MIRA
INFORM REPORT
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Report Date : |
22.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN CABLEX ENGINEERING PRIVATE LIMITED |
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Registered Office : |
202, Universal Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
17.08.1999 |
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Com. Reg. No.: |
11-121320 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.902 million |
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CIN No.: [Company
Identification No.] |
U31300MH1999PTC121320 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW01918A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Unparalleled Telecommunication Cables. |
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No. of Employees : |
20 (Approximately) [Office 5 + Factory
15] |
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 90000 |
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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. 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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
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
|
Name : |
Ms. Manju Shah |
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Designation : |
Sales Assistant |
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Contact No.: |
91-22-26358098 |
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Date : |
22.11.2011 |
LOCATIONS
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Registered Office : |
202, Universal Industrial Estate, |
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Tel. No.: |
91-22-26358098 / 26235604 / 20620279 |
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91-9821129866 (Mr. Arvind Nair) |
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Fax No.: |
91-22-26340424 / 26252023 / 26202762 |
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E-Mail : |
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Website: |
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Area : |
600 Sq.ft |
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Location : |
Owned |
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Factory : |
7, Silver Industrial Estate, Bhimpore, Nani Daman – 396 210 |
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Tel. No.: |
91-260-2220035 |
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Location : |
Owned |
DIRECTORS
(AS ON 26.09.2011)
|
Name : |
Mr. Arvindakshan Pachu Nair |
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Designation : |
Managing Director |
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Address : |
Oceanic-1, Flat No.403, 7 Bunglows, Versova, Andheri (West),
Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
25.02.1955 |
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Qualification: |
Graduate |
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Date of Appointment : |
17.08.1999 |
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DIN No. : |
00672009 |
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Name : |
Mrs. Prasanna Arvindakshan Nair |
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Designation : |
Director |
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Address : |
Oceanic-1, Flat No.403, 7 Bunglows, Versova, Andheri (West),
Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
06.04.1959 |
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Qualification: |
Graduate |
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Date of Appointment : |
17.08.1999 |
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DIN No. : |
00670022 |
KEY EXECUTIVES
|
Name : |
Ms. Manju Shah |
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Designation : |
Sales Assistant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
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Names of Shareholders |
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No. of Shares |
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Arvindakshan Nair |
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78500 |
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Prasanna Nair |
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7500 |
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Aswathi Nair |
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4000 |
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Arati Nair |
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200 |
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Total |
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90200 |
Equity Share Breakup
(AS ON 30.09.2011)
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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, Exporter and
Importer of Unparalleled
Telecommunication Cables. |
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Products : |
·
Heat Shrinkable Closures for Telephone Cables ·
Heat Shrinkable Wraparound Sleeves ·
Earthing Kits for Optical Fiber Cables ·
Heat Shrinkable Joints for Quad Cables ·
Heat shrinkable Joints for Signaling Cables.
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Exports : |
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Products : |
Unparalled Telecommunication Cables |
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Countries : |
·
Australia ·
UK ·
Canada |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
Cash / Credit (60 days) |
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Purchasing : |
Cash / Credit (60 days) |
GENERAL INFORMATION
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Customers : |
·
Reliance Infrastructure Limited ·
Idea Limited |
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No. of Employees : |
20 (Approximately) [Office 5 +
Factory 15] |
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Bankers : |
·
The
Union Bank of India, Versova
Branch, Rajkumar Corner C H S Limited, Plot No.105, J P Road, Andheri (West),
Mumbai-400058, Maharashtra, India ·
ICICI
Bank |
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Facilities : |
(Rs.
in millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.K. Varghese and Company Chartered Accountants |
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Address : |
124, Andheri Universal Industrial Premises, J. P. Road, Andheri
(West), Mumbai-400058, Maharashtra, India |
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Income-tax PAN of auditor or auditor’s firm : |
AAFFM5752N |
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Memberships : |
·
Export Promotion Council (EPC) ·
Federation of Indian Export Organisation (FIEO) |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90200 |
Equity Shares |
Rs. 10/- each |
Rs. 0.902
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.902 |
0.902 |
0.902 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
21.613 |
19.401 |
17.391 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.515 |
20.303 |
18.293 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.811 |
1.961 |
1.007 |
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TOTAL BORROWING |
1.811 |
1.961 |
1.007 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.326 |
22.264 |
19.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.275 |
8.531 |
7.761 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7.187 |
5.902 |
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 |
4.621
|
5.042
|
4.244
|
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Sundry Debtors |
4.572
|
3.884
|
2.686
|
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Cash & Bank Balances |
0.073
|
0.797
|
6.032
|
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Other Current Assets |
0.014
|
0.080
|
0.088
|
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Loans & Advances |
3.476
|
3.782
|
5.754
|
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Total
Current Assets |
12.756
|
13.585
|
18.804 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
2.462
|
2.840
|
3.302
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Other Current Liabilities |
0.095
|
0.219
|
0.292
|
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Provisions |
3.335
|
2.695
|
3.671
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Total
Current Liabilities |
5.892
|
5.754
|
7.265 |
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Net Current Assets |
6.864
|
7.831
|
11.539
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
24.326 |
22.264 |
19.300 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
31.419 |
33.722 |
45.928 |
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Other Income |
0.403 |
0.260 |
0.354 |
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TOTAL |
31.822 |
33.982 |
46.282 |
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EXPENSES |
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Office Expenses |
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Administrative Expenses |
28.936 |
29.666 |
39.952 |
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Advertising Expenses |
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TOTAL |
28.936 |
29.666 |
39.952 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3.400 |
4.787 |
6.330 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.514 |
0.472 |
0.438 |
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PROFIT BEFORE
TAX |
2.886 |
4.315 |
5.892 |
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Less |
TAX |
0.674 |
1.200 |
1.251 |
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PROFIT AFTER TAX
|
2.212 |
3.115 |
4.641 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.401 |
7.390 |
3.793 |
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Less |
APPROPRIATIONS DURING
THE YEAR |
0.000 |
1.104 |
1.043 |
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BALANCE CARRIED
TO THE B/S |
11.613 |
9.401 |
7.391 |
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Earnings Per
Share (Rs.) |
24.52 |
34.54 |
51.44 |
|
Expected Sales (2011-2012) : Rs.40.000 millions.
