MIRA
INFORM REPORT
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Report Date : |
28.02.2011 |
Note:
The correct Name of the company is WOODTECH
CONSULTANTS PRIVATE LIMITED
IDENTIFICATION DETAILS
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Name : |
WOODTECH CONSULTANTS PRIVATE LIMITED |
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Registered
Office : |
No. 31/2, Nadakerappa Industrial Area, Andrahally Main Road, Peenya II
Stage, Vishwaneedam Post, Bangalore-560091, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
02.02.2005 |
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Com. Reg. No.: |
08-35527 |
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CIN No.: [Company Identification
No.] |
U20299KA2005PTC035527 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRW00578E |
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PAN No.: [Permanent Account No.] |
AGQPM8583J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Wood Working Machinery and related accessories, tools and
spares. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 20000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some losses being incurred by the company in current year. However, trade relations
are reported as fair. Business s active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution.
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Raja |
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Designation : |
Accounts Department |
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Date : |
26.02.2011 |
LOCATIONS
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Registered Office/ Warehouse : |
No. 31/2, Nadakerappa Industrial Area, Andrahally Main Road, Peenya II
Stage, Vishwaneedam Post, Bangalore-560091, Karnataka, India |
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Tel. No.: |
91-80-28364584/ 28361166 |
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Fax No.: |
91-80-28361166 |
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E-Mail : |
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Website : |
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Area : |
12000 sq.ft. (Owned) |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Narayanan Venkatakrishnan |
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Designation : |
Director |
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Address : |
10, JJ Comfortd F-7, 4th Main, 8th Cross,
Byraveshware Nagar, Bangalore-560072, |
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Date of Birth/Age : |
14.10.1951 |
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Qualification : |
Diploma in Mechanical |
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Date of Appointment : |
02.02.2005 |
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Name : |
Mr. Theerthagiri Gopi |
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Designation : |
Managing Director |
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Address : |
“C” Block, 5th Floor, Flat No. 5, |
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Date of Birth/Age : |
05.04.1974 |
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Qualification : |
Diploma in Mechanical |
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Date of Appointment : |
02.02.2005 |
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Name : |
Mr. Dhakshnamoorthy Madanraj |
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Designation : |
Director |
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Address : |
No. 202, Ujwal Windsor, 8th Main, 2nd Floor,
BEML 5th Stage, Rajarajeshwari Nagar, Bangalore-560098, |
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Date of Birth/Age : |
11.03.1972 |
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Qualification : |
Diploma in Mechanical |
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Date of Appointment : |
02.02.2005 |
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Name : |
Mr. Sammandan Murugadoss |
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Designation : |
Director |
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Address : |
Ground Floor, Flat No. 002, Ujwal Windsor, 8th Main, BEML 5th
Stage, Rajarajeshwari Nagar, Bangalore-560098, |
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Date of Birth/Age : |
25.04.1971 |
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Qualification : |
Diploma in Mechanical |
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Date of Appointment : |
02.02.2005 |
KEY EXECUTIVES
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Name : |
Mr. Raja |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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45966 |
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T Gopi |
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45966 |
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D Madanraj |
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45966 |
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45966 |
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KO George |
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11736 |
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Total |
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195600 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
94.00 |
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Other top fifty shareholders |
6.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Wood Working Machinery and related accessories, tools and
spares. |
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Services : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
End Users ·
Ambika Woods Private Limited, SHENCOTTAH ·
A And
A Modular Systems , ·
Adarshdevelopers, ·
Aurosri Exports, CHENNAI ·
Andrews Wood Crafts, ·
Aroma Furn Products, Theni ·
Asterix International, Gaziabad (U.P) ·
A.j.o. And company, ·
Asia Pacific Exports Private Limited, ·
Aztec Shiva Handicrafts And Arts Private Limited,
·
Avant Garde, Pune ·
Basic Furniture, Chennai ·
Bjk Overseas, ·
Benzalee Industries, ·
Bharat Prelam Industries Limited, Itarsi ·
Bhartia Arts And Crafts Private Limited, Jaipur ·
Bharati Box Manufacturing Company, Pune ·
Bothra International, ·
Beecube , Kerala ·
Brij Industries, Jaipur ·
B.l. Kashyap, ·
Confra Furn Systems Private Limited, ·
Carborundum Universal, Ranipet ·
