MIRA
INFORM REPORT
|
Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
WILSON ENGINEERING INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Block 7/B, 24, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
20.07.2004 |
|
|
|
|
Com. Reg. No.: |
21-099164 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 27.471 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210WB2004PTC099164 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Road
Construction Equipment and Spares |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There
appears some dip in the profitability of the company during 2011. However, trade relations are reported as fair. Business is active. Payments
are reported to be usually correct. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Agency Name |
Rating |
|
CRISIL |
A4+ |
Rating Explanations
|
AAA (Highest Safety) |
Instruments with this
rating are considered to have the highest degree of safety regarding timely
servicing of financial obligations. Such instruments carry lowest credit
risk. |
|
AA (High Safety) |
Instruments with this
rating are considered to have high degree of safety regarding timely
servicing of financial obligations. Such instruments carry very low credit
risk. |
|
A (Adequate Safety) |
Instruments with this rating
are considered to have adequate degree of safety regarding timely servicing
of financial obligations. Such instruments carry low credit risk. |
|
BBB (Moderate Safety) |
Instruments with this
rating are considered to have moderate degree of safety regarding timely
servicing of financial obligations. Such instruments carry moderate credit
risk. |
|
BB (Moderate Risk) |
Instruments with this
rating are considered to have moderate risk of default regarding timely
servicing of financial obligations. |
|
B (High Risk) |
Instruments with this
rating are considered to have high risk of default regarding timely servicing
of financial obligations. |
|
C (Very High Risk) |
Instruments with this rating
are considered to have very high risk of default regarding timely servicing
of financial obligations. |
|
D (Default) |
Instruments with this
rating are in default or are expected to be in default soon. |
INFORMATION DECLINED BY
|
Name : |
Mr. Samudra Gupta |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-9432220207 |
|
Date : |
18.07.2012 |
LOCATIONS
|
Registered Office : |
Block 7/B, 24, Park Street, Anju Chamber, 7th Floor,
Kolkata-700016, West Bengal, India |
|
Tel. No.: |
91-33-22262960 / 22262961 / 2962 / 2963 |
|
Mobile No.: |
91-9432220207 (Mr. Samudra Gupta) |
|
Fax No.: |
91-33-22264045 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Shyam Sunder Sahay |
|
Designation : |
Managing Director |
|
Address : |
15A, Ankur Apartment, 10, Lord Sinha Road, Kolkata-700071, West
Bengal, India |
|
Date of Birth/Age : |
20.07.1937 |
|
Date of Appointment : |
20.07.2004 |
|
Voters ID No.: |
WB/23/146/093670 |
|
DIN No.: |
00490903 |
|
|
|
|
Name : |
Mr. Vikas Sahay |
|
Designation : |
Director |
|
Address : |
15A, Ankur Apartment, 10, Lord Sinha Road, Kolkata-700071, West
Bengal, India |
|
Date of Birth/Age : |
20.03.1971 |
|
Date of Appointment : |
20.07.2004 |
|
Voters ID No.: |
AJAP54967P |
|
DIN No.: |
00490974 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51109WB1988PTC045150 |
CAMINO
TRADE AND INVESTMENT PRIVATE LIMITED |
Director |
04/05/2000 |
04/05/2000 |
Active |
NO |
|
2 |
U74210WB2004PTC099164 |
WILSON
ENGINEERING INDUSTRIES PRIVATE LIMITED |
Director |
20/07/2004 |
20/07/2004 |
Active |
NO |
|
3 |
U51109WB1992PTC054828 |
RAJ
VANIJYA PRIVATE LIMITED |
Director |
01/11/2006 |
01/11/2006 |
Active |
NO |
|
Name : |
Mr. Olayad Surendran |
|
Designation : |
Director |
|
Address : |
152, Raja Rajendra Lall Mitra Road, Kolktata-700010, West Bengal,
India |
|
Date of Birth/Age : |
29.06.1948 |
|
Date of Appointment : |
20.07.2004 |
|
Voters ID No.: |
ALFPS6321N |
|
DIN No.: |
00491153 |
KEY EXECUTIVES
|
Name : |
Mr. Samudra Gupta |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Shyam Sunder Sahay |
48867 |
|
Sulekha Sahay |
3740 |
|
Olayad Surendran |
521 |
|
Vishal Sahay |
32563 |
|
Vikas Sahay |
29600 |
|
Shyam Sunder Sahay |
14420 |
|
Camino Trade and Investment Private Limited, India |
118000 |
|
Raj Vanijya Private Limited, India |
27000 |
|
TOTAL
|
274711 |
AS ON 30.03.2012
|
Names of Allotted |
No. of Shares |
|
Shyam Sunder Sahay |
60000 |
|
Shyam Sunder Sahay |
60000 |
|
Sulekha Sahay |
24000 |
|
Vishal Sahay |
24000 |
|
Vikas Sahay |
24000 |
|
Raj Vanijya Private Limited, India |
3000 |
|
TOTAL
|
195000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
52.78 |
|
Directors or relatives of Directors |
47.22 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Road
Construction Equipment and Spares |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Uco Bank, Kolkata Main Branch, 10, B.T.M. Sarani (Brabourne
