MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
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Name : |
THE WEST INDIA POWER EQUIPMENTS PRIVATE LIMITED |
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Registered Office : |
3 Kabir Marg, Lucknow-226024, Uttar Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.01.1986 |
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Com. Reg. No.: |
20-7640 |
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CIN No.: [Company
Identification No.] |
U34102UP1986PTC007640 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
LKNT05051E |
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PAN No.: [Permanent
Account No.] |
AAACT8935C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Wind Screen Wiper, Automotive Rubber Parts, Wiper Linkage Assemblies,
Starter Assemblies for Portable Genset. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 390000 |
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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 an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings ay usual
trade terms and conditions. |
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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
3 Kabir Marg, Lucknow-226001, |
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Tel. No.: |
91-522-2215078/ 2212733 |
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Mobile No.: |
91-522-2210719/ 2107020 |
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Fax No.: |
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Factory 1 : |
C-29 and 30l, Sector -20, Jagdishpur Industrial Area, District
Sultanpur-227817, |
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Tel. No.: |
91-5361-270071-73/ 270250 |
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Fax No.: |
91-5361-270070 |
DIRECTORS
As on : 29.09.2010
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Name : |
Mr. Kamlesh Prasad |
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Designation : |
Chairman Cum Managing Director |
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Address : |
3 Kabir Marg, Lucknow-226001, |
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Date of Birth/Age : |
02.07.1957 |
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Date of Appointment : |
21.01.1986 |
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Name : |
Mr. Paresh Prasad |
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Designation : |
Whole Time Director |
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Address : |
3 Kabir Marg, Lucknow-226001, |
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Date of Birth/Age : |
01.07.1960 |
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Date of Appointment : |
21.01.1986 |
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Name : |
Mr. Raghuvesh Prasad |
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Designation : |
Director |
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Address : |
3 Kabir Marg, Lucknow-226001, |
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Date of Birth/Age : |
05.02.1918 |
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Date of Appointment : |
30.09.2000 |
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Date of Ceasing: |
09.02.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Kamlesh Prasad |
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234751 |
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Paresh Prasad |
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311738 |
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Raghuvesh Prasad |
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81485 |
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49520 |
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N. Prasad |
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31320 |
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G. Bahadur |
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14000 |
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P. Mathur |
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500 |
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A. Mathur |
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2620 |
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Shivesh Prasad |
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21600 |
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Anuja Seth |
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35000 |
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Nimesh Shah |
|
70000 |
|
Hala Holdings Private Limited |
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45000 |
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Manek Bhansali |
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50000 |
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Geeta Seth |
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5000 |
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Nina Seth |
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10000 |
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Arjun Khanna |
|
2000 |
Equity Share Breakup (Percentage of Total Equity)
As on : 29.09.2010
|
Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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74.71 |
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Others |
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25.29 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Wind Screen Wiper, Automotive Rubber Parts, Wiper Linkage Assemblies,
Starter Assemblies for Portable Genset. |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Wiper Arms |
Nos. |
12.00 |
1423348.00 |
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Wiper blades |
Nos. |
16.00 |
2031447.00 |
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Rubber parts |
Nos. |
40.00 |
4455348.00 |
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Starter assly |
Nos. |
0.65 |
0.00 |
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Loose Parts |
Nos. |
-- |
175996.00 |
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Wiper Likage |
Nos. |
0.65 |
21188.00 |
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Washer Fluid |
Lts. |
0.65 |
212140.55 |
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Scrap |
Kg. |
-- |
121201.66 |
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Plastic Parts |
Nos. |
5.93 |
1921194.00 |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Manoj Bhatnagar and Company Chartered Accountant |
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Address : |
2nd Floor, |
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Tel. No.: |
91-522-2480384/ 2630373 |
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Associates / Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000639 |
Equity Shares |
Rs. 10/-
each |
Rs.10.006
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.006 |
8.949 |
6.506 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
86.362 |
70.729 |
74.321 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
96.368 |
79.678 |
80.827 |
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LOAN FUNDS |
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1] Secured Loans |
159.075 |
160.797 |
155.790 |
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2] Unsecured Loans |
0.013 |
0.513 |
0.044 |
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TOTAL BORROWING |
159.088 |
161.310 |
155.834 |
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DEFERRED TAX LIABILITIES |
15.230 |
14.330 |
0.000 |
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TOTAL |
270.686 |
255.318 |
236.661 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
140.083 |
129.149 |
112.380 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.020 |
0.020 |
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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 |
140.094
|
146.820
|
111.377
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Sundry Debtors |
95.521
|
81.591
|
77.441
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Cash & Bank Balances |
4.318
|
0.505
|
1.969
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
19.339
|
18.768
|
18.899
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Total
Current Assets |
259.272
|
247.684 |
209.686
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
126.239
|
117.525
|
84.104
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Provisions |
2.430
|
4.010
|
1.321
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Total
Current Liabilities |
128.669
|
121.535 |
85.425
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Net Current Assets |
130.603
|
126.149 |
124.261
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
270.686 |
255.318 |
236.661 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Total Income |
587.506 |
410.801 |
423.830 |
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Profit/(Loss) Before Tax |
21.631 |
16.931 |
19.497 |
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Earnings Per Share (Rs.) |
-- |
-- |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.41 |
4.49 |
6.05
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Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.21 |
0.24
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Debt Equity Ratio (Total Liability/Networth) |
|
2.98 |
3.54 |
2.98
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Current Ratio (Current Asset/Current Liability) |
|
2.01 |
2.03 |
2.45
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LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The turnover of
the company excluding Excise duty during the year 2009-10 was Rs.587.506
millions, while the turnover during the year 2008-09 was Rs 410.801 millions.
