MIRA
INFORM REPORT
|
Report No. : |
346112 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
WORTH ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
D-531/544, 5th Floor, Clover Centre, |
|
Tel. No.: |
91-20-40069395 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.05.2011 |
|
|
|
|
Com. Reg. No.: |
11-139491 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 12.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900PN2011PTC139491 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMW04340A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCW09484 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader and Manufacturer of Engineering Goods and Services. |
|
|
|
|
No. of Employees
: |
14 (Approximately) |
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated on 10th May, 2011. It is promoted
by Mr. Yogesh Saraswate and his brother Mr. Shailesh Saraswate. The company manufactures
construction equipment, mainly scaffoldings and other equipment such as
concrete mixers and small cranes. Its manufacturing unit is located at Pune
(Maharashtra). It has moderate track record. As per registrar of companies the date of balance sheet i.e.
financials filed is shown as 31st March, 2014 but the document
related to the financials for the year 2014 are not available from any
sources for the year 2014 are not available from any sources. As per the available financial of 2013, the company possesses an
average financial risk profile marked by low networth base and unfavorable
gap between trade receivables and trade payables. Further, the rating also takes into consideration nascent stages of
operations, its exposure to intense competition and cyclicality in the
construction equipment’s industry. However, trade relations are fair. Business is active. Payments are
slow but correct. 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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = B |
|
Rating Explanation |
Have risk prone credit quality and carry high credit risk |
|
Date |
December 24, 2014 |
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 PARTED BY
|
Name : |
Mr. Jignesh |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-22804180 |
|
Date : |
21.10.2015 |
LOCATIONS
|
Registered Office : |
D-531/544, 5th Floor, Clover Centre, Moledina Road, Camp,
Pune – 411001, Maharashtra, India |
|
Tel. No.: |
91-20-40069395 / 91-22-22804180 (Mr. Jignesh) |
|
Mobile No.: |
91-9545455077 (Mr. Suresh) |
|
Fax No.: |
91-20-40069395 |
|
E-Mail : |
|
|
Location : |
Leased |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office
: |
307, 3rd Maker, Chamber, V.J. Bajaj Road, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
|
|
|
Manufacturing
Unit : |
Located at : Pune (Maharashtra) |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Yogesh Saraswate |
|
Designation : |
Director |
|
Address : |
1652/19, Bhimpura Camp Education, Opposite School, Pune – 411001, Maharashtra, India |
|
Date of Appointment : |
21.12.2011 |
|
DIN No.: |
01969787 |
|
|
|
|
Name : |
Shailesh Shashikant Saraswati |
|
Designation : |
Director |
|
Address : |
1652/19 West Street, Camp, Pune – 411001, Maharashtra, India |
|
Date of Appointment : |
29.10.2012 |
|
DIN No.: |
02033279 |
|
|
|
|
Name : |
Mr. Balaji Balkrishna Badave |
|
Designation : |
Director |
|
Address : |
2998 Takapithe Vithoba Bol, Indira Bhaji Market Area, Pandharpur - 413304, Maharashtra, India |
|
Date of Appointment : |
26.03.2015 |
|
DIN No.: |
02362351 |
KEY EXECUTIVES
|
Name : |
Mr. Jignesh |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Yogesh Saraswate |
|
720000 |
|
Shailesh Shashikant Saraswate |
|
480000 |
|
|
|
|
|
Total |
|
1200000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Manufacturer of Engineering Goods and Services. |
|
|
|
|
Products : |
·
HR Coils ·
CR Coils |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Product : |
Finished Goods |
|
Countries : |
·
Dubai ·
UAE |
|
|
|
|
Imports : |
|
|
Product : |
Raw Material |
|
Countries : |
·
Dubai ·
UAE |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Cheque and Credit |
|
|
|
|
Purchasing : |
Cash, Cheque and Credit |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and End Users
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
14 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
Punjab National Bank, CBS Branch, Thakur House,
Akurli Road, Kandivali (East), Mumbai
– 400101, Maharashtra, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
||||||||||
|
Name : |
Avinash Jeevan Utgikar Chartered Accountant |
||||||||||
|
Address : |
2, Dyanada Appartment, 517, Sadashiv Peth, Pune – 411030, Maharashtra,
