MIRA
INFORM REPORT
|
Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
WOODFIELD SYSTEMS INDIA PRIVATE LIMITED |
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Registered
Office : |
Unit No 74, 1st Floor, Raja Industrial Estate, P K Road, Mulund (W), Mumbai – 400080, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
13.04.2000 |
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Com. Reg. No.: |
11-125849 |
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Capital
Investment / Paid-up Capital : |
Rs.5.347 Millions |
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CIN No.: [Company Identification
No.] |
U45208MH2000PTC125849 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW02051A |
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PAN No.: [Permanent Account No.] |
AAACW3635Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Servicing of loading / unloading arms. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
B (37) |
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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 40000 |
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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 an established company having moderate track. Financial
position of the company is improving. Trade relations are fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for small to mediocre 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 DENIED BY
|
Name : |
Mr. Darshan Shah |
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Designation : |
Accounts Manger |
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Date : |
24.02.2012 |
LOCATIONS
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Registered Office/ Head Office : |
Unit No 74, 1st Floor, Raja Industrial Estate, P K Road, Mulund (W), Mumbai – 400080, Maharashtra,
India |
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Tel. No.: |
91-22-67040000/25694054 |
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Fax No.: |
91-22-67040099/25680072 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 10,11, Shiv Shakti
Laghu Udyog Sankul, |
DIRECTORS
As on 18.08.2011
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Name : |
Mr. Nittul Chetan Modi |
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Designation : |
Director |
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Address : |
B-1, Konark Indraprastha,
1st Floor, Jain Temple Road, Sarvodya Nagar, Mulund (West), Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
24.01.1979 |
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Date of Appointment : |
13.04.2000 |
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DIN No. : |
00249296 |
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Name : |
Ms. Rekha Chetan Modi |
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Designation : |
Director |
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Address : |
B-1, Konark Indraprastha,
1st Floor, Jain Temple Road, Sarvodya Nagar, Mulund (West), Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
18.10.1952 |
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Date of Appointment : |
13.04.2000 |
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DIN No. : |
00249419 |
KEY EXECUTIVES
|
Name : |
Mr. Darshan Shah |
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Designation : |
Accounts Manger |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.08.2011
|
Names of Shareholders |
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No. of Equity
Shares |
|
Nittul Chetan Modi |
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63750 |
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Rekha Chetan Modi |
|
63750 |
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Kartik Girish Gala |
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63750 |
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Girish Shamji Gala |
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1250 |
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Kalpana Girish Gala |
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24250 |
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Hemant Nanji Chheda |
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12000 |
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Nirav A Chheda |
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10000 |
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Priyanka Hemant Chheda |
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5000 |
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Ramila N Chheda |
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10000 |
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Hemant Nanji Chheda (HUF) |
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1250 |
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Woodfield Systems Limited – |
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45000 |
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Total |
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300000 |
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Names of Preferences Shareholders |
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No. of
Preference Shares |
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Nittul Chetan Modi |
|
49880 |
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Rekha Chetan Modi |
|
49880 |
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Kalpana Girish Gala |
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19950 |
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Kartik Girish Gala |
|
49880 |
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Hemant Nanji Chheda |
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8680 |
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Nirav A Chheda |
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10000 |
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Priyanka Hemant Chheda |
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2500 |
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Ramila N Chheda |
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7500 |
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Hemant Nanji Chheda (HUF) |
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1250 |
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Woodfield Systems Limited – |
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35210 |
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Total |
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234730 |
Equity Share Break up (Percentage of Total Equity)
As on 18.08.2011
|
Category |
Percentage |
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Bodies corporate |
15.00 |
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Directors or relatives of Directors |
42.50 |
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Other top fifty shareholders |
42.50 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Servicing of loading / unloading arms. |
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Products : |
·
Loading Arms ·
Swivel Joints ·
Floating Suctions ·
Accessories |
GENERAL INFORMATION
|
Suppliers : |
·
Adarsh Tradere ·
Fog Flameproof Control Gears Private Limited ·
Precision Engineering ·
Six Sigma Gases India Private Limited ·
Expert Instruments Private Limited ·
Klaw Products Limited ·
Sunrise Insulation ·
Apurva Consultants ·
Image Online Private Limited ·
National Vulk Handling
