MIRA INFORM REPORT
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Report No. : |
343024 |
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Report Date : |
02.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
WINCH HOUSE INDIA PRIVATE LIMITED |
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Registered
Office : |
No.21/2, Bhattarahalli, 14th KM Old Madras Road, Bangalore – 560049, Karnataka |
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Tel. No.: |
91-80-28411309/25610509 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.03.2008 |
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Com. Reg. No.: |
08-045572 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 Million |
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CIN No.: [Company Identification
No.] |
U29200KA2008PTC045572 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRW00935E |
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PAN No.: [Permanent Account No.] |
AAACW9215A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacturing of Hydraulic, Electric
and Marine Winches. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2008. It is engaged in
manufacturing of Hydraulic and Electric winches. The rating takes into account on company small
scale of operations, decline in operating income and loss during FY2014 and
its moderate financial profile, albeit an improvement in its capital
structure and cash reserves. However, trade relations are fair. Business is active. Payments are reported
to be slow but correct. In view of experienced promoter, the company can be considered for
business dealings 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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
31-03-2015.
INFORMATION DECLINED BY
|
Name : |
Mr. Rajkumar |
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Designation : |
Accounts Department |
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Contact No.: |
91-80-25610509 |
|
Date : |
01.10.2015 |
LOCATIONS
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Registered Office / Factory : |
No.21/2, Bhattarahalli, 14th KM Old Madras Road, Bangalore – 560049, Karnataka, India |
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Tel. No.: |
91-80-28411309/25610509 |
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Fax No.: |
91-80-25610509 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Krishnan Kasturi Rangan |
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Designation : |
Director |
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Address : |
B23, Sycamore, Tata Sherwood, Basavanagar Main Road, Marathahalli, Bangalore - 560037, Karnataka, India |
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Date of Birth/Age : |
30.03.1951 |
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Date of Appointment : |
12.03.2008 |
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DIN No.: |
00004481 |
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Other Directorship
:
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Name : |
Kasturi Sundararajan Sanjay |
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Designation : |
Director |
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Address : |
1812, 31st Cross, 12th Main, BSK 2nd Stage, Bangalore - 560070, Karnataka, India |
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Date of Birth/Age : |
13.01.1970 |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
03143335 |
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Other Directorship
:
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Name : |
Sekaran Krishnamurthy |
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Designation : |
Additional director |
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Address : |
No. 135/1 Dyvasandra Industrial Estate, Whitefield Road, Mahadevpura Post, Bangalore - 560048, Karnataka, India |
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Date of Appointment : |
31.03.2015 |
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DIN No.: |
03143340 |
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Other Directorship
:
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KEY EXECUTIVES
|
Name : |
Mr. Rajkumar |
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Designation : |
Accounts Department |
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Name : |
BG and Associates |
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Designation : |
Company Secretaries |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Silwin Winches India Private Limited, India |
|
1499999 |
|
Naresh Hanji Vijayakumar |
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1 |
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Total |
|
1500000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
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Directors or relatives of Directors |
0.01 |
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|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Hydraulic, Electric
and Marine Winches. |
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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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS - NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Gnanoba and Bhat Chartered Accountants |
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Address : |
1st Floor, Annamalai Arcade, #45, 1st Cross, Hosur Main Road, Wilson
Garden, Bangalore – 560027, Karnataka, India |
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PAN No.: |
AAAFG5742M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
Silwin Winches India Private Limited [U29150KA2005PTC037163] |
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Associates Companies : |
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CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,000,000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,500,000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
15.000 |
15.000 |
3.000 |
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(b) Reserves &
Surplus |
11.389 |
12.525 |
8.978 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
26.389 |
27.525 |
11.978 |
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(3) Non-Current
Liabilities |
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|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax
liabilities (Net) |
0.251 |
0.000 |
0.041 |
|
(c) Other long term
liabilities |
4.203 |
18.206 |
48.089 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities
(3) |
4.454 |
18.206 |
48.130 |
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(4) Current Liabilities |
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(a) Short term borrowings |
16.510 |
0.000 |
0.000 |
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(b) Trade payables |
63.947 |
77.538 |
79.975 |
|
(c) Other current
liabilities |
7.168 |
6.345 |
8.806 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
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Total Current Liabilities
(4) |
87.625 |
83.883 |
88.781 |
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TOTAL |
118.468 |
129.614 |
148.889 |
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II.
