|
Report Date : |
05.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
WEST COAST EXTRUSION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 3692, Phase-III, GIDC, Dared, Jamnagar – 361004,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.06.2011 |
|
|
|
|
Com. Reg. No.: |
04-065740 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 10.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27202GJ2011PTC065740 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Copper Extrusion Rods, Copper Sheets,
Flats, Brass Pipes, Brass Extrusion Rods, etc. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 40000 |
|
|
|
|
Status : |
Recently commence its business activity |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Rotomac Group”. Even though the company was incorporated in the year June 2011, it
commenced its business activity form September 2012. Mr. Vyas the Account Head has confirmed the sales turnover for
[2012-2013] which is not verified. In its first six month of business operation the company has achieved
sizeable turnover. The subject gets strong managerial and financial support from its
group companies. Trade relations are reported to be fair. Business is active. Payments
are unknown. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : (CRISIL) BB+ |
|
Rating Explanation |
Having moderate risk of default regarding timely
servicing of financial obligation. |
|
Date |
April 2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Shivang Vyas |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-288-2730522 |
|
Date : |
04.07.2013 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 3692, Phase-III, GIDC, Dared, Jamnagar – 361004,
Gujarat, India |
|
Tel. No.: |
91-288-2730522/ 2730523 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
201, City Centre, 63/2, The Mall, Kanpur – 208004, Uttar Pradesh,
India |
|
Tel. No.: |
91-512-3011000 |
|
Fax No.: |
91-512-3011099 |
|
E-Mail : |
DIRECTORS
AS ON 22.09.2012
|
Name : |
Mr. Vikram Kothari |
|
Designation : |
Director |
|
Address : |
7/23, Tilak Nagar, Kanpur – 208002, Uttar Pradesh, India |
|
Date of Birth/Age : |
12.10.1949 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00454708 |
|
|
|
|
Name : |
Mr. Rahul Kothari |
|
Designation : |
Director |
|
Address : |
7/23, Tilak Nagar, Kanpur – 208002, Uttar Pradesh, India |
|
Date of Birth/Age : |
27.11.1986 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
00454777 |
KEY EXECUTIVES
|
Name : |
Mr. Shivang Vyas |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 22.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rahul Kothari |
|
170000 |
|
Rotomac Global Private Limited, India |
|
490000 |
|
Vikram Kothari |
|
170000 |
|
Sadhna Kothari |
|
170000 |
|
|
|
|
|
Total |
|
1000000 |
AS ON 25.03.2013
|
Names of Allottees |
|
No. of Shares |
|
Vikram Kothari |
|
85000 |
|
Rahul Kothari |
|
85000 |
|
Sadhna Kothari |
|
85000 |
|
Rotomac Global Private Limited, India |
|
245000 |
|
|
|
|
|
Total |
|
500000 |
AS ON 22.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
49.00 |
|
Directors
or relatives of directors |
|
51.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Copper Extrusion Rods, Copper Sheets,
Flats, Brass Pipes, Brass Extrusion Rods, etc. |
|
|
|
|
Products/ Services : |
¯ Extrusion Rods ¯ Brass Pipes ¯ Brass Extrusion Rods ¯ Brass Bronze Rods ¯ Brass Knurling Rods ¯ Brass Hex Rods ¯ Brass Hollow Rods ¯ Brass Billets ¯ Brass Profile and Section ¯ Copper Based Alloy Extrusion ¯ Copper Based Alloy Tubes ¯ Brass
Square Rods, etc. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
¯ UAE ¯ European
Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit [30 Days] |
|
|
|
|
Purchasing : |
L/C, Cash and Credit [30 Days] |
GENERAL INFORMATION
|
Suppliers : |
Ø Bhavik Enterprise Ø Jay Dwarkadish
Engineering Works Ø Jhaveri Tools
Steel Corporation Ø Metals United
Alloys and Fusion Products Limited Ø Pramod Steel
Company Ø Prathamesh
Shipping Agency Ø Sterling
Agencies Ø Uma Sales Ø Vikash
Engineering Industries |
|
|
|
|
Customers : |
Wholesalers, Retailers, End Users and OEM’s |
