|
Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN INDIA METAL PROCESSORS LIMITED |
|
|
|
|
Registered
Office : |
132-B, Mittal Towers, Nariman Point, Mumbai-400021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
30.08.2006 |
|
|
|
|
Com. Reg. No.: |
11-164182 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 100.105 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109MH2006PLC164182 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW03145C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW6867C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Processors, Dealers, Importers and Exporters of all
types of ores, metals, metal sheets, tubes angles, channels, strips, bars,
pipes and to operate mini steel plant.
|
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 930000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
profitability of the company appears to be low. There appear huge external borrowings recorded by the company. However, trade relations are reported as fair. Business is active.
Payments terms are slow but correct. The company can be considered for business dealings 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force. India
has capitalized on its large educated English-speaking population to become a
major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A3 – (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
28.07.2011 |
|
Rating Agency Name |
CARE |
|
Rating |
BBB – (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
28.07.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ 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 : |
132-B, Mittal Towers, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22841111 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Mohd Iqbal Rozanali Khan |
|
Designation : |
Director |
|
Address : |
101, Moru Sadan, S V Road, Santacruz (West), Mumbai-400054,
Maharashtra, India |
|
Date of Birth/Age : |
03.12.1958 |
|
Date of Appointment : |
30.08.2006 |
|
PAN No.: |
ACDPK8308C |
|
DIN No.: |
00260194 |
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 |
U27100MH1989PTC051644 |
KONAR
METALS PRIVATE LIMITED |
Director |
05/05/1989 |
05/05/1989 |
Active |
NO |
|
2 |
U27100MH1989PTC050506 |
MAHARAJA
STEEL AND ALLOYS PRIVATE LIMITED |
Director |
03/04/1995 |
03/04/1995 |
Active |
NO |
|
3 |
U27109MH2006PLC164182 |
WESTERN
INDIA METAL PROCESSORS LIMITED |
Director |
30/08/2006 |
30/08/2006 |
Active |
NO |
|
4 |
U51909MH2003PTC143754 |
AMEYA
AGENCIES PRIVATE LIMITED |
Director |
22/02/2007 |
22/02/2007 |
Active |
NO |
|
5 |
U45201MH2007PTC169869 |
WESTCOAST
REALTORS AND DEVELOPERS PRIVATE LIMITED |
Director |
01/07/2009 |
01/07/2009 |
Active |
NO |
|
6 |
U74990MH2011PTC214212 |
HIMACHAL
RIVERSIDE WELLNESS RESORT AND COUNTRY CLUB PRIVATE LIMITED |
Director |
01/03/2011 |
01/03/2011 |
Active |
NO |
|
7 |
U65923MH2012PLC227810 |
SEVEN
SEAS HOLDINGS LIMITED |
Director |
07/03/2012 |
07/03/2012 |
Active |
NO |
|
8 |
U28910MH2012PTC231561 |
EXCEL
METAL PROCESSORS PRIVATE LIMITED |
Director |
28/05/2012 |
28/05/2012 |
Active |
NO |
|
Name : |
Ms. Rabia Mohd Iqbal Khan |
|
Designation : |
Director |
|
Address : |
101, Moru Sadan, S V Road, Santacruz (West), Mumbai-400054,
Maharashtra, India |
|
Date of Birth/Age : |
26.06.1951 |
|
Date of Appointment : |
30.08.2006 |
|
PAN No.: |
ACVPK0221A |
|
DIN No.: |
00260267 |
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 |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27100MH1989PTC051644 |
KONAR
METALS PRIVATE LIMITED |
Director |
05/05/1989 |
05/05/1989 |
- |
Active |
NO |
|
2 |
U27100MH1989PTC050506 |
MAHARAJA
STEEL AND ALLOYS PRIVATE LIMITED |
Director |
03/04/1995 |
03/04/1995 |
- |
Active |
NO |
|
3 |
U27109MH2006PLC164182 |
WESTERN
INDIA METAL PROCESSORS LIMITED |
Director |
30/08/2006 |
30/08/2006 |
- |
Active |
NO |
|
4 |
U45201MH2007PTC169869 |
WESTCOAST
REALTORS AND DEVELOPERS PRIVATE LIMITED |
Director |
11/04/2007 |
11/04/2007 |
15/02/2012 |
Active |
NO |
|
5 |
U65923MH2012PLC227810 |
SEVEN
SEAS HOLDINGS LIMITED |
Director |
07/03/2012 |
07/03/2012 |
- |
Active |
NO |
|
Name : |
Mr. Imran Mohd Iqbal Khan |
|
Designation : |
Director |
|
Address : |
101, Moru Sadan, S V Road, Santacruz (West), Mumbai-400054,
Maharashtra, India |
|
Date of Birth/Age : |
26.03.1977 |
|
Date of Appointment : |
23.05.2007 |
|
PAN No.: |
ACVPK0110C |
|
DIN No.: |
01264376 |
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 |
U51909MH2003PTC143754 |
AMEYA
AGENCIES PRIVATE LIMITED |
Director |
22/02/2007 |
22/02/2007 |
Active |
NO |
|
2 |
U45201MH2007PTC169869 |
WESTCOAST
REALTORS AND DEVELOPERS PRIVATE LIMITED |
Director |
11/04/2007 |
11/04/2007 |
Active |
NO |
|
3 |
U27109MH2006PLC164182 |
WESTERN
INDIA METAL PROCESSORS LIMITED |
Director |
23/05/2007 |
