MIRA
INFORM REPORT
|
Report Date : |
05.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL WOOL ALLIANCE PRIVATE LIMITED |
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Formerly Known
As : |
SANVIJAY ALLOYS PRIVATE LIMTIED (w.e.f. 09.05.2000) RAMSONS ALLOYS PRIVATE LIMITED |
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Registered
Office : |
Village Kalamgaon, Shahpur, Thane-421601, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.09.1994 |
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Com. Reg. No.: |
11-080847 |
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|
Capital
Investment/ Paid-up Capital: |
Rs. 468.713
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH1994PTC080847 |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
Line of Business
: |
Manufacturer of Wool Tops, Worsted Woolen Yarn and Worsted Grey
Fabric. |
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|
|
No. of
Employees: |
Not Divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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. Profitability
of the company appears to be under pressure. 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. 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.
INFORMATION DECLINED BY
Management Non Co-operative.
LOCATIONS
|
Registered Office/ Factory : |
Village Kalamgaon, Shahpur, Thane-421601, |
|
Tel. No.: |
95-2527-243107/ 8 |
|
Fax No.: |
95-2527-243113 |
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E-Mail : |
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Marketing Office : |
L-2, Jai Matadi Compound, Opposite Rajlaxmi Compound, Kalher,
Bhiwandi, District Thane-421302, Maharashtra, India |
|
Tel. No.: |
91-2522-270095 / 271488/ 275388 |
|
Fax No.: |
91-2522-271488 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Michael John Davis |
|
Designation : |
Nominee Director |
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Address : |
|
|
Date of Birth/Age : |
19.01.1961 |
|
Date of Appointment : |
31.12.2007 |
|
DIN No.: |
01416414 |
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|
|
|
Name : |
Mr. Vivek Kishorchandra Mehta |
|
Designation : |
Director |
|
Address : |
704 Aditya A Cosmos Heritage, Opposite Happy Vallye, Thane-400610, |
|
Date of Birth/Age : |
25.08.1970 |
|
Date of Appointment : |
09.10.2007 |
|
DIN No.: |
01847705 |
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|
|
|
Name : |
Mr. William Dougall Lempriere |
|
Designation : |
Nominee Director |
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Address : |
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|
Date of Birth/Age : |
21.12.1967 |
|
Date of Appointment : |
25.07.2008 |
|
DIN No.: |
02466107 |
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|
|
|
Name : |
Mr. George Gu |
|
Designation : |
Nominee Director |
|
Address : |
9th Floor, 320 Chung Hslao East Road, Section 4, Taipet,
Taiwan, Taipet 10514, Taiwan, Province of China |
|
Date of Birth/Age : |
26.08.1947 |
|
Date of Appointment : |
31.12.2007 |
|
DIN No.: |
00440365 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Investment GWA Pty Limited, |
|
70325695 |
|
GTM (Asia) Investments Holding Limited, |
|
21716984 |
|
Rashmi Prem Mehra |
|
1640000 |
|
Ruchika Prem Mehra |
|
20000 |
|
Ashima Prem Mehra |
|
20000 |
|
Omika Prem Mehra |
|
20000 |
|
Total |
|
93742679 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
98.19 |
|
Others |
1.81 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Wool Tops, Worsted Woolen Yarn and Worsted Grey
Fabric. |
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Products : |
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PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
|
|
Actual
Production |
|
Wool Grease |
MT |
|
|
290 |
|
Wool Tops/ Noils |
MT |
|
|
4,000 |
|
Polyester Tops |
MT |
|
|
900 |
|
Worsted Yarn (Refere Note 1 below) |
MT |
|
|
403 |
|
Grey Fabric(Refer Note 2 below) |
Meters |
|
|
1,120,000 |
|
Dyed Products |
MT |
|
|
1,440 |
Notes:
i)
The installed capacity of
Worsted Yarn has been stated based on production of finer counts.
