MIRA
INFORM REPORT
|
Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
WALKMAN SYNTHETICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
202 Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.06.1989 |
|
|
|
|
Com. Reg. No.: |
11-052272 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.485 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120MH1989PTC052272 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02510E / MUMW02498G / MUMW02246G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACW0676P |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Clothes |
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|
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|
No. of Employees
: |
37 (in office 12 and in factory 25) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Katin |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-24983451 |
|
Date : |
22.11.2011 |
LOCATIONS
|
Registered Office : |
202 Kewal Industrial Estate, Senapati Bapat Marg, Lower Parel (West),
Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24983451 / 52 |
|
Fax No.: |
91-22-24983453 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory : |
Bhiwandi, Maharashtra, India |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Babulal BHikamchand Solanki |
|
Designation : |
Director |
|
Address : |
1403 Arihant Tower, T.D. Kadam Marg, Chinchpokali, Mumbai – 400027,
Maharashtra, India |
|
Date of Birth/Age : |
09.01.1951 |
|
Date of Appointment : |
20.06.1989 |
|
DIN No.: |
00165457 |
|
Name : |
Mr. Pradeep Champaklal Solanki |
|
Designation : |
Director |
|
Address : |
Flat 181, A-Wing, Kalptaru Habitat Dr. SS Road Parel, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
09.05.1962 |
|
Date of Appointment : |
20.06.1989 |
|
DIN No.: |
00165505 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Baabulal Bhikamchand Solanki |
|
1010 |
|
Babulal Bhikamchand Solanki HUF |
|
300 |
|
Lilaben B. Solanki |
|
180 |
|
Reena Babulal Solanki |
|
270 |
|
Vibha Babulal Solanki |
|
270 |
|
Nitakumari Babulal Solanki |
|
320 |
|
Sneha Babulal Solanki |
|
3650 |
|
Soniben Bhikamchand Solanki |
|
400 |
|
Parul Babulal Solanki |
|
1770 |
|
Pradeepkumar Champalal Solanki |
|
1145 |
|
Deviben Champalal Solanki |
|
468 |
|
Surekha Pradeepkumar Solanki |
|
635 |
|
Ronak Pradeepkumar Solanki |
|
7681 |
|
Pradeepkumar Champalal Solanki |
|
50 |
|
Kinali Solanki |
|
5340 |
|
Manjuben Shah |
|
10 |
|
Manuish Sakaria |
|
700 |
|
M. Nileshkumar |
|
10 |
|
Kushal M. Shah |
|
590 |
|
Veena Anil Shah |
|
10 |
|
Anil Sukanraj Shah |
|
10 |
|
Piyush Sukanraj Shah |
|
10 |
|
Bhavesh Madanlal Jain |
|
10 |
|
Pista Madanlal Jain |
|
10 |
|
|
|
|
|
Total |
|
24849 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
|
|
|
Bodies corporate |
33.00 |
|
Directors or relatives of Directors |
67.00 |
|
Other top fifty shareholders |
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Clothes |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
37 (in office 12 and in factory 25) (Approximately) |
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Bankers : |
·
CITI Bank, Fort, Mumbai, Maharashtra, India ·
Union Bank, Lalbaug, Mumbai, Maharashtra, India ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Shankar Jethwani and Company Chartered Accountant |
|
Address : |
403/4, 4th Floor, Churchgate Chambers, 5, New Marine Lines,
Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22624671 |
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Fax No.: |
91-22-24313818 |
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|
|
|
Sister Concern : |
Ronak Export |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24849 |
Equity Shares |
Rs.100/-
each |
Rs.2.485
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.485 |
2.485 |
2.479 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.005 |
|
|
3] Reserves & Surplus |
8.836 |
7.529 |
6.744 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11.321 |
10.013 |
9.228 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
14.480 |
8.075 |
11.064 |
|
|
2] Unsecured Loans |
13.649 |
7.982 |
9.753 |
|
|
TOTAL BORROWING |
28.129 |
16.057 |
20.817 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
39.450 |
26.071 |
30.045 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
3.134 |
2.589 |
2.909 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.003 |
|
|
DEFERREX TAX ASSETS |
0.063 |
0.048 |
0.036 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.966
|
10.540 |
9.946 |
|
|
Sundry Debtors |
37.692
|
27.671 |
29.253 |
|
|
Cash & Bank Balances |
0.886
|
0.165 |
0.159 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.834
|
1.291 |
2.043 |
|
Total
Current Assets |
59.378
|
39.667 |
41.401 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
22.437
|
14.899 |
11.920 |
|
|
Other Current Liabilities |
0.083
|
0.917 |
1.113 |
|
|
Provisions |
0.608
|
0.420 |
1.271 |
|
Total
Current Liabilities |
23.128
|
16.236 |
14.304 |
|
|
Net Current Assets |
36.250
|
23.431 |
27.097 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
39.450 |
26.071 |
30.045 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
118.567 |
104.467 |
117.608 |
|
|
|
Other Income |
0.159 |
0.372 |
|
|
|
|
TOTAL (A) |
118.726 |
104.839 |
117.608 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
100.276 |
80.462 |
|
|
|
|
Manufacturing Expenses |
16.194 |
14.343 |
|
|
|
|
Payments and Provision for Employees |
1.662 |
1.524 |
114.152 |
|
|
|
Administrative and Selling Expenses
|
5.229 |
5.132 |
|
|
|
|
Increase / Decrease in Stock |
(9.425) |
(0.594) |
|
|
|
|
TOTAL (B) |
113.936 |
100.867 |
114.152 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.790 |
3.972 |
3.456 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.297 |
2.191 |
2.052 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.493 |
1.781 |
1.404 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.594 |
0.469 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.899 |
1.312 |
1.404 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.592 |
0.528 |
0.492 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.307 |
0.784 |
0.912 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.529 |
6.744 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.836 |
7.529 |
6.744 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
52.61 |
31.62 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.10
|
0.74 |
0.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.60
|
1.25 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.03
|
3.10 |
3.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.12 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.52
|
3.22 |
3.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56
|
2.44 |
2.89 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
----------- |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------- |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
FIXED ASSETS :
·
Building
·
Gala at Bhiwandi
·
Motor Car
·
Electrical Installation
·
Plant and Machinery
·
Furniture and Fixtures
·
Refrigerator
·
Air Conditioner
·
Computer
·
Fax Machine
·
Cellular Phone Television
·
Aqua Guard
·
Stabilizer
·
Generator
·
Motor Bike
·
Xerox Machine
·
Battery
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. 52.10 |
|
|
1 |
Rs. 81.30 |
|
Euro |
1 |
Rs. 70.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
- |
|
Maximum Credit Limit : |
USD 45000 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.