MIRA INFORM REPORT

 

 

Report Date :

16.02.2013

 

IDENTIFICATION DETAILS

 

Name :

WINDALS AUTO PRIVATE LIMITED

 

 

Registered Office :

Unit No.5/B, 5th Floor, Goldline Business Centre, Near Chincholi Fire Brigade, Link Road, Malad (West), Mumbai – 400 064, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

23.04.1990

 

 

Com. Reg. No.:

11-056302

 

 

Capital Investment / Paid-up Capital :

Rs.115.169 millions

 

 

CIN No.:

[Company Identification No.]

U50101MH1990PTC056302

 

 

PAN No.:

[Permanent Account No.]

AAACW0964G

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Processing Auto Components.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (35)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 871000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. The management of the company has not filed its financials with the Government Department for the year 2012.

 

As per previous year’s record, there appear huge external borrowings recorded by the company.

 

However, trade relations are reported as decent. Business is active. Payment 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

 

 

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/ Corporate Office :

Unit No.5/B, 5th Floor, Goldline Business Centre, Near Chincholi Fire Brigade, Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Tel. No.:

91-22-28787693/ 28782813

Fax No.:

91-22-28782813

E-Mail :

vithoba.bhogate@windalsauto.com

sales@windasauto.com

Website :

http://www.windalsauto.com

 

 

Factory :

Located at:

 

·         Pune

·         Mumbai

·         Indore

·         Bhopal

·         Jamshedpur

·         Pithampur

·         Rudrapur

·         Haridwar

 

 

Branch Office :

Gate No.90, Jyotiba Nagar, Talawade Road, Talawade, Pune – 412 114, Maharashtra, India

Tel. No.:

91-20-27690322   

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Abdulla Sahebkhan Dalwai

Designation :

Director

Address :

1501-B, Oberoy Sky Garden III, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

01.01.1945

Qualification :

Technical

Experience :

47 Years

Date of Appointment :

23.04.1990

DIN No.:

00308092

 

 

Name :

Mr. Asif Abdulla Dalwai

Designation :

Director

Address :

1501-B, Oberoy Sky Garden III, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

27.04.1980

Date of Appointment :

18.08.2007

DIN No.:

02009803

 

 

Name :

Mr. Nabil Abdulla Dalwai

Designation :

Director

Address :

1501-B, Oberoy Sky Garden III, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

03.07.1982

Date of Appointment :

18.08.2007

DIN No.:

02045787

 

 

Name :

Rabia Abdulla Dalwai

Designation :

Director

Address :

1501-B, Oberoy Sky Garden III, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

06.04.1949

Date of Appointment :

30.09.1991

DIN No.:

02053706

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

 

Abdulla Sahebkhan Dalwai

 

108508

Rabia Abdulla Dalwai

 

793012

Asif Abdulla Dalwai

 

74240

Nabil Abdulla Dalwai

 

74240

R N S Investment Private Limited, India

 

95100

Windals and Windals Engineering Private Limited, India

 

6560

Prakash Mangalchand Baid

 

16

Raghunandan Impex Private Limited, India

 

16

Total

 

1151692

 

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

8.83

Directors or relatives of directors

 

91.17

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Processing Auto Components.

 

 

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

 

Unit

Installed Capacity

Actual Production

Automobile Components

Nos.

N.A.

894609 

 

 

GENERAL INFORMATION

 

Customers :

·         Telco

·         Mahindra

·         Eicher

 

 

No. of Employees :

Not Available

 

 

Bankers :

Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M.V. Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Rupee term loans financial institutions secured

47.947

16.249

Working capital loans banks secured

182.116

131.616

Working capital loans others secured

24.822

46.046

Loans taken for vehicles secured

2.029

2.877

Loans taken for other fixed assets secured

137.077

168.381

Total

393.991

365.169

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

N.P. Lahoti and Company

Chartered Accountants

Address :

16, 1st Floor, Shree Madhu Industrial Estate, P.B. Marg, Worli, Mumbai - 400 013, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

AAAPL1403A

 

 

CAPITAL STRUCTURE

 

After 30.09.2011

 

Authorised Capital : Rs.250.000 millions

 

Issued, Subscribed & Paid-up Capital : Rs.206.988 millions

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

1500000

Equity Shares

Rs.100/- each

Rs.150.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1151692

Equity Shares

Rs.100/- each

Rs.115.169 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

115.169

6.931

5.151

2] Share Application Money Pending Allotment

0.000

7.521

20.620

3] Reserves & Surplus

102.580

111.945

58.475

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

217.749

126.397

84.246

LOAN FUNDS

 

 

 

1] Secured Loans

393.991

365.169

325.637

2] Unsecured Loans

118.223

43.141

25.279

TOTAL BORROWING

512.214

408.310

350.916

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

729.963

534.707

435.162

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

341.665

283.563

232.480

Capital work-in-progress

32.177

20.568

20.691

 

 

 

 

INVESTMENT

0.250

0.250

0.250

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
322.177

234.265

188.648

 

Sundry Debtors
363.390

258.998

112.492

 

Cash & Bank Balances
9.469

10.919

2.939

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
92.801

42.394

33.668

Total Current Assets
787.837

546.576

337.747

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
263.428

201.098

105.395

 

