MIRA
INFORM REPORT
|
Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
WAVE DISTILLERIES AND BREWERIES LIMITED (w.e.f. 07.10.2010) |
|
|
|
|
Formerly Known
As : |
UBIO CHEMICALS LIMITED |
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|
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Registered
Office : |
A-25, Ground Floor, Mohan Cooperative Industrial Estate, |
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Country : |
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|
|
|
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Financials (as
on) : |
31.03.2011 |
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|
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Date of
Incorporation : |
08.07.2008 |
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|
|
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Com. Reg. No.: |
180576 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 412.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110DL2008PLC180576 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELU03771F |
|
|
|
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PAN No.: [Permanent Account No.] |
AABCU0335J |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer and supplier of Liquors, Beer, Whisky, Vodka, Rum, Gin. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Moderate |
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|
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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. There is some
dip in the profitability of the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealing with some cautions. |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-25, Ground Floor, Mohan Cooperative Industrial Estate, |
|
Tel. No.: |
91-11-47325529 |
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Fax No.: |
91-11-47325589 |
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E-Mail : |
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Corporate Office: |
A-108, Sector-IV, District Gautam Budh Nagar, Noida-201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4012513 / 4012345 |
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Fax No.: |
91-120-4012366 |
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|
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Factory Works: |
Ramghat Road, Village Ahmedpura, Tehsil Atrauli, District Aligarh-202002, Uttar Pradesh, India |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Iqbal Singh |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Director |
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|
Address : |
Dharam Shala Vali Gati Locoshed, Moradabad-244001, Uttar Pradesh,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
08.04.1962 |
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|
Date of Appointment : |
02.04.2009 |
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DIN No.: |
00029327 |
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Other
directorship :
|
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|
Name : |
Mr. Surinder Singh Batra |
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|
Designation : |
Whole – time Director |
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|
Address : |
H. No. 1, A B Sugars Limited RanOliawa, Post-Panwan Tehsil-Dasuya,
Dist- Hoshiyarpur - 144205, Punjab, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
03.07.1949 |
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|
Date of Appointment : |
01.11.2009 |
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DIN No.: |
02630367 |
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Other
directorship :
|
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|
Name : |
Mr. Trilochan Singh |
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Designation : |
Director |
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Address : |
38/3, Avas Vikas, Haldwani, Nanital-263141, Uttarakhand, India |
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Date of Birth/Age : |
22.11.1955 |
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|
Date of Appointment : |
02.04.2009 |
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DIN No.: |
00071553 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Cfiadna Holdings Private Limited, India |
|
41249994 |
|
S. Gurdeep Singft Chadha |
|
1 |
|
S. Rajtrrder Singh Chadha[ |
|
1 |
|
S.Manpreel Singh Chadha |
|
1 |
|
Smt Jatinder Kaur |
|
1 |
|
Deenita Chadha |
|
1 |
|
Prakash Kaur |
|
1 |
|
Total |
|
41250000 |
As on: 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and supplier of Liquors, Beer, Whisky, Vodka, Rum, Gin. |
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|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Allahabad Bank, IIFB, Cheema Chowk, Ludhiana – 141003, Punjab, India State Bank of India, Patiala, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V. SANKAR AIYAR and Company Chartered Accountant |
|
Address : |
Satyam Cinema Complex, Ranjit Nagar, Community Centre, New
Delhi – 110008, India |
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PAN.: |
AAAFV0781D |
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|
|
|
Related Party : |
· WAVE INDUSTRIES PRIVATE LIMITED · CIN U74899DL1997PTC091198 · A B SUGARS LIMITED · CIN U15421DL1997PLC128097 |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
41250000 |
Equity Shares |
Rs.10/- each |
Rs.412.500
millions |
|
|
|
|
|
|
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|
Note:
(A) 45,000,000 Equity shares of Rs. 10/- each
(B) 41,250,000 Equity Shares of Rs. 10 /- each, fully paid up (Previous Year 41,250,000 Equity Shares ) (Of the above, 41,200,000 Shares have been alloted for Consideration other than cash. Further 41,250,000 shares (Previous year 41,250,000 shares) are held by Chadha Holding Private Limited, being the holding Company)
(C) 41,250,000 Equity Shares of Rs. 10 /- each, fully paid up (Previous Year 41,250,000 Equity Shares ) (Of the above, 41,200,000 Shares have been alloted for Consideration other than cash. Further 41,250,000 shares (Previous year 41,250,000 shares) are held by Chadha Holding Private Limited, being the holding Company)
