MIRA
INFORM REPORT
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Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN INDIA FORGINGS PRIVATE LIMITED |
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Registered
Office : |
Plot No. J 2, “S” Block MIDC, Bhosari, Pune-411026, |
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Country : |
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Financials (as on)
: |
31.03.2010 |
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Date of
Incorporation : |
30.03.1981 |
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Com. Reg. No.: |
11-24155 |
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Capital
Investment / Paid-up Capital : |
Rs.99.320
Millions |
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CIN No.: [Company Identification
No.] |
u28910PN1981PTC024155 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Exporter of an Open and Close
Die Forgings. Importer of Machinery. |
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No. of Employees
: |
More than 150 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 3300000 |
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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 a well 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.
INFORMATION PARTED BY
|
Name : |
Mr. U.G. Apte |
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Designation : |
GMF |
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Contact No.: |
91-9822790451 |
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Name : |
Mr. Wilfred C. |
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Designation : |
Export Departments |
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Contact No.: |
91-9960261647 |
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Date : |
08.10.2011 |
LOCATIONS
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Registered Office / Plant I : |
Plot No. J 2, “S” Block MIDC, Bhosari, Pune-411026, |
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Tel. No.: |
91-20-27120240 / 27122205 / 27122667 |
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Mobile No.: |
91-9822790451 [Mr. U.G. Apte] 91-9960261647 [Mr. Wilfred C.] |
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Fax No.: |
91-20-27120410 / 27122202 |
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E-Mail : |
ugapte@westenindiaforgings.com wifl@westernindiaforgings.com |
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Website : |
www.westernindiaforgings.com |
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PLANT II : |
W - 195 - B M.I.D.C.| Bhosari, Pune-411026, |
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Tel. No.: |
91-20-27120519 |
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PLANT III : |
Gat 163 Hissa No. 1 Sanaswadi, Taluka Shirur, Pune-412208, |
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Tel. No.: |
91-2137-320202 |
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PLANT IV : |
29/1, |
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Tel. No.: |
91-20-3241 5135 / 3251 7323 |
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Fax No.: |
91-20-27011371 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Arun Krishankumar Jindal |
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Designation : |
Director |
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Address : |
Lane No. 4, |
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Date of Birth/Age : |
11.11.1960 |
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Date of Appointment : |
30.03.1981 |
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Din No.: |
00121523 |
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Other Directorship:
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Name : |
Mr. Krishankumar Brijlal Jindal |
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Designation : |
Director |
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Address : |
Lane No. 4, |
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Date of Birth/Age : |
17.08.1930 |
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Date of Appointment : |
30.03.1981 |
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Din No.: |
00280819 |
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Other Directorship:
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Name : |
Mr. Sanjay Krishankumar Jindal |
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Designation : |
Director |
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Address : |
301, Marvel, Grandeur, 12, |
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Date of Birth/Age : |
18.11.1962 |
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Date of Appointment : |
01.10.2006 |
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Din No.: |
01624895 |
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Other Directorship:
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Name : |
Mr. Mukundan Madathil |
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Designation : |
Director |
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Address : |
Flat No. E-9, |
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Date of Birth/Age : |
22.04.1957 |
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Date of Appointment : |
08.10.2008 |
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Din No.: |
02354113 |
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KEY EXECUTIVES
|
Name : |
Mr. U.G. Apte |
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Designation : |
GMF |
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Name : |
Mr. Wilfred C. |
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Designation : |
Export Departments |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Krishankumar Brijlal Jindal |
|
4939891 |
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Arun Krishankumar Jindal |
|
853237 |
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Sanjay Krishankumar Jindal |
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1634246 |
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Shruti Arun Jindal |
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3 |