ii)
The installed capacity of
fabrics has been stated based on production of high peaks.
|
Particulars |
Unit |
|
|
Actual
Production |
|
Wool Tops (Note i) |
MT |
|
|
2,770.347 |
|
Wool Noils (Note ii) |
MT |
|
|
537.065 |
|
Polyester Tops (Note iii) |
MT |
|
|
242.502 |
|
Worsted Yarn (Note iv) |
MT |
|
|
344.529 |
|
Grey Fabrics (Note v) |
Meters |
|
|
1,261,067 |
|
Finished Fabrics (Note vi) |
Meters |
|
|
1,169,070 |
|
Wool Tops (Dyed) |
MT |
|
|
155.792 |
|
Polyester Tops (Dyes) |
MT |
|
|
160.715 |
|
Worsted Yarn (Dyed) (note Vii) |
MT |
|
|
6.912 |
Notes:
i)
Quantity of Wool Tops
produced included 2244.963 MT (Previous year 610.610 MT) on job. The above
figures include regilling quantity of 112.432 MT.
ii)
Quantity of Wool Noils produced
includes 445.224 MT (Previous year 128.291 MT) on job work basis.
iii)
Quantity of Polyester
Tops produced includes 242.502 MT (Previous year 36.415 MT) carried out by
other job work parties.
iv)
Quantity of Grey Fabrics
produced included 19,465 Meters (Previous year 160,961 Meters) carried out by
other job work parties.
v)
Quantity of Finished
Fabrics produced current year as well as previous year are carried out by other
job work parties.
vi)
Quantity of Worsted Yarn (Dyed) produced includes 0.501
MT (Previous year Nil MT) on job work
basis.
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
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Auditors : |
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|
Name : |
Lakhani and Associates Chartered Accountant |
|
Address : |
4th Floor, Bharat House, 104, Mumbai Samachar Marg, Fort,
Mumbai-400023, |
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Tel. No.: |
91-22-40693939/ 26/ 46 |
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Fax No.: |
91-22-40693926 |
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E-Mail : |
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Holding Company : |
Investment GWA Pty Limited |
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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 |
|
|
|
|
|
|
94000000 |
Equity Shares |
Rs. 5/- each |
Rs. 470.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93742679 |
Equity Shares |
Rs. 5/- each |
Rs. 468.713
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 |
468.713 |
433.058 |
291.100 |
|
|
2] Share Application Money |
0.000 |
10.535 |
0.000 |
|
|
3] Reserves & Surplus |
100.263 |
100.692 |
101.121 |
|
|
4] (Accumulated Losses) |
[450.566] |
[432.192] |
[355.276] |
|
|
NETWORTH |
118.410 |
112.093 |
36.945 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
79.231 |
1.765 |
2.672 |
|
|
2] Unsecured Loans |
0.000 |
50.000 |
120.000 |
|
|
TOTAL BORROWING |
79.231 |
51.765 |
122.672 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
197.641 |
163.858 |
159.617 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
352.460 |
259.972 |
278.487 |
|
|
Capital work-in-progress |
25.523 |
100.688 |
1.752 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.001 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
138.844
|
294.466 |
140.586 |
|
|
Sundry Debtors |
222.870
|
486.807 |
113.625 |
|
|
Cash & Bank Balances |
29.228
|
18.253 |
1.367 |
|
|
Other Current Assets |
0.172
|
0.166 |
0.156 |
|
|
Loans & Advances |
63.873
|
92.783 |
35.283 |
|
Total
Current Assets |
454.987
|
892.475 |
291.017 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
547.934
|
942.826 |
197.812 |
|
|
Other Current Liabilities |
79.850
|
139.808 |
203.057 |
|
|
Provisions |
7.546
|
7.660 |
10.920 |
|
Total
Current Liabilities |
635.330
|
1090.294 |
411.789 |
|
|
Net Current Assets |
[180.343]
|
[197.819] |
[120.772] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.016 |
0.149 |
|
|
|
|
|
|
|
|
TOTAL |
197.641 |
163.858 |
159.617 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales, Processing and Other Income |
863.435 |
1182.176 |
440.540 |
|
|
|
TOTAL |
863.435 |
1182.176 |
440.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
