MIRA
INFORM REPORT
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Report Date : |
14.09.2011 |
IDENTIFICATION DETAILS
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Name : |
WHITELAND ENGINEERING TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.04.1999 |
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Com. Reg. No.: |
04.35760 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.800 Millions |
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CIN No.: [Company Identification
No.] |
U32109GJ1999PTC035760 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDW00034G |
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PAN No.: [Permanent Account No.] |
AAACW2804R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Water Supply Valves and Civil Construction. |
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No. of Employees
: |
In Office -24, In Factory – 73 (Approxmately-97) |
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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. 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
Mr. Deepak |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office / Factory : |
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Tel. No.: |
91-265-2230070 / 2230369 / 2230038 |
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Mobile No.: |
91-9825083083 / 9825084008 (Mr. Dhaval Thakkar) 91-9825084008 (Mr. Chirag N. Suthar) |
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Fax No.: |
92-265-2230070/2230369/2230038 |
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E-Mail : |
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Website : |
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Area : |
15000 Sq. ft (approximately) |
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Location : |
Owned |
DIRECTORS
As on31.03.2010
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Name : |
Mr. Dhaval Kumar Thakkar |
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Designation : |
Director |
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Address : |
H R Thakkar Estate, M |
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Date of Birth/Age : |
10.05.1974 |
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Qualification : |
Diploma in Engineering |
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Date of Appointment : |
12.04.1999 |
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DIN No.: |
01091294 |
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Name : |
Mrs. Avni Dhaval Thakkar |
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Designation : |
Director |
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Address : |
H R Thakkar Estate, M |
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Date of Birth/Age : |
16.05.1977 |
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Qualification : |
Bachelor of Business Administration |
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Date of Appointment : |
12.04.1999 |
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DIN No.: |
01091303 |
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Name : |
Mrs. Jayaben Bharat Thakkar |
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Designation : |
Director |
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Address : |
H R Thakkar Estate, M |
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Date of Birth/Age : |
14.05.1952 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
12.04.1999 |
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DIN No.: |
02110569 |
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KEY EXECUTIVES
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Name : |
Mr. Deepak |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.03.2010
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Names of Shareholders |
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No. of Shares |
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Dhaval Bharatkumar Thakkar |
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140000 |
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Avani Dhavalbhai Thakkar |
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50000 |
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Jayaben Bharatkumar Thakkar |
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190000 |
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TOTAL |
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380000 |
Equity Share Break up (Percentage of Total Equity)
As on 31.03.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Water Supply Valves and Civil Construction. |
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Products : |
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Brand Names : |
Manufacture of water supply valves |
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Imports : |
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Products : |
Machines, Spare Parts. |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit 30days / 60days |
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Purchasing : |
Cash and Credit 30days / 60days |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users,
Pipeline Contractors and Government Sector
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No. of Employees : |
In office -24, In Factory - 73(Approximately 97 ) |
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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 : |
B N Gandhi and Company Chartered Accountants |
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Address : |
501, |
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Tel. No.: |
91-265-2361082 |
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PAN.: |
ACXPG1499P |
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Memberships : |
VMDA, LUB (Laghu Udyog Bharti), and IIF (Indian Institute
of Finance) |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,80,000 |
Equity Shares |
Rs.10/- each |
Rs. 3.800
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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1] Share Capital |
3.800 |
0.700 |
0.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.136 |
3.089 |
0.997 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.936 |
3.789 |
1.697 |
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LOAN FUNDS |
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1] Secured Loans |
3.074 |
5.406 |
3.450 |
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2] Unsecured Loans |
0.745 |
1.245 |
1.244 |
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TOTAL BORROWING |
3.819 |
6.651 |
4.694 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
11.755 |
10.440 |
6.391 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.316 |
7.249 |
5.653 |
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Capital work-in-progress |
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INVESTMENT |
