MIRA INFORM REPORT
|
Report Date : |
29.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
WINDSOR PETROCHEMICALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-192, Sarvodaya Enclave, New Delhi-110017 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
07.03.1996 |
|
|
|
|
Com. Reg. No.: |
55-076939 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51102DL1996PTC076939 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The main
business of the Company comprises of Agency of Overseas Manufacturer of
Petrochemical Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 88000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade
relations are reported as decent. Business is active. Payment terms are
usually correct and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
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 : |
C-192, Sarvodaya Enclave, New Delhi-110017, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Head Office : |
C-1, 2nd Floor, SDA Community Centre, New Delhi-110016,
India |
|
Tel. No.: |
91-11-41748421 to 8423 |
|
Fax No.: |
91-11-41748425 |
|
E-Mail : |
|
|
|
|
|
Mumbai Office : |
C-107, Twin Arcade, Military Road, Marol Maroshi, Andheri (East),
Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-66938660/42151660 |
|
Fax No.: |
91-22-66938661 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Rakesh Saraf |
|
Designation : |
Director |
|
Address : |
D-8/2, Vasant Vihar, New Delhi-110057, India |
|
Date of Birth/Age : |
21.05.1950 |
|
Date of Appointment : |
07.03.1996 |
|
Din No.: |
01892982 |
|
|
|
|
Name : |
Mrs. Roma Saraf |
|
Designation : |
Director |
|
Address : |
D-8/2, Vasant Vihar, New Delhi-110057, India |
|
Date of Birth/Age : |
15.08.1952 |
|
Date of Appointment : |
07.03.1996 |
|
Din No.: |
01334251 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Rakesh Saraf |
|
125000 |
|
Roma Saraf |
|
125000 |
|
|
|
|
|
TOTAL
|
|
250000 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The main
business of the Company comprises of Agency of Overseas Manufacturer of
Petrochemical Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.K. Nair and Company Chartered Accountants |
|
Address : |
C-192, Sarvodaya Enclave, New Delhi-110017, India |
|
PAN No: |
AAGFA5904R |
|
|
|
|
Wholly Owned Subsidiary : |
Windsor Specilty Resins Private Limited [WSRPL] |
|
|
|
|
Other Related Party : |
Netaquila Solutions Private Limited [NSPL] |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs.10/- each
|
Rs.2.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
2.500 |
2.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.507 |
15.521 |
10.989 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
|
|
NETWORTH |
22.007 |
18.021 |
13.489 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.930 |
4.660 |
5.295 |
|
|
2] Unsecured Loans |
4.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
5.930 |
4.660 |
5.295 |
|
|
DEFERRED TAX LIABILITIES |
0.483 |
0.422 |
0.284 |
|
|
|
|
|
|
|
|
TOTAL |
28.420 |
23.103 |
19.068 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.889 |
8.241 |
8.094 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.150 |
0.250 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.512 |
0.416 |
0.363 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
15.865
|
7.995 |
17.831 |
|
|
Cash & Bank Balances |
8.498
|
17.388 |
10.237 |
|
|
Other Current Assets |
0.305
|
0.925 |
0.000 |
|
|
Loans & Advances |
14.557
|
10.317 |
7.265 |
|
Total
Current Assets |
39.225
|
36.625 |
35.333 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.287 |
|
|
Other Current Liabilities |
15.857
|
14.390 |
18.878 |
|
|
Provisions |
8.499
|
8.039 |
5.557 |
|
Total
Current Liabilities |
24.356
|
22.429 |
24.722 |
|
|
Net Current Assets |
14.869
|
14.196 |
10.611 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
28.420 |
23.103 |
19.068 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Agency Income |
|
51.444 |
63.869 |
|
|
|
Other Income |
|
0.755 |
0.343 |
|
|
|
TOTAL |
46.672 |
52.199 |
64.212 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office and Administrative Expenses |
|
40.025 |
49.133 |
|
|
|
Marketing Expenses |
39.736 |
0.611 |
1.397 |
|
|
|
Other Expenses |
|
4.023 |
2.967 |
|
|
|
TOTAL |
39.736 |
44.659 |
53.497 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.936 |
7.540 |
10.715 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.100 |
0.979 |
1.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
5.836 |
6.561 |
9.123 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.850 |
2.028 |
2.858 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
3.986 |
4.533 |
6.265 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.171 |
10.638 |
4.373 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
19.157 |
15.171 |
10.638 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Agency Commission |
46.218 |
51.444 |
63.869 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
15.94 |
18.13 |
25.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.54
|
8.68 |
9.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
12.75 |
14.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.39
|
14.62 |
21.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.36 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27
|
0.25 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.63 |
1.43 |
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
BACKGROUND:
Subject was incorporated
on 07th March , 1996. The main business of the Company comprises of Agency of
Overseas Manufacturer of Petrochemical Products.
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Unsecured Loan |
4.000 |
0.000 |
|
TOTAL
|
4.000 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10364336 |
|
Corporate
identity number of the company |
U51102DL1996PTC076939 |
|
Name of the
company |
WINDSOR
PETROCHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
D-8/2, Vasant Vihar, New Delhi-110057, India |
|
Type of charge |
Immovable
Property Others |
|
Particular of
charge holder |
Bank of Baroda, B-3, Connaught Circus, New Delhi-110001, India Email: akandco@hotmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Corporate
Guarantee and Supplemental Memorandum of Entry dated 30.11.2012 |
|
Date of
instrument Creating the charge |
30.11.2012 |
|
Amount secured by
the charge |
Rs.20.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per various
credit facilities granted to Windsor Speciality Resins Private Limited. Terms of Repayment As per various
credit facilities granted to Windsor Speciality Resins Private Limited. Margin As per various
credit facilities granted to Windsor Speciality Resins Private Limited. Extent and Operation of the charge 100% Others To secure all amounts
payable under Cash Credit Limit of Rs. 7.500 Millions and ILC/FLC Limit(*) of
Rs 12.500 Millions aggregating Rs. 20.000 Millions granted to M/s Windsor
Speciality Resins Private Limited. The Company together with all interests,
costs, charges, expenses, commission etc. (*) One way
interchangeability upto Rs. 2.500 Millions from Cash Credit to LC is allowed) |
|
Short particulars
of the property charged |
Corporate
Guarantee of the Company. EMT over
Immovable Property of the company situated at C-107, 1st Floor, Orchid
Premises Co-op. Society, Twin Arcades, Military Road, Marol, Andheri (E),
Mumbai |
|
Particulars of
the present modification |
Extent of
operation of charge of Corporate Guarantee and EMT over Imm. property at
C-107, 1st Floor, Orchid Premises Co-op. Society, Twin Arcades, Military
Road, Marol, Andheri (E), Mumbai stands enhanced from Rs. 12.500 Millions to
Rs. 20.000 Millions to secure all
amounts payable under Cash Credit Limit of Rs. 7.500 Millions and ILC/FLC
Limit of Rs 12.500 Millions granted to M/s Windsor Speciality Resins Private
Limited. Other Terms and conditions remain the same. |
FIXED ASSETS:
- Building
- Computer
- Office
Equipments
- Furniture and
Fixtures
- Temporary
Construction
- Air
Conditioners
- Electrical
Equipments
- 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 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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.