India |
||||||||||
|
Tel. No.: |
91-20-24479369 / 24497171 |
||||||||||
|
E-Mail : |
|||||||||||
|
PAN No.: |
AACPJ7738J |
||||||||||
|
|
|
||||||||||
|
Memberships : |
-- |
||||||||||
|
|
|
||||||||||
|
Collaborators : |
-- |
||||||||||
|
|
|
||||||||||
|
Sister Concern : |
|
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs. 12.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
12.000 |
12.000 |
|
(b) Reserves & Surplus |
|
1.171 |
0.584 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
13.171 |
12.584 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
26.306 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
20.838 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
47.144 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
4.600 |
0.000 |
|
(b) Trade payables |
|
16.205 |
2.765 |
|
(c) Other current
liabilities |
|
0.002 |
0.035 |
|
(d) Short-term provisions |
|
0.460 |
0.520 |
|
Total Current Liabilities (4) |
|
21.267 |
3.320 |
|
|
|
|
|
|
TOTAL |
|
81.582 |
15.904 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
15.257 |
12.798 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
15.257 |
12.798 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
16.133 |
1.171 |
|
(c) Trade receivables |
|
3.264 |
0.024 |
|
(d) Cash and cash
equivalents |
|
1.160 |
1.099 |
|
(e) Short-term loans and
advances |
|
45.768 |
0.000 |
|
(f) Other current assets |
|
0.000 |
0.812 |
|
Total Current Assets |
|
66.325 |
3.106 |
|
|
|
|
|
|
TOTAL |
|
81.582 |
15.904 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
|
|
|
Other Income |
|
|
|
|
|
TOTAL |
|
57.983 |
1.670 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
TOTAL |
|
55.994 |
1.564 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1.989 |
0.106 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1.402 |
0.023 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
0.587 |
0.083 |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
0.587 |
0.083 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.49 |
0.07 |
|
Particulars |
|
31.03.2015 |
31.03.2014 |
|
Sales Turnover |
|
140.000 |
500.000 |
|
|
|
(Due to market
fluctuation) |
|
Expected Sales (2015-2016) : Rs.200.000 Million
The above information has been parted by Mr. Jignesh (Accountant)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
|
Net cash flow from (used in) operation |
|
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
1.01 |
4.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.72 |
0.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.04 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
2.35 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.12 |
0.94 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
12.000 |
12.000 |
|
Reserves & Surplus |
0.584 |
1.171 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
|
Net
worth |
12.584 |
13.171 |
|
|
|
|
|
long-term borrowings |
0.000 |
26.306 |
|
Short term borrowings |
2.765 |
4.600 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
|
Total
borrowings |
2.765 |
30.906 |
|
Debt/Equity
ratio |
0.220 |
2.347 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1.670 |
57.983 |
|
|
|
3,372.036 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1.670 |
57.983 |
|
Profit |
0.083 |
0.586 |
|
|
4.97% |
1.01% |
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 |
----- |
|
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 |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
----- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
------ |
|
33 |
Market information |
------ |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS
The Company is successfully caring out its commercial activities during
this year has achieved turnover of about Rs. 57.983 Million. The company
recorded profit of Rs. 0.587 Million before tax. The Directors are hopeful that
turnover will rise in coming year.
UNSECURED LOAN
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWING |
|
|
|
Long term loans |
26.306 |
0.000 |
|
|
|
|
|
Total |
26.306 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10384671 |
28/09/2012 |
37,500,000.00 |
PUNJAB NATIONAL BANK |
CBS BRANCH, THAKUR HOUSE, AKURLI ROAD, KANDIVALI (EAST), MUMBAI, Maharashtra - 400101, INDIA |
B61449989 |
FIXED ASSETS
·
Loose Tools
·
Plant and Machinery
·
Land and Buildings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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. 65.15 |
|
UK Pound |
1 |
Rs. 100.53 |
|
Euro |
1 |
Rs. 73.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
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.