MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
WILWAYFORT INDIA LIMITED |
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Formerly Known
As : |
WILWAYFORT INDIA PRIVATE LIMITED |
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Registered
Office : |
A-33, Flatted Factory Complex, Okhla Phase – III, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.05.1986 |
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Com. Reg. No.: |
55- 024364 |
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CIN No.: [Company Identification
No.] |
L74899DL1986PLC024364 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELW00292F |
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PAN No.: [Permanent Account No.] |
AAACW0020D |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Metallising, Coating, Embossing of Plastic Film and Paper. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appear
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow and
delayed. The company can be considered for business dealings on a secured 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
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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 : |
A-33, Flatted Factory Complex, Okhla Phase – III, |
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Tel. No.: |
91-11-46109243/ 46109244 |
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Fax No.: |
91-11-46109245 |
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E-Mail : |
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Corporate Office : |
203, Kushal Bazar, |
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Factory 1 : |
Noida Unit, B-100, Phase II, Ghaziabad District-203205, Utter |
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Factory 2 : |
Bhiwadi Unit, A-581 (A), Bhiwadi Industrial Area, Bhiwadi, Alwar
District – 301019, |
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DIRECTORS
As on 27.09.2010
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Name : |
Mr. Inderpal Singh Walia |
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Designation : |
Chairman cum Managing Director |
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Address : |
45-A, M I G Flats, Sheikh Sarai, |
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Date of Birth/Age : |
02.11.1946 |
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Date of Appointment : |
15.12.1988 |
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DIN No.: |
00285466 |
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Name : |
Mr. Pankaj Bhargava |
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Designation : |
Director |
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Address : |
29/6, Jhankar Gali, Old |
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Date of Birth/Age : |
08.07.1987 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
02800220 |
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Name : |
Mrs. Sunita Bhargava |
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Designation : |
Director |
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Address : |
29/6, Jhankar Gali, Old |
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Date of Birth/Age : |
09.02.1982 |
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Date of Appointment : |
29.09.2008 |
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DIN No.: |
02800222 |
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Name : |
Mr. Kishan Chand Sharma |
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Designation : |
Director |
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Address : |
2251, Sector – 16, |
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Date of Birth/Age : |
08.05.1960 |
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Date of Appointment : |
24.10.2009 |
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Date of Ceasing: |
01.01.2011 |
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DIN No.: |
03006634 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
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Names of Shareholders |
No.of Shares |
Percentage |
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(A) Shareholding of Promoter and Promoter Group |
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2,441,610 |
31.57 |
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253,600 |
3.28 |
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2,695,210 |
34.85 |
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69,290 |
0.90 |
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96,900 |
1.25 |
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166,190 |
2.15 |
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Total shareholding of Promoter and Promoter Group (A) |
2,861,400 |
37.00 |
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(B) Public Shareholding |
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500,100 |
6.47 |
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250,000 |
3.23 |
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750,100 |
9.70 |
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291,700 |
3.77 |
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2,704,500 |
34.97 |
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310,200 |
4.01 |
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815,500 |
10.55 |
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815,500 |
10.55 |
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4,121,900 |
53.30 |
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Total Public shareholding (B) |
4,872,000 |
63.00 |
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Total (A)+(B) |
7,733,400 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
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Total (A)+(B)+(C) |
7,733,400 |
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BUSINESS DETAILS
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Line of Business : |
Metallising, Coating, Embossing of Plastic Film and Paper. |
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Products : |
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PRODUCTION STATUS AS ON As
on 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Metalized Plastic Film |
MT |
N.A (N.A) |
3360 (3360) |
0 (258) |
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Laminated / Embossed Film |
MT |
N.A (N.A) |
Nil (Nil) |
0 (7) |
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Waste |
MT |
N.A (N.A) |
N.A (N.A) |
0 (22) |
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Stamping foil / Lacquered coated |
MT |
N.A (N.A) |
N.A (N.A) |
0 (29) |
GENERAL INFORMATION
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Bankers : |
Vijaya Road Bank,
Barakhamba, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
KPMC and Associates Chartered Accountant |
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Address : |
C-1, 1st Floor, RDC, Raj Nagar, |
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PAN.; |
AAHFK8985D |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7733400 |
Equity Shares |
Rs.10/- each |
Rs.77.334
Millions |
Note:
7733400 Equity shares of Rs.10/- each Fully Paid up of the above shares
42285 Equity Shares of Rs 100/- each were allotted as fully paid-up by way of
Bonus Shares by capitalizing profits during the financial year 1993-94.