Continental furnishers private limited.,
himachal pradesh ·
C.L Gupta, ·
Curio Carvers, ·
Furnitech Interiors Inc, |
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No. of Employees : |
Approximately 40 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chartered Accountant |
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Address : |
# 466, 8th Main, 15th Cross, Wilson Garden,
Bangalore-560030, |
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Tel. No.: |
91-80-22224936 |
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Fax No.: |
91-80-41206731 |
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E-Mail : |
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Website: |
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Associates/Subsidiaries : |
Shripal Enterprises Address: No. 31/2, Nadakerappa Industrial Area, Activity: Trader of Wood Working Machinery |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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195600 |
Equity Shares |
Rsl. 10/-
each |
Rs. 1.956
Millions |
(Out of 195600 Equity Shares, 57300 Equity
Shares have been issued for consideration other than cash)
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 |
1.956 |
1.956 |
1.956 |
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2] Share Application Money |
0.000 |
0.000 |
00000 |
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3] Reserves & Surplus |
3.280 |
6.182 |
5.143 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.236 |
8.138 |
7.099 |
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LOAN FUNDS |
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1] Secured Loans |
3.120 |
0.211 |
0.562 |
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2] Unsecured Loans |
3.347 |
3.222 |
0.000 |
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TOTAL BORROWING |
6.467 |
3.433 |
0.562 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.703 |
11.571 |
7.661 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.753 |
2.685 |
3.586 |
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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 |
1.261 |
0.058 |
0.024 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
27.918
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23.825 |
8.311 |
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Sundry Debtors |
18.635
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25.302 |
13.955 |
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Cash & Bank Balances |
3.103
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5.035 |
5.465 |
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Other Current Assets |
4.284
|
1.862 |
6.167 |
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Loans & Advances |
1.592
|
0.045 |
0.000 |
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Total
Current Assets |
55.532
|
56.069 |
33.898 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
36.811 |
42.068 |
17.418 |
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Other Current Liabilities |
9.987
|
4.356 |
7.312 |
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Provisions |
1.045
|
0.817 |
5.117 |
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Total
Current Liabilities |
47.843
|
47.241 |
29.847 |
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Net Current Assets |
7.689
|
8.828 |
4.051 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.703 |
11.571 |
7.661 |
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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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100.441 |
64.462 |
78.126 |
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Other Income |
|
10.720 |
1.248 |
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Closing Stock |
|
23.826 |
8.311 |
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TOTAL |
100.441 |
99.008 |
87.685 |
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Less |
EXPENSES |
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Trading and Direct Expenses |
|
75.938 |
59.806 |
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Administrative Expenses |
|
19.600 |
18.723 |
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Marketing and Selling Expenses |
|
1.758 |
2.116 |
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TOTAL |
NA |
97.296 |
80.645 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
NA |
1.712 |
7.040 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
0.984 |
1.086 |
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PROFIT BEFORE
TAX |
NA |
0.728 |
5.954 |
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Less |
TAX |
NA |
[0.452] |
3.164 |
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PROFIT AFTER TAX
|
[2.901] |
1.180 |
2.790 |
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IMPORTS |
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Purchase Value |
33.063 |
47.767 |
NA |
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Custom Duty |
0.196 |
14.256 |
NA |
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TOTAL IMPORTS |
33.259 |
62.023 |
NA |
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Earnings Per
Share (Rs.) |
[14.83] |
-- |
-- |
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Expected Sales (2010-2011) : Rs. 120.000 Millions
KEY RATIOS
|
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|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[2.89]
|
1.19 |
3.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.13 |
7.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.24 |
15.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.09 |
0.83 |
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Debt Equity Ratio (Total Liability/Networth) |
|
11.13
|
6.23 |
4.28 |
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Current Ratio (Current Asset/Current Liability) |
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0.12
|
1.19 |
1.14 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
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- for Local |
3.037 |
3.276 |
4.096 |
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- for Import |
32.313 |
36.452 |
12.340 |
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- for Interstate |
0.251 |
0.000 |
0.000 |
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- for Non trade |
1.210 |
2.340 |
0.982 |
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Total |