ASSETS |
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|
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
4.369 |
3.075 |
3.587 |
|
(ii) Intangible Assets |
0.389 |
0.447 |
0.503 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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 |
0.018 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
1.395 |
1.792 |
0.927 |
|
Total Non-Current Assets |
6.153 |
5.332 |
5.017 |
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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 |
29.593 |
31.048 |
25.346 |
|
(c) Trade receivables |
58.095 |
87.452 |
88.945 |
|
(d) Cash and cash
equivalents |
0.069 |
(15.112) |
(9.049) |
|
(e) Short-term loans and
advances |
21.722 |
18.630 |
36.330 |
|
(f) Other current assets |
2.836 |
2.264 |
2.300 |
|
Total Current Assets |
112.315 |
124.282 |
143.872 |
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|
|
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|
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TOTAL |
118.468 |
129.614 |
148.889 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
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|
|
|
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Total Revenue |
135.045 |
197.756 |
|
|
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Other Income |
0.234 |
0.257 |
|
|
|
TOTAL |
135.279 |
198.013 |
369.161 |
|
|
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|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
132.926 |
189.254 |
363.778 |
|
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2.353 |
8.759 |
5.383 |
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|
|
|
|
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Less |
INTEREST |
1.952 |
1.780 |
0.331 |
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|
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PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
0.401 |
6.979 |
5.052 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.267 |
1.622 |
0.907 |
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|
PROFIT/ (LOSS) BEFORE TAX |
(0.866) |
5.357 |
4.145 |
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Less |
TAX |
0.269 |
1.812 |
1.350 |
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PROFIT/ (LOSS) AFTER TAX
|
(1.135) |
3.545 |
2.795 |
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Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
0.000 |
0.000 |
0.000 |
|
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|
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|
|
|
|
Balance Carried to the
B/S |
(1.135) |
3.545 |
2.795 |
|
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|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.76) |
2.36 |
NA |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.84) |
1.79 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1.74 |
4.43 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.73) |
4.13 |
2.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
0.19 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.63 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.48 |
1.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
3.000 |
15.000 |
15.000 |
|
Reserves & Surplus |
8.978 |
12.525 |
11.389 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
11.978 |
27.525 |
26.389 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
16.510 |
|
Total borrowings |
0.000 |
0.000 |
16.510 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.626 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Revenue |
369.161 |
198.013 |
135.279 |
|
|
|
(46.361) |
(31.682) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Revenue |
369.161 |
198.013 |
135.279 |
|
Profit/Loss |
2.795 |
3.545 |
(1.135) |
|
|
0.76% |
1.79% |
(0.84%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
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6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE
The registered office of the company has been shifted from Plot No.2,
Sadaramangala Industrial Area Whitefield Road, Bangalore – 560048, Karnataka,
India to the present address w.e.f. 01.05.2013.
REVENUE FROM OPERATION
During the year, company achieved a turnover
of Rs.135.045 Million but resulted in loss of Rs.1.135 Million. The company is
expecting a better performance in the current financial year.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10325982 |
14/06/2012 * |
15,000,000.00 |
INDIAN OVERSEAS BANK |
S.C., GARDENS BRANCH, 35/1, ST. JOHN'S ROAD, S.C. GARDENS, BANGALORE - 560042, KARNATAKA, INDIA |
B41860586 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Improvements to leasehold premises
- Computer
- Plant and Machinery
- Furniture and Fixture
- Vehicles
- Office Equipment
Intangible assets
- Software
- Technical knowhow
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.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
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.