|
|
|
MIRA INFORM REPORT
|
Report No. : |
492702 |
|
Report Date : |
17.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
WUERTH INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No.703/704, Building 'WINDFALL', Sahar Plaza Complex,
Andheri-Kurla Road, Andheri (East), Mumbai-400059, Maharashtra |
|
Tel. No.: |
91-22-67377600 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
|
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Date of Incorporation
: |
25.10.1994 |
|
|
|
|
Com. Reg. No.: |
11-082364 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 54.234 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29200MH1994PTC082364 |
|
|
|
|
IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACW2001Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in trading of automotive assembly and fastening material and providing services (Registered Activity) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1994. It is trader of automobile equipments, chemicals products and tools equipments for car care maintenance. Management has failed to file its financials with registrar of companies after FY 2015. Mr. Jatin Shah (Accountant) has denied to provide any information. As per the available financial records of 2015, the company has achieved a massive growth in its revenue as compared to previous year but has incurred operational loss. The moderate financial risk profile of the company is reflected negative networth due to huge accumulated losses to previous year but has incurred operational loss.
Payments seems to be slow and delayed In view of aforesaid, the company can be considered for business dealings on safe and secured 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 |
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
31-03-2016.
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 17.02.2018
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. Jatin Shah |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-67377600 |
|
Date : |
16.02.2018 |
(Tel No.: 91-22-24934125 - Continuously Ringing)
LOCATIONS
|
Registered
Office/Central Support Centre : |
Office No.703/704, Building 'WINDFALL', Sahar Plaza Complex,
Andheri-Kurla Road, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-67377600/ 24934125 |
|
Fax No.: |
91-22-24930191 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Support
Centre/ Branch Offices : |
Located at :
|
DIRECTORS
As on 31.03.2017
|
Name : |
Amburathu John Idicula |
|
Designation : |
Director |
|
Address : |
222, Third Cross, Kormangala, First Block, Bangalore-560034, Karnataka, India |
|
Date of Appointment : |
24.07.2015 |
|
DIN No.: |
01198524 |
|
|
|
|
Name : |
Michel Kern |
|
Designation : |
Director |
|
Address : |
Heckenweg 6 7205 Zizers Gr Zizers 000000 |
|
Date of Birth/Age : |
02.01.1959 |
|
Date of Appointment : |
25.11.2010 |
|
PAN No.: |
03180644 |
|
|
|
|
Name : |
Peter Julius Zurn |
|
Designation : |
Director |
|
Address : |
Schontal Ortsteil Westernhausen Ortsteil Westernhausen 74214 De |
|
Date of Birth/Age : |
03.11.1959 |
|
Date of Appointment : |
05.08.2011 |
|
DIN No.: |
03585274 |
|
|
|
|
Name : |
Mr. Ramchandra Murlidhar Hattangadi |
|
Designation : |
Director |
|
Address : |
B-16, Flat No.72, Vijay Nagari Annexe Godbunder Road, Kavesar, Thane (West) Thane-400607, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1959 |
|
Date of Appointment : |
01.01.2012 |
|
DIN No.: |
05165162 |
|
|
|
|
Name : |
Mr. Jatin Shirishkumar Shah |
|
Designation : |
Director |
|
Address : |
E-207, Shivshakti Complex, S.V. Road, Near Manav Kalyan Kendra, Dahisar (East), Mumbai-400068, Maharashtra, India |
|
Date of Appointment : |
24.07.2015 |
|
DIN No.: |
07214571 |
|
|
|
|
Name : |
Ms. Vaishali Prashant Thakur |
|
Designation : |
Director |
|
Address : |
Bldg No. 40 Flat No. C 412 Gopinath Krupa Co-Operative HSG Society, Manish Nagar, 4 Bunglows, Andheri, Mumbai-400053, Maharashtra, India |
|
Date of Appointment : |
24.07.2015 |
|
DIN No.: |
07225834 |
KEY EXECUTIVES
|
Name : |
Ms. Komal Gayatri Shyamsundarji Heda |
|
Designation : |
Company Secretary |
|
Address : |
Hiss No 1141 Shubham Residency Fl No. 12 Near Suresh Dangat House Uttamnagar, Pune-411023 , Maharashtra, India |
|
Date of Appointment : |
01.06.2017 |
|
PAN No.: |
ASWPH5485Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Navnitray Ranchodlal Trivedi |
|
1 |
|
Wuerth International AG, Switzerland |
|
54233 |
|
Total |
|
54234 |
Equity Share Break up (Percentage of Total Equity)
As on 30.12.2015
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
0.00184386 |
|
Promoters (Body corporate) |
99.99815614 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in trading of automotive assembly and fastening material and providing services (Registered Activity) |
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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
|
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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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
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Collaborators : |
-- |
|
|
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Holding Company (As
on 31.03.2015) : |
Wuerth International AG, Switzerland |
|
|
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Fellow Subsidiaries
(As on 31.03.2015) : |
|
CAPITAL STRUCTURE
After 30.12.2015
Authorised Capital : INR 1810.000 Million
Issued, Subscribed & Paid-up Capital : INR 126.628
Million
As on 30.12.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1810000 |
Equity Shares |
INR 1000/- each |
INR 1810.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54234 |
Equity Shares |
INR 1000/- each |
INR 54.234
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
54.234 |
54.234 |
10.000 |
|
(b) Reserves & Surplus |
(269.466) |
566.515 |
(82.001) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
868.115 |
|
Total
Shareholders’ Funds (1) + (2) |
(215.232) |
620.749 |
796.114 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.635 |
0.714 |
1.167 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
0.635 |
0.714 |
1.167 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1012.733 |
212.984 |
54.242 |
|
(b) Trade payables |
316.727 |
102.310 |
178.096 |
|
(c) Other current liabilities |
43.328 |
32.245 