MIRA INFORM REPORT
|
Report Date : |
01.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
BEKAERT MUKAND WIRE INDUSTRIES PRIVATE LIMITED (w.e.f. 19.05.2011) |
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Formerly Known
As : |
MUKAND BEKAERT WIRE INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
B-21, Lonand
Industrial Area (MIDC), Lonand, Taluka Khandala, Lonand Satara,
Satara-415521, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.08.2007 |
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Com. Reg. No.: |
11-130605 |
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Capital
Investment / Paid-up Capital : |
Rs.2250.000 Millions |
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CIN No.: [Company Identification
No.] |
U27104PN2007PTC130605 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM12289E |
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PAN No.: [Permanent Account No.] |
AAFCM1972K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Stainless Steel Wires |
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No. of Employees
: |
Information denied 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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was erstwhile a joint venture between ‘Bekaert Holdings B.V.,
Netherlands’ and “Mukand Limited, India”. Subsequently the management of
“Mukand Limited “ sold its entire shareholding to “Bekaert Industries Private
Limited’ vide share purchase agreement dated January 11,2014 for a sale
consideration of Rs.52500000 Indian rupees. Management has failed to file latest financials for FY14, with the
statutory authorities as a result of which we could not gain any clarity upon
the further move or changes accordingly. As per unupdated available of FY13 which sill shows the subject as a
joint venture we learned that the company has reported consecutive losses
leading to accumulation of the of the same harnessing the liquidity profile
whereas, the risk mitigated to certain extent by the equity infusion from the
part of promoters. However, trade relations should be oversee. Business is active.
Payment terms are reported as slow. In view of the successful structuring process, the company can be
considered for business dealings with caution and should be rigorously
monitored in order to track the further development. |
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
Not Available
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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
|
Name : |
Mr. Amol |
|
Designation : |
Accountant Department |
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Contact No.: |
91-20-66276600 |
|
Date : |
26.12.2014 |
LOCATIONS
|
Registered Office/ Factory : |
B-21, Lonand Industrial Area (MIDC), Lonand, Taluka Khandala, Lonand
Satara, Satara-415521, Maharashtra, India |
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Tel. No.: |
91-2169-304700 |
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Fax No.: |
91-2169-304718 |
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E-Mail : |
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Website : |
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Regional Office : India |
Amar Paradigm, S. No.110/11/3, Baner Road, Baner, Pune – 411045,
Maharashtra, India |
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Tel No.: |
91-20-66276600 |
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Fax No.: |
91-20-66276601 |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Arvind Madhav Kulkarni |
|
Designation : |
Director |
|
Address : |
504, Swastic Apartments, Khopat, Thane – 400601, Maharashtra, India |
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Date of Birth/Age : |
19.08.1951 |
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Date of Appointment : |
24.08.2007 |
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DIN No.: |
01656086 |
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Pan No.: |
AIHPK4186G |
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Name : |
Mr. Bruno Rene Cluydts |
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Designation : |
Director |
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Address : |
Leieriggestraat 44, |
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Date of Birth/Age : |
13.11.1960 |
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Date of Appointment : |
15.11.2007 |
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DIN No.: |
01741987 |
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Name : |
Mr. Henri Jean Velge |
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Designation : |
Director |
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Address : |
Route Gouvernementale 75, Brussels, 1150, Belguim |
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Date of Birth/Age : |
10.10.1956 |
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Date of Appointment : |
15.11.2007 |
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DIN No.: |
01792002 |
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Name : |
Mrs. Roopak Karnik |
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Designation : |
Director |
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Address : |
Plot No.2, Samrudhi Apartment, Colonym Paud Road, Vanaz Police
Station, Kothrud, Pune – 411032, Maharashtra, India |
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Date of Birth/Age : |
11.08.1970 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
06598937 |
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Pan No.: |
AFKPK1114L |
KEY EXECUTIVES
|
Name : |
Mr. Mitil Kumar Birla |
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Designation : |
Secretary |
|
Address : |
B-103, Lunkad Heritage ll, Near Dutta Mandir, Viman Nagar, Pune –
411014, Maharashtra, India |
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Date of Birth/Age : |
16.04.1979 |
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Date of Appointment : |
25.08.2008 |
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Pan No: |
AJOPB2698G |
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|
Name : |
Mr. Amol |
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Designation : |
Accountant Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Names of Shareholders |
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No. of Shares |
|
Mukund Limited, India |
|
13000000 |
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* Bekaert Combustion Technology B.V. |
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211999999 |
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Bekaert Investments NV, Belgium |
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1 |
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Total |
|
225000000 |
(* Name of company is changed due to merger of Bekaert Holding B.V., Netherland
with Bekaert Combustion Technology B.V. w.e.f. 31.08.2013)
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
94.23 |
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Bodies corporate |
|
5.77 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Stainless Steel Wires |
