100.250 |
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Total Expenditure |
|
120.966 |
101.625 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.41
|
2.01 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.02
|
3.29 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.35
|
7.23 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.63
|
0.39 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.61
|
4.38 |
4.59 |
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Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.96 |
1.74 |
LOCAL AGENCY
FURTHER INFORMATION
|
Additional
Requirement of Indiamart for Trust-Seal |
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Service Tax No. : -- |
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Excise Registration No.: AAACW3445L XM001 |
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VAT / TIN : 27300399132 V 01.04.2006 |
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IEC Code : 3102000487 |
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PAN / TAN : AAACW3445L |
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Bank Name : HDFC Bank |
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Bank Address : Pune |
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Bank A/c. No.: 052232000438 |
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Account Since : 7 Years |
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In case of any affiliations / memberships / certifications : |
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Name : -- |
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Type : ISO 9001:2000 |
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Expiry Date : 01.03.2010 |
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Note :
The Registered Office of the company has been shifted from A-1 Nikash
Skies, Someshwarwadi, Pune – 411 007, Maharashtra, India to the present address
w.e.f. 20.09.2006.
Trade References
·
Reliance Industries Limited
·
Reliance Infrastructure Private Limited
Form No. 8
|
Name of the company |
WEX TECHNOLOGIES PRIVATE LIMITED |
|
Presented By |
Mr. Shekhar
Patki, Director |
|
1) Date and description of instrument creating the change |
Agreement of Term
Loan and Hypothecation of movable assets / goods / property / plant and
machinery dated 26th February, 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of
RS.0.820 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 |
Hypothecation of
Spectrophotometer and other equipments and machinery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
·
Rs.0.820
million payable in 35 monthly equal installments of RS.0.023 million each,
commencing after due one month of disbursement and last such installment of
Rs.0.022 million will be paid on 26.03.2007. ·
Interest
payable at 1.25% p.a. other the BPLR subject to a minimum of 12.00% p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Pashan Road
Branch, Pune – 411 008, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
N.A. |
|
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. |
|
Corporate
identity number of the company |
U24231PN2001PTC015940 |
|
Name of the
company |
WEX TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
37-38, Bandal Dhankude Plaza, S No. 97/8/1, Near PMT Bus Depot, Paud
Road, Kothrud, Pune – 411 038, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of India Pashan Road Branch, Pune – 411 008, Maharashtra, India |
|
Nature of
instrument creating charge |
Creation and
extension of equitable mortgage |
|
Date of
instrument Creating the charge |
02.01.2008 |
|
Amount secured by
the charge |
Rs.5.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Commission as per
bank rules Terms of
repayment On Demand Margin 25% Extent and
operation of the charge First Charge Others Facility : Letter
of Credit (Inland / Foreign) DA/DP 180 days and Bank Guarantees (Composite) |
Web Details
"Conditioned Water. So critical to
effective industrial performance. At every step from intake to effluent. Requiring
the finest of technology. Customised and flexible. And most importantly, an
attitude of complete transparency on the part of the treatment solutions
provider". It was this belief that drove a group of technocrats, with
almost 100 years of combined experience, across leading Indian and
multinational companies, in water treatment to found Subject at Pune. Their
purpose was clear:' To provide total water treatment solutions, by combining
the best practices, technologies and infrastructure, optimally and
cost-effectively. In just few months, they have gained the acceptance of the
country's largest industries.
·
Pretreatment
·
Cooling Water Treatment
·
Boiler Water Treatment
·
Boiler Fireside Treatment
·
Effluent Water Treatment
·
Sugar Process Chemicals
·
Reverse Osmosis Membrane Protection &
Maintenance Chemicals
·
Oil field Speciality Chemicals
Subject has an association with and
represents Genesys International Limited, UK in India. This is a company
dedicated to the membrane industry and provides an extensive range of Products
and services including membrane autopsy.
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.48.86 |
|
UK Pound |
1 |
Rs.84.22 |
|
Euro |
1 |
Rs.65.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|