MIRA INFORM REPORT
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Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
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Name : |
WMI CRANES LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.10.1975 |
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Com. Reg. No.: |
11-018585 |
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CIN No.: [Company Identification
No.] |
U74210MH1975PLC018585 |
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Legal Form : |
Closely held Public Limited Liability Limited Company |
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Line of Business
: |
Manufacture of Materials Handling Equipments |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Fundamentals are strong and healthy. Trade relations are fair. Business is
active. Payments are correct and as per commitments. The company can be considered good for normal business dealings at
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 / Head Office / Factory / Global Services Office : |
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Tel. No.: |
91-22-25661661 / 25657500 |
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Fax No.: |
91-22-25664932 |
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E-Mail : |
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Factory 2: |
Plot C/63, MIDC, Jejuri, Taluka Purandar, Pune-412302, |
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Corporate Office: |
Industry Manor, Prabhadevi, Mumbai-400025, |
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Tel. No.: |
91-22-24301211 / 24224245 |
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Fax No.: |
91-22-24309175 / 24321187 |
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Branches / Regional Office: |
Located at:
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DIRECTORS
As on 27.09.2010
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Name : |
Mr. Gopal Assanmal Vazirani |
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Designation : |
Chairman and Managing Director |
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Address: |
602, Prabhu Kutir, |
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Date of Birth : |
22.08.1937 |
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Date of Appointment : |
06.10.1975 |
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Name : |
Mrs. Padma Gopal Vazirani |
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Designation : |
Director |
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Address: |
602, Prabhu Kutir, |
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Date of Birth : |
21.06.1942 |
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Date of Appointment : |
10.08.1993 |
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Name : |
Mr. Dinesh Gopal Vazirani |
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Designation : |
Director |
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Address: |
2nd Floor, Rusi House, |
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Date of Birth : |
13.02.1967 |
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Date of Appointment : |
12.06.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
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No. of Shares |
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Padma Vazirani and Gopal A. Vazirani |
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189000 |
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Gopal Vazirani and Padma Vazirani |
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335800 |
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Padma Vazirani and Dinesh Vazirani |
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115400 |
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Dinesh Vazirani and Gopal Vazirani |
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235900 |
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Granada Energy Systems Private Limited, |
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123800 |
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Dynamic Designs and System Private Limited, |
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10 |
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Royal Systems and Methods Private Limited, |
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10 |
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Total |
|
999920 |
As on 27.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Materials Handling Equipments |
PRODUCTION STATUS (AS ON 31.03.2009)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Cranes |
Nos. |
265 |
124 |
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Fabrication |
Nos. |
200 |
-- |
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Grab Buckets |
No Separate
Capacity |
-- |
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Power Generation through wind mills |
Units/ KW |
12400 |
7915 |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Ing Vysya Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H.N. Mehta Associates Chartered Accountants |
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Address : |
50 – 51, 4th Floor, Alli Chambers, |
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Tel. No.: |
91-22-22652956/ 22653482/ 22656089 |
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Fax No.: |
91-22-22651708 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
1500000 |
Preferences Shares |
Rs.10/- each |
Rs.15.000 Millions |
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Total |
|
Rs.40.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
999920 |
Equity Shares |
Rs.10/- each |
Rs.9.999
Millions |
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 |
9.999 |
9.999 |
9.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
553.720 |
511.050 |
367.997 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
563.719 |
521.049 |
377.996 |
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LOAN FUNDS |
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1] Secured Loans |
34.458 |
89.256 |
78.328 |
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2] Unsecured Loans |
119.999 |
74.380 |
31.307 |
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TOTAL BORROWING |
154.457 |
163.636 |
109.635 |
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DEFERRED TAX LIABILITIES |
32.239 |
102.096 |
81.802 |
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TOTAL |
750.415 |
786.781 |
569.433 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
317.098 |
528.002 |
478.938 |
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Capital work-in-progress |
37.377 |
20.548 |
23.175 |
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INVESTMENT |
0.000 |
1.021 |
1.352 |
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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 |
456.192
|
466.435 |
268.822
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Sundry Debtors |
545.027
|