0.037 |
2.050 |
0.051 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.488
|
3.991 |
6.132 |
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Sundry Debtors |
27.912
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5.140 |
3.492 |
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Cash & Bank Balances |
0.299
|
2.583 |
0.515 |
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Loans & Advances |
2.623
|
1.966 |
1.926 |
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Total
Current Assets |
37.322
|
13.680 |
12.062 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Liabilities |
36.118
|
12.740 |
11.578 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
36.118
|
12.740 |
11.578 |
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Net Current Assets |
1.204
|
0.940 |
0.484 |
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MISCELLANEOUS EXPENSES |
0.198 |
0.201 |
0.203 |
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TOTAL |
11.755 |
10.440 |
6.391 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 (Provisional) |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
71.089 |
53.861 |
21.671 |
10.858 |
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Other Income |
0.036 |
0.026 |
NA |
0.005 |
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TOTAL (A) |
71.125 |
53.887 |
NA |
10.863 |
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Less |
EXPENSES |
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Raw Material Consumed |
58.639 |
43.095 |
10.840 |
NA |
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Cost of Goods Sold |
0.000 |
0.000 |
18.711 |
7.629 |
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Power and Fuel |
2.060 |
1.479 |
NA |
NA |
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Personnl Expenses |
2.505 |
2.241 |
NA |
NA |
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Managerial Remuneration |
0.840 |
0.840 |
NA |
NA |
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Other Administrative and Selling Expenses |
1.774 |
1.799 |
NA |
NA |
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Increase / Decrease in Stock |
0.103 |
0.583 |
2.846 |
0.065 |
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TOTAL (B) |
65.921 |
50.037 |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
5.204 |
3.850 |
NA |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
0.516 |
0.543 |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.688 |
3.307 |
NA |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.842 |
0.388 |
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
3.846 |
2.919 |
NA |
NA |
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Less |
TAX (H) |
0.000 |
0.827 |
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PROFIT AFTER TAX
(G-H) (I) |
3.846 |
2.092 |
NA |
NA |
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Earnings Per
Share (Rs.) |
54.94 |
-- |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.41
|
3.88 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
5.41
|
5.41 |
Na |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.07
|
13.94 |
Na |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.77 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.55
|
5.12 |
9.58 |
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Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.07 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
- IRCL Infrastructure – Ahmedabad
- K. J. Transport
- Juneja
- Ramkey
Infrastructure –
- Gujarat
Water Supply and Sewerage Board –
- BMS Project Private Limited
FORM 8 :
|
Corporate
identity number of the company |
U32109GJ1999PTC035760 |
|
Name of the
company |
WHITELAND ENGINEERING TECHNOLOGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Opposite Bhaily Railway Station, |
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This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10091467 |
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Type of charge |
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Particular of
charge holder |
Axis Bank Limited,
“TRISHUL” Opp.Samartheswar Mahadev Temple, New Law Garden , Ellisbridge,
Ahmedabad-380009, Gujarat, India Email Id: nirav.vyas@axisbank.com |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
15.07.2010 |
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Amount secured by
the charge |
Rs. 9.440
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
(a) Rate Of Intrest: Working Capital –
BPLR 2.50% i.e 12.25 p.a with monthly rests (presently BPLR at 14.75% p.a) Term Loan – BPLR
2.50% p.a with monthly rest (presently BPLR 14.75% p..a) (b) Terms Of payment : Working Capital –
On Demand Term Loan : 58
monthly installment of Rs. 034.500 million each . Repayment of installment to
commence after 2month from the avilment of the loan by standing instruction
for debt in the exiting cash-credit account. ( c ) Margin : Working Capital –
25% on stock and 40% on Receivable, Receivables upto 90days will be eligible
for drawing power calculation. Term Loan : 25% of Cost of Machineries. (d) Extend and operation of the charge : The Borrower to
secure the all the movable plant, machinery, spares, tools and accessories,
fixtures, implements, fittings and other installations, furniture, vechicles,
computer and all other articles, equipment and things both present and future
whether installed and or fastened to earth or not, whether lying loose or in
cases, at site or in transit or which mat at any time here after during the
continuance of this security be installed or laying loose or factory
premises, Warehouses and Godowns. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1)The Borrower to
secure the all the moveble plant, machinery, spares, tools and accessories,
fixtures, implements, fitting and other installation, furniture, vechicles.
Computers and all other articles, 2)Equipment and
things both present and future whether installed and or fastended to earth or
not, whether lying loose or in case, at site or in transit or which may at
any time hereafter during 3)The continuance
of this security be installed or lying loose or factory premises , warehouse
and godown or wherever else the same may be or be held by any party anywhere
to the dispositions of the 4)Borrower or in
the cource of transit to the Borrower. |
|
Particulars of
the present modification |
To enhanced cash
credit facility to secure additional limit of Rs. 5.000 Millions aggregating
Rs. 9.400 Millions including cash credit 5.500 Millions, Term loan -1(RENEW)
Rs. 1.940 Millions , Term Loan -2 (FRESH) 2.000 Millions to from Rs. 6.000
Millions |
FIXED ASSETS
- Computers
- Dies, Mould and Tools
- Furniture and Fixtures
- Indica Car
- Office Equipments
- Plant and Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.78 |
|
|
1 |
Rs.73.09 |
|
Euro |
1 |
Rs.59.87 |
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.