23/05/2007 |
Active |
NO |
|
4 |
U74990MH2011PTC214212 |
HIMACHAL
RIVERSIDE WELLNESS RESORT AND COUNTRY CLUB PRIVATE LIMITED |
Director |
01/03/2011 |
01/03/2011 |
Active |
NO |
|
5 |
U65923MH2012PLC227810 |
SEVEN
SEAS HOLDINGS LIMITED |
Director |
07/03/2012 |
07/03/2012 |
Active |
NO |
|
6 |
U28910MH2012PTC231561 |
EXCEL
METAL PROCESSORS PRIVATE LIMITED |
Director |
28/05/2012 |
28/05/2012 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Mohd Iqbal Khan |
1,721,725 |
|
Irmran Mohd. Iqbal Khan |
3,084,235 |
|
Rabia Mohd. Iqbal Khan |
1,071,430 |
|
Bushra Khan |
1,000 |
|
Saima Khan |
73,175 |
|
Azizulla Khan |
1,000 |
|
Firdos Khan |
21,625 |
|
Ayeshabi R Khan |
1,200,000 |
|
Konar Metals Private Limited, India |
1,532,600 |
|
Maharaja Steel and Alloy Private Limited, India |
1,312,100 |
|
Swarnadhara Vinimay Private Limited, India |
100,000 |
|
Silicon Tradelink Private Limited, India |
100,000 |
|
Shree Kabir Vinimay Private Limited, India |
195,000 |
|
Westcoast Realtors and Developers Private Limited, India |
1,800 |
|
Juhu Investment Private Limited, India |
35920 |
|
Chandadevi Ganeshprasad Sahu |
64,000 |
|
Rakesh Kumar Sahu |
67,340 |
|
Star Light Hospitality |
260,900 |
|
Components and Power Equipment Company Limited, India |
100,000 |
|
TOTAL
|
10,943,850 |
AS ON 31.03.2012
|
Names of Allottes |
No. of Shares |
|
Mohd Iqbal Khan |
71,282 |
|
Westcoast Realtors and Developers Private Limited, India |
105,700 |
|
Asasha Rashid Chaudhary |
21,000 |
|
Ambrina Ubaidulla Chaudhary |
21,000 |
|
Amina Khatoon Chaudhary |
21,000 |
|
Ubaidulla Chaudhary |
37,000 |
|
Ameya Agencies Private Limited, India |
114,000 |
|
Imran Iqbal Khan |
3,622 |
|
Rabia Iqbal Khan |
352 |
|
TOTAL
|
394,956 |
AS ON 05.10.2011
|
Names of Allottes |
No. of Shares |
|
Mohd Iqbal Khan |
220000 |
|
Westcoast Realtors and Developers Private Limited, India |
180000 |
|
TOTAL
|
400000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
33.25 |
|
Directors or relatives of Directors |
64.67 |
|
Other top fifty shareholders |
2.08 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Processors, Dealers, Importers and Exporters of all types
of ores, metals, metal sheets, tubes angles, channels, strips, bars, pipes
and to operate mini steel plant. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
United Bank of India, Hotel Oberoi Tower Branch,
Hotel Oberoi Towers, Shopping Arcade, Nariman Point, Mumbai-400021,
Maharashtra, India ·
State Bank of India, Backbay Reclamation Branch, Raheja
Chambers, Nariman Point, Mumbai-400021, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
RSVA and Company Chartered Accountant |
|
Address : |
B-301, Rajdarshan Building, Dada Patil Wadi, Opposite Thane Railway
Platform No.1, Thane (West), Thane-400602, Maharashtra, India |
|
PAN No.: |
AAYFS1415P |
CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10943850 |
Equity Shares |
Rs.10/- each |
Rs. 109.439
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10010450 |
Equity Shares |
Rs.10/- each |
Rs. 100.105
Millions |
|
|
|
|
|
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11738806 |
Equity Shares |
Rs.10/- each |
Rs. 117.388
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 |
100.105 |
100.105 |
49.938 |
|
|
2] Share Application Money |
46.670 |
0.000 |
46.217 |
|
|
3] Reserves & Surplus |
85.759 |
67.529 |
59.052 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
232.534 |
167.634 |
155.207 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
346.156 |
258.466 |
174.297 |
|
|
2] Unsecured Loans |
0.258 |
0.857 |
1.573 |
|
|
TOTAL BORROWING |
346.414 |
259.323 |
175.870 |
|
|
DEFERRED TAX LIABILITIES |
0.201 |
0.158 |
0.078 |
|
|
|
|
|
|
|
|
TOTAL |
579.149 |
427.115 |
331.155 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.429 |
2.558 |
2.750 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
35.370 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
479.293
|
348.202 |
210.092 |
|
|
Sundry Debtors |
208.400
|
311.437 |
159.827 |
|
|
Cash & Bank Balances |
39.278
|
39.409 |
37.251 |
|
|
Other Current Assets |
8.983
|
6.281 |
4.313 |
|
|
Loans & Advances |
33.916
|
15.632 |
25.882 |
|
Total
Current Assets |
769.870
|
720.961 |
437.365 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
175.674
|
266.636 |
141.360 |
|
|
Other Current Liabilities |
0.599
|
21.463 |
0.000 |
|
|
Provisions |
17.107
|
8.580 |
3.291 |
|
Total
Current Liabilities |
193.380
|
296.679 |
144.651 |
|
|
Net Current Assets |
576.490
|
424.282 |
292.714 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.230 |
0.275 |
0.321 |
|
|
|
|
|
|
|
|
TOTAL |
579.149 |
427.115 |
331.155 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2610.913 |
1825.877 |
1128.191 |
|
|
|
Other Income |
2.418 |
3.402 |
1.233 |
|
|
|
TOTAL (A) |
2613.331 |
1829.279 |
1129.424 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
2531.992 |
1782.043 |
1182.569 |
|
|
|
Administrative, Selling and Other Expenses |
15.250 |
11.565 |
10.060 |
|
|
|
Direct Expenses |
0.000 |
0.000 |
12.430 |
|
|
|
Increase / (Decrease) in Stock |
0.000 |
0.000 |
(101.407) |
|
|
|
TOTAL (B) |
2547.242 |
1793.608 |
1103.652 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
66.089 |
35.671 |
25.772 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.335 |
22.464 |
19.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.754 |
13.207 |
6.496 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.227 |
0.262 |
0.165 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
27.527 |
12.945 |
6.331 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.297 |
4.468 |
2.169 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
18.230 |
8.477 |
4.162 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.82 |
0.85 |
0.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.70
|
0.46 |
0.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.05
|
0.71 |
0.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.56
|
1.79 |
1.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.08 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.32
|
3.32 |
2.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.98
|
2.43 |
3.02 |
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 |
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 |
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) |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE
Registered office has been shifted from 320, Iqbal Compound, LBS Marg,
Opposite Kurla Bus Depot, Kurla, Mumbai-400070, Maharashtra, India to the
present address w.e.f. 15.02.2012
PERFORMANCE REPORT
The Company has
performed well during the year surpassing the target set by the management. The
turnover achieved was Rs. 2610.913 Millions with a Net Profit after tax of Rs.
18.230 Millions (Pre. Yr. 8.477 Millions). The Company achieved an increase of 42.99%
in its turnover which could mainly be assigned to proper financial help from
the bankers and improved market conditions. Coupled with adequate finance and
operations support, it was possible to achieve these results. Market condition
improved in comparison to the previous year though not totally recovered. The
management can sense further improved conditions in the next year. Planning in
advance and taking advantage of the market situation and acting timely with the
customers’ requirements and procuring materials from different governmental
bodies at competitive prices made the company to achieve the desired results.
FINANCIAL RESULT
The Company has earned a profit of Rs. 18.230 Millions resulting out of
transactions during the year.
FORM 8
|
Corporate
identity number of the company |
U27109MH2006PLC164182 |
|
Name of the
company |
WESTERN INDIA
METAL PROCESSORS LIMITED |
|
Address of the
registered office or of the principal place of business in |
132-B, Mittal Towers, Nariman Point, Mumbai-400021, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10082093 |
|
Type of charge |
·
Immovable
property ·
Book
debts |
|
Particular of
charge holder |
United Bank of India, Hotel Oberoi Tower Branch, Hotel Oberoi Towers,
Shopping Arcade, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation
Agreement. Equitable
Mortgage - Deposits of Title Deeds |
|
Date of
instrument Creating the charge |
11.09.2012 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest BR+2.80% i.e. At
Present 13.25% p.a. Terms of repayment On demand Margin 25% against stock
and book debts LC (I and F)/ LG
15% ( Cash) Extent and operation of the charge First PARI-PASSU
Charge With SBI by way of Hypothecation
of Stock and Book Debts and EM of
property |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
Stocks and book Debts and EM of office premises at 132 B Mittal Towers,
Naroman Point, Mumbai and 48 B Mittal Towers, Nariman Point, Mumbai |
|
Date of
instrument modifying the charge |
30.08.2011 |
|
Particulars of
the present modification |
The original
charge was created on 23.11.2007 for Rs. 150.000 Millions. Firstly Modified on
24.02.2009 for Rs. 240.000 Millions. Secondly modified on 22.12.2009 for Rs.
300.000 Millions. Thirdly Modified on 13.10.2010 for Rs. 462.000 Millions.
Now By the present Modification dt. 30.08.2011 The limit has been Increased
From Rs. 462.000 Millions to Rs. 648.000 Millions. |
FIXED ASSETS
·
Office Equipments
·
Water Purifier
·
Vehicle
·
Computer
·
Furniture
·
Mobile
·
Security System
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 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. 55.70 |
|
|
1 |
Rs. 89.34 |
|
Euro |
1 |
Rs. 72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.