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MIRA INFORM REPORT

 

 

 

 

Report Date :

14.04.2011

 

IDENTIFICATION DETAILS

 

Name :

WELLMAN WACOMA LIMITED

 

 

Registered Office :

225 B, Acharya Jagadish Chandra Bose Road, Tivoli Park, Bunglow No. 5, Kolkata, West Bengal – 700020,

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

23.12.1987

 

 

Com. Reg. No.:

21-043536

 

 

CIN No.:

[Company Identification No.]

U45208WB1987PLC043536

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALW00050B

 

 

PAN No.:

[Permanent Account No.]

AAACW2617C

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Heating and Reheating Furnaces and Mechanical Power Transmission Equipments.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

Maximum Credit Limit :

USD 122000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some cautions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INFORMATION PARTED BY (General Detail)

 

Name :

Mr. Basu

Designation :

H R Department

Date :

25.03.2011

 

 

LOCATIONS

 

Registered Office :

225 B, Acharya Jagadish Chandra Bose Road, Tivoli Park, Bunglow No. 5, Kolkata, West Bengal – 700020, India

Tel. No.:

91-33-22837389/6042/32477552/22838070/71/73/74/76/77/2286042/7389/32918113/313

Fax No.:

91-33-22836080/22838079

E-Mail :

wellmanwacoma@gmail.com, wacoma@giascl01.vsnl.net.in

Website :

www.wellmanwacoma.com

Location :

Owned

 

 

Factory 1 :

Located at Naroda

 

 

DIRECTORS

As on 18.09.2010

 

Name :

Mr. Indra Mohan Khosla

Designation :

Director

Address :

46-B, Jakhan, Dehradun, 248001, Uttarchanchal

Date of Birth/Age :

05.04.1942

Date of Appointment :

01.12.2008

DIN No.

00218052

 

 

Name :

Mr. Utpal Dhar

Designation :

Director

Address :

Olympia, 3rd floor, Hira Nandini Gardens, Powai, Mumbai – 400076, Maharasahtra.

Date of Birth/Age :

08.08.1942

Date of Appointment :

24.07.2007

DIN No.

00015181

 

 

Name :

Mr. Noshir Naval Framjee

Designation :

Director

Address :

22, Block – H, New Alipur, Kolkata – 700053, West Bengal

Date of Birth/Age :

20.11.1941

Date of Appointment :

30.05.2007

DIN No.

01646640

 

 

Name :

Mr. Bishwanath Pasari

Designation :

Director

Address :

87/9, N.K. Banerjee Stqpet, P.O. Rishra, Hooghly-712248, West Bengal

Date of Birth/Age :

23.07.1963

Date of Appointment :

28.05.2008

DIN No.

02332923

 

 

Name :

Mr. Shubhra Khemka

Designation :

Whole Time Director

Address :

7, Tilak Road, Behind Deshpriya Park, Kolkata – 700029, West Bengal

Date of Birth/Age :

11.01.1966

Date of Appointment :

16.01.2010

DIN No.

00383668

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2010

 

Names of Shareholders

 

No. of Shares

Yash Deep Trexim Private Limited, Kolkata, India

 

270000

Rose Valley Merchants (P) Limited, Kolkata, India

 

270000

Nalanda Vanitya (P) Limited, Kolkata, India

 

270000

Triton Vinimay (P) Limited, Kolkata, India

 

270000

Arunoday Dealcom (P), Limited, Kolkata, India

 

270000

Deva Merchants (P) Limited, Kolkata, India

 

270000

Safal Vyapar Private Limited, Kolkata, India

 

270000

Ankur Tie – Up Private Limited, Howrah, India

 

70000

Mrs. Saroj Kabra

 

28000

Mr. Kushal Khemka

 

11996

Mr. Sudarshan Kabra

 

1

Mr. Aurobindo Kundu

 

1

Mr. Samir Karnany

 

1

Ms. Aparna Kabra

 

1

Total

 

2000000

 

As on 18.09.2010

Category

Percentage

Bodies corporate

98.00

Directors or relatives of Directors

2.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of  Heating and Reheating Furnaces and Mechanical Power Transmission Equipments

 

 

Products :
  • Mechanical Power Transmission
  • Thermal Engineering

 

ITEM

ITC CODE

Industrial Coupling

8483.00

Furnace Spares

8417.10

 

 

Exports :

 

Countries :

Europe, Thailand

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

GENERAL INFORMATION

 

Customers :

Power Plant

 

 

No. of Employees :

250 (Approximately)

 

 

Bankers :

The Federal Bank Limited, Shakespeare Sarani Branch, 21A, Shakespeare Sarani, 1st Floor, Kolkata – 700017, West Bengal, India

 

 

Facilities :

Secured Loans

31.03.2010

(Rs. In           Millions)

31.03.2009

(Rs. In

Millions)

Term Loan from Bank (for Machinery)

0.000

0.449

Working Capital Loan from Bank

41.294

40.118

Total

41.294

40.567

 

 

 

Unsecured Loans

31.03.2010

(Rs. In           Millions)

31.03.2009

(Rs. In

Millions)

Term Loan from Banks

3.955

6.364

Term Loan from A Body corporate

1.208

1.965

Other Loans from Body Corporates

11.320

7.320

Total

16.483

15.649

 

Auditors :

 

Name :

K K Poddar

Chartered Accountant

Address :

15, Chittaranjan Avenue, Kolkata – 700072, West Bengal, India

                               PAN No.:

AAAFF1843L

 

 