|
|
|
|
No. of Employees : |
50 (Approximately) |
|
|
|
|
Bankers : |
Dena Bank, Industrial Finance Branch, 2nd Floor, Dena Laxmi Building, 188-A, Ashram Road, Ahmedabad - 380009, Gujarat, India |
|
|
|
|
Facilities : |
Cash Credit – Rs. 100.000 Millions / TL – Rs. 80.000 Millions [Dena Bank] |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chetan Agarwal and Company Chartered Accountants |
|
Address : |
601/602, Swagat Complex, Opposite Hotel Regency, Pandit Nehru
Marg, Jamnagar – 361008, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFC6580H |
CAPITAL STRUCTURE
AFTER 22.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
10.000 |
|
(b) Reserves & Surplus |
|
|
0.000 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
10.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
53.800 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c)
Other long term liabilities |
|
|
0.000 |
|
(d)
long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
53.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
0.000 |
|
(b)
Trade payables |
|
|
1.091 |
|
(c)
Other current liabilities |
|
|
0.020 |
|
(d)
Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
1.111 |
|
|
|
|
|
|
TOTAL |
|
|
64.911 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
48.730 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan
and Advances |
|
|
3.278 |
|
(e)
Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
52.008 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
0.000 |
|
(c)
Trade receivables |
|
|
0.000 |
|
(d)
Cash and cash equivalents |
|
|
0.029 |
|
(e)
Short-term loans and advances |
|
|
9.052 |
|
(f)
Other current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
9.081 |
|
|
|
|
|
|
Preliminary
Expenses |
|
|
0.035 |
|
|
|
|
|
|
Pre
Operative Expenses Pending Allocation |
|
|
3.787 |
|
|
|
|
|
|
TOTAL |
|
|
64.911 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL (A) |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share [Rs.] |
|
|
0.00 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
190.000 |
|
|
|
|
|
Expected Sales (2013-2014): Rs. 850.000 Millions
The above information has been parted by Mr. Shivang Vyas [Accounts
Head]
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
5.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
8.17 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 (Rs. In Millions) |
|
|
|
|
Bhavik Enterprise |
0.076 |
|
C R Patel |
0.003 |
|
Design Architect |
0.019 |
|
Imranbhai Daudbhai Vahevaria |
0.100 |
|
Jay Dwarkadish Engineering Works |
0.023 |
|
Jhaveri Tools Steel Corporation |
0.061 |
|
Metals United Alloys and Fusion Products Limited |
0.286 |
|
Pramod Steel Company |
0.155 |
|
Prathamesh Shipping Agency |
0.004 |
|
Sterling Agencies |
0.001 |
|
Uma Sales |
0.183 |
|
Vijay Steel Fabricated |
0.078 |
|
Vikash Engineering Industries |
0.100 |
|
PCVCL [Electricity Bill Payable] |
0.002 |
|
|
|
|
Total |
1.091 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two year |
Yes |
|
12] |
Profitability for last
one year |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
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 |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 (Rs. In Millions) |
|
|
|
|
LONG TERM
BORROWINGS |
|
|
Term Loans |
|
|
From Other Parties |
|
|
Pattani Impex |
2.200 |
|
Star Trading Corporation Mumbai |
10.000 |
|
Loans and
Advances from related parties |
|
|
Rotomac Global Private Limited |
41.600 |
|
Total |
53.800 |
Note:
The registered office of the company has been shifted from GIDC, Shed No.
274, Phase II, Dared, Jamnagar – 361001, Gujarat, India to the present
w.e.f.07.04.2012
FIXED ASSETS:
¯ Billet Heating
Furnace
¯ Electrical Panel
Board
¯ Generator Machine
¯ Plant Electric
Fittings
¯ Plant and
Machinery
¯ Rolling Machine
¯ Factory Building
¯ Electricity
Fittings
¯ Vehicles
¯ Computer
¯ Land and Building
¯ Furniture
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 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. 60.09 |
|
|
1 |
Rs. 91.58 |
|
Euro |
1 |
Rs. 78.08 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.