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Kiran Sanjay Jindal |
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3 |
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Prashant Gupta |
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3 |
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Arun Krishankumar Jindal |
|
607361 |
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Shubham Arun Jindal |
|
516256 |
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Arushi Arun Jindal |
|
381000 |
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Renu Vivek Agarwal |
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1000000 |
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Total |
|
9932000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of an Open and Close Die Forgings. Importer
of Machinery. |
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Products : |
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Exports : |
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Products : |
Open and Close Die Forgings |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit (45 Days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
More than 150 [Approximately] |
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Bankers : |
·
State Bank of ·
Citi Bank, Branch M ·
Standard Chartered Bank, Branch M ·
Standard Chartered Bank, 90, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Gokhale Tansale and Ghatpande Chartered Accountants |
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Address : |
102, R.K. Classic New |
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Tel. No.: |
91-20-30224518/22 |
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Fax No.: |
91-20-30228978 |
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E-Mail : |
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Companies / Other Organisation under the control of KMP of their
relatives where transaction are entered into and / or outstanding balance
exists as at the balance sheet: |
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Companies / Other Organisation under the control of KMP of their
relatives where transaction are entered into and / or no outstanding balance
exists as at the balance sheet: |
Arya Associates |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19980000 |
Equity Shares |
Rs.10/- each |
Rs.199.800 Millions |
|
20000 |
Preferences Shares |
Rs.10/- each |
Rs.0.200 Million |
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Total |
|
Rs.200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9932000 |
Equity Shares |
Rs.10/- each |
Rs.99.320
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
99.320 |
99.320 |
99.320 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
736.930 |
690.208 |
510.613 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
836.250 |
789.528 |
609.933 |
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LOAN FUNDS |
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1] Secured Loans |
495.679 |
520.873 |
563.037 |
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2] Unsecured Loans |
91.249 |
89.688 |
107.680 |
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TOTAL BORROWING |
586.928 |
610.561 |
670.717 |
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DEFERRED TAX LIABILITIES |
97.526 |
72.492 |
50.596 |
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TOTAL |
1520.704 |
1472.581 |
1331.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
904.658 |
810.439 |
713.610 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.979 |
0.056 |
0.056 |
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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 |
319.333
|
247.883 |
411.546 |
|
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Sundry Debtors |
410.597
|
497.428 |
425.921 |
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Cash & Bank Balances |
3.629
|
9.509 |
22.534 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
415.229
|
464.902 |
450.318 |
|
Total
Current Assets |
1148.788
|
1219.722 |
1310.319 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
234.710
|
220.941 |
354.766 |
|
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Other Current Liabilities |
23.605
|
18.271 |
28.635 |
|
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Provisions |
286.155
|
320.173 |
312.692 |
|
Total
Current Liabilities |
544.470
|
559.385 |
696.093 |
|
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Net Current Assets |
604.318
|
660.337 |
614.226 |
|
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MISCELLANEOUS EXPENSES |
1.749 |
1.749 |
3.354 |
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TOTAL |
1520.704 |
1472.581 |
1331.246 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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Income |
|
2529.438 |
2231.167 |
|
|
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Operating Income |
|
49.717 |
59.602 |
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Other Income |
|
3.033 |
13.945 |
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Book Profit on |
|
0.000 |
7.084 |
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TOTAL (A) |
1789.650 |
2582.188 |
2311.798 |
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Less |
EXPENSES |
|
|
|
|
|
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|
Raw Material Consumed |
|
1617.553 |
1488.684 |
|
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|
Labour |
|
134.321 |
134.821 |
|
|
|
Manufacturing Expenses |
|
338.475 |
274.122 |
|
|
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Administration Expenses |
|
35.688 |
34.807 |
|
|
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Selling Expenses |
|
38.221 |
30.677 |
|
|
|
Preliminary Expenses Written Off |
|
0.999 |
0.642 |
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|
Merger Expenses Written Off |
|
0.989 |
0.000 |
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Loss on |
|
1.137 |
0.022 |
|
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|
Increase in Stock |
|
(5.874) |
(50.966) |
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TOTAL (B) |
1671.928 [Including
Depreciation and Financial Expenses] |
2161.509 |
