MIRA
INFORM REPORT
|
Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
WORLWIDE SAFERY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
P.S. Pace, 1/1A, |
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
16.03.2000 |
|
|
|
|
Com. Reg. No.: |
21–091406 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.20.438 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200WB2000PTC091406 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALW02249C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Leather Goods. |
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|
|
|
No. of Employees
: |
260 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 770000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a well established and reputed company having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. 2011 and 2010 profit and loss 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
P.S. Pace, 1/1A, Mahendra Rai Lane, (Topsia Road), Block-I, 4th
Floor, Kolkata – 700046, West Bengal, India |
|
Tel. No.: |
91-33-22872687/ 22871050/ 30112112 |
|
Fax No.: |
91-33-22873040/ 30112121 |
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E-Mail : |
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|
Website : |
|
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|
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|
Factory 1 : |
Govind Pur, Post Mahesh Tala, |
|
Location : |
Rented |
|
|
|
|
Factory 2 : |
|
|
Location : |
Owned |
DIRECTORS
(AS ON 26.09.2011)
|
Name : |
Mr. Prashant Tulsyan |
|
Designation : |
Director |
|
Address : |
5A, |
|
Date of Birth/Age : |
24.03.1966 |
|
Date of Appointment : |
16.03.2000 |
|
DIN No.: |
00452506 |
|
|
|
|
Name : |
Mr. Prawal Tulsyan |
|
Designation : |
Director |
|
Address : |
5A, |
|
Date of Birth/Age : |
10.12.1970 |
|
Date of Appointment : |
16.03.2000 |
|
DIN No.: |
00438183 |
|
|
|
|
Name : |
Mr. Fabric Gilbert Jean Lebon |
|
Designation : |
Director |
|
Address : |
|
|
Date of Appointment : |
16.03.2000 |
|
DIN No.: |
02579362 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 26.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Prashant Tulsyan |
|
510954 |
|
Prawal Tulsyan |
|
510954 |
|
Fabrice Lebon |
|
40880 |
|
Lebon Protection |
|
981028 |
|
|
|
|
|
Total |
|
2043816 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
50.00 |
|
Other top fifty shareholders |
|
50.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Leather Goods. |
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
260 [Approximately] |
|
|
|
|
Bankers : |
· Canara Bank, Overseas Branch, 2/1 Russel Street, Kolkata – 700 071, West Bengal,
India |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
G. P. Agrawal and Company Chartered Accountants |
|
Address : |
7A, |
|
PAN No.: |
AACFG8964F |
|
|
|
|
Associates/Subsidiaries (As on 31.03.2010): |
Ø
Tulsyan Impex Private Limited Ø
P.T. Impex Ø
P.T. Computers Private Limited Ø
P.T. Enterprises Private Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2043816 |
Equity Shares |
Rs.10/- each |
Rs.20.438
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 |
20.438 |
20.438 |
20.438 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
170.979 |
125.087 |
116.785 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
191.417 |
145.525 |
137.223 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98.675 |
76.455 |
94.036 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
98.675 |
76.455 |
94.036 |
|
|
DEFERRED TAX LIABILITIES |
2.043 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
292.135 |
221.980 |
231.259 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
107.854 |
84.467 |
93.463 |
|
|
Capital work-in-progress |
0.275 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
130.203
|
109.708
|
124.088
|
|
|
Sundry Debtors |
12.349
|
3.680
|
1.286
|
|
|
Cash & Bank Balances |
24.210
|
13.064
|
10.087
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
60.948
|
37.201
|
27.967
|
|
Total
Current Assets |
227.710
|
163.653
|
163.428
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
12.749
|
|
|
Other Current Liabilities |
|
|
2.591
|
|
|
Provisions |
29.115
|
16.938
|
10.300
|
|
Total
Current Liabilities |
43.704
|
26.140
|
25.640
|
|
|
Net Current Assets |
184.006
|
137.513
|
137.788
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
|
|
|
|
|
|
|
|
TOTAL |
292.135 |
221.980 |
231.259 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 |
|
|
|
SALES |
|
|
221.243 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
37.298 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
14.469 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
22.829 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
22.829 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
211.514 |
|
|
TOTAL EARNINGS |
|
|
211.514 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
117.041 |
|
|
|
Stores & Spares |
|
|
7.030 |
|
|
|
Capital Goods |
|
|
5.383 |
|
|
TOTAL IMPORTS |
|
|
129.454 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
11.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
10.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
