MIRA INFORM REPORT

 

 

Report No. :

341090

Report Date :

19.09.2015

 

IDENTIFICATION DETAILS

 

Name :

WOODBRIDGE FOAM PRIVATE LIMITED (w.e.f. 12.09.2014)

 

 

Formerly Known As :

SHEELA WOODBRIDE URETHANES PRIVATE LIMITED

 

 

Registered Office :

1005, Roots Tower, Plot No. 7, District Center, Laxmi Nagar, Delhi - 110092

Mobile No.:

91-9725208360

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.08.2006

 

 

Com. Reg. No.:

55-152496

 

 

Capital Investment / Paid-up Capital :

Rs. 152.699 Million

 

 

CIN No.:

[Company Identification No.]

U25206DL2006PTC152496

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAKCS2802D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Moulded Polyurethane Foam for Automotive Applications

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 56000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Woodbridge Foam Corporation” Canada.

 

It is an established company incorporated in the year 2006 having moderate track.

 

The company has recorded huge accumulated losses which exceeds its entire networth.

 

However, the rating derives strength from its holding company and its experienced management.

 

Trade relations are reported as fair. Business is active. Payment terms are reported as regular and as per commitment

 

Even though the company receives strong holding support the rating has been downgraded due to erosion of networth and hence, 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

 

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

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  DENIED BY

 

Name :

Mr. Prakash Prajapati

Designation :

Finance Head

Contact No.:

91-9725208360

Date :

15.09.2015

 

 

LOCATIONS

 

Registered Office :

1005, Roots Tower, Plot No. 7, District Center, Laxmi Nagar, Delhi - 110092, India

Tel. No.:

Not Available

Mobile No.:

91-9725208360 (Mr. Prakash Prajapati)

Fax No.:

Not Available

E-Mail :

rajiv.kashyap@sheelafoam.com

prakash_parajapati@woodbridgegroup.com

 

 

Factory

Block / Survey No 434, Village - Charrodi, Sanand - Viramgam Highway, Taluka - Sanand, Ahmedabad - 382170, Gujarat, India

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Martino Joseph Mazza

Designation :

Director

Address :

1131, Westdale Road, Oakville, Ontario, L6l6p5, Canada

Date of Birth/Age :

22.12.1960

Date of Appointment :

26.08.2006

DIN No.:

00325905

 

 

Name :

Mr. Christopher Michael Wenaas

Designation :

Director

Address :

425 Springview Drive, Rochester, Michigan, 48307 , United States of America

Date of Birth/Age :

09.12.1960

Date of Appointment :

09.11.2012

DIN No.:

01287295

 

 

Name :

Mr. Deepak Manchanda

Designation :

Whole-time director

Address :

C2-802, Parsvnath Exotica, Golf Course Road, Sector- 53, Gurgaon - 122001, Haryana, India

Date of Appointment :

24.01.2015

DIN No.:

07074655

 

KEY EXECUTIVES

 

Name :

Mrs. Supriya Garg

Designation :

Secretary

Address :

H. No. 268, Ward No. 13,, Khajuri Wara, Sohna, Gurgaon, 122103, Haryana, India

Date of Appointment :

01.10.2014

PAN No.:

AIWPG5761C

 

 

Name :

Mr. Prakash Prajapati

Designation :

Finance Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Shareholders

 

No. of Shares

Wood Bridge Foam International Limited, Canada

 

21259880

781766 Ontario Limited, Canada

 

10000

 

 

 

Total

 

21269880

 

As on 02.03.2015

 

Names of Allottee

 

No. of Shares

Wood Bridge Foam International Limited, Canada

 

15730120

 

 

 

Total

 

15730120

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Moulded Polyurethane Foam for Automotive Applications

 

 

Products :
  • Moulded Pillow
  • Moulded Pad

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

United Bank of India

Branch

Delhi Oberoi Hotel Branch, Dr. Zakir Hussain Marg, New Delhi - 110003,  India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan from Bank

66.872

91.755

 

 

 

SHORT TERM BORROWING

 

 

Working Capital Loan from Bank

13.455

20.001

Total

80.327

111.756

 

 

 

Auditors :

 

Name :

S Agarwal and Company

Chartered Accountants

Address :

123, Vinoba Puri, Lajpat Nagar, New Delhi - 110065, India

PAN N Income-tax PAN of auditor or auditor's firm :