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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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Countries : |
European Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Asian Countries |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
Not Available |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
706, B-Wing, 7th Floor, ICC Trade Tower, International
Convention Centre, Senapati Bapat Road, Pune – 411016, Maharashtra, India |
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PAN No.: |
AACFD4815A |
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Holding Company : |
· Bekaert Holding BV J. C. Van Markenstraat, 19, Assen - 9403, Netherlands |
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Companies in
which Key Managerial Personnel or their relatives have control / significant
influence: |
·
Bekaert Industries Private Limited, India ·
Leon Bekaert S.P.A., Italy ·
Bekaert Hlohovec, a.s., Slovakia ·
Industrias Del Ubierna, S.A., Spain ·
Bekaert France SAS, France ·
Bekaert Limited ·
Bekaert Petrovice S.R.O., Czech Republic ·
Belgo Bekaert Arames Ltda, Brazil |
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Investing
Company : |
·
Mukand Limited, India |
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Fellow
Subsidiaries and Associates : |
·
N V Bekaert SA., Belgium ·
Bekaert (China) Technology and Research and
Development Company Limited ·
Bekaert Corporation, USA ·
Bekaert Gmbh, Germany ·
Bekaert A/S, Denmark ·
Bekaert Coördinatiecentrum N.V., Belgium ·
Bekaert Svenska AB, Sweden ·
Bekaert (Schweiz) AG, Switzerland ·
Bekaert Investments NV, Belgium ·
Bekaert International Americas ·
Bekaert Singapore Pte Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
225000000 |
Equity Shares |
Rs.10/- each |
Rs.2250.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
225000000 |
Equity Shares |
Rs.10/- each |
Rs.2250.000 Millions |
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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 |
2250.000 |
1900.000 |
950.000 |
|
(b) Reserves & Surplus |
(1187.663) |
(874.200) |
(473.256) |
|
(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 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
1062.337 |
1025.800 |
476.744 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
741.011 |
741.011 |
741.011 |
|
(b) Deferred tax liabilities (Net) |
1.203 |
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) |
742.214 |
741.011 |
741.011 |
|
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(4) Current Liabilities |
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|
|
|
(a) Short
term borrowings |
104.660 |
645.980 |
334.699 |
|
(b) Trade
payables |
172.687 |
188.589 |
171.996 |
|
(c) Other
current liabilities |
44.955 |
40.959 |
38.156 |
|
(d) Short-term
provisions |
2.702 |
3.738 |
2.571 |
|
Total Current
Liabilities (4) |
325.004 |
879.266 |
547.422 |
|
|
|
|
|
|
TOTAL |
2129.555 |
2646.077 |
1765.177 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
940.013 |
984.821 |
1020.514 |
|
(ii)
Intangible Assets |
0.637 |
1.487 |
2.337 |
|
(iii) Capital
work-in-progress |
44.098 |
3.719 |
6.903 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
90.987 |
216.313 |
199.459 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1075.735 |
1206.340 |
1229.213 |
|
|
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|
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(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
330.785 |
415.795 |
252.599 |
|
(c) Trade
receivables |
129.987 |
195.372 |
178.244 |
|
(d) Cash
and cash equivalents |
447.847 |
784.979 |
68.722 |
|
(e)
Short-term loans and advances |
134.453 |
42.625 |
35.628 |
|
(f) Other
current assets |
10.748 |
0.966 |
0.771 |
|
Total
Current Assets |
1053.820 |
1439.737 |
535.964 |
|
|
|
|
|
|
TOTAL |
2129.555 |
2646.077 |
1765.177 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
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SALES |
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TOTAL |
NA |
NA |
NA |
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EXPENSES |
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TOTAL |
NA |
NA |
NA |
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|
PROFIT BEFORE
TAX |
(313.463) |
(401.391) |
(327.862) |
|
|
|
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|
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|
|
Less |
TAX |
0.000 |
(0.447) |
0.000 |
|
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|
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|
PROFIT AFTER TAX
|
(313.463) |
(400.944) |
(327.862) |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(874.200) |
(473.256) |
(145.394) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1187.663) |
(874.200) |
(473.256) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.39) |
(2.11) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(15.03) |
(15.19) |
(18.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30) |
(0.39) |
(0.69) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.80 |
1.35 |
2.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.24 |
1.64 |
0.98 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
950.000 |
1900.000 |
2250.000 |
|
Reserves & Surplus |
(473.256) |
(874.200) |
(1187.663) |
|
Net
worth |
476.744 |
1025.800 |
1062.337 |
|
|
|
|
|
|
long-term borrowings |
741.011 |
741.011 |
741.011 |
|
Short term borrowings |
334.699 |
645.980 |
104.660 |
|
Total
borrowings |
1075.710 |
1386.991 |
845.671 |
|
Debt/Equity
ratio |
2.256 |
1.352 |
0.796 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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) |
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 |
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 |
Note:
The registered office of the company has been
shifted from Sai Trinity Building, Unit No 9 and 10, 5th Floor, Central
Wing, S No 146, Pashan, Pune – 411021, Maharasahtra, India to the present
address w.e.f. 26.03.2012
UNSECURED LOANS
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Other External Commercial Borrowings |
741.011 |
741.011 |
|
Total |
741.011 |
741.011 |
BUSINESS SCENARIO
The Company is new
entrant to stainless steel wire market, being first full year of operations. In
order to penetrate the market share in existing competitive stainless steel
wire business, the Company has sold 3986 tons of stainless steel wire, hereby utilizing
67% capacity.
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
·
· Building
· Plant and Machinery
· Furniture and Fixture
· Office equipment
· Computer
NEWS
MUKAND LIMITED ANNOUNCES
DISINVESTMENT OF SHARES IN BEKAERT MUKAND WIRE INDUSTRIES PRIVATE LIMITED
Mukand Limited : Says the company vide
share purchase agreement dated Jan. 11, has sold its entire shareholding in its
erstwhile joint venture company viz. Bekaert Mukand Wire Industries Fvt.
Limited to Bekaert Industries Private Limited for a sale consideration of
52,500,000 Indian Rupees.
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.63.33 |
|
|
1 |
Rs.98.58 |
|
Euro |
1 |
Rs.77.00 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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.