(D) 41,250,000 Equity
Shares of Rs. 10 /- each, fully paid up (Previous Year 41,250,000 Equity Shares
) (Of the above, 41,200,000 Shares have been alloted for Consideration other
than cash. Further 41,250,000 shares previous year 41,250,000 shares) are held
by Chadha Holding Private Limited, being the holding Company)
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 |
412.500 |
412.500 |
412.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
117.951 |
77.136 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(3.351) |
|
|
NETWORTH |
530.451 |
489.636 |
409.149 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1399.582 |
865.814 |
524.823 |
|
|
2] Unsecured Loans |
298.081 |
0.000 |
5.579 |
|
|
TOTAL BORROWING |
1697.663 |
865.814 |
530.402 |
|
|
DEFERRED TAX LIABILITIES |
69.200 |
52.900 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2297.314 |
1408.350 |
939.551 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
972.807 |
1025.631 |
26.340 |
|
|
Capital work-in-progress |
870.068 |
0.000 |
961.870 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
254.259
|
184.613 |
0.000 |
|
|
Sundry Debtors |
191.566
|
381.011 |
0.000 |
|
|
Cash & Bank Balances |
260.805
|
2.888 |
3.392 |
|
|
Other Current Assets |
0.439
|
0.225 |
0.060 |
|
|
Loans & Advances |
127.570
|
95.408 |
14.382 |
|
Total
Current Assets |
834.639
|
664.145 |
17.834 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
298.482
|
157.744 |
65.547 |
|
|
Other Current Liabilities |
11.873
|
106.851 |
0.370 |
|
|
Provisions |
69.845
|
16.831 |
0.576 |
|
Total
Current Liabilities |
380.200
|
281.426 |
66.493 |
|
|
Net Current Assets |
454.439
|
382.719 |
(48.659) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2297.314 |
1408.350 |
939.551 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12301.557 |
6510.031 |
0.000 |
|
|
|
Other Income |
106.017 |
54.108 |
0.000 |
|
|
|
TOTAL (A) |
12407.574 |
6564.139 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption material changes inventories |
1569.958 |
937.024 |
|
|
|
|
Manufacturing service cost |
9498.925 |
4930.169 |
3.334 |
|
|
|
Employee related Expenses |
90.682 |
61.603 |
|
|
|
|
Administrative selling Expenses |
937.921 |
326.044 |
|
|
|
|
TOTAL (B) |
12097.486 |
6254.840 |
3.334 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
310.088 |
309.299 |
(3.334) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
105.842 |
56.771 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
204.246 |
252.528 |
(3.334) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
145.831 |
117.242 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
58.415 |
135.286 |
(3.334) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
17.600 |
54.800 |
(6.685) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
40.815 |
80.486 |
(3.351) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.136 |
(3.351) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
117.951 |
77.136 |
(3.351) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.99 |
1.95 |
(3.63) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.69
|
1.23 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.47
|
2.08 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.23
|
8.01 |
(7.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.27 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.92
|
2.34 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.36 |
0.27 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
No |
|
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) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
OPERATION OF REVIEW:
This is the second operational year of the Company. During the year the total sales volume of the Company is Rs. 12300.000 Millions (net Sales Rs. 2990.000 millions excluding Excise Duty) against Rs. 6510.000 millions (net sales Rs. 1690.000 millions excluding Excise Duty) in the previous year. During the year, the Company had earned a Profit After Tax (PAT) of Rs. 40.000 millions (aprox) against Rs. 80.000 millions (aprox) in the previous year. The Board of Directors expected a better future.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110DL2008PLC180576 |
|
Name of the
company |
Wave Distilleries
and Breweries Limited |
|
Address of the
registered office or of the principal place of business in |
First Floor, 6, Community Centre, New Friends Colony, New Delhi – 110025, India |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
(Other)
- Stocks, Fixed Assets & Other Current Assets |
|
Particular of
charge holder |
Allahabad Bank, IIFB, Cheema Chowk, Ludhiana – 141003, Punjab, India |
|
Nature of
instrument creating charge |
Term Loan
Agreement and Sanction Letter. |
|
Date of
instrument Creating the charge |
20.11.2010 |
|
Amount secured by
the charge |
Rs.1200.000 millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 2.50%
p.a i.e. Presently 11.00% p.a Terms of Repayment i) 18 Quarterly
installments of Rs. 0.340 millions each ii) 12 Quarterly
installments of Rs. 0.450 millions each iii) Last 1
Quarterly installment of Rs. 0.480 millions Margin 30.27% Extent and Operation of the charge 100% |
|
Short particulars
of the property or asset(s) charged (including complete address and location of
the property) |
1st charge on
entire fixed assets of the company (both present & future) including
factory land & building, plant & machinery and construction thereon
ranking pari passu with the existing lender SBOP. 2nd charge on all
the current assets of the company (both present & future) with existing
term lender i.e. SBOP. |
FIXED ASSETS
·
Free hold Land
·
Lease hold Land
·
Building
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fixture
·
Vehicles
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.54.68 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
|
|
|
--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 |
|
30 |
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.