MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
WOODFIELD SYSTEMS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No 74, 1st Floor, Raja Industrial Estate, P K Road, Mulund
(W), Mumbai – 400080, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
13.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-125849 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45208MH2000PTC125849 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02051A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW3635Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Servicing loading / unloading arms |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 28000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Financial
position of the company is improving. Trade relations are fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Head Office : |
Unit No 74, 1st Floor, Raja Industrial Estate, P K Road,
Mulund (W), Mumbai – 400080, Maharashtra, India |
|
Tel. No.: |
91-22-67040000/25694054 |
|
Fax No.: |
91-22-67040090/25680072 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. 10,11, Shiv Shakti Laghu Udyog Sankul, |
DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Nittul Chetan Modi |
|
Designation : |
Director |
|
Address : |
B-1, Konark Indraprastha, 1st Floor, Jain Temple Road,
Sarvodya Nagar, Mulund (W), Mumbai – 400080, Maharahstra, India |
|
Date of Birth/Age : |
24.01.1979 |
|
Date of Appointment : |
13.04.2000 |
|
DIN No. : |
00249296 |
|
|
|
|
Name : |
Ms. Rekha Chetan Modi |
|
Designation : |
Director |
|
Address : |
B-1, Konark Indraprastha, 1st Floor, Jain Temple Road,
Sarvodya Nagar, Mulund (W), Mumbai – 400080, Maharahstra, India |
|
Date of Birth/Age : |
18.10.1952 |
|
Date of Appointment : |
13.04.2000 |
|
DIN No. : |
00249419 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Modi Chetan Nittul |
|
63750 |
|
Modi Chetan Rekha |
|
63750 |
|
Gala Girish Kartik Jt with Gala Shamji Girish |
|
63750 |
|
Gala Shamji Girish Jt with Gala Girisih Kalpana |
|
1250 |
|
Gala Girish Kalpana Jt with Gala Shamji Girish |
|
24250 |
|
Chheda Nanji |
|
12000 |
|
Chheda A Nirav |
|
10000 |
|
Chheda Hemant Priyanka |
|
5000 |
|
Chheda N Ramila |
|
10000 |
|
Chheda Nanji Hemant (HUF) |
|
1250 |
|
Woodfield Systems Limited – |
|
45000 |
|
Total |
|
300000 |
|
Names of Preferences Shareholders |
|
No. of Shares |
|
Modi Chetan Nittul |
|
49880 |
|
Modi Chetan Rekha |
|
49880 |
|
Gala Girish Kartik Jt with Gala Shamji Girish |
|
49880 |
|
Gala Girish Kalpana Jt with Gala Shamji Girish |
|
19950 |
|
Chheda Nanji Hemant |
|
8680 |
|
Chheda A Nirav |
|
10000 |
|
Chheda Hemant Priyanka |
|
2500 |
|
Chheda N Ramila |
|
7500 |
|
Chheda Nanji Hemant (HUF) |
|
1250 |
|
Woodfield Systems Limited – |
|
35210 |
|
Total |
|
234730 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
42.50 |
|
Other top fifty shareholders |
42.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Servicing loading / unloading arms |
|
|
|
|
Products : |
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kamlesh M. Gajaria Chartered Accountant |
|
Address : |
3, Laxmi Niwas, 1st Floor, Zaver Road, Mulund (W), Mumbai –
400080, Maharashtra, India |
|
Tel. No.: |
91-22-25605536/25643844 |
|
Fax No.: |
|
|
Pan No. : |
AABPG7312G |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500 Millions |
|
300000 |
10% Non Convertible Redeemable Preference Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
|
|
Total |
|
Rs. 6.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500 Millions |
|
234730 |
10% Non Convertible Redeemable Preference Shares |
Rs. 10/- each |
Rs. 2.347
Millions |
|
|
|
|
Rs. 5.347 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 |
5.347 |
5.347 |
5.347 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.720 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7.067 |
5.347 |
5.347 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.578 |
1.578 |
1.791 |
|
|
2] Unsecured Loans |
9.234 |
9.084 |
17.334 |
|
|
TOTAL BORROWING |
9.812 |
10.662 |
19.125 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16.879 |
16.009 |
24.472 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9.024 |
7.016 |
6.804 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.303
|
19.679 |
11.616 |
|
|
Sundry Debtors |
2.822
|
1.981 |
11.869 |
|
|
Cash & Bank Balances |
0.057
|
0.065 |
0.048 |
|
|
Other Current Assets |
5.289
|
3.440 |
2.128 |
|
|
Loans & Advances |
0.236
|
0.160 |
0.720 |
|
Total
Current Assets |
23.707
|
25.325 |
