MIRA INFORM REPORT
|
Report Date : |
17.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
MW CORP PRIVATE LIMITED (w.e.f. 26.03.2008) |
|
|
|
|
Formerly Known
As : |
MH HOLDINGS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
S. Kumars House, Plot No.60, Street 14, MIDC, Phase II, Street 14,
Andheri (East), Mumbai 400093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.12.2006 |
|
|
|
|
Com. Reg. No.: |
11-166424 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.50.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65993MH2006PTC166424 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM34566A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM1365G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Invetsment and Finance Company |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having track. Even though the company incorporated during 2006, the company has not
commenced its business activity. Management remain no-cooperative denied to part any information about
the company. However, networth of the company is good. As per registrar the status of the company is shown as active. Payment
terms are unknown. The company can be considered for business dealings 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs.7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-66044343/ 22818432
LOCATIONS
|
Registered Office : |
S. Kumars House, Plot No.60, Street 14, MIDC, Phase II, Street 14,
Andheri (East), Mumbai 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66044343/ 22818432/ 8694/ 66044320 |
|
Fax No.: |
91-22-22818619/ 66044390 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Corporate Office : |
99, Niranjan, Marine Drive, Mumbai - 400022, Maharashtra, India |
|
Tel No.: |
91-22-22818432/ 22818694 |
|
Fax No.: |
91-22-22818619 |
DIRECTORS
(AS ON 28.09.2013)
|
Name : |
Mr. Warij Abhaykumar Kasliwal |
|
Designation : |
Director |
|
Address : |
Padam 1, Flat 02, 4 B. G. Deshmukh Marg, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
02.07.1954 |
|
Date of Appointment : |
22.12.2006 |
|
DIN No.: |
00012576 |
|
|
|
|
Name : |
Mr. Mukul Shambhukumarji Kasliwal |
|
Designation : |
Director |
|
Address : |
Padam 4 GB, G. D. Marg, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
20.10.1964 |
|
Date of Appointment : |
22.12.2006 |
|
PAN No.: |
AAQPK8417K |
|
DIN No.: |
00058577 |
|
|
|
|
Name : |
Mr. Bharatkumar Somchand Vindhara |
|
Designation : |
Additional Director |
|
Address : |
204, Hiral Apartments, Achole Road, Nallasopara (East), District Thane
– 401209, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1945 |
|
Date of Appointment : |
05.12.2007 |
|
DIN No.: |
00700293 |
|
|
|
|
Name : |
Mrs. Uravi Mukul Kasliwal |
|
Designation : |
Additional Director |
|
Address : |
Padam 1, Flat 02, 4 B. G. Deshmukh Marg, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
18.08.1963 |
|
Date of Appointment : |
27.09.2007 |
|
DIN No.: |
01598765 |
|
|
|
|
Name : |
Mrs. Pratibha Warij Kasliwal |
|
Designation : |
Additional Director |
|
Address : |
Padam 1, Flat 02, 4 B. G. Deshmukh Marg, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
20.02.1959 |
|
Date of Appointment : |
27.09.2007 |
|
DIN No.: |
01791538 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2013)
|
Name of Shareholders
|
|
No of
Shares |
|
|
|
|
|
Raj Infin Private Limited, India jointly with Mr. Mukul S. Kasliwal |
|
10 |
|
Girija Holdings Private Limited, India jointly with Warji A. Kasliwal |
|
10 |
|
Raj Infin Private Limited, India |
|
2499990 |
|
Girija Holdings Private Limited, India |
|
2499990 |
|
|
|
|
|
Total
|
|
5000000 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Invetsment and Finance Company |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shyam
Malpani and Associates Chartered Accountants |
|
Address : |
307 Chartered House 2 9 7
- 2 9 9 Dr Cawasji Hormasji Street Near Marine Lines Church, Mumbai - 400002,
Maharashtra, India |
|
PAN No.: |
AADPM2684D |
|
|
|
|
Subsidiaries Companies |
·
MW Infra Developers Private Limited ·
S. Kumars Life Assurance Corporation
Limited ·
MW Unitexx S.A. ·
S. Kumars Limited ·
Entegra Limited ·
MW Advisers Limited ( UK) ·
Dasna Developers Private Limited ·
Ennertech Biofuels Private Limited ·
Hindon River Mills Limited ·
Rajasthan Solar Power Company Private ·
Shree Maheshwar Hydel Power Corp Limited ·
Manmade Fabrics Sales Services Private
Limited ·
Manor Textiles Limited ·
Klopman Holdings S.a.r.l ·
Klopman Int. srl. ·
Klopman Espana S.A. ·
Klopman GmbH ·
Klopman AG. ·
Klopman Textiles Private Limited ·
Intex S.A. ·
Klopman India Private Limited |
|
|
|
|
Associates : |
·
MW Unitex Limtied |
CAPITAL STRUCTURE
(AS ON 28.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
1309.258 |
1309.189 |
1308.374 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
1359.258 |
1359.189 |
1358.374 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
26.800 |
87.415 |
70.869 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
26.800 |
87.415 |
70.869 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
688.340 |
687.924 |
688.473 |
|
(c) Other
current liabilities |
2.815 |
2.349 |
26.096 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
691.155 |
690.273 |
714.569 |
|
|
|
|
|
|
TOTAL |
2077.213 |
2136.877 |
2143.812 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4.405 |
6.302 |
7.583 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
146.274 |
143.456 |
131.582 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1310.221 |
1310.221 |
1310.221 |
|
(c) Deferred tax assets (net) |
0.962 |
0.237 |
0.184 |
|
(d) Long-term Loan and Advances |
548.884 |
609.194 |
647.023 |
|
(e) Other
Non-current assets |
2.766 |
2.766 |
5.310 |
|
Total Non-Current
Assets |
2013.512 |
2072.176 |
2101.903 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
43.328 |
37.834 |
6.039 |
|
(d) Cash
and cash equivalents |
4.784 |
13.475 |
27.580 |
|
(e)
Short-term loans and advances |
15.589 |
12.342 |
8.290 |
|
(f) Other
current assets |
0.000 |
1.050 |
0.000 |
|
Total
Current Assets |
63.701 |
64.701 |
41.909 |
|
|
|
|
|
|
TOTAL |
2077.213 |
2136.877 |
2143.812 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.06 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.09 |
0.09 |
0.06 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
1308.374 |
1309.189 |
1309.258 |
|
Net worth |
1358.374 |
1359.189 |
1359.258 |
|
|
|
|
|
|
long-term borrowings |
70.869 |
87.415 |
26.800 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
70.869 |
87.415 |
26.800 |
|
Debt/Equity ratio |
0.052 |
0.064 |
0.020 |
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 |
No |
|
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 |
|
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 |
No |
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Inter-corporate Borrowings |
26.800 |
87.415 |
|
|
|
|
|
Total |
26.800 |
87.415 |
FINANCIAL HIGHLIGHTS
During
the period no business activities were undertaken.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS:
·
Building
·
Furniture and Fixtures
·
Office Equipment
·
Computer
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.60.01 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.81.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.