CAPITAL STRUCTURE

As on 18.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

5000000

Equity Shares

Rs.10/- each

Rs.50.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

20.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

20.000

20.000

7.050

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

10.579

7.200

4.705

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

30.579

27.200

11.755

LOAN FUNDS

 

 

 

1] Secured Loans

41.294

40.567

7.429

2] Unsecured Loans

16.483

15.649

0.455

TOTAL BORROWING

57.777

56.216

7.884

DEFERRED TAX LIABILITIES

0.110

0.173

0.000

 

 

 

 

TOTAL

88.466

83.589

19.639

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

8.311

8.954

6.417

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.352

0.357

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.023

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
40.552

38.550

14.117

 

Sundry Debtors
56.187

114.842

16.259

 

Cash & Bank Balances
13.356

13.828

2.857

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
15.224

12.649

6.249

Total Current Assets
125.319

179.869

39.482

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
35.103

91.500

 

Other Current Liabilities
4.284

9.498

22.783

 

Provisions
6.129

4.593

3.500

Total Current Liabilities
45.516

105.591

26.283

Net Current Assets
79.803

74.278

13.199

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

88.466

83.589

19.639

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

201.493

180.109

61.200

 

 

Other Income

2.605

1.083

0.286

 

 

TOTAL                                     (A)

204.098

181.192

61.486

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Increase/Decrease in Work in Progress

3.211

(21.894)

 

 

Consumption of Raw Material and Components

88.601

98.131

 

 

 

Goods Purchased for Resale

45.511

51.032

 

 

 

Processing, Conversion and Errection Charges

19.811

17.137

 

 

 

Payment to and Provision for Employees

14.751

10.673

 

 

 

Manufacturing, Selling and Administrative Expenses

19.562

16.210

 

 

 

Testing/Analysis/Sampling Charges

0.621

0.502

 

 

 

Insurance

0.118

0.390

 

 

 

TOTAL                                     (B)

192.186

172.181

56.834

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

11.912

9.011

4.652

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

5.462

3.476

0.487

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

6.450

5.535

4.165

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.328

1.192

0.806

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

5.122

4.343

3.359

 

 

 

 

 

Less

TAX                                                                  (I)

1.743

1.848

1.254

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                 (J)

3.379

2.495

2.105

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

7.200

4.705

2.601

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

10.579

7.200

4.706

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.69

--

--

 

Expected Sales ( 2010-11 ) : Rs.250.000 Millions

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.65

1.38

3.42

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.54

2.41

5.49

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
3.83

2.30

7.32

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.17

0.16

0.28

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.38

5.95

2.91

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.75

1.70

1.50

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note : - Registered office of the company has been shifted from 9 –B, Wood Street, Kolkata - 700016, West Bengal, India to present address w.e.f from 27.07.2006

 

Trade Reference:

  • Welson Industries private Limited

 

Form 8

 

Corporate identity number of the company

U45208WB1987PLC043536

Name of the company

WELLMAN WACOMA LIMITED

Address of the registered office or of the principal place of  business in India of the company

225 B, Acharya Jagadish Chandra Bose Road, Tivoli Park, Bunglow No. 5, Kolkata, West Bengal – 700020, India

This form is for

Creation of Charge

Type of charge

Others (Deposits)

Particular of charge holder

The Federal Bank Limited, Shakespeare Sarani Branch, 21A, Shakespeare Sarani, 1st Floor, Kolkata – 700017, West Bengal, India

Nature of instrument creating charge

Letter Confirming Sanction of Bank Guarantee IBG 14411

Date of instrument Creating the charge

14.09.2009

Amount secured by the charge

0.200 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest :

  • As stipulated by the Bank from time to time as per Banking Norms and RBI Guidelines.
  • Presently on BG Limit @13.25 % p.a. with monthly rests.

 

Terms of Repayment :

  • Repayable on demand
  • The Credit facility will be for a period of 9 months but the bank will have the fullest liberty and discreation to extend for such periods as the bank may deem fit or recall the facility at any time during the continuance of the said credit facility.
  • Interest shall be paid on monthly basis.

 

Margin :

  • As stipulated by the Bank for the respective assets/facilities from time to time.

 

Extent and operation of the charge :

  • First Charge over all hypothecated properties / assets.
  • Credit outstanding shall become payable on demand and lum sum and the Bank shall also become entitled to procession of the securities hypothecated and sell them and apply the sale proceeds towards the Credit Facility and hold the Borrower liable for the balance if any with interest.

 

Others :

  • The Overall Credit Limit consists of only Bank Guarantee of Rs. 0.200 Millions = Total Limit Of Rs. 0.200 Millions.

Short particulars of the property or asset(s) charged (including complete address and location of the property)

Bank Guarantee 100 % secured by Own Deposits of the Company.

 

Results of Operations:

 

Despite the tough market conditions the order book and the growth of the company continued unabated and the Balance Sheet continues to show strength.

 

Apart from Standard products, The Company is now manufacturing nicha and custom made products which has added to its repertoire. The company is also striving towards design innovation, continuous skill upgradation and is constant in its quest for pursuing excellence in terms of execution.

 

Turnover of the company for the year has increased to Rs. 204.098 Millions against Rs. 181.192 Millions in the previous year, reflecting a growth of 12.64%

 

Profit before tax for the year was Rs. 5.122 Millions as against Rs. 4.343 Millions for the previous year, registering an increase of 17.94 %

 

 

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.44.48

UK Pound

1

Rs.72.36

Euro

1

Rs.64.42

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

1

--CREDIT LINES

1~10

2

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

30

 

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

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

-

NB

                                       New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.