MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
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Name : |
TRUE WALL SPECIALITIES PRIVATE LIMITED |
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Registered
Office : |
182/1, Retiwala Compound, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.05.2007 |
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Com. Reg. No.: |
11-170792 |
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Capital
Investment / Paid-up Capital : |
Rs.5.100 Millions |
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CIN No.: [Company Identification
No.] |
U36990MH2007PTC170792 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture and Installation of Aluminium Glazing Systems and
Architectural Curtain Wall Systems. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject had takenover the running business of True Wall Specialities
erstwhile a proprietory concern. It is an established company having satisfactory
track records. Trade relations are reported to be usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
182/1, Retiwala Compound, |
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Tel. No.: |
91-22-24442979 / 24451449 |
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Fax No.: |
91-22-24445222 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Harpeet Singh Harinder Singh Marwah |
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Designation : |
Director |
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Address : |
14, Resham Apartment, |
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Date of Birth/Age : |
01.09.1972 |
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Date of Appointment : |
14.05.2007 |
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DIN No. : |
00694943 |
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Name : |
Mrs. Manpreet Kaur Harpeet Singh Marwah |
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Designation : |
Director |
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Address : |
14, Resham Apartment, |
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Date of Birth/Age : |
18.06.1978 |
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Date of Appointment : |
14.05.2007 |
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DIN No. : |
00695131 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Harpeet Singh Harinder Singh Marwah |
|
357000 |
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Manpreet Kaur Harpeet Singh Marwah |
|
153000 |
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Total |
|
510000 |
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Installation of Aluminium Glazing Systems and
Architectural Curtain Wall Systems. |
GENERAL INFORMATION
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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 : |
D. J. Mehta and Company Chartered Accountant |
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Address : |
3, Sharda Estate, L. T. Road, Near Vazira Naka, Borivali (West),
Mumbai – 400092, Maharashtra, India |
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Tel. No.: |
91-22-8997960 / 32962277 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
510000 |
Equity Shares |
Rs.10/-each |
Rs.5.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.100 |
5.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.431 |
13.801 |
6.707 |
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4] Share Premium Account |
8.500 |
8.500 |
0.000 |
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.031 |
27.401 |
6.807 |
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LOAN FUNDS |
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1] Secured Loans |
21.139 |
13.584 |
14.263 |
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2] Unsecured Loans |
16.660 |
0.384 |
3.912 |
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3] Debenture Account |
0.900 |
0.900 |
0.000 |
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TOTAL BORROWING |
38.699 |
14.868 |
18.175 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
73.730 |
42.269 |
24.982 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.726 |
6.745 |
3.273 |
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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 |
60.602
|
36.010 |
31.235 |
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Sundry Debtors |
59.345
|
30.039 |
22.627 |
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Cash & Bank Balances |
0.302
|
0.228 |
0.741 |
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Other Current Assets |
20.088
|
10.325 |
2.711 |
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Loans & Advances |
26.278
|
15.352 |
0.975 |
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Total
Current Assets |
166.615
|
91.954 |
58.289 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
87.305
|
44.266 |
31.358 |
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Other Current Liabilities |
2.227
|
3.058 |
0.669 |
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Provisions |
13.171
|
9.235 |
4.616 |
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Total
Current Liabilities |
102.703
|
56.559 |
36.643 |
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Net Current Assets |
63.912
|
35.395 |
21.646 |
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MISCELLANEOUS EXPENSES |
0.092 |
0.129 |
0.063 |
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TOTAL |
73.730 |
42.269 |
24.982 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
230.236 |
171.277 |
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Other Income |
|
0.512 |
0.331 |
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TOTAL (A) |
|
230.748 |
171.608 |
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Less |
EXPENSES |
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Cost of Goods Sold |
|
183.565 |
127.495 |
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Administrative and Selling, Distribution Expenses |
|
30.201 |
29.098 |
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TOTAL (B) |
|
213.766 |
156.593 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
16.982 |
15.015 |
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Less |
FINANCIAL
EXPENSES (D) |
|
4.016 |
2.981 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
12.966 |
12.034 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.321 |
1.121 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
11.645 |
10.913 |
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Less |
TAX (I) |
|
4.015 |
3.819 |
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PROFIT AFTER TAX
(G-I) (J) |
|
7.630 |
7.094 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
13.801 |
6.707 |
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BALANCE CARRIED
TO THE B/S |
|
21.431 |
13.801 |
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Earnings Per Share
(Rs.) |
|
14.96 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.31
|
4.13 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
5.06
|
6.37 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.60
|
11.06 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.40 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.04
|
2.61 |
8.05 |
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Current Ratio (Current Asset/Current Liability) |
|
1.62
|
1.62 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
Operations :
The Company was incorporated since last year on 14th May, 2007. The Company
had already taken over as a going
concern the running business of
M/s True wall Specialties - a proprietary concern of one of the Director- Mr.
