MIRA
INFORM REPORT
|
Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHEELA WOODBRIDGE URETHANES PRIVATE LIMITED |
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Registered
Office : |
C-55, Preet Vihar, Vikas Marg, New Delhi-110092 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.08.2006 |
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Com. Reg. No.: |
55-152496 |
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Capital
Investment / Paid-up Capital : |
Rs.25.518
Millions |
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CIN No.: [Company Identification
No.] |
U25206DL2006PTC152496 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS31587D |
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PAN No.: [Permanent Account No.] |
AAKCS2802D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter of PU Foam and Coir Jute Mattresses. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
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. There appears
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.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
C-55, Preet Vihar, Vikas Marg, New Delhi-110092, |
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Tel. No.: |
91-11-22467764 |
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E-Mail : |
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Factory / Corporate Office: |
37/2, Site IV, Industrial Area, Sahibabad, Ghaziabad-201010, |
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Tel No.: |
91-120-2775425 |
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Fax No.: |
91-120-2775427 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Rahul Gautam |
|
Designation : |
Director |
|
Address : |
D-2, Diwanshree Apartments, |
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Date of Birth/Age : |
18.11.1952 |
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Date of Appointment : |
26.08.2006 |
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Din No: |
00192999 |
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Name : |
Mr. Tushaar Gautam |
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Designation : |
Director |
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Address : |
603 Ashadeep, |
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Date of Birth/Age : |
30.08.1954 |
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Date of Appointment : |
29.10.2009 |
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Din No: |
01646487 |
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Name : |
Mr. Ronald Cauchi |
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Designation : |
Director |
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Address : |
215 |
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Date of Birth/Age : |
14.06.1965 |
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Date of Appointment : |
20.07.2010 |
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Din No: |
02971189 |
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Name : |
Mazza Joseph Martino |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
22.12.1960 |
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Date of Appointment : |
26.08.2006 |
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Din No: |
00325905 |
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Name : |
Mr. Sunil Minocha |
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Designation : |
Director |
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Address : |
11/17 East Patel Nagar, New Delhi-110008, |
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Date of Birth/Age : |
22.04.1959 |
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Date of Appointment : |
25.06.2010 |
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Din No: |
01569945 |
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Name : |
Mr. Miller John David Leslie |
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Designation : |
Director |
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Address : |
6 |
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Date of Birth/Age : |
05.07.1959 |
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Date of Appointment : |
26.08.2006 |
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Date of Ceasing: |
20.07.2010 |
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|
|
|
Name : |
Mr. Praduman Patel |
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Designation : |
Director |
|
Address : |
C 2, First Floor, Greater Kailash Enclave 1, New Delhi-110048, |
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Date of Birth/Age : |
30.08.1954 |
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Date of Appointment : |
26.08.2006 |
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Date of Ceasing: |
29.10.2009 |
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Din No: |
00116756 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sheela Foam Private Limited, |
|
1275940 |
|
Woodbridge Foam International Limited, |
|
1275940 |
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|
|
|
|
Total |
|
2551880 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies
corporate |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of PU Foam and Coir Jute Mattresses. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
United Bank of |
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Facilities : |
NOTE: The secured
loan comprise:
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S. Agarwal and Company Chartered Accountant |
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Address : |
123, Vinobapuri, Lajpat Nagar II, New Delhi-110024, |
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Tel. No.: |
91-11-29838501/29830625 [Office] 91-11-26835009 [Residential] |
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Fax No.: |
91-11-29848352 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2551880 |
Equity Shares |
Rs.10/- each |
Rs.25.518
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 |
25.518 |
12.850 |
5.000 |
|
|
2] Share Application Money |
0.000 |
12.669 |
6.925 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(23.410) |
(0.206) |
(1.156) |
|
|
NETWORTH |
2.108 |
25.313 |
10.769 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
55.388 |
0.168 |
0.376 |
|
|
2] Unsecured Loans |
26.159 |
39.378 |
0.000 |
|
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TOTAL BORROWING |
81.547 |
39.546 |
0.376 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
83.655 |
64.859 |
11.145 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
105.492 |
5.905 |
5.617 |
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Capital work-in-progress |
0.145 |
94.354 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
12.630 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.845
|
3.521 |
0.000 |
|
|
Sundry Debtors |
5.059
|
1.267 |
0.555 |
|
|
Cash & Bank Balances |
1.384
|
3.045 |
0.419 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.326
|
13.681 |
0.199 |
|
Total
Current Assets |
27.614
|
21.514 |
1.173 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.881
|
69.879 |
0.029 |
|
|
Other Current Liabilities |
4.025
|
1.487 |
0.453 |
|
|
Provisions |
0.486
|
0.486 |
0.095 |
|
Total
Current Liabilities |
62.392
|
71.852 |
0.577 |
|
|
Net Current Assets |
(34.778)
|
(50.338) |
0.596 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.166 |
0.207 |
4.932 |
|
|
PRE OPERATIVE EXPENDITURE PENDING ALLOCATION |
0.000 |
14.731 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
83.655 |
64.859 |
11.145 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
44.204 |
9.922 |
0.556 |
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Less |
EXPENSES |
|
|
|
|
|
|
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|
|
|
|
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|
Administrative Expenses |
56.268 |
6.838 |
1.206 |
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Advertising Expenses |
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|
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|
TOTAL (B) |
56.268 |
6.838 |
1.206 |
|
|
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|
Less |
PROFIT
/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(12.064) |
3.084 |
(0.650) |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
5.976 |
0.033 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(18.040) |
3.051 |
(0.650) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17.794 |
2.101 |
0.506 |
|
|
|
|
|
|
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|
|
|
PROFIT / LOSS BEFORE
TAX (E-F) (G) |
(35.834) |
0.950 |
(1.156) |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
(12.630) |
0.000 |
0.000 |
|
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|
|
|
|
|
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|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
(23.204) |
0.950 |
(1.156) |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(9.09) |
0.37 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(52.49)
|
9.12 |
(207.91) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.92)
|
3.46 |
(17.03) |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(17.00)
|
0.04 |
(0.11) |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
68.28
|
4.40 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.44
|
0.30 |
2.03 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
During the year ended March 31, 2010, the total revenue of the company is
Rs.44.204 millions against previous year Rs.9.922 millions. The company earned
a profit / (loss) before tax of Rs.35.834 millions during the year as compared
to Rs.0.950 millions in the previous year.
FUTURE OUTLOOK:
The company expects to double its turnover in next financial year
2010-2011 and hope to maintain the same in the year coming years also. The
increases turnover is expected to realize form the additional business awards
obtained for Tata Nano, GM Cruize, Tata Magic, Honda Small car and the
motorcycle seating foam business. In addition the company has developed molded
pillows which would also push company’s sales. The second manufacturing plant
at Sanand, Ahmedabad is targeted to go in production from November 2010. The
company is also evaluating the possibility to have a third manufacturing base
in Pune to service the existing as well as new customers in near future.
FIXED ASSETS:
- Communication
Equipments
- Office
Equipments
- IT Equipments
- Furniture and
Fixtures
- Foaming Plant
and Machinery
- Material
Handling Equipments
- Storage and
Pipelines
- Moulds and
Dyes
- Tools and
Equipments
- Laboratory
Equipments
- Pollution
Control Equipments
- Electrical
Equipments
- Fire
Preventive Equipments
- Packing
Machines
- Electrical
Fittings
- 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.46.13 |
|
|
1 |
Rs.75.52 |
|
Euro |
1 |
Rs.66.53 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
|
12 |
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.