658.434 |
461.335
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Cash & Bank Balances |
51.583
|
11.257 |
27.182
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Other Current Assets |
0.000
|
0.000 |
0.000
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Loans & Advances |
217.654
|
57.246 |
114.543
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Total
Current Assets |
1270.456
|
1193.372 |
871.882 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
316.945
|
341.989 |
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Other Current Liabilities |
331.546
|
450.509 |
621.688
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Provisions |
226.025
|
163.664 |
184.226
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Total
Current Liabilities |
874.516
|
956.162 |
805.914
|
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Net Current Assets |
395.940
|
237.210 |
65.968
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
750.415 |
786.781 |
569.433 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1674.951 |
1522.982 |
1212.666 |
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Other Income |
35.882 |
38.676 |
21.370 |
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TOTAL (A) |
1710.833 |
1561.658 |
1234.036 |
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Less |
EXPENSES |
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Raw Material Consumed |
917.868 |
941.446 |
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Consumption of Stores and Spare Parts |
54.731 |
50.759 |
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Salaries, Wages and Bonus |
74.167 |
71.689 |
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Managerial Remuneration |
22.366 |
20.188 |
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Payment of Auditors |
0.195 |
0.195 |
895.935 |
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Insurances Expenses |
3.028 |
4.389 |
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Power and Fuel |
13.371 |
10.220 |
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Other Expenditures |
212.870 |
186.443 |
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Increase or Decrease in Finished Goods |
24.990 |
(113.501) |
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TOTAL (B) |
1323.586 |
1171.828 |
895.935 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
387.247 |
389.830 |
338.101 |
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Less |
FINANCIAL
EXPENSES (D) |
13.852 |
17.788 |
12.581 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
373.395 |
372.042 |
325.520 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.674 |
49.060 |
36.903 |
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PROFIT BEFORE
TAX (E-F) (G) |
349.721 |
322.982 |
288.617 |
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Less |
TAX (H) |
51.220 |
121.436 |
10.582 |
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PROFIT AFTER TAX
(G-H) (I) |
298.501 |
201.546 |
278.035 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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Export Earnings |
101.685 |
60.855 |
5.622 |
|
|
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Commission Earnings |
10.264 |
4.062 |
5.242 |
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TOTAL EARNINGS |
111.949 |
64.917 |
10.864 |
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IMPORTS |
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Raw Materials |
19.269 |
46.004 |
21.800 |
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Traveling Expenses |
1.303 |
0.539 |
0.806 |
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TOTAL IMPORTS |
20.572 |
46.543 |
22.606 |
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|
Earnings Per
Share (Rs.) |
298.52 |
201.56 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.45
|
12.90 |
22.53 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
20.88
|
21.21 |
23.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.03
|
18.76 |
21.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.62
|
0.62 |
0.76 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.83
|
2.15 |
2.42 |
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Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.25 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report
as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80044318 |
|
Corporate
identity number of the company |
U74210MH1975PLC018585 |
|
Name of the
company |
WMI CRANES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Industry Manor, Prabhadevi, Mumbai-400025, |
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Type of charge |
Book Debts Floating Charge |
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Particular of
charge holder |
Ing Vysya Bank Limited, |
|
Email |
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Nature of description
of the instrument creating or modifying the charge |
Eleventh
Supplemental General Hypothecation Agreement |
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Date of
instrument Creating the charge |
29.07.2010 |
|
Amount secured by
the charge |
Rs.865.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Terms of
Repayment CC : On Demand;
PCL/PSL(Sub limit to CC) : 180 days maximum ILC : Not
exceeding 90 days FLC : 180 days BG(For 3 years) :
On Demand BG(For 4
years)(Sub limit to BG(For 3 years)) : On Demand Bill Discounting
: On Demand BG(One Time) : On
Demand Foreign BG(One
Time) : On Demand Margin CC :
Inventory-25% Receivables-25%
(receivables with age upto 90 days shall only be eligible for drawing power
computation) PCL/PSL(Sub limit
to CC) : Nil ILC/FLC : 10% by
way of Fixed Deposits under lien to the Bank BG(For 3 years) :
Nil BG(For 4
years)(Sub limit to BG(For 3 years)) : Nil Bill
Discounting : 10% BG(One Time) :
Nil Foreign BG(One
Time) : Nil Extent and Operation
of the charge Exclusive first
charge on inventory, receivables and other current assets of the company both
present and future. |
|
Short particulars
of the property charged |
I)
All
inventory, receivables and other current assets of the company both present
and future at II)
I)WMI
Cranes Limited , III)
II)
WMI Cranes Limited, Jejuri, Pune. IV)
III)
At various other places. |
|
Particulars of
the present modification |
The total limit has
been enhanced from Rs.680.000 Millions to Rs.865.000 Millions as follows
(Amount in Millions). CC : 50.000
(Sublimits: PCL/PSL Rs.25.000,CC: 5.000 for Pune unit) BD : 80.000 ILC/FLC : 25.000 BG :450.000(sub
limit: BG of 100.000 with maximum tenor of 3 years and 4 years) BG (One Time) :
50.000 FBG (One Time):
210.000 |
Fixed Assets:
- Land
- Buildings
- Railways
Sidings
- Plant and
Machinery
- Computers
- Furniture and
Fixtures
- Typewriters
- Telephone
- Installations
- Electrical
- Fittings
- Office
Equipments
- Vehicles
- Air Conditioning
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 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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.