1257.692 |
508.030 |
|
|
|
Depreciation |
|
|
|
|
|
|
Interest |
|
|
|
|
|
|
TOTAL |
881.809 |
1257.692 |
508.030 |
|
|
|
|
|
|
|
|
|
LOSS BEFORE TAX |
[18.374] |
[75.516] |
[64.490] |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
1.400 |
NA |
|
|
|
|
|
|
|
|
|
|
LOSS AFTER TAX |
[18.374] |
[76.916] |
NA |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[432.192] |
[355.276] |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[450.566] |
[432.192] |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
289.568 |
752.636 |
129.599 |
|
|
|
Processing Charges |
0.000 |
7.615 |
35.519 |
|
|
|
Commission |
0.000 |
3.550 |
0.000 |
|
|
TOTAL EARNINGS |
289.568 |
763.801 |
165.118 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
221.091 |
888.758 |
106.078 |
|
|
|
Stores & Spares |
12.369 |
8.827 |
6.862 |
|
|
|
Plant and Machinery |
114.560 |
5.513 |
0.000 |
|
|
TOTAL IMPORTS |
348.020 |
903.098 |
112.940 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[0.20] |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[2.13]
|
[6.51] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[2.28]
|
[6.55] |
[11.32] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.16]
|
[0.67] |
[1.75] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.03
|
10.19 |
14.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72
|
0.82 |
0.71 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Due to Micro and Small |
-- |
-- |
-- |
|
- Other than micro and Small enterprise |
547.937 |
942.826 |
197.812 |
|
Total |
547.937 |
942.826 |
197.812 |
Provision and
Contingent Liabilities:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
|
i) Claim against the company not acknowledged as debts |
2.816 |
2.816 |
|
ii) Demand Raised by Tax Authorities against which the company has
filed an appeal |
|
|
|
- Excise Duty (including penalty) |
83.525 |
19.702 |
|
- Service Tax |
0.298 |
0.298 |
Notes:
i)
Ex Managing Director Mr. Premkumar Mehra has filed
a summary suit in Thane court on 29.07.2007 for recover of Rs. 3.470 Millions being
his full and final settlement dues from the company relating to remuneration
due to him. The company has filed a
petition stating that an amount of Rs. 0.654 Million only in receivables by him
from the company and the balance amount is to be claimed from the provident
fund and superannuation fund on completion of prescribed formalities.
Accordingly a provision of Rs. 0.437 Million is provided in the books.
ii)
Future cash outflows, if any in respect of above
are determinable only on receipt of judgements/ decision pending with various
forums/ authorities
iii)
Old Excise duty disputed demands, interest and
penalty on excise duty demand was not considered in previous year.
Note:
The Registered office of the company has been shifted from Hamilton “B”
1st Floor,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51900MH1994PTC080847 |
|
Name of the
company |
GLOBAL WOOL ALLIANCE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Village Kalamgoan, Shahpur, Thane-421601, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Floating Charge |
|
Particular of
charge holder |
Lempriere Australia Pty. Limited, 7/460, |
|
Nature of
instrument creating charge |
Stock Charge
Agreement |
|
Date of instrument
Creating the charge |
31.12.2009 |
|
Amount secured by
the charge |
Rs. 437.007
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of
Repayment As mutually
Agreed Margin As mutually Agreed Extent and
Operation of the charge Charge on present
and future stocks of the company |
|
Short particulars
of the property charged |
Charge on present
and future stocks of the company. |
Fixed Assets:
·
·
Building
·
Leasehold Improvement
·
Computers
·
Office Equipments
·
Furniture and Fixture
·
Vehicles
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.44.42 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.63.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.