MIRA
INFORM REPORT
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Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
WESTERN STEEL DRUMS PRIVATE LIMITED |
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Registered Office : |
Shop 1 and 2, Jubilee View, A Yari Road, Varsova, Mumbai – 400061,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.09.1998 |
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Com. Reg. No.: |
11-116668 |
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CIN No.: [Company
Identification No.] |
U27105MH1998PTC116668 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW02057G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture 5-100 lts
capacity drums as per Trade, Bureau Of Indian Standards, UN Specifications. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 48000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Mr. Sreenivas (Accounts) and Mr. H. R. Mookhi (Director) denied
business and financial details. Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
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Name : |
Mr. Sreenivas |
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Designation : |
Accounts |
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Date : |
12.09.2008 |
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Name : |
Mr. H. R. Mookhi |
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Designation : |
Director |
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Date : |
12.09.2008 |
LOCATIONS
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Registered Office : |
Shop 1 and 2, Jubilee View, A Yari Road, Varsova, Mumbai – 400061,
Maharashtra, India |
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Tel. No.: |
91-22-26324139/ 26324140 |
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Fax No.: |
91-22-26324138 |
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E-Mail : |
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Website : |
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Factory : |
Located at:
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DIRECTORS
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Name : |
Mr. Hassanally R. Mookhi |
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Designation : |
Director |
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Address : |
2/404, Gulistan N S 10th Road Juhu, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
14.11.1930 |
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Date of Appointment : |
25.09.1998 |
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Name : |
Mr. Nazir H. Mookhi |
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Designation : |
Director |
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Address : |
2/502, Gulistan N S 10th Road Juhu, Mumbai – 400049,
Maharashtra, India |
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Date of Birth/Age : |
03.12.1962 |
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Date of Appointment : |
25.09.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 02.09.2005)
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Names of Shareholders |
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No. of Shares |
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Hassanally Mookhi |
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12500 |
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Nazir H. Mookhi |
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12500 |
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Total |
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25000 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture 5-100
lts capacity drums as per Trade, Bureau Of Indian Standards, UN
Specifications. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
Small and Medium Enterprises Credit Centre, Synergy, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Mahrashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. S. Merchant and Company Chartered Accountant |
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Address : |
2/304, Gulistan N. S. 10th Road, Juhu Scheme, Mumbai –
400049, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- 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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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 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 |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.080 |
5.977 |
4.060 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.580 |
8.477 |
6.560 |
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LOAN FUNDS |
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1] Secured Loans |
3.416 |
3.284 |
7.716 |
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2] Unsecured Loans |
1.900 |
2.400 |
2.910 |
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TOTAL BORROWING |
5.316 |
5.684 |
10.626 |
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DEFERRED TAX LIABILITIES |
0.976 |
0.850 |
1.049 |
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TOTAL |
15.872 |
15.011 |
18.235 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.514 |
4.900 |
5.244 |
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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 |
4.832
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3.861 |
7.331 |
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Sundry Debtors |
8.360
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9.643 |
6.985 |
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Cash & Bank Balances |
0.306
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0.287 |
0.344 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.097
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0.883 |
0.832 |
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Total
Current Assets |
14.595
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14.674 |
15.492 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.499
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2.140 |
0.516 |
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Provisions |
1.738
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2.423 |
1.985 |
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Total
Current Liabilities |
3.237
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4.563 |
2.501 |
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Net Current Assets |
11.358
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10.111 |
12.991 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.872 |
15.011 |
18.235 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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39.500 |
44.200 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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39.500 |
44.200 |
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Profit/(Loss) Before Tax |
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1.113 |
1.916 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.113 |
1.916 |
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Total Expenditure |
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38.387 |
42.284 |
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 |
(%) |
2.82
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4.33 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.82
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4.33 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.82
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9.79 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.23 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.89
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1.21 |
2.00 |
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Current Ratio (Current Asset/Current Liability) |
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4.51
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3.22 |
6.19 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number of the company |
U27105MH1998PTC116668 |
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Name of the
company |
WESTERN STEEL DRUMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Shop 1 and 2, Jubilee View, A Yari Road, Varsova, Mumbai – 400061,
Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Small and Medium Enterprises Credit Centre, Synergy, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Mahrashtra, India |
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Nature of
instrument creating charge |
Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limitd limits and /or creation of equitable mortgage on additional properties
for existing limits and enhanced limitd and additional facilities |
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Date of
instrument Creating the charge |
16.08.2007 |
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Amount secured by
the charge |
Rs.12.900
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: As would be
determined by the bank from time to time |
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Particulars of
the present modification |
Now co Offered
its Imm. Prop as an assitional security to secure its enhanced credit facilities to the extent of Rs12.900
Millions details of the imm. Properties is as per annexure. |
Website Details:
Profile:
The Company is founded by well experienced entrepreneurs and run with assistance of dedicated team of employees.
The beginning was made in 1981and the present factory was established in 1984 at Vasai, in Thane district near Mumbai. A separate sales/accounts office was set up at Versova, Mumbai in 1993.
Westeel
Drums are Besteel Drums
- Super Clean Drums :
Very high degree of internal cleanliness is maintained in
their drums. The residue level is contained at 2 miligram maximum (generally
below 1mg). This is achieved by using prime clean CRCA steel sheets and modern
scientific manufacturing methods.
Customers are much benefited as their product (i.e drum
contents) are not contaminated and remain intact. Those who do not pay heed to this aspect suffer great losses.
- Guaranteed 100% Leakproof :
Guaranteed 100% Leakproof, no slow leakers, i.e leakage or
seepage which develops hours, days, weeks or months after product is packed.
- Higher Strength :
Each drum body is strengthened by stretch expanding using
special design hydraulic drum expander. This imparts very high dent resistance.
- ISI Marked :
Drums can be supplied with ISI mark which is a guarantee of
good construction and manufacture. They are the 1st company in Western India
region to get license from BIS to use Standards Mark.
- Superior Finish :
Drums are painted using
automatic hot airless spray and oven baked. Superior pretreatment and painting
ensures no formation of rust eruption or slow deterioration of paint finish
which is commonly observed in drums.
Multicolour printing (up to 6 colours is available).
- Unmatched Lacquering :
Drums are lacquered using automatic hot airless spray and oven
baked. High quality epoxy lacqueres are being used for superior results.
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.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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43 |
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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