MIRA
INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
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Name : |
WESTERN RUBBERS INDIA PRIVATE LIMITED
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Registered Office : |
C-12/13, Singh Industrial Estate No.1, Besides Movie Star Theater, Ram
Mandir Road, Goregaon (West), Mumbai – 400 104, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.04.2004 |
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Com. Reg. No.: |
11-145737 |
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CIN No.: [Company
Identification No.] |
U25190MH2004PTC145737 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW02379G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Molded Rubber Products and Pharmaceutical
Products etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 31000 |
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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 is an established company having satisfactory track records.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for normal 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 : |
Ms. Seema |
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Designation : |
Accounts Department |
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Date : |
25.06.2010 |
LOCATIONS
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Registered Office/Factory : |
C-12/13, Singh Industrial Estate No.1, Besides Movie Star Theater, Ram
Mandir Road, Goregaon (West), Mumbai – 400 104, Maharashtra, India |
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Tel. No.: |
91-22-26760203 / 26760274 / 26764144 / 66949178 |
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Mobile No.: |
91-9833590390 [Mr. Rahul Shah] |
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Fax No.: |
91-22-26760280 / 66949199 |
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E-Mail : |
info@westernrubbers-pharma.com info@-pharma.com |
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Website : |
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Area: |
Owned |
DIRECTORS
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Name : |
Mr. Kanaiyalal Chimanlal Shah |
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Designation : |
Director |
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Address : |
Flat No. 304, Evershine Aangan, |
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Date of Birth/Age : |
15.03.1940 |
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Date of Appointment : |
16.04.2004 |
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DIN No.: |
00292313 |
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Name : |
Mr. Ketan Kanayilal Shah |
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Designation : |
Director |
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Address : |
602, Indrapuri, Plot No. 6, |
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Date of Birth/Age : |
01.12.1966 |
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Date of Appointment : |
16.04.2004 |
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DIN No.: |
00292232 |
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Name : |
Mr. Rahul Kanayilal Shah |
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Designation : |
Director |
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Address : |
B-701, Gokul Divine, B. H. Kalpana Garage, Kadari Park, Opposite S. V.
Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
16.07.1968 |
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Date of Appointment : |
16.04.2004 |
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DIN No.: |
00292278 |
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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Kanaiyalal Chimanlal Shah |
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4000 |
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Ketan Kanayilal Shah |
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3000 |
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Rahul Kanayilal Shah |
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3000 |
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Total |
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10000 |
(AS ON 30.09.2010)
Equity Share Break Up (Percentage of Total Equity)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Molded Rubber Products and Pharmaceutical
Products etc. |
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Products : |
· Moulded Rubber Products · Extruded Rubber Products · Casting Polyurethane (PU) Parts and Belt · Western ‘O’ Ring Kit · Western Splicing Chord Kits · Architectural Rubber Profile · Silicon Hoses ·
Lock N Lock Rings |
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Exports : |
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Products : |
Molded Rubber Products and Pharmaceutical Products etc. |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
·
Allied
Trading ·
Alpro
Consultants ·
Altek
Industrial Corporation ·
Ameya
Tele Systems Private Limited ·
Amrit
Steel Corporation ·
Arihant
Winding and Hardware ·
Ashok
Hardware Stores ·
Asiatic
Agency |
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Customers : |
· Pharmaceutical Laboratories · Abbott
· ACME Formulations Limited · Birla
Cotsyn ( · Cadila Healthcare Limited · Dabar
· Golden Cross Pharma Private Limited · Jinal Industries · Cipla Limited · Cadila Healthcare Limited · U.S.V. Limited · Bayer
· Pfizer Limited · Dr. Reddy’s · Ranbaxy Laboratories Limited |
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No. of Employees : |
20 [in Office : 5; In Factory : 15] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. H. and Company Chartered Accountants |
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Address : |
306, Zaitoon Apartments, 182, |
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Tel. No.: |
91-22-28775500 / 26780375 / 30934244 |
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Mobile No.: |
91-9821075974/ 9324180005 |
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E-Mail : |
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PAN.: |
AAEFJ6618F |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
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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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.611 |
5.638 |
4.395 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.711 |
5.738 |
4.495 |
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LOAN FUNDS |
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1] Secured Loans |
4.143 |
0.000 |
0.338 |
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2] Unsecured Loans |
13.567 |
16.899 |
16.792 |
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TOTAL BORROWING |
17.710 |
16.899 |
17.130 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
25.421 |
22.637 |
21.625 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.860 |
4.384 |
5.217 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.069 |
0.081 |
0.044 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.103
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3.129
|
2.813 |
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Sundry Debtors |
21.115
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20.157
|
19.355 |
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Cash & Bank Balances |
2.827
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4.528
|
5.752 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
9.646
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8.972
|
8.102 |
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Total
Current Assets |
37.691
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36.786 |
36.022 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.908
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15.552
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17.460 |
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Other Current Liabilities |
0.000
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0.000
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0.000 |
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Provisions |
2.315
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3.089
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2.229 |
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Total
Current Liabilities |
21.223
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18.641 |
19.689 |
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Net Current Assets |
16.468
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18.145 |
16.333 |
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MISCELLANEOUS EXPENSES |
0.014 |
0.017 |
0.021 |
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TOTAL |
25.421 |
22.637 |
21.625 |
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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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Other Income |
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TOTAL (A) |
59.537 |
53.262 |
52.553 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
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48.882 |
47.273 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
4.380 |
5.280 |
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Less |
INTEREST (D) |
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1.384 |
1.440 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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2.996 |
3.840 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.907 |
1.130 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.812 |
2.089 |
2.710 |
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Less |
TAX (H) |
0.839 |
0.846 |
1.116 |
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PROFIT AFTER TAX
(G-H) (J) |
1.973 |
1.243 |
1.594 |
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Earnings Per
Share (Rs.) |
197.30 |
124.30 |
159.40 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.31
|
2.33 |
3.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.04
|
5.07 |
6.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
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0.36 |
0.60 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.05
|
6.19 |
8.19 |
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Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.97 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- ACME
Formulations Limited
· Cipla Limited – All
over
· Ranbaxy
Laboratories Limited
- Jindal
Industries
Fixed Assets
- Computer
- Die
- Electric
Fittings
- Factory
Premises
- Leasehold
Premises
- Factory Gala
- Furniture and
Fixture
- Motor Car
- Plant and
Machinery
- Scooter
- Refrigerator
- Telephone
System
- Tools and
Spares
- Typewriter
- Xerox
Machine
Web Details
Profile:
Established in the year 1970, Subject is a highly acclaimed name, engaged in the manufacturing, export and supply of quality extruded rubber products, custom rubber products, molded rubber products that have a wide application area. Their products that includes extruded rubber products, molded rubber products, custom extruded rubber products marketed under the brand name - "Western" and are synonymous with quality and durability. The products offered by them have gained acclaim all over the world and they take pride in maintaining such superior standards.
They have an extensive knowledge and understanding about the
rubber market and thus are able to manufacture goods that are very much
required in the market. Their product range is highly comprehensive and is
inclusive of items like extruded rubber products, molded rubber products,
custom rubber products, rubber parts for steel products and pharmaceutical
products.
Their Company is committed to deliver quality services to
their customers all over the world and thus have been able to carve a niche for
itself. The Company's products are equally in demand in both the national and
international market. The Organization is strongly determined to continue the
good work and keep winning laurels.
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.44.30 |
|
|
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.