MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
WHITE AND BROWN ALLOY CASTINGS PRIVATE LIMITED |
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Registered
Office : |
Flat 2D Block B Vaishnawi Dham, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
25.08.2006 |
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Com. Reg. No.: |
111291 |
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CIN No.: [Company Identification
No.] |
U27310WB2006PTC111291 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALW03063E |
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PAN No.: [Permanent Account No.] |
AAACW7138C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
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Manufacturer of Non-Ferrous Castings, Forgings and Valves. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 18580 |
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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 low. However, trade relations are reported as
fair. Business is active. Payments terms are reported to be slow. The company can be considered 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 – 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. Aniruddha Mukherjee |
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Designation : |
Director |
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Contact No.: |
91-9830155604 |
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Date : |
28.02.2011 |
LOCATIONS
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Registered Office : |
Flat 2 D Block B Vaishnawi Dham, |
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Mobile No.: |
91-9830155604 (Mr. Aniruddha
Mukherjee) |
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E-Mail : |
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Website : |
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Area : |
2500sq.fts |
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Location : |
Owned |
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Factory 1 : |
Vill Bonogram, P O Rasapunja, |
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Tel. No.: |
91-33-24980570/24980571 |
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Fax No.: |
91-33-24980569 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Aniruddha Mukharjee |
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Designation : |
Director |
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Address : |
Flat 2 D Block B Vaishnawi Dham, |
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Date of Birth/Age : |
02.07.1961 |
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Name : |
Mr. Soumya Mukharjee |
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Designation : |
Director |
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Address : |
Flat 2 D Block B Vaishnawi Dham, |
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Date of Birth/Age : |
31.07.1970 |
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Name : |
Mr. Sankar Maiyt |
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Designation : |
Director |
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Address : |
Flat 2 D Block B Vaishnawi Dham, |
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Date of Birth/Age : |
03.07.1958 |
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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Aniruddha Mukharjee |
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25500 |
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Soumya Mukharjee |
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4500 |
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Total |
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30000 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Non-Ferrous Castings, Forgings and Valves. |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
PRODUCTION STATUS AS ON
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Alok Nath Pal Chartered Accountant |
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Address : |
Alok Nath Paul and Associates, 270/1, |
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Fax No.: |
91-33-22180666 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.200.000 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 |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.645 |
1.051 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.645 |
4.051 |
3.000 |
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LOAN FUNDS |
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1] Secured Loans |
45.391 |
29.620 |
25.075 |
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2] Unsecured Loans |
14.000 |
9.000 |
0.000 |
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TOTAL BORROWING |
59.391 |
38.620 |
25.075 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64.036 |
42.671 |
28.075 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.824 |
17.322 |
18.357 |
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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 |
33.487
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20.722 |
7.859 |
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Sundry Debtors |
8.296
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17.336 |
0.000 |
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Cash & Bank Balances |
0.008
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0.007 |
0.025 |
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Other Current Assets |
0.080
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0.238 |
0.237 |
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Loans & Advances |
6.120
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0.377 |
2.610 |
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Total
Current Assets |
47.991
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38.680 |
10.731 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6.696
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13.768 |
3.994 |
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Other Current Liabilities |
0.212
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0.249 |
0.027 |
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Provisions |
0.600
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0.285 |
0.000 |
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Total
Current Liabilities |
7.508
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14.302 |
4.021 |
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Net Current Assets |
40.483
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24.378 |
6.710 |
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MISCELLANEOUS EXPENSES |
0.729 |
0.971 |
3.008 |
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TOTAL |
64.036 |
42.671 |
28.075 |
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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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TOTAL (A) |
100.968 |
39.975 |
NA |
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Less |
EXPENSES |
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Consumption of Raw Material and Processing Material |
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16.968 |
3.225 |
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Manufacturing and Administrative Expenses |
99.774 |
22.626 |
0.271 |
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Auditors Remuneration |
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0.039 |
0.011 |
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Increased/(Decreased) In Stock |
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(10.372) |
(3.001) |
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TOTAL (B) |
99.774 |
29.261 |
0.506 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
10.714 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
4.532 |
1.287 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
6.182 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
3.033 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
1.194 |
3.149 |
NA |
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Less |
TAX (I) |
0.600 |
0.304 |
NA |
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PROFIT AFTER TAX
(G-I) (J) |
0.594 |
2.845 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.59
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7.14 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.69
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5.62 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
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0.78 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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14.40
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13.06 |
9.70 |
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Current Ratio (Current Asset/Current Liability) |
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6.39
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2.70 |
2.66 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
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Corporate identity
number of the company |
U27310WB2006PTC111291 |
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Name of the
company |
WHITE AND BROWN
ALLOY CASTINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Flat 2 D Block B Vaishnawi
Dham Diamond Harbour Road, Joka, Thakurpukar, Kolkata – 700104, West Bengal,
India |
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This form is for |
Creation of
charge Modification of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge Others |
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Particular of charge
holder |
STATE BANK OF |
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Nature of
instrument creating charge |
Agreement of
Loan-cum-Hypothecation - (SME-2). |
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Date of
instrument Creating the charge |
08/03/2010 |
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Amount secured by
the charge |
Rs.56.400
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit : At
1.50% above SBAR, present effective rate 13.25% p.a with monthly rests. Term Loan - I and
II : At 2.00% above SBAR, present effective rate 13.75% p.a. with monthly
rests. Terms of
Repayment Working Capital
Limit is repayable on demand. The Term Loan - I
of Rs.11.900 Millions is repayable in 20 quarterly installments of Rs.0.595
Millions each commencing from 30 June, 2010 and ending on 31.03.2015. The Term Loan -
II of Rs.14.500 Millions is repayable in 24 quarterly installments out of
which first 23 installments of Rs.0.604 Millions each and 24th installment of
Rs.0.608 Millions commencing from 30 June, 2010 and ending on 31.03.2016 Margin As stipulated by
the Bank for the respective assets from time to time. Raw Materials : Imported : 25%, Indigenous : 25%, Semi-Finished
Goods : 25%, Finished Goods :
25%, Components/Consumables/Spares
: 25%, Domestic
Receivables (Cover 120 days) : 40%, Term Loan : 25%
and Bank Guarantee :
20%. Extent and
Operation of the charge The charge
operates as first charge basis on the whole of the hypothecated current
assets and movable fixed assets including plant and machinery(acquired/to be
acquired out of Bank Finance) of the company, both present and future to
secure the maximum amount under the said charge fixed at Rs.56.400 Millions
together with interest, costs and charges thereon. Others The Borrower
shall not do or allow anything which may prejudice the security and shall
comply with the terms and conditions of the Agreements. |
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Short particulars
of the property charged |
Hypothecation of the
entire stocks of inventory, receivables, bills and other chargeable current
assets of the Company, both present and future. Hypothecation of movable
fixed assets including plant and machinery, acquired/to be acquired out of
Bank Finance. |
Trade References:
- Alfa Laval
India Limited, Pune
- Goa Shipyard
Limited,
- Jindal Steel
and Power Limited, Raigarh
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.45.24 |
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|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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.