26.381 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4.022
|
2.582 |
2.412 |
|
|
Other Current Liabilities |
11.467
|
14.900 |
7.651 |
|
|
Provisions |
0.363
|
0.204 |
0.533 |
|
Total
Current Liabilities |
15.852
|
17.686 |
10.596 |
|
|
Net Current Assets |
7.855
|
7.639 |
15.785 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.354 |
1.883 |
|
|
|
|
|
|
|
|
TOTAL |
16.879 |
16.009 |
24.472 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
57.094 |
28.426 |
43.913 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
53.444 |
27.731 |
41.774 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.650 |
0.695 |
2.139 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.576 |
0.166 |
0.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
3.074 |
0.529 |
1.903 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.75 |
0.99 |
3.56 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.38
|
1.86 |
4.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.15
|
2.15 |
6.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.13 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.63
|
5.30 |
5.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.43 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY:
During the year,
the Company achieved Gross Receipts of Rs. 57.094 and made a profit before depreciation of
Rs.4.404 millions. After providing for depreciation of Rs.1.330 millions. The company posted profit (After Tax) of Rs.3.074 Millions and profit (After Tax) to the tune of Rs. 3.074 millions is being carried forward to the Balance sheet.
Form 8:
|
Corporate
identity number of the company |
U45208MH2000PTC125849 |
||||||
|
Name of the
company |
WOODFIELD SYSTEMS
INDIA PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Unit No 74 1st |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement |
||||||
|
Date of
instrument Creating the charge |
22.01.2010 |
||||||
|
Amount secured by
the charge |
Rs. 46.500
Millions |
||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
- Interest : 13.25% Terms of
Repayment - not applicable being a cash credit limit Margin - For Cash
Credit: Raw
Material: 25% Semi Finished
/Finished Goods: 30% Book Debts : 40% Extent and
Operation of the charge - The Bank Has Sanctioned Additional Limit Of Rs.
10.000 Millions , Thereby Enhancing The Total Limit From Rs. 36.500 Millions
To Rs. 46.500 Millions To The Borrwoer. To Secure The Repayment Of Said Limit
Along With Interest The Borrower Has
Extended (As Additional Security) The Charge Created On 10.10.2008 On
Its Current Assets To Cover The
Enhanced Limit Of Rs. 46.500 Millions
And Also Has Created Fresh Hypothecation On Its Machinery. Others - The Limit
Consits Of: Cc : Rs. 20.000 Millions Gurantee : Rs. 15.000 Millions Bank Gurantee
(St) : Rs. 3.500 Millions Bank
Gurantee (St) : Rs. 2.000 Millions Term Loan (I)
: Rs. 3.500 Millions Term Loan (Ii)
: Rs. 2.500 Millions |
||||||
|
Particulars of
the property charged |
Hypothecation Of
Stocks, Book Debts And Plant and Machinery. (Extension Of Earlier
Hypothecation Dt. 10.10.2008) Hypothecation Of Machinery
Mentioned Of Supplemental Common Hypothecation Agreement Dt. 22.1.2010 |
||||||
|
Date of
instrument modifying the charge |
21.01.2010 |
||||||
|
Particulars of
the present modification |
The Bank Has
Sanctioned Additional Limit Of Rs. 10.000 Millions, Thereby Enhancing The
Total Limit From Rs. 36.500 Millions To Rs. 46.500 Millions To The Borrwoer.
To Secure The Repayment Of Said Limit Along With Interest The Borrower
Has Extended (As Additional Security)
The Charge Created On 10.10.2008 On Its
Current Assets To Cover The Enhanced Limit Of Rs. 46.500 Millions And Also Has Created Fresh Hypothecation On
Its Machinery. |
Fixed Assets:
- Computer
- Electrical
Fittings
- Factory
building
- Furniture and
fixtures
- Mobile
equipment
- Plant and
machinery
AS PER WEBSITE
DETAILS
PROFILE:
Subject is a joint venture company with Woodfield Systems Limited,
The company decided to go a step further and join hands with an Indian
corporate house
to make world-class loading and unloading arms and accessories for Tank trucks and Rail wagons in
With there state of the art infrastructure of latest design, analytical
software's and manufacturing plant with modern machinery, they have emerged as
a leading manufacturer of finest quality loading and unloading arms and accessories.
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.73.24 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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.