The above information has been parted by Ms. Manju Shah
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.95
|
9.17
|
10.03 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.18
|
12.79
|
12.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.53
|
19.51
|
22.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.21
|
0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
0.38
|
0.45 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
2.36
|
2.59 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info
Agents |
Available in
reports |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the Firm |
Yes |
|
3) Constitution
of the Firm |
Yes |
|
4) Premises
Details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
Background |
--------- |
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8) No. of
Employees |
Yes |
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9) Name of
person contacted |
Yes |
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10) Designation
of contact person |
Yes |
|
11) Turnover of
firm of last two year |
Yes |
|
12)
Profitability for last two years |
Yes |
|
13) Reasons for
variations <> 20% |
--------- |
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14) Estimation
for coming financial year |
Yes |
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15) Capital in
the business |
No |
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16) Details of
Sister concern |
--------- |
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17) Major
Suppliers |
--------- |
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18) Major
Customers |
Yes |
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19) Payments
terms |
Yes |
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20) Export / Import
details (if applicable) |
Yes |
|
21) Market
Information |
--------- |
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22) Litigation
that the firm / promoter involved |
--------- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility Details |
Yes |
|
25) Conduct of
the banking account |
--------- |
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26) Buyer visit
details |
--------- |
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27) Financials,
if provided |
No |
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28)
Incorporation details, if applicable |
---------- |
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29) Last account
field at ROC |
---------- |
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30) Major
Shareholders, if available |
---------- |
NOTE:
The Registered Office of the company has been shifted from 403, Oceanic I, Seven Bunglows, Andheri (West), Mumbai – 400061, Maharashtra to the present address w.e.f. 01.03.2007.
PERFORMANCE
REVIEW:
As compared to previous year, current year sales are less due to local
market competitions. Even though the Export performance are good compared to
previous year.
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80047188 |
|
Corporate identity
number of the company |
U31300MH1999PTC121320 |
|
Name of the
company |
WESTERN CABLEX ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
202, Universal Industrial Estate, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
The Union Bank of
India, Versova Branch,
Rajkumar Corner C H S Limited, Plot No.105, E-Mail: cbsversova@unionbankofindia.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement of Goods and Debts (SD-06) |
|
Date of
instrument Creating the charge |
12.07.2008 |
|
Amount secured by
the charge |
Rs.2.500 millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
a) Rate of Interest:
Interest at BPLR + 0.25% i.e.13% per annum at present with monthly
rests or at such other revised rate/s as may be prescribed by the Bank from
time to time. b) Terms of Repayment:
On Demand c) Margin:
MARGIN : 25% Against Stocks 50% Against Book Debts. d) Extent and Operation of the charge:
To secure the cash credit (hypothecation) stocks / book debts limit of
Rs.2.500 millions granted by the bank to the company. |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge in favour of the bank :- (1) Stock, plant and machinery existing
and future belonging to the
borrower and stored / installed at their premises at 7, Silver Indl. estate,
Bhimpore, Nani Daman - 396210 or wherever else. (2) The borrower's existing and future
book debts, outstanding, monies, deposits, receivables, claims and bills,
contracts, securities, investments which are due and owing to the borrower in
the course of its business. |
|
Particulars of the
present modification |
The Cash Credit
(Hypothecation) Stocks / Book Debts Limit has enhanced from Rs.1.000 million
to Rs.2.500 millions against the Security. |
FIXED ASSETS:
- Factory at
- Plant and Machinery
- Tools and Equipments
- Testing and Lab Equipment
- Furniture and Fixtures
- Computer (EDP System)
- Electrical Installation
- Motor Car
TRADE REFERENCES:
·
Reliance Infrastructure
Limited
·
Idea Limited
AS PER WEBSITE:
Profile:
Subject is a high-tech Engineering Company established
in the year 1999 with the objective of providing comprehensive products and
services in the field of Telecommunications Sector. The Company has its
manufacturing plant at Daman, 175 kms away from Mumbai. The manufacturing unit
is approved by Department of Telecom Government of India. RDSO and ahs ISO 9001
certification. In addition to major Indian customers like BSNL, MTNL, Railways,
Reliance etc., the products are also exported to several countries in South
East Asia, Europe, Africa and South America.
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.51.71 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.69.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.