The face value of equity
Shares of Rs 100/- each were sub-divided into equity shares of Rs 10/- each in
the extra
Ordinary General Meeting held on 30.4.1994
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
77.334 |
77.334 |
77.334 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(98.834) |
(98.892) |
(124.512) |
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NETWORTH |
(21.500) |
(21.558) |
(47.178) |
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LOAN FUNDS |
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1] Secured Loans |
0.487 |
0.315 |
0.021 |
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2] Unsecured Loans |
0.812 |
1.012 |
1.212 |
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TOTAL BORROWING |
1.299 |
1.327 |
1.233 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
(20.201) |
(20.231) |
(45.945) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.545 |
39.799 |
64.867 |
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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 |
0.129
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0.342 |
12.287 |
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Sundry Debtors |
12.052
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10.016 |
15.278 |
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Cash & Bank Balances |
0.446
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0.321 |
(1.027) |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.129
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3.279 |
13.801 |
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Total
Current Assets |
15.756
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13.958 |
40.339 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
60.674
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63.325 |
94.831 |
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Other Current Liabilities |
4.042
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5.739 |
51.356 |
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Provisions |
4.786
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4.924 |
4.964 |
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Total
Current Liabilities |
69.502
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73.988 |
151.151 |
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Net Current Assets |
(53.746)
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(60.030) |
(110.812) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
(20.201) |
(20.231) |
(45.945) |
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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 |
2.606 |
38.985 |
174.536 |
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Other Income |
17.810 |
59.971 |
1.313 |
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TOTAL (A) |
20.416 |
98.956 |
175.849 |
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Less |
EXPENSES |
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Material Consumed |
2.219 |
34.120 |
144.258 |
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Increase/ Decrease in Stocks |
0.000 |
4.589 |
(1.996) |
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Manufacturing Expenses |
1.152 |
0.448 |
1.139 |
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Excise Duty |
0.237 |
3.964 |
21.378 |
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Power and Fuel |
6.502 |
13.174 |
9.323 |
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Wages and Salary |
2.019 |
2.589 |
2.585 |
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Managerial Remuneration |
0.670 |
0.591 |
0.743 |
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Other Expenses |
1.292 |
3.549 |
2.351 |
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Prior Period Adjustment |
(0.370) |
(0.078) |
(166.539) |
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TOTAL (B) |
13.721 |
62.946 |
13.242 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.695 |
36.010 |
162.607 |
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Less |
FINANCIAL
EXPENSES (D) |
0.084 |
3.584 |
6.073 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.611 |
32.426 |
156.534 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.553 |
6.806 |
8.189 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.058 |
25.620 |
148.345 |
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Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
0.058 |
25.620 |
148.345 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(98.892) |
(124.512) |
(272.857) |
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BALANCE CARRIED
TO THE B/S |
(98.834) |
(98.892) |
(124.512) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.000 |
2.831 |
18.676 |
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TOTAL EARNINGS |
0.000 |
2.831 |
21.507 |
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IMPORTS |
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Raw Materials and Consumables |
2.477 |
1.158 |
3.212 |
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TOTAL IMPORTS |
2.477 |
3.635 |
4.37 |
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Earnings Per
Share (Rs.) |
0.01 |
3.31 |
19.18 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.28
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25.89 |
84.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.22
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65.72 |
84.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.12
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47.66 |
141.00 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.002)
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(1.19) |
(3.14) |
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Debt Equity Ratio (Total Liability/Networth) |
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(3.29)
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(3.49) |
(3.23) |
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Current Ratio (Current Asset/Current Liability) |
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0.23
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0.19 |
0.27 |
LOCAL AGENCY FURTHER INFORMATION
Change of
Registered Office:
Registered Office of the company has been shifted from- B-68, Flatted Factory
Comples, Okhla Phase – III,
Financial Results:
As the Company was
engaged in the job work activities only. Therefore, due to lack of order for
job work the Company could not utilized its production capacity at optimum
level, which has resulted into poor financial performance during the year under
review.
In order to
improve the performance of the company in future the management has decided to
introduce new value added products such as holographic film for its customers.
The management is hopeful and confident that with the improvement in global
economy in future, the demand of the value added products in export market will
further strengthen the performance of the Company, which will result into
enhancing the value of stakeholders.
Reference before the BIFR:
Board for
Industrial & Financial Reconstruction (BIFR) has abated the reference of
the Company. Further the Company is continuously having accumulated losses of
more than paid up capital and reserves, therefore the Board of Directors is
filing a fresh reference for rehabilitation before BIFR.
