MIRA INFORM REPORT

 

 

Report Date :

21.09.2011

 

IDENTIFICATION DETAILS

 

Name :

WESTERWORK PROJECTS PRIVATE LIMITED

 

 

Registered Office :

5-D, Vulcan Insurance Building, Veer Nariman Road, Churchgate, Mumbai – 400 020, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

01.12.1980

 

 

Com. Reg. No.:

023510

 

 

Capital Investment / Paid-up Capital :

Rs.1.210 millions

 

 

CIN No.:

[Company Identification No.]

U28900MH1980PTC023510

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMW02237E

 

 

PAN No.:

[Permanent Account No.]

AAACW0466B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Engineering Consultancy Services.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 3000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track records. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Payments are reported to be slow.

 

The company can be considered for business dealings with some caution.

 

Profit and loss accounts of the company is not available.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

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. Sunil

Designation :

Accounts Department

 

 

LOCATIONS

 

Registered Office :

5-D, Vulcan Insurance Building, Veer Nariman Road, Churchgate, Mumbai – 400 020, Maharashtra, India

Tel. No.:

91-22-22814474/ 22829814/ 22820147

Fax No.:

91-22-22043112/ 22043113

E-Mail :

westerwork@gmail.com

wmcomumbai@gmail.com

Area :

5000 sq ft

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Bhagwan Rijhumal Thadhani

Designation :

Director

Date of Appointment :

01.12.1980

DIN No.:

01140598

Other Directorship:

 

.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U74210MH1960PTC011623

WESTERN MANUFACTURING CO BOMBAY PRIVATE LIMITED

Director

30/03/1960

30/03/1960

-

Active

NO

2

U28900MH1980PTC023510

WESTERWORK PROJECTS PRIVATE LIMITED

Director

01/12/1980

01/12/1980

-

Active

NO

3

U65990MH1983PTC030122

WESTERWORK INVESTMENT PVT LTD

Director

02/06/1983

02/06/1983

-

Active

NO

 

 

Name :

Mrs. Ratna Bhagwan Thadhani

Designation :

Director

Date of Appointment :

01.12.1980

DIN No.:

00920625

Other Directorship:

 

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U74210MH1960PTC011623

WESTERN MANUFACTURING CO BOMBAY PRIVATE LIMITED

Director

26/10/1967

26/10/1967

-

Active

NO

2

U28900MH1980PTC023510

WESTERWORK PROJECTS PRIVATE LIMITED

Director

01/12/1980

01/12/1980

-

Active

NO

3

U65990MH1983PTC030122

WESTERWORK INVESTMENT PVT LTD

Director

02/06/1983

02/06/1983

-

Active

NO

 

 

Name :

Mrs. Rina Hemant Kapadia

Designation :

Director

Date of Appointment :

11.11.2002

DIN No.:

00915718

Other Directorship:

No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U74210MH1960PTC011623

WESTERN MANUFACTURING CO BOMBAY PRIVATE LIMITED

Director

01/03/1983

01/03/1983

-

Active

NO

2

U28900MH1980PTC023510

WESTERWORK PROJECTS PRIVATE LIMITED

Director

11/11/2002

11/11/2002

-

Active

NO

 

 

Name :

Mr. Gul Jodhasing Lalwani

Designation :

Director

Date of Appointment :

01.07.1997

DIN No.:

00122625

Other Directorship:

 

.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U28900MH1980PTC023510

WESTERWORK PROJECTS PRIVATE LIMITED

Director

01/07/1997

01/07/1997

-

Active

NO

2

U35300MH2005PTC151158

TITAN.ANTONY AVIATION INDIA PRIVATE LIMITED

Director

28/02/2005

28/02/2005

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Sunil

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2010

 

Names of Shareholders

 

 

No. of Shares

Bhagwan R. Thadhani

 

20

Bhagwan R. Thadhani and Rina H. Kapadia

 

890

Bhagwan R. Thadhani and Ratna B. Thadhani

 

40

Rina H. Kapadia and Ratna B. Thadhani

 

50

Ratna B. Thadhani and Rina H. Kapadia

 

11100

Shankar A. Karnani

 

1

Gul Jodhasing Lalwani

 

1

Shyam H. Uttamsing

 

1

Prakash L. Rakshe

 

1

Total

 

12104

 

As on 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

99.97

Other top fifty shareholders

 

0.03

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Engineering Consultancy Services.

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

Cash

 

 

GENERAL INFORMATION

 

Customers :

Corporates

 

 

No. of Employees :

10 (Approximately)

 

 

Bankers :

Bank of India, Branch Fort, Mumbai

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R. Viraswami and Company

Chartered Accountants

Address :

4th Floor, Commissariat Building, 231, D.N. Road, Mumbai – 400 001, Maharashtra, India

 

 

Associates/Subsidiaries :

Wester Manufacturing Company Private Limited

Address: 5-D, Vulcan Insurance Building, Veer Nariman Road, Churchgate, Mumbai – 400 020, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

15000

Equity Shares

Rs.100/- each

Rs.1.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

12104

Equity Shares

Rs.100/- each

Rs.1.210 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.210

1.210

1.210

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

(0.336)

(0.525)

(0.740)

NETWORTH

0.874

0.685

0.470

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

1.100

1.100

1.100

TOTAL BORROWING

1.100

1.100

1.100

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

1.974

1.785

1.570

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.038

0.043

0.058

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

1.250

1.250

1.250

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
0.000

0.000

0.020

 

Cash & Bank Balances
0.728

0.507

0.254

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
0.096

0.082

0.049

Total Current Assets
0.824

0.589

0.323

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
0.040

0.040

0.020

 

Other Current Liabilities
 

 

 

 

Provisions
0.098

0.057

0.041

Total Current Liabilities
0.138

0.097

0.061

Net Current Assets
0.686

0.492

0.262

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1.974

1.785

1.570

 

PROFIT & LOSS ACCOUNT

 

Particulars

 

 

31.03.2010

(Approximately)

31.03.2009

(Approximately)

Sales Turnover

 

6.000

6.000

 

Expected Sales (2010-2011): Rs.6.000 millions

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Debt Equity Ratio

(Total Liability/Networth)

 
1.42

1.75

2.90

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
5.97

6.07

5.30

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES:

 

·         Anthony Motor Private Limited

 

FIXED ASSETS:

 

·         Electronic Typewriter

·         Computer

·         Furniture and Fixtures

·         EPABX

·         Printing Machine

·         Photocopier

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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]         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.48.22

UK Pound

1

Rs.75.63

Euro

1

Rs.65.65

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

1

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

26

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.