MIRA
INFORM REPORT
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Report Date : |
25.03.2011 |
Note:
The registered office of the company has been shifted from 29A, Ramwadi Off, Nagar Road, Pune – 411 014, Maharashtra to the present address.
IDENTIFICATION DETAILS
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Name : |
W.B. ENGINEERS INTERNATIONAL PRIVATE LIMITED |
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Formerly Known
As : |
W.B. CONAGRO MACHINERY PRIVATE LIMITED |
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Registered
Office : |
C 21/ 22, Liberty Society, North Main Road, Koregaon Park, Pune – 411
001, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.12.1980 |
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Com. Reg. No.: |
11-023521 |
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CIN No.: [Company Identification
No.] |
U29212PN1980PTC023521 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Material Handling Machinery. |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 225000 |
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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 under pressure. There appears some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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 (General Details)
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Name : |
Ms. Sushmita Kaur |
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Designation : |
Commercial Department |
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Contact No.: |
91-20-30581800 |
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Date : |
24.03.2011 |
LOCATIONS
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Registered Office : |
C 21/ 22, Liberty Society, North Main Road, Koregaon Park, Pune – 411
001, Maharashtra, India |
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Tel. No.: |
91-20-30581800/ 01/ 41035555 |
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Fax No.: |
91-20-30581700 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Administrative Office : |
11, White |
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Tel. No.: |
91-20-26121800 |
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Fax No.: |
91-20-26121700 |
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E-Mail : |
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Website : |
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Branch and Site Office : |
Located at: ·
Mumbai ·
·
Hospet ·
·
Joda |
DIRECTORS
As on 30.09.2010
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Name : |
Ms. Marietta Barreto |
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Designation : |
Chairman cum Managing Director |
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Address : |
Flat No.1, 116, |
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Date of Birth/Age : |
13.08.1958 |
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Date of Appointment : |
01.05.1990 |
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DIN No.: |
00943406 |
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Name : |
Mr. Ramchandra Gopalkrishnan |
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Designation : |
Director |
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Address : |
Flat No.404, 4th Floor, Shree Ram Bhuvan CHS Limited, Parsi
Colony, Dadar (East), Mumbai – 400 014, |
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Date of Birth/Age : |
11.05.1960 |
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Date of Appointment : |
29.11.2007 |
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DIN No.: |
00102506 |
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Name : |
Mr. Brian Wilfred Barreto |
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Designation : |
Director |
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Address : |
527, S, |
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Date of Birth/Age : |
10.05.1967 |
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Date of Appointment : |
08.03.2002 |
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DIN No.: |
00691395 |
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Name : |
Mrs. Maria Barreto |
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Designation : |
Director |
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Address : |
Lote G. No. 6, Quinta Da Bicuda Torre 2750, |
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Date of Birth/Age : |
30.06.1930 |
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Date of Appointment : |
15.02.1996 |
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Name : |
Mr. Ramchandra Kuppuswami |
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Designation : |
Director |
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Address : |
408, |
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Date of Birth/Age : |
11.07.1931 |
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Date of Appointment : |
08.07.1999 |
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Date of Ceasing : |
01.06.2010 |
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DIN No.: |
00941881 |
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Name : |
Mr. Sushil Des Kharbanda |
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Designation : |
Director |
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Address : |
Flat No.103/ A1, Mayur Pankh, Kondhwa, Pune – 411 048, |
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Date of Birth/Age : |
29.09.1948 |
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Date of Appointment : |
01.08.2007 |
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Date of Ceasing : |
01.06.2010 |
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DIN No.: |
01680992 |
KEY EXECUTIVES
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Name : |
Ms. Sushmita Kaur |
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Designation : |
Commercial 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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Maria Barreto |
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1800 |
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Brian Barreto |
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1300 |
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416498 |
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Yvetta Barreto |
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1300 |
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Maria Isabel Barreto |
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1300 |
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Karl Barreto |
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1300 |
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Analisa Barreto |
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1300 |
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Jacqueline Barreto |
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1300 |
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Ramchandra Kuppuswami |
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100 |
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Total |
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426198 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Material Handling Machinery. |
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Products : |
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Imports : |
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Products : |
Finished Goods |
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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 : |
OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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Name : |