Corporation Limited ·
DHL Express (India) Private Limited ·
JDT and Associates ·
Sneha Electrical Works ·
SGS India Private Limited |
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Customers : |
·
Bharat Petroleum
Corporation Limited ·
Deepak Tradelink ·
Jindal Steel and Power
Limited ·
Woodfield Systems Limited ·
Gaytri Industrial
Corporation ·
Deepak Fertilizers and Petrochemicals Limited ·
Indian Farmer Fert
Co-operative Limited ·
Solvay Peroxythai Limited |
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No. of Employees : |
Not Divulged |
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Bankers : |
Canara Bank, Mulund
West Branch, Mumbai – 400080, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kamlesh M. Gajaria and
Associates Chartered Accountants |
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Address : |
3, Laxmi Niwas, 1st
Floor, Zaver Road, Mulund
(W), Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-25605536/25643844 |
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E-Mail : |
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PAN.: |
AAAFK7135Q |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
350000 |
Equity Shares |
Rs.10/- each |
Rs.3.500 Millions |
|
300000 |
10% Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.3.000 Millions |
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TOTAL |
|
Rs.6.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs.10/- each |
Rs.3.000
Millions |
|
234730 |
10% Non Cumulative Redeemable Preference Shares |
Rs.10/- each
|
Rs.2.347
Millions |
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TOTAL |
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Rs.5.347 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
2.347 |
2.347 |
2.347 |
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3] Reserves & Surplus |
4.666 |
1.720 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.013 |
7.067 |
5.347 |
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LOAN FUNDS |
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1] Secured Loans |
0.890 |
0.578 |
1.578 |
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2] Unsecured Loans |
18.736 |
9.234 |
9.084 |
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TOTAL BORROWING |
19.626 |
9.812 |
10.662 |
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DEFERRED TAX LIABILITIES |
0.020 |
0.000 |
0.000 |
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TOTAL |
29.659 |
16.879 |
16.009 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.352 |
9.024 |
7.016 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
13.091
|
15.303
|
19.679 |
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Sundry Debtors |
35.560
|
2.822
|
1.981 |
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Cash & Bank Balances |
0.173
|
0.057
|
0.065 |
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Other Current Assets |
5.765
|
5.289
|
3.440 |
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Loans & Advances |
0.332
|
0.236
|
0.160 |
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Total
Current Assets |
54.921
|
23.707
|
25.325 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
13.533
|
4.022
|
2.582 |
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Other Current Liabilities |
18.079
|
11.467
|
14.900 |
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Provisions |
2.002
|
0.363
|
0.204 |
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Total
Current Liabilities |
33.614
|
15.852
|
17.686 |
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Net Current Assets |
21.307
|
7.855
|
7.639 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.354 |
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TOTAL |
29.659 |
16.879 |
16.009 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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|
49.913 |
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Other Income |
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TOTAL |
60.355 |
28.426 |
43.913 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
56.383 |
27.731 |
41.774 |
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PROFIT BEFORE
TAX |
3.972 |
3.650 |
0.695 |
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Less |
TAX |
1.025 |
0.576 |
0.166 |
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PROFIT AFTER TAX
|
2.947 |
3.074 |
0.529 |
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Earnings Per
Share (Rs.) |
9.82 |
5.75 |
0.99 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.88
|
5.38
|
1.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.28
|
11.15
|
2.15 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.52
|
0.13 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
5.32
|
3.63
|
5.30 |
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.50
|
1.43 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs. In Millions)
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
10.532 |
2.300 |
1.707 |
|
Sundry Creditors for Expenses |
3.001 |
1.722 |
0.875 |
|
Total |
13.533 |
4.022 |
2.582 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U45208MH2000PTC125849 |
|
Name of the
company |
WOODFIELD SYSTEMS
INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No 74, 1st Floor, Raja Industrial Estate, P K Road, Mulund (West), Mumbai – 400080, Maharashtra,
India Email : sales@woodfieldsystemsindia.com
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10298214 |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Canara Bank, Mulund
West Branch, Mumbai – 400080, Maharashtra, India Email : managermcity0226@canbank.co.in
|
|
Nature of
instrument creating charge |
LEDTD to be used
where additional limit is granted on the very security (inclusive of third
party property already given to the bank) |
|
Date of
instrument Creating the charge |
15.09.2011 |
|
Amount secured by
the charge |
Rs.48.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter Terms of repayment As per sanction letter Margin As per sanction letter Extent and operation of the charge The Bank has sanctioned additional term loan of Rs. 4.000 Millions to GAYATRI INDUSTRIAL CORPORATION (GAYATRI) ( A GROUP FIRM ), there by increasing the total Limits to Rs. 48.000 Millions. To secured the repayment of the said final limit of Rs. 48.000 Millions by Gayatri, the Company has created Charge in favour of the Bank by way of equitable mortgage by deposit of Title Deeds on its immovable property |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Plot No. 10 - 11,
Shiv Shakti Laghu Udyog Sankul, Mumbai Nasik Highway Village Asangaon,
Taluka Shapur, Dist
Thane, Maharashtra, India |
|
Date of
instrument modifying the charge |
01.07.2011 |
|
Particulars of
the present modification |
The Bank has
sanctioned additional term loan of Rs.4.000 Millions to GAYATRI INDUSTRIAL CORPORATION
(GAYATRI) ( A GROUP FIRM ), there by increasing the total Limits to Rs. 48.000 Millions. To secured the repayment of the said
final limit of Rs. 48.000 Millions lacs by Gayatri, the Company
has created Charge in favour of the Bank by way of
equitable mortgage by deposit of Title Deeds on its immovable property |
Fixed Assets:
- Computer
- Electrical
Fittings
- Factory
building
- Furniture and
fixtures
- Mobile
equipment
- 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.49.05 |
|
|
1 |
Rs.77.78 |
|
Euro |
1 |
Rs.65.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
37 |
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.