Road), Kolkata-700001, West Bengal, India
·
Allahabad Bank ·
Kotak Mahindra Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Sarkar Mitra and Mitra Chartered Accountant |
|
Address : |
29, Strand Road, 1st Floor, Kolkata-700001, West Bengal,
India |
|
PAN No.: |
ALLPS7203F |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.100/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
274711 |
Equity Shares |
Rs.100/-
each |
Rs. 27.471
Millions |
|
|
|
|
|
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
469711 |
Equity Shares |
Rs.100/-
each |
Rs. 46.971
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
27.471 |
27.471 |
21.271 |
|
|
2] Share Application Money |
19.500 |
10.500 |
0.000 |
|
|
3] Reserves & Surplus |
54.894 |
52.827 |
34.097 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
101.865 |
90.798 |
55.368 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
94.711 |
137.372 |
103.799 |
|
|
2] Unsecured Loans |
18.377 |
17.195 |
39.118 |
|
|
TOTAL BORROWING |
113.088 |
154.567 |
142.917 |
|
|
DEFERRED TAX LIABILITIES |
0.756 |
0.756 |
0.756 |
|
|
|
|
|
|
|
|
TOTAL |
215.709 |
246.121 |
199.041 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
99.928 |
97.826 |
47.635 |
|
|
Capital work-in-progress |
0.000 |
4.127 |
16.099 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.756 |
2.285 |
5.302 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
102.225
|
109.637 |
100.665 |
|
|
Sundry Debtors |
87.183
|
77.775 |
54.636 |
|
|
Cash & Bank Balances |
3.405
|
36.820 |
31.299 |
|
|
Other Current Assets |
0.416
|
0.463 |
0.447 |
|
|
Loans & Advances |
35.331
|
19.361 |
62.441 |
|
Total
Current Assets |
228.560
|
244.056 |
249.488 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
109.578
|
84.004 |
100.173 |
|
|
Other Current Liabilities |
8.505
|
10.947 |
13.306 |
|
|
Provisions |
3.754
|
7.222 |
6.004 |
|
Total
Current Liabilities |
121.837
|
102.173 |
119.483 |
|
|
Net Current Assets |
106.723
|
141.883 |
130.005 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.302 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
215.709 |
246.121 |
199.041 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
446.417 |
445.233 |
403.416 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
420.334 |
421.873 |
377.453 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.083 |
23.360 |
25.963 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
11.479 |
8.573 |
14.938 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.604 |
14.787 |
11.025 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.859 |
7.333 |
6.184 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.745 |
7.454 |
4.841 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.972 |
1.151 |
1.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.773 |
6.303 |
3.212 |
|
|
|
|
|
|
|
|
|
Add |
Earlier year taxes written off |
(0.705) |
0.027 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.028 |
15.699 |
12.487 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
24.096 |
22.029 |
15.699 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN EXCHANGE |
8.626 |
1.476 |
8.093 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
56.292 |
63.431 |
28.734 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.09 |
22.94 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.62
|
1.42 |
0.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.14
|
2.18 |
1.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
2.84 |
4.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
2.39 |
2.09 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
NOTE
Registered office has been shifted from 13, Abdul Ahmid Street,
Kolkata-700069, West Bengal, India to the present address w.e.f.07.06.2007
OPERATIONAL
RESULTS
The Directors are pleased to report that the total turnover of the
company for the year achieved an increase by Rs. 1.184 Millions over the last
year inspite of slow down of Industrial growth rate, mounting of inflationary
pressure and affect of breakdown of Europe economy etc. the profit before tax
dips to Rs. 3.745 Millions during the year due to increase of interest load,
higher prices of raw materials and establishment cost.
The Company’s New factory in SEZ at Sitarganj, in the State of Uttaranchal
which was under construction has commenced production.
FIXED ASSETS
·
Goodwill
·
Land and Site Development
·
Building
·
Factory Shed
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fittings
·
Motor Car
·
Scooter
·
Office Equipments
·
Office Renovation
·
Jigs and Fixture
·
Dies and Mould and
Patterns
·
Measuring Instrument
·
Computer
·
Tools and Implements
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. 55.15 |
|
|
1 |
Rs. 86.57 |
|
Euro |
1 |
Rs. 67.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
44 |
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.