Sharad P. Joshi Chartered Accountants |
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Address : |
209, Indulal Commercial Complex, |
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Tel. No.: |
91-20-24531437/ 24531584 |
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Fax No.: |
91-20-24531584 |
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E-Mail : |
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Associates : |
Mining and Construction Equipment Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
426198 |
Equity Shares |
Rs.100/-
each |
Rs.42.620
millions |
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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 |
42.620 |
42.620 |
39.202 |
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2] Share Application Money |
10.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51.500 |
51.500 |
53.662 |
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4] (Accumulated Losses) |
(47.980) |
(19.162) |
0.000 |
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NETWORTH |
56.140 |
74.958 |
92.864 |
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LOAN FUNDS |
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1] Secured Loans |
161.448 |
204.649 |
149.652 |
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2] Unsecured Loans |
6.668 |
5.663 |
4.443 |
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TOTAL BORROWING |
168.116 |
210.312 |
154.095 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
11.528 |
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TOTAL |
224.256 |
285.270 |
258.487 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.393 |
147.779 |
148.845 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.008 |
0.054 |
0.053 |
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DEFERREX TAX ASSETS |
1.076 |
0.011 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.911
|
131.515 |
88.994 |
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Sundry Debtors |
76.292
|
51.685 |
99.352 |
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Cash & Bank Balances |
6.284
|
12.168 |
89.888 |
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Other Current Assets |
0.081
|
0.541 |
6.583 |
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Loans & Advances |
39.930
|
28.430 |
35.904 |
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Total
Current Assets |
157.498
|
224.339 |
320.721 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.524 |
26.479 |
154.672 |
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Other Current Liabilities |
47.974
|
46.213 |
42.944 |
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Provisions |
14.221
|
14.221 |
13.516 |
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Total
Current Liabilities |
80.719
|
86.913 |
211.132 |
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Net Current Assets |
76.779
|
137.426 |
109.589 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
224.256 |
285.270 |
258.487 |
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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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Income |
217.626 |
410.321 |
377.084 |
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Other Income |
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TOTAL |
217.626 |
410.321 |
377.084 |
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Less |
EXPENSES |
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|
247.509 |
442.753 |
340.720 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
247.509 |
442.753 |
340.720 |
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PROFIT BEFORE
TAX |
(29.883) |
(32.432) |
36.364 |
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Less |
TAX |
(1.065) |
(11.108) |
NA |
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PROFIT AFTER TAX
|
(28.818) |
(21.324) |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Agency Commission |
0.000 |
0.000 |
5.513 |
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Reimbursement of Expenses |
0.012 |
0.441 |
1.040 |
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TOTAL EARNINGS |
0.012 |
0.441 |
6.553 |
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IMPORT VALUE |
38.517 |
387.611 |
316.129 |
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Earnings Per
Share (Rs.) |
(67.62) |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(13.24)
|
(5.15)
|
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(9.83)
|
(8.72)
|
7.74 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.53)
|
(0.43)
|
0.39 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.43
|
3.97 |
3.93 |
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Current Ratio (Current Asset/Current Liability) |
|
1.95
|
2.58 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors
– Goods |
11.869 |
7.309 |
2.420 |
|
Sundry Creditors
– Imports |
6.655 |
19.170 |
152.252 |
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|
18.524 |
26.479 |
154.672 |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10244615 |
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Corporate
identity number of the company |
U29212PN1980PTC023521 |
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Name of the
company |
W B ENGINEERS
INTERNATIONAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
C 21/22 |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
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Particular of
charge holder |
Bank of Maharashtra,
Industrial Finance Branch, Yashomangal, 1183/A, |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Composite deed of
hypothecation for all securities. |
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Date of
instrument Creating the charge |
23.09.2010 |
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Amount secured by
the charge |
Rs.50.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit -
base rate + 6% = 14.25%p.a. At monthly rests. Short term loan
and term loan - base rate + 6%+0.25 %( risk premium) = 14.50%p.a. Terms of
Repayment C.c. - annual
review. Short term loan -
to start from October 2010 by monthly installment of Rs. 0.900 Millions. Term loan - to
start from January 2011 by 30 monthly installments of Rs. 0.335 Millions. Interest to be
paid as and when applied. Margin 25% Extent and
Operation of the charge Cash credit -
Rs.30.000 Millions Short term loan -
Rs.10.000 Millions Term loan -
Rs.10.000 Millions Total - Rs.50.000
Millions |
|
Short particulars
of the property charged |
I) Cash credit -
hypothecation of inventory and receivables. Short term loan -
additional hypothecation charge on current assets and on machines and
equipment. Term loan -
hypothecation of machine and equipment. II) Situated at
Company's Factories, Godowns, Offices or Anywhere Else. |
|
Particulars of
the present modification |
Short term loan
of Rs. 10.000 Millions and term loan of Rs. 10.000 Millions is granted. Thus
total credit facilities stand increased to Rs. 50.000 Millions and
hypothecation charge was extended to cater enhanced limits of Rs. 50.000
Millions. |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 (Rs.
in millions) |
|
Bank Guarantees |
|
|
Counter Guarantees given to the Banks for Guarantees issued for
Guarantees issued by them on Company behalf. |
|
|
- In Rupees |
5.303 |
|
- In US $ |
NIL |
FIXED ASSETS:
·
Office Equipments
·
Software Package
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Building and Fencing
·
Land
·
Plant and Machinery
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.44.77 |
|
|
1 |
Rs.72.66 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
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--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 |
|
30 |
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.