ACFFS3175H

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates:

Sheela Foam Private Limited , India

 

 

Holding Company:

Woodbridge Foam Corporation, Canada

 

 

CAPITAL STRUCTURE

 

 

After 30.09.2014

 

Authorised Capital : Rs. 400.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 400.000 Million

 

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40000000

Equity Shares

Rs.10/- each

Rs. 400.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

21269880

Equity Shares

Rs.10/- each

Rs. 212.699 Million

 

 

 

 

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

18000000

Equity Shares

Rs.10/- each

Rs. 180.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15269880

Equity Shares

Rs.10/- each

Rs. 152.699 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

152.699

152.699

108.399

(b) Reserves & Surplus

(153.219)

(141.876)

(96.662)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

20.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

19.480

10.823

11.737

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

66.872

154.864

200.006

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.340

0.823

0.551

Total Non-current Liabilities (3)

67.212

155.687

200.557

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

13.455

20.001

13.288

(b) Trade payables

124.329

157.319

73.971

(c) Other current liabilities

31.693

36.103

152.594

(d) Short-term provisions

0.016

0.102

0.013

Total Current Liabilities (4)

169.493

213.525

239.866

 

 

 

 

TOTAL

256.185

380.035

452.160

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

138.078

160.478

182.197

(ii) Intangible Assets

0.000

0.000

0.000

(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)

72.504

81.900

53.546

(d)  Long-term Loan and Advances

2.746

3.281

1.348

(e) Other Non-current assets

 

 

 

Total Non-Current Assets

213.328

245.659

237.091

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

13.643

46.679

18.939

(c) Trade receivables

14.628

65.297

86.695

(d) Cash and cash equivalents

0.723

0.658

83.538

(e) Short-term loans and advances

13.863

21.742

25.897

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

42.857

134.376

215.069

 

 

 

 

TOTAL

256.185

380.035

452.160

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

TOTAL INCOME

225.247

348.132

230.926

 

 

 

 

 

Less

 

 

 

 

TOTAL EXPENSES

223.300

Including   Financial and   Depreciation Expenses

367.845

(252.509)

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(19.713)

(21.583)

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

26.036

18.594

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(45.749)

(40.177)

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

27.819

30.642

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(1.947)

(73.568)

(70.819)

 

 

 

 

 

Less

TAX

9.396

(28.354)

(132.912)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(11.343)

(45.214)

(62.093)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

(141.876)

(96.662)

(34.569)

 

 

 

 

 

 

Balance Carried to the B/S

(139.929)

(141.876)

(96.662)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(74.28)

(296.09)

406.63

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

13.645 

18.081

13.404 

 

 

 

 

 

 

CIF Value of Import Raw Material and Consumables

4.554

37.989

N.A

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

28.061

28.061

28.061

Cash generated from operations

N.A

N.A

N.A

Net cash flow from operating activity

1,01.362

(27.642)

N.A

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

(5.04)

(12.99)

26.89

 

 

 

 

 

Operating Profit Margin

(PBIDT/ Total Income)

(%)

N.A

(5.66)

 

(9.35)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(1.06)

(24.68)

(17.77)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.10)

(6.80)

(6.03)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

5.56

18.75

20.56

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.25

0.63

0.90

 

 

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

108.399

152.699

152.699

Reserves & Surplus

(96.662)

(141.876)

(153.219)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

20.000

Net worth

11.737

10.823

19.480

 

 

 

 

long-term borrowings

200.006

154.864

66.872

Short term borrowings

13.288

20.001

13.455

Current maturities of long-term debts

28.061

28.061

28.061

Total borrowings

241.355

202.926

108.388

Debt/Equity ratio

20.564

18.750

5.564

 

 

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 Income

230.926

348.132

225.247

 

 

50.755

(35.298)

 

 

 

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 Income

230.926

348.132

225.247

Profit

62.093

(45.214)

(11.343)

 

26.89%

(12.99)%

(5.04)%

 

 

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

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

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

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

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loan from Bank

0.000

63.109

 

 

 

Total

0.000

63.109

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

FIXED ASSETS

  • Plant and equipment
  • Furniture and fixtures
  • Vehicles
  • Office equipment

 

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 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.65.92

UK Pound

1

Rs.102.75

Euro

1

Rs.75.12

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

RKI

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

2

--CREDIT LINES

1~10

4

--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

 

32

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.