MIRA INFORM REPORT
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Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
WINDOW TECHS INDIA PRIVATE LIMITED |
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Registered
Office : |
Rz-335, Gali No. 13A, Tughlakabad Extension, New Delhi – 110019 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.07.2011 |
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Com. Reg. No.: |
55-222486 |
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Capital
Investment / Paid-up Capital : |
Rs. 3.000 Millions |
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CIN No.: [Company Identification
No.] |
U74140DL2011PTC222486 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AABCW1291M |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Trader, Exporter and Importer of Furnishing. |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. External borrowing of the company is huge which act as a threat to
liquidity position of the company. However, Trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing 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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rajesh |
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Designation : |
Account Manager |
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Contact No.: |
91-9312455575 |
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Date : |
17.11.2014 |
LOCATIONS
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Registered Office/ Factory : |
Rz-335, Gali No. 13A, Tughlakabad Extension, New Delhi – 110019, India |
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Tel. No.: |
91-11-29992147/ 29992146 |
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Mobile No.: |
91-9810079950 (Mr. Saraf) |
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Fax No.: |
91-11-29992148/ 29992147 |
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E-Mail : |
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Website : |
DIRECTORS
As On 30.09.2013
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Name : |
Vishal Khandelwal |
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Designation : |
Director |
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Address : |
Rz-403/13A Tughlakabad Extension, New Delhi – 110019, India |
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Date of Birth/Age : |
10.05.1973 |
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Date of Appointment : |
18.07.2011 |
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DIN No.: |
01436175 |
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Other
Directorship :
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Name : |
Ritu Khandelwal |
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Designation : |
Director |
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Address : |
221 Sector – 37, Faridabad – 121001, Haryana, India |
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Date of Birth/Age : |
30.05.1973 |
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Date of Appointment : |
18.07.2011 |
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DIN No.: |
03460950 |
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Other
Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Vishal Khandelwal |
16000 |
53.33 |
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Ritu Khnadelwal |
14000 |
46.67 |
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Total |
30000 |
100.00 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Exporter and Importer of Furnishing. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Netherlands |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Satishchand Gupta and Associates Chartered Accountants |
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Address : |
I-183, Laxmi Nagar, New Delhi – 110092, India |
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PAN No.: |
AEUPG2729J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As On 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
3.000 |
3.000 |
0.200 |
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(b) Reserves & Surplus |
2.384 |
1.302 |
0.376 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.200 |
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Total
Shareholders’ Funds (1) + (2) |
5.384 |
4.302 |
0.776 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
8.272 |
8.089 |
10.621 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.001 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
8.272 |
8.089 |
10.622 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
50.927 |
28.942 |
4.791 |
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(b) Trade
payables |
16.935 |
25.617 |
18.066 |
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(c) Other current
liabilities |
14.645 |
26.457 |
2.803 |
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(d) Short-term
provisions |
0.433 |
0.396 |
0.334 |
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Total Current
Liabilities (4) |
82.940 |
81.412 |
25.994 |
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TOTAL |
96.596 |
93.803 |
37.392 |
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II.
ASSETS |
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(1) Non-current
assets |
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(a) Fixed
Assets |
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(i)
Tangible assets |
9.168 |
8.240 |
3.939 |
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(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.163 |
0.057 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current
Assets |
9.331 |
8.297 |
3.939 |
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(2)
Current assets |
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(a)
Current investments |
0.000 |
0.000 |
0.000 |
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(b)
Inventories |
43.425 |
34.482 |
8.795 |
|
(c) Trade receivables |
23.538 |
22.105 |
14.368 |
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(d) Cash
and cash equivalents |
3.393 |
9.637 |
4.737 |
|
(e)
Short-term loans and advances |
16.328 |
17.460 |
5.285 |
|
(f) Other
current assets |
0.581 |
1.822 |
0.268 |
|
Total
Current Assets |
87.265 |
85.506 |
33.453 |
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|
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TOTAL |
96.596 |
93.803 |
37.392 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT/
(LOSS) BEFORE TAX |
1.576 |
1.363 |
0.546 |
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|
Less |
TAX |
0.494 |
0.438 |
0.171 |
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PROFIT/
(LOSS) AFTER TAX |
1.082 |
0.925 |
0.375 |
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|
Earnings /
(Loss) Per Share (Rs.) |
3.60 |
3.08 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.63 |
1.45 |
1.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.32 |
0.70 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
11.00 |
8.61 |
19.86 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.05 |
1.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
0.200 |
3.000 |
3.000 |
|
Reserves & Surplus |
0.376 |
1.302 |
2.384 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.200 |
|
Net
worth |
0.576 |
4.302 |
5.584 |
|
|
|
|
|
|
long-term borrowings |
10.621 |
8.089 |
8.272 |
|
Short term borrowings |
4.791 |
28.942 |
50.927 |
|
Total
borrowings |
15.412 |
37.031 |
59.199 |
|
Debt/Equity
ratio |
26.757 |
8.608 |
10.602 |
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 |
Yes |
|
9] |
Name
of person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last three years |
No |
|
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 |
Yes |
|
18] |
Major
customers |
Yes |
|
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 |
Yes |
|
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 |
No |
NOTE : Registered
office of the company has been shifted as on 01.06.2012.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10516098 |
01/08/2014 |
2,500,000.00 |
PUNJAB NATIONAL BANK |
GREATER KAILASH, PART I, NEW DELHI, Delhi - 110065, INDIA |
C17467556 |
|
2 |
10481861 |
25/02/2014 |
887,000.00 |
PUNJAB NATIONAL BANK |
GREATER KAILASH, PART I, NEW DELHI, Delhi - 110048, INDIA |
B98218472 |
|
3 |
10389670 |
24/01/2014 * |
30,000,000.00 |
PUNJAB NATIONAL BANK |
GREATER KAILASH, PART I, NEW DELHI, Delhi - 110048, INDIA |
B96864541 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Spicebulls Investments Limited |
17.750 |
0.000 |
|
Manohar Traders |
5.500 |
0.000 |
|
Total |
23.250 |
0.000 |
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. 61.67 |
|
|
1 |
Rs. 96.93 |
|
Euro |
1 |
Rs. 77.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.