Dividend:
In view of the
carry forward of accumulated losses in the Company, the Board of Directors
regret their inability to recommend payment of any dividend for the financial
year under review.
Industry Structure and Development:
Metallising and
Coating of Polyester Film and BOPP Film for packaging industry, textile
industry and decorative articles is rapidly growing in our country. Fresh
capacities have been installed in polyester film and BOPP film and Metallising
industry to avail of the opportunity of growth. The growth continued unabated
at 12%.
Opportunities and Threats:
The demand in the
product in their country is growing as stated above but the international
market has shown steep downward trend due to the recession in
Future Outlook:
Due to recent
global recession and consequently depression in product demand in domestic as
well as export market , the future of polyester film industry is largely depend
on domestic demand which seems to be unstable for medium term. However, the
Board of Directors is confident that keeping in view the large volume of
domestic consumption of product in
Internal Control Systems:
The Company has
evolved a system of internal control to ensure that the assets are safeguarded
and transactions are authorized, recorded and correctly reported. Planned
periodical reviews are carried out resulting in identification of control,
deficiencies and opportunities for bridging gaps with best practices. The Audit
Committee reviews the adequacy of the internal control systems.
Segment- Wise I Product- Wise Performance:
The Company's
operating business is organised and managed according to the nature of product
with Single Primary Reportable Segment comprising of manufacturing and supply
of Metallising, Coating and Embossing of Plastic Film. During the year under
review the company has also introduced new value added products such as
Holographic Film under the same segment. The detail of segment reporting is
given at Schedule XVI (22) of the Annual Accounts.
Directors:
In terms of
Section 255 of the Companies Act. 1956. Mr. Pankaj Bhargava retires by rotation
in the ensuring Annual General Meeting, however being eligible offers himself
for re-appointment. Mr. Raj Kumar-Director has resigned on 3.10.2009 and Mr.
Arun Kumar Ahluwalia-Director has resigned on 28.04.2010 as Director of the
Company. Mr. Krishan Chand Shanna was appointed as an Additional Director of
the Company with effect from 24-10-2009 and will hold office till the
conclusion of the ensuing Annual General Meeting of the Company. The Company
has received Notice in writing from a member proposing his candidature for the
office of Director .Board of Directors recommend for his appointment at ensuing
Annual General Meeting.
Fixed Assets:
- Plant and
Machinery (Including Generator Set)
- Furniture and
Fixture
- Office
Equipment (Including A.C.)
- Vehicles
Form 8:
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Name of the company |
WILWAYFORT INDIA
LIMITED |
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Presented By |
Vijaya Bank, |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement Date 02.11.1994 (Registered. On 24.11.1995) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Collaterally
secured by Plant and Machinery to be purchased at a total cost of Rs. 21.428
Millions to be installed at A-581(A), Industrial Area, Bhiwadi Dist. Alwar,
Rajasthan. Collaterally
secured by \plant and Machinery valued at Rs. 24.000 Millions as on
31.05.1992 as per list attached
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at
18.25% - Repayable in 20 installments of Rs. 75.000 Millions each commencing
from 02.03.1995 and the last installment due on 02.12.1999 |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Road Bank,
Barakhamba, |
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6) Date and brief description of instrument modifying the charge |
Tripartite
Agreement date: 21.08.1997 Memorandum of entry date 21.08.1997 Board
Resolutions for creation of Joint mortgage by deposit of title deeds by way
of extension date 21.08.1997 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The term loan
limit of Rs. 15.000 Millions is additionally secured by second charge by way
of mortgage by deposit of title deeds of plot No. 581(A). Industrial Area,
Bhiwadi, Dist. Alwar, Rajasthan – 301019 more particularly described in schedule
II to Tripartite agreement Date. 21.08.1997 together with all buildings
constructed and to be constructed by the company on the above land and to be
constructed to erected hereafter these presents and all the Plant and
Machinery and other Fixed Assets purchased by the company from RIICO on
deferred payment basis. Shri Ashok Ahluwalia on the day i.e. 21.08.1997
accorded and gave his oral consent on behalf of the behalf of the company to
Shri Ashok Mathur, Dy. Manager (Documentation) acting for RIICO, RIICO acting
for itself and as an agent of Vijaya Bank, 17, Barakhamba Road, New Delhi to
hold and Retain the said title deeds by constructive delivery on the
company’s Immovable Properties, (more particularly described in second
schedule hereunder written) together with all building and structures thereon
and all Plant and Machinery attached to the earth or permanent, fastened to
anything attached to the earth or permanently fastended to anything attached
to the earth. |
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.