The company has made a profit of Rs. 21.631 millions before tax during the year
in comparison to the profit before tax of Rs. 16.931 millions in the previous
year.
OPERATIONS
Production and Sales :
The Company has achieved
increase in its overall sale by 43.01% as compared to previous year.
Bawal Project plan
is delayed due to bank Term loan sanction; it is being reconsidered as assembly
plant with high technology 2 coat- ED coating paint to boost up the production
in coming financial year from Jagdishpur plant. Building construction is
started in current month.
Pune plant in
totally equipped to start the assembly line 1 production in the Mar 2010
for the new customers Mahindra and Mahindra and Volkswagen.
A new unit at
Product Development and Future Plans :
Wiper, Rubber and
Plastics Products New wiper has been developed for the ETIOS small car from
MIS MSIL's 4 new
models project under development YP8 new swift, YL8, New SUV, YE3 new Alto,
launching by 2011-12. GM Brazil developed for new wiper project 1-700. Mahindra
and Mahindra is coming with New Scorpio W408 project and New SUV W201 under
development stage. Enquires received from Volkswagen for new model Vento.
The company has
worked hard on ambitious plans of growth in the coming three years in wipers
division.
WlPE has ambitious
new projects based on these new wiper systems.
MIS Skoda. Honda
and Nissan were initiated new specific wiper arms and blades development
enquiry work on top priority as these customers are likely to play important role in lndia and
FORM : 8
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Corporate identity
number of the company |
U34102UP1986PTC007640 |
|
Name of the
company |
THE WEST INDIA
POWER EQUIPMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
3 Kabir Marg, Lucknow-226024, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
State Bank Of
India, Commercial Branch, 6a, Way Road, Gokhley Marg, Lucknow – 226001, Uttar
Pradesh, India |
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Nature of
instrument creating charge |
(i)Supplemental
Agreement of Hypothecation of goods and assets for increase in the overall
limit (Form C.2A) (ii)Letter regarding
the grant of individual limits within the overall limit (Form C.5)
(iii)Confirmatory letter for extension of equitable mortgage (iv)Memorandum
of Deposit for Creation of further Charge for Term Loan/Overall Limit (Form
C.10) |
|
Date of
instrument Creating the charge |
31/12/2010 |
|
Amount secured by
the charge |
Rs. 206.800
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest FBWC-@ 6.50%
above Base Rate. SLC-@ 7.50% above
Base Rate. TL-II & IV-@
7.25% above Base Rate. TL - III - @
6.15% above Base Rate, CL-II - @ 6.75% above Base Rate & TL-V - @ 7%
above Base Rate. Terms of repayment 1. Working
Capital - Repayable on demand. 2.Term Loan - II,III,IV
and Corporate Loan - II shall be repayable as per existing repayment
schedule. 3. Term Loan - V
of Rs.30.000 millions shall be repayable in 15 quarterly installments
commencing from 31.03.2012. First 5 installments will be of Rs.1.000 millions
each, next 4 installments will be of Rs.2.000 millions each, next 4
installments will be of Rs.2.750 millions each and last 2 installments will
be of Rs.3.000 millions each. Margin 25% on Raw
Material 25% on Stocks in
process 25% on Finished
goods 30% on Book
Debts/Receivables(cover period 90 days) 15% on LC
(Cash/TDR) 15% on BG
(Cash/TDR) Extent and operation of the charge The Company's
movable and immovable properties as mentioned hereunder are hypothecated and
mortgaged to secure various credit facilities aggregating to Rs.206.800
millions granted by the Bank to the Borrower. Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Date of
instrument modifying the charge |
08/12/2010 |
|
Particulars of
the present modification |
The aggregate
amount of various credit facilities
granted by the Bank has now been enhanced from Rs.176.800 millions to
Rs.206.800 millions. Therefore, total amount of charge secured against
hypothecation of entire current assets, fixed assets stocks, book debts,
plant and machinery etc. and equitable
mortgage of immovable properties as per details mentioned in column No.15
above has now been enhanced from Rs.176.800 millions to Rs.206.800 millions |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Office and Other
Equipments
·
Vehicles
·
Computer
·
Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 |
|
|
1 |
Rs. 72.36 |
|
Euro |
1 |
Rs. 64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.