Harpreetsingh H. Marwah - as per
main object clause of Memorandum
of Association of the Company on and with effect from 1st August,2007 in the earlier year by taking over the
running business as a going concern along
with all the Movable and Immovable Assets and Liabilities of Proprietorship Firm M/s
Truewall Specialities as
on 31st July, 2007 on and with effect from 1st August ,2007 as per detailed
Memorandum of Understanding executed on that date between the Company and the
Proprietorship firm -M/s Truewall Specialities.
During the Financial Year the Company has expanded its operations by
increasing Turnover. During the year the company has achieved a comparatively
reasonable growth in turnover of Rs. 230.236 Millions as compared to earlier
year's Turnover of Rs. 171.276 Millions only. Further during the year the Company
has earned Net Profit after Tax of
Rs. 11.644 Millions against the previous year's Net Profit of Rs. 10.913
Millions after providing for Depreciation amounting to Rs. 1.321 Millions
(Previous Year Rs. 1.120 Millions) and Provision for Taxation of Rs.3.931
Millions as well as Provision for Deferred tax Liability of Rs.0.083 Millions (Previous Year Rs. 3.668 Millions ; Provision for FBT
Rs.0.098 Millions and Provision for Deferred tax liability of Rs.0.053
Million and after writing off Preliminary Expenses amounting to Rs.0.036
Million in both years.
The directors are hopeful for very bright future prospects
and relatively high growth potential in
the business of the company during the ensuing year.
Form 8 :
|
Corporate
identity number of the company |
U36990MH2007PTC170792 |
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Name of the
company |
TRUE WALL SPECIALITIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
182/1, Retiwala Compound, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10255721 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Standard Chartered Bank, 23-25, |
|
Nature of
instrument creating charge |
Memorandum of
Entry - Supplemental |
|
Date of
instrument Creating the charge |
09.02.2011 |
|
Amount secured by
the charge |
Rs.145.140
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: As agreed by and
with the Bank from time to time. Terms of
repayment : As agreed by and
with the Bank from time to time. Margin : As applicable, if
any. Extent an
operation of the charge : The Bank is
having first and exclusive exclusive charge on the security given by the
Company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First and
exclusive charge on immovable properties of the Company at unit no. 1B on 4th
floor, A Wing, Times Square, Marol, Andheri Kurla Road, Andheri East, Mumbai
400 069. |
|
Particulars of
the present modification |
By present
modification, the existing charge amount of Rs.145.140 Millions is also now
secured with immovable properties of company viz. First and exclusive charge
on unit no. 1B on 4th floor, A Wing, Times Square, Marol, Andheri Kurla Road,
Andheri East, Mumbai 400069. |
Fixed Assets :
- Air Conditioner
- Computer Equipments
- Furniture and Fixtures
- Mobile Phones
- Office Equipment
- Plant and Machinery
- Pipe and Swivels
- Vehicle
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] 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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.