36.811 |
42.068 |
17.418 |
PARTIAL DETAILS OF
SUNDRY CREDITORS
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Sundry
Creditors- Local – List |
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CK Airtech India Private Limited |
0.000 |
0.009 |
0.000 |
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Aterix Prmo and Events |
0.000 |
0.000 |
0.022 |
|
ORTC Marketing Services |
0.000 |
0.003 |
0.000 |
|
Rajindra Industries |
0.004 |
0.004 |
0.004 |
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Rekha Engineering |
0.010 |
0.011 |
0.005 |
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Streepearl Enterprises |
0.222 |
0.222 |
0.918 |
|
Tools Tech |
2.500 |
2.500 |
2.500 |
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Veena Enterprises |
0.185 |
0.192 |
0.185 |
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Vijayalakshmi Furniture |
0.002 |
0.002 |
0.031 |
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Sundry
Creditors- Import- List |
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Capital Hugo Company Limited |
6.332 |
0.000 |
0.000 |
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Cots Levigatrici |
9.911 |
10.868 |
0.000 |
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Excellent Machinery Industrial Company Limited |
1.812 |
0.000 |
0.000 |
|
Brother Woodworking Machinery |
0.000 |
0.000 |
1.364 |
|
Holytek Industries |
0.000 |
0.000 |
6.110 |
|
Power Max Machinery Company |
0.000 |
0.000 |
1.050 |
|
Gilben Do Brezal |
0.000 |
2.159 |
0.000 |
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Holytek Industrial Corpoation |
9.852 |
10.283 |
0.000 |
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Sundry Creditors
– Interstate- List |
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Total Tools and Equipments (Private) Limited |
0.251 |
0.000 |
0.000 |
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Sundry Creditors
– Non- Trade- List |
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|
A |
0.180 |
0.000 |
0.000 |
|
|
0.056 |
0.263 |
0.011 |
|
CBR Detective s Pct Limited |
0.011 |
0.009 |
0.000 |
|
Hi- Tek Digiteks Private Limited |
0.000 |
0.015 |
0.000 |
|
Indra Popli- Delhi |
0.006 |
[0.006] |
0.000 |
|
Intech Computer System |
0.000 |
0.000 |
0.546 |
|
Omega Global Logistics Private Limited |
0.000 |
0.0000 |
0.235 |
Note:
The Registered office of the company has been shifted from No. 610, 18th Main 25th
Cross, Rajarajeshwarinagar, Bangalore-560098,
Trade References:
·
Global Industries,
Chennai
·
Jas Enterprises, Chennai
·
Interior Crafts,
Background:
Subject was incorporated as a Private Limited company
on 2nd February 2005 under the Companies Act, 1956. the company is
primarily engaged in the business of trading in wood working machinery and
related accessories, tools and spares.
Financial Results:
The company has reported modest improvement in
income during the year, with total income of Rs. 100.441 Millions compared to
Rs. 99.008 Millions during the previous year. However, due to higher inventory,
recessionary conditions and higher operating expenses, the company incurred
loss for the current year of Rs. 2.901 Millions, compared to the Net Profit
After Tax of Rs. 1.180 Millions in the previous year.
The directors are confident that the company
would improve its performance during the
current year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U20299KA2005PTC035527 |
|
Name of the
company |
WOODTECH CONSULTANTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 610, 18th
Main 25th Cross, Rajarajeshwarinagar, Bangalore-560098, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10058514 |
|
Type of charge |
Book Debts Movable Property Floating Charges |
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Particular of
charge holder |
Canara Bank, Mahalaxmi Layout Branch, Mahalaxmi Layout,
Bangalore-560086, |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement |
|
Date of
instrument Creating the charge |
21.01.2010 |
|
Amount secured by
the charge |
Rs. 16.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest OCC/ ODBD – 16.5%
on monthly rests Penal Interest:
Max 2% p.a. over the normal rate. Terms of
Repayment Tenability-
Tenable Till 30.04.2010 Margin Stocks- 25% Book Debts- 40% Extent and
Operation of the charge Exclusive first
charge on the assets of the company and to the full extent Others CC Rs. 7.000
Millions, LC Rs. 9.500 Millions Total Rs. 16.500 Millions |
|
Short particulars
of the property charged |
Hypothecation of
company’s present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts,
receivables, outstanding monies, bills rights, stores, components, furniture
and fittings, other movables, plant and Machinery, vehicles and assets to be
purchased out of bank finance. |
|
Date of
instrument modifying the charge |
0.4.06.2009 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs. 16.500 Millions for the
enhanced limit all other terms and conditions remain unchanged. |
Fixed Assets:
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixture
·
Computers
·
Vehicles
AS PER WEBSITE
Profile:
Subject is a CONSULTANCY and other related service providing company
exclusively for the WOOD WORKING SECTOR of the INDIAN MARKET was started by a team
of strong young well educated and trained engineers in the year
WOODTECH, with its experience has brought to
They provide high quality solutions to the customers . With over a decade of
experience and stringent quality standards to go with, it is but natural that
they have developed a tradition of high-tech solutions and very competitive
pricing, making them a frontrunner in the industry today.
At WOODTECH they always keep themselves abreast with the latest, Technologies,
innovations happening in the field, and also provide constant education and
share of knowledge to the valuable clients. The aim is to create more awareness
to the people connected in this field and help them grow in a proper way to
achieve better results in producing excellent Quality products.
The blend of excellent manpower and the technology employed translates into an
perfect solution for all the clients needs, that is unmatched in the industry.
The right resources are optimised to create the best solution for you and at a
very competitive pricing.
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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.