MIRA
INFORM REPORT
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Report Date : |
03.08.2012 |
IDENTIFICATION DETAILS
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Name : |
WESTON LIFTS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1, Nadesan Nagar, Athipet, Chennai-600058, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.09.2009 |
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Com. Reg. No.: |
18-073038 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Millions |
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CIN No.: [Company Identification
No.] |
U29253TN2009PTC073038 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Elevators Escalators. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively newly established company having moderate
track. Reserves of the company seem to be insufficient. However, trade relations
are reported to be fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for business dealing with some caution. |
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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Plot No. 1, Nadesan Nagar, Athipet, Chennai-600058, Tamilnadu,
India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Branch Office : |
26/47, 2nd Floor, Brindavan Street Extension, West
Mambalam-600033, Tamilnadu, India |
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Tel. No.: |
91-44-24810199 |
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Fax No.: |
91-44-24880199 |
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E-Mail : |
DIRECTORS
As on 29.09.2011
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Name : |
Mr. Parthasarathy Hari Krishnan |
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Designation : |
Director |
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Address : |
F2, Srinivasa Shelters, N-702, 2nd Street, Anna Nagar,
Chennai-600101, Tamilnadu, India |
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Date of Birth/Age : |
10.06.1961 |
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Date of Appointment : |
30.09.2009 |
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Din No.: |
01798112 |
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Other Directorship:
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Name : |
Mr. Jaffer Ahmed Nisar |
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Designation : |
Director |
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Address : |
M-5, E Type Phase 2, Agathiar Nagar, Villivakkam, Chennai-600049,
Tamilnadu, India |
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Date of Birth/Age : |
10.05.1964 |
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Date of Appointment : |
30.09.2009 |
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Din No.: |
02775520 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
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Names of Shareholders |
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No. of Shares |
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Parthasarathy Hari Krishnan |
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5000 |
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Jaffer Ahmed Nisar |
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5000 |
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Total |
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10000 |
As on 29.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Elevators Escalators. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, Makarpura Industrial Estate Branch, GIDC Makarpura,
Vadodara-390010, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Animesh Kumar Chartered Accountants |
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Address : |
No. 57, PMG Complex, Office No. 303, Third Floor, South Usman Road,
T-Nagar, Chennai-600017, Tamilnadu, India |
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Tel. No.: |
91-44-24329566 |
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Mobile No.: |
91-9444765101 |
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E-Mail : |
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Pan No.: |
ADVPA5867D |
CAPITAL STRUCTURE
As on 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.893 |
0.065 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.893 |
0.165 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.098 |
0.400 |
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TOTAL BORROWING |
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0.098 |
0.400 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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1.991 |
0.565 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.373 |
0.168 |
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Capital work-in-progress |
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5.109 |
0.113 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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1.894 |
0.645 |
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Cash & Bank Balances |
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0.764 |
0.578 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.444 |
1.079 |
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Total
Current Assets |
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5.102 |
2.302 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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8.603 |
2.029 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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8.603 |
2.029 |
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Net Current Assets |
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(3.501) |
0.273 |
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MISCELLANEOUS EXPENSES |
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0.010 |
0.011 |
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TOTAL |
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1.991 |
0.565 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
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SALES |
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Income |
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NA |
NA |
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Other Income |
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NA |
NA |
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TOTAL |
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NA |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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NA |
NA |
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Advertising Expenses |
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TOTAL |
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NA |
NA |
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PROFIT / (LOSS)
BEFORE TAX |
|
1.336 |
0.096 |
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Less |
TAX |
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0.508 |
0.031 |
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PROFIT / (LOSS)
AFTER TAX |
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0.828 |
0.065 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
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0.065 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
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0.893 |
0.065 |
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Earnings /
(Loss) Per Share (Rs.) |
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8.28 |
6.50 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2011 |
31.03.2010 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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24.40 |
3.89 |
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Return on Investment (ROI) (PBT/Networth) |
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0.70 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.60 |
14.72 |
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Current Ratio (Current Asset/Current Liability) |
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0.59 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
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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 |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last two years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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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 |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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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 |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
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31) PAN
of Proprietor/Partner/Director, if available |
No |
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32) Passport
No of Proprietor/Partner/Director, if available |
No |
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33) Voter
ID No of Proprietor/Partner/Director, if available |
No |
GENERAL REVIEW:
The company’s performance was not satisfactory
during the year. The company did not achieve its target of turnover as well it
could not achieve its target of net profit. The directors are hopeful that the
company shall be able to achieve its target o net profit in the year to come.
The future of the company seems to be bright.
FIXED ASSETS:
·
Furniture and Fixtures
·
Computer
·
Plant and Machinery
·
Air Conditioner
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.55.77 |
|
|
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
27 |
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.