Other Current Liabilities
150.440

107.567

47.908

 

Provisions
19.900

8.710

2.810

Total Current Liabilities
433.768

317.375

156.113

Net Current Assets
354.069

229.201

181.634

 

 

 

 

MISCELLANEOUS EXPENSES

1.802

1.125

0.107

 

 

 

 

TOTAL

729.963

534.707

435.162

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

1430.582

(Including Taxes on Sales)

954.087

(Including Taxes on Sales)

556.366

(Net Sales)

 

 

Other Income

 

 

0.349

 

 

TOTAL                                     (A)

1430.582

954.087

556.715

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Materials Consumed

1273.889

854.632

350.654

 

 

Consumable Consumption

 

 

22.877

 

 

Payment to and Provision for Employees

 

 

20.620

 

 

Manufacturing and Other Expenses

 

 

102.787

 

 

Preliminary Expenses W/off

 

 

0.009

 

 

TOTAL                                     (B)

1273.889

854.632

496.947

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

156.693

99.455

59.768

 

 

 

 

 

Less

INTEREST & FINANCIAL EXPENSES                 (D)

68.340

50.602

46.800

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

88.353

48.853

12.968

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

18.110

14.403

12.196

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

70.243

34.450

0.772

 

 

 

 

 

Less

TAX                                                                  (H)

14.000

5.900

0.240

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

56.243

28.550

0.532

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

56.243

28.550

0.532

 

 

 

 

 

 

Earnings Per Share (Rs.)

48.84

411.92

10.33

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
3.93

2.99

0.10

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
NA

NA

0.14

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.22

4.15

0.14

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.32

0.27

0.01

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
2.35

3.23

4.17

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.82

1.72

2.16

 

 

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

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

Yes

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

No

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

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Unsecured Loans

31.03.2011

(Rs. in Millions)

31.03.2010

(Rs. in Millions)

Rupee term loans banks unsecured

107.093

19.732

Rupee term loans others unsecured

4.486

4.286

Loans directors unsecured

6.644

19.123

Total

118.223

43.141

 

TURNOVER AND PROFIT / (LOSSES)

 

During the year, Sales and Other Income (Including Taxes on Sales) of company has been Rs.1430.582 millions as against Rs.954.087 millions in the previous year and where as Profit for the year is Rs.56.243 millions as against Rs.28.550 millions in the previous year. Further performance of the company are expected to improve in the coming year.

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U50101MH1990PTC056302

Name of the company

WINDALS AUTO PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

Unit No.5/B, 5th Floor, Goldline Business Centre, Near Chincholi Fire Brigade, Link Road, Malad (West), Mumbai – 400 064, Maharashtra, India

E-Mail: anand.tambe@windalsauto.com

This form is for

Creation of charge

Type of charge

Book Debts

Movable Property (not being pledge)

Particular of charge holder

Union Bank of India, Andheri (East) Branch, Mayani Manor, Sir M.V. Road, Andheri (East), Mumbai – 400 069, Maharashtra, India

E-Mail: cbsandheri@unionbankofindia.com

Nature of description of the instrument creating or modifying the charge

Hypothecation Agreement of Goods and Debts

Date of instrument Creating the charge

20.11.2012

Amount secured by the charge

Rs.30.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest:

Base Rate+4.5%+2.00% per annum with monthly rests or at such other revised rate/s as may be prescribed by the Bank from time to time

 

Terms of Repayment:

On Demand

 

Margin:

As per sanction terms

 

Extent and Operation of the charge:

To secure Adhoc Cash Credit (Hypothecation) facility of Rs.30.000 millions granted by the Bank to the Company

Short particulars of the property charged

The Borrower hereby Hypothecates by way of First Charge in favour of the Bank :

1. Stocks Comprising of Axle Tipper Body etc which expression shall include all raw materials, semi finished and finished goods consumable stores and spares and movable property of any kind now or at any time hereafter belonging to or at the disposal of the Borrower and which are now stored or being stored or which hereafter may from time to time be brought into or stored or be in or about the Borrower's premises or godown/s at various places in Indore, Pune, Rudrapur etc and at other places hired by the Borrower for the purposes of storage in the Union of India and all other places of storage whatsoever at or at any other place in the Union of India or wherever else they may be

2. The Borrower's Book-Debts, Outstanding, Monies, Deposits, Receivables Claims and Bills Contracts Securities Investments which are now due and owing or which may at any time hereafter during the continuance of this security becoming due and owing to the Borrower is the course of its business by any person or party including any  Government or any local or public body or authority (all of which are hereinafter collectively referred to as "the said debts")

 

FIXED ASSETS:

 

·         Land Freehold

·         Leasehold Land

·         Factory Building

·         Plant and Machinery

·         Typewriter

·         Air Conditioner

·         Electrical Installation

·         Computer System

·         Dies/ Jigs/ Fixtures/ Gauge

·         Fax and Xerox

·         Mobile Phone

·         Office Equipments

·         EPABX

·         Office Premises

·         Vehicle

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.53.99

UK Pound

1

Rs.83.72

Euro

1

Rs.72.09 

 

 

INFORMATION DETAILS

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

35

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.