1912.809 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
420.679 |
398.989 |
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Less |
FINANCIAL
EXPENSES (D) |
|
95.883 |
76.953 |
|
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|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
324.796 |
322.036 |
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
43.078 |
30.560 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
117.722 |
281.718 |
291.476 |
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Less |
TAX (H) |
45.037 |
83.286 |
103.518 |
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|
PROFIT AFTER TAX
(G-H) (I) |
72.685 |
198.432 |
187.958 |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.251 |
19.843 |
18.796 |
|
|
|
Proposed Dividend |
19.864 |
19.864 |
19.864 |
|
|
|
Tax on Dividend |
3.376 |
3.376 |
3.376 |
|
|
BALANCE CARRIED
TO THE B/S |
42.018 |
155.349 |
145.922 |
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|
EARNINGS IN
FOREIGN CURRENCY |
391.127 |
858.431 |
527.500 |
|
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|
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|
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|
Earnings Per Share
(Rs.) |
7.32 |
19.98 |
18.92 |
|
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover [Approximately] |
|
|
2480.000 |
Expected Sales (2011-12) : Rs.3200.000 Millions
The above information has been parted by Mr. U.G. Apte and Mr. Wilfred
C.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.06
|
7.68 |
8.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
11.14 |
13.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.73
|
13.88 |
14.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.36 |
0.48 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.48 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.18 |
1.88 |
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 |
234.710
|
220.941 |
354.766 |
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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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 |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
Yes |
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14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
Yes |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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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 accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90090995 |
|
Corporate
identity number of the company |
U28910PN1981PTC024155 |
|
Name of the
company |
WESTERN INDIA
FORGINGS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. J 2, “S” Block MIDC, Bhosari, Pune-411026, |
|
Type of charge |
Others |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
correction executed between SBI IFB PUNE-Lead Bank on behalf of itself and on
behalf of the Member Banks and Borrower Company, to ratify and to denote, the
exact status about the properties, including the additional one, taken as
securities to cover and govern the consortium finance extended to the
Borrower company. |
|
Date of
instrument Creating the charge |
14.07.2011 |
|
Amount secured by
the charge |
Rs.772.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per the
existing terms and conditions in-force duly acknowledged by the Company
through its Directors. Terms of
Repayment As per the existing
terms and conditions in-force duly acknowledged by the Company through its
Directors. Margin As per the
existing terms and conditions in-force duly acknowledged by the Company
through its Directors. Extent and
Operation of the charge Through the Correction
Deed, which has been registered with Revenue Authorities under registration
number: 7203/2011 the correctness of the properties has been carried out with
additional security involved to secure the credit facilities extended by the
SBI-lead bank along with member banks. The Share of SBI IFB, inclusive of
fund based and non fund based is RS: 622.900 Millions. Share of CITI BANK:
70.000 Millions. Standard Chartered Bank: Rs.80.000 Millions. The charge will
be governed as per agreements and sanction. Others The Company, by
virtue of the Board Resolution passed on14/03/2011,has given assent to all
the Terms and Conditions, Covenants, as provided in the Bank's Sanction
Letter No.AGM/RM/JVV/2011/23 Dated 27/01/2011, have executed the related loan
document(s)/ Agreement(s) through the Director(s),who have received and signed the documents in physical form
and who have been authorized to file
eform-8 for modifications in the existing limits and in the nature and
scope of the charge on agreed terms. |
|
Short particulars
of the property charged |
I)
All
that piece or parcel of land at Bhosari known as plot no.J-2 within the
Pimpri Industrial Area within the village limits Bhosari sub reg.
District Haveli Reg. District Pune adm 4050 sq mtrs. II)
All
that piece and parcel of land at Sanswadi Taluka Shirur District Pune Gut
No.163 Hissa No.1 area 03Hect.84 III)
All
that piece and parcel of land at Kharadi Tal Haveli District Pune Agri. l and adm 04 Hect.02 Aars Revenue
Cess:Rs 09=37 paise of village Kharadi bearing S.No.29/1 IV)
All
that piece and parcel of property bearing Plot No:J-3 in 'S' Block
admeasuring about 3600 sq mtrs in Pimpri Industrial area being and laying at
Village Bhosari Tal Haveli District
Pune. V)
All
the properties as geographicated and denoted in the original deed and as
stated and denoted in the Correction Deed to ratify the status and location
of the properties mutually agreed. |
|
Particulars of
the present modification |
By this modification,
through Correction Deed, executed between the SBI-Lead Bank on behalf of
itself and on behalf of Member Banks of SBI -Consortium, the correct status
and location of the existing properties and security of additional property
has been carried out to cover the credit facilities extended to the tune of
Rs.772.900 Millions under Consortium Finance under SBI IFB Consortium. |
Fixed Assets:
· Land
· Buildings
· Plant and Machinery
· Vehicles
· Furniture
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.49.14 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.