|
|
|
MIRA INFORM REPORT
|
Report No. : |
490018 |
|
Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
WESTERN INDIA FORGINGS PRIVATE LIMITED (w.e.f. 09.07.2003) |
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|
|
|
Formerly Known
As : |
WESTERN INDIA FORGINGS LIMITED |
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|
|
|
Registered
Office : |
Gat No. 163, Hissa No. 1, Pune - Nagar Road, Sanaswadi, Taluka Shirur,
Pune – 412208, Maharashtra |
|
Tel. No.: |
91-2137-320202 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation
: |
30.03.1981 |
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|
|
|
Com. Reg. No.: |
11-024155 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 99.320 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28910PN1981PTC024155 |
|
|
|
|
IEC No.: |
0389057347 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEW01208E |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW2628M |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company is in engaged in the business of Manufacturing and Selling of Open Die, Close Die and Ring Rolling Forgings of various types of metals. (Registered activity) |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Western India Forgings Private Limited was incorporated in the year
1981. It is a manufacturer of all Metals, Machinery Parts and Press Tools. For the financial year 2017, the company has reported decline in its
revenue as compared to previous year but has managed to maintain profit
margin of 2.63%. The healthy financial profile of the company is marked by strong networth
base and favourable gap between trade payables and trade receivables along
with negligible debt level. The rating takes into consideration the subject’s long track record of
business operations along with extensive experience of its promoters. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term (Withdrawal) = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
28.10.2016 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term (Withdrawal) = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
28.10.2016 |
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
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 05.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Bondre |
|
Designation : |
Office Executive |
|
Contact No.: |
91-2137-679831 |
|
Date : |
03.02.2018 |
Tel. No.: 91-2137-679800 / 91-20-27120240 – Continuously ringing
MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-2137-320202 / 2137-679819
LOCATIONS
|
Registered Office/ Factory 1 : |
Gat No. 163, Hissa No. 1, Pune - Nagar Road, Sanaswadi, Taluka Shirur,
District Pune – 412208, Maharashtra, India |
|
Tel. No.: |
91-2137-320202/ 679819/ 679831 |
|
Fax No.: |
Not Available |
|
E-Mail : |
skadrolli@westernindiaforgings.com
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Factory 2: |
W-195, B, MIDC, Bhosari, Pune - 411026, Maharashtra, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Krishankumar Brijlal Jindal |
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|
Designation : |
Managing Director |
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|
Address : |
Bungalow No.89, 4th Lane, Koregaon Park, Pune-411001, Maharashtra, India |
||||||||||||||||||||
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Date of Birth/Age : |
17.08.1930 |
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PAN: |
ABHPJ8758Q |
||||||||||||||||||||
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Qualification |
M.SC. in Botany |
||||||||||||||||||||
|
Date of Appointment : |
01.04.2018 |
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DIN No.: |
00280819 |
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Other Directorship:
|
|||||||||||||||||||||
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|
|
||||||||||||||||||||
|
Name : |
Mr. Arun Krishankumar Jindal |
||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||
|
Address : |
Bungalow No.89, 4th Lane, Koregaon Park, Pune-411001, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
11.11.1960 |
||||||||||||||||||||
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PAN: |
ADKPJ8606J |
||||||||||||||||||||
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Qualification |
B.E.(Mech.) |
||||||||||||||||||||
|
Date of Appointment : |
01.04.2008 |
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DIN No.: |
00121523 |
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Other Directorship:
|
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|
||||||||||||||||||||
|
Name : |
Mr. Mukundan Madathil |
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|
Designation : |
Whole-Time Director |
||||||||||||||||||||
|
Address : |
Flat No. E 9, Mantri Rivera, Shau Patil Road, Khadki, Pune - 411003, Maharashtra, India |
||||||||||||||||||||
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Date of Birth/Age : |
22.04.1957 |
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PAN: |
ABJPM2333A |
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Qualification |
Diploma (Mech.) |
||||||||||||||||||||
|
Date of Appointment : |
08.10.2008 |
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|
DIN No.: |
02354113 |
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|
||||||||||||||||||||
|
Name : |
Mr. Shubham Arun Jindal |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
Bungalow No.89, 4th Lane, Koregaon Park, Pune-411001, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
20.03.1987 |
||||||||||||||||||||
|
Date of Appointment : |
17.09.2016 |
||||||||||||||||||||
|
DIN No.: |
07578534 |
||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Bondre |
|
Designation : |
Office Executive |
|
|
|
|
Name : |
Mr. Satish Chandrashekhar Kadrolli |
|
Designation : |
Company Secretary |
|
Address : |
Plot No. 19/B, Block-2, Tukaram Nagar, Talegaon Dabhade, Pune- 410506, Maharashtra, India |
|
Date of Appointment : |
01.03.2016 |
|
PAN No: |
CELPK6255E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
%age |
|
Krishankumar Brijlal Jindal |
4939891 |
49.74 |
|
Arun K Jindal J/W Shruti A Jindal |
292101 |
2.94 |
|
Shruti Arun Jindal |
516500 |
5.20 |
|
Arun Krishnakumar Jindal |
516500 |
5.20 |
|
Shubham Arun Jindal |
516256 |
5.20 |
|
Arushi Arun Jindal |
516500 |
5.20 |
|
Renu Vivek Agarwal |
1000000 |
10.07 |
|
Arun Krishnakumar Jindal (HUF) |
1634252 |
16.45 |
|
Total |
9932000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is in engaged in the business of Manufacturing of Open Die, Close Die and Ring Rolling Forgings of various types of metals. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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||||
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
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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Financial Institutions : |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E',
Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
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|
|
|
Auditors : |
|
|
Name : |
Gokhale Tansale and Ghatpande Chartered Accountant |
|
Address : |
102, R. K. Classic, New D. P. Road, Opposite Ashish Garden, Kothrud, Pune, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFG4275H |
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|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
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|
Subsidiary company: |
L28910PN1990PLC056985
U29299PN2007PTC129632 |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
U29299MH1972PTC015649
U28910PN1988PTC049615
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19980000 |
Equity Shares |
INR 10/- each |
INR 199.800 Million |
|
20000 |
Preference Shares |
INR 10/- each |
INR 0.200 Million |
|
|
Total |
|
INR 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9932000 |
Equity Shares |
INR 10/- each |
INR 99.320
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
99.320 |
99.320 |
99.320 |
|
(b) Reserves and Surplus |
1036.935 |
975.551 |
1190.230 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1136.255 |
1074.871 |
1289.550 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
207.203 |
293.064 |
419.076 |
|
(b) Deferred tax liabilities (Net) |
145.592 |
132.486 |
184.288 |
|
(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) |
352.795 |
425.550 |
603.364 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
532.756 |
270.459 |
660.599 |
|
(b) Trade
payables |
340.166 |
306.808 |
488.363 |
|
(c) Other
current liabilities |
168.944 |
214.688 |
263.297 |
|
(d) Short-term
provisions |
145.765 |
104.595 |
189.890 |
|
Total Current Liabilities
(4) |
1187.631 |
896.550 |
1602.149 |
|
|
|
|
|
|
TOTAL |
2676.681 |
2396.971 |
3495.063 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
999.909 |
1081.435 |
1375.768 |
|
(ii)
Intangible Assets |
2.664 |
2.022 |
1.417 |
|
(iii) Tangible assets
capital work-in-progress |
66.176 |
65.929 |
59.619 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
262.722 |
0.056 |
8.902 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
9.046 |
5.062 |
9.440 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
1.749 |
|
Total Non-Current
Assets |
1340.517 |
1154.504 |
1456.895 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
397.538 |
378.038 |
683.291 |
|
(c) Trade
receivables |
549.230 |
510.448 |
1068.993 |
|
(d) Cash and
bank balances |
9.307 |
8.721 |
16.805 |
|
(e) Short-term
loans and advances |
183.220 |
148.392 |
92.265 |
|
(f) Other
current assets |
196.869 |
196.868 |
176.814 |
|
Total
Current Assets |
1336.164 |
1242.467 |
2038.168 |
|
|
|
|
|
|
TOTAL |
2676.681 |
2396.971 |
3495.063 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2329.381 |
2418.986 |
4272.485 |
|
|
Other Income |
5.399 |
5.821 |
10.197 |
|
|
TOTAL |
2334.780 |
2424.807 |
4282.682 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1327.594 |
1343.038 |
2521.341 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
4.793 |
62.253 |
(33.821) |
|
|
Employee benefit expense |
178.036 |
179.879 |
319.658 |
|
|
CSR expenditure |
3.746 |
4.200 |
3.727 |
|
|
Other expenses |
512.040 |
494.972 |
971.801 |
|
|
Exceptional items before tax |
0.041 |
70.288 |
0.986 |
|
|
TOTAL |
2026.250 |
2154.630 |
3783.692 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
308.530 |
270.177 |
498.990 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
86.354 |
85.277 |
121.083 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
222.176 |
184.900 |
377.907 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
102.575 |
98.597 |
124.639 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
119.601 |
86.303 |
253.268 |
|
|
|
|
|
|
|
Less |
TAX |
58.319 |
28.507 |
77.174 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
61.282 |
57.796 |
176.094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
248.138 |
201.103 |
0.000 |
|
|
TOTAL EARNINGS |
248.138 |
201.103 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
14.766 |
0.000 |
|
|
TOTAL IMPORTS |
0.000 |
14.766 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.17 |
5.82 |
17.73 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
123.374 |
177.332 |
171.735 |
|
Net cash flows from (used in) operations |
413.234 |
673.813 |
175.684 |
|
Net cash flows from (used in) operating activities |
456.052 |
682.767 |
102.461 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
86.06 |
77.02 |
91.32 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.24 |
4.74 |
4.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
93.52 |
83.38 |
70.70 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.78 |
0.71 |
0.73 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.29 |
0.24 |
0.35 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.57 |
0.57 |
0.63 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.76 |
0.69 |
0.97 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.05 |
0.83 |
1.24 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.94 |
1.07 |
1.11 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.57 |
3.17 |
4.12 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.63 |
2.39 |
4.12 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.29 |
2.41 |
5.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
5.39 |
5.38 |
13.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.13 |
1.39 |
1.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.79 |
0.96 |
0.85 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.42 |
0.45 |
0.37 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
8.69 |
7.46 |
12.60 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.13 |
1.39 |
1.27 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
99.320 |
99.320 |
99.320 |
|
Reserves & Surplus |
1190.230 |
975.551 |
1036.935 |
|
Net
worth |
1289.550 |
1074.871 |
1136.255 |
|
|
|
|
|
|
Long-term borrowings |
419.076 |
293.064 |
207.203 |
|
Short term borrowings |
660.599 |
270.459 |
532.756 |
|
Current maturities of
long-term debts |
171.735 |
177.332 |
123.374 |
|
Total
borrowings |
1251.410 |
740.855 |
863.333 |
|
Debt/Equity
ratio |
0.970 |
0.689 |
0.760 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4272.485 |
2418.986 |
2329.381 |
|
|
0.000 |
(43.382) |
(3.704) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
4272.485 |
2418.986 |
2329.381 |
|
Profit/ (Loss) |
176.094 |
57.796 |
61.282 |
|
|
4.12
% |
2.39
% |
2.63
% |
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 |
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 |
CORPORATE
INFORMATION:
Subject is a private limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing and selling steel open die and close die forgings. It caters to both the domestic and international market.
OPERATIONS:
The Company has reported standalone total income of INR 2334.700 Million for the current year as compared to INR 2424.800 Million in the previous year with an consolidated total income of INR 2385.200 Million. Even after net decrease in Standalone Total Revenue, Company's efforts to reduce cost and increase efficiency resulted into increase in Standalone Net Profit for the current year amounted to INR 61.200 compared to INR 57.800 Million in the previous year. Company forecasts a greater momentum to its business including in its subsidiaries in open die as well as close die forgings, with increased capacity under its fold by synergy created due to acquisitions.
STATE OF COMPANY'S
AFFAIRS:
WIFPL is a proven, quality supplier for custom forgings for past 25 years and has been growing export customers base which has been projected to account for over 40% of the Total Sales. The Present Export sales is 12.78% (INR 261.700 Million) of the total sales of INR 2047.600 Million. Company has over the period of 25 years build the goodwill by delivering quality forgings within short delivery period to locations all over the globe majorly to Europe, Asia, North America and South America.
The Affairs of Company is functioning smoothly and appropriately without any violation of relevant applicable laws.
NATURE OF COMPANY'S
BUSINESS:
The Company is in engaged in the business of Manufacturing of Open Die, Close Die and Ring Rolling Forgings of various types of metals.
There was no change in the Company's business during the year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
70.523 |
57.573 |
|
Loans and advances from others |
35.788 |
34.433 |
|
Total |
106.311 |
92.006 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G34694893 |
100074913 |
BANK OF BARODA |
11/01/2017 |
- |
- |
150000000.0 |
SENAPATI BAPAT BRANCH,AMIT CRYSTALHOTEL SAHARA BUILDINGPUNEMH411016IN |
|
2 |
G69272946 |
100048529 |
SBICAP TRUSTEE COMPANY LIMITED |
31/08/2016 |
02/12/2017 |
- |
1523900000.0 |
202, MAKER TOWER,'E', CUFFE PARADE,COLABAMUMBAIMH400005IN |
|
3 |
B44477255 |
10325441 |
Standard Chartered Bank |
27/12/2011 |
20/06/2012 |
- |
252000000.0 |
6 -3-1090,Raj Bhavan RoadSomajigudaHyderabadAP500082IN |
|
4 |
G34800292 |
10387359 |
SBICAP TRUSTEE COMPANY LIMITED |
07/11/2012 |
23/02/2016 |
31/01/2017 |
1527000000.0 |
202, MAKER TOWER,'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
5 |
G03580073 |
10324591 |
State Bank of India Industrial Finance Branch |
08/12/2011 |
- |
29/04/2016 |
2240000.0 |
'Tara Chambers'1st floor,Near Mariaai PolicechowkyPune Mumbai Old Highway, WakdewadiPuneMH411003IN |
|
6 |
B62814678 |
90090995 |
State Bank of India Industrial Finance Branch |
26/07/1999 |
29/09/2011 |
27/11/2012 |
672900000.0 |
1st floor'Tara Chembers'Near Mariaai PolicechowkyPune Mumbai Old High Way,WakdewadiMumbaiMH411003IN |
|
7 |
B45570298 |
10114542 |
Standard Chartered Bank |
28/07/2008 |
- |
08/08/2012 |
50000000.0 |
90, M G Road,FortMumbaiMH400001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Other money for which company is contingently liable |
316.436 |
236.829 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
- Bridges roads ports culverts
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.61 |
|
|
1 |
INR 90.17 |
|
Euro |
1 |
INR 78.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
SWT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.