NA
|
8.89
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
NA
|
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.74
|
0.70
|
0.87
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.21
|
6.26
|
6.37
|
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last one years |
Yes |
|
Profitability for last one years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
No |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
FORM 8
|
Corporate
identity number of the company |
U72200WB2000PTC091406 |
|
Name of the
company |
WORLDWIDE SAFETY PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
5A, E-Mail: worldwidesafety@hotmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90248061 |
|
Type of charge |
·
Immovable
Property ·
Book
Debts ·
Movable
Property |
|
Particular of
charge holder |
Canara Bank, Overseas Branch, E-Mail: managerkolk1856@canbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplemental
Common Hypothecation Agreement b) Extension of
Equitable mortgage by re-deposit of title deeds for Additional limit granted
on the very security with Schedules A and B c) Letter of
Renewal (NF-493) d) Link Letter in
respect of enhancement of credit facilities (NF-719) e) Canara Bank's
Sanction letter 07/02/2011 |
|
Date of
instrument Creating the charge |
22.02.2011 |
|
Amount secured by
the charge |
Rs.260.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest:
For PC/FDB/FBE limit-Rs.160.000
millions-Minimum @ 10%(floating) per annum with monthly rests payable as and
when due For Term
Loan-Rs.40.000 millions- As stipulated by Bank Terms of
Repayment: Term Loan of
Rs.40.000 millions repayable in 8 quarterly installments of Rs.5.000 millions
each commencing from January,2011 PC/FDB/FBE-Rs.160.000
millions and FLC -Rs.60.000 millions -Repayable on demand Margin: FOR PC- 10% , FOR
FDB/FBE-NIL, FOR FLC-10% and For Term Loan- 20% Extent and
Operation of the charge: Exclusive First
charge in favour of Canara Bank (a) by way of hypothecation of all the
present and future stocks and book debts of the Borrower as Prime security
and (b) by way of hypothecation of all the Plant and machinery of the
Borrower and (c) Equitable mortgage by deposit of title deeds of immovable
property of the Borrower as Collateral security for Overall limit of
Rs.260.000 millions granted by the Bank(comprising of PC-Rs.90.000 millions
and FDB/FBE-Rs.70.000 millions and FLC(DA/DP)-Rs.60.000 millions and Term
Loan-Rs.40.000 millions Others: (with sub-limit
for FLC- Rs.21.800 millions) As per Original Charge dated 30.08.2000 and
subsequent modifications thereto and as per sanction memo dated 07/02/2011 |
|
Short particulars
of the property charged |
Hypothecation by
way of Exclusive First charge in favour of Canara Bank all the
Plant and machineries to be purchased out of fresh term loan of
Rs.40.000 Millions located at Unit I Gobindapur, Budge Budge Road,
Maheshtala, 24 Parganas (South) and at Unit II -2 B.C.Roy Road, 24 Parganas
(South) or wherever else the same may be as Prime security. Equitable
mortgage by way of deposit of 4 Nos. Title Deeds specified in the Schedule A
to the LETD dated17.03.2008 relating to Land admeasuring 7 Bighas,18 Cottahs,9Chittacks
bearing JLNO.71,RS No.233 Touzi No.37,49,63,64 and 68 located at 2, Dr. B. C.
Roy Road,Kolkata-700151 under Rajpur-Sonarpur municipality, P. S. Sonarpur,
District 24 Parganas (South) more
fully described in Schedule-B to the LETD (value Rs.42.900 Millions as per
V.R. dated 05/02/2010) as Prime security. Hypothecation by way of Exclusive
First charge in favour of Canara Bank
all the existing Plant and
Machinery (WDV Rs.46.300 Millions ABS 31/03/10 and all the present and future
stocks and Book debts of the Borrower located at Unit I Gobindapur, Budge
Budge Road, Maheshtala,24 Parganas (South) and at Unit II-2 B. C. Roy Road,
24 Parganas (South) or wherever else the same may be as Prime and Collateral security. and Deposit
kept as KDR -Rs.6.300 millions with the Bank as collateral security. |
|
Date of latest
modification prior to the present modification |
17.09.2010 |
|
Particulars of
the present modification |
By this
modification the PC limit has been enhanced from Rs.84.000 to Rs.90.000
millions and FDB/FBE limit has been reduced from Rs.72.000 to Rs.70.000
millions. In view of the said modification the Overall Charge/limit against
Prime and Collateral security stands renewed/revised to Rs.260.000 millions
(comprising of PC-Rs.90.000 millions, FDB/FBE-Rs.70.000 millions and
FLC(DA/DP)- Rs.60.000 millions and Term Loan-Rs.40.000 millions (with
sub-limit for FLC- Rs.21.800 millions). Other terms and conditions (save as
modified now) remain unchanged. |
FIXED ASSETS:
v
Land (Freehold)
v
Factory Shed and Building
v
Plant and Machinery
v
Air Conditioner
v
Computers
v
Office Equipments and Electrical Fittings
v
Generator
v
Vehicles
v
Furniture and Fixtures
v
Computer Software
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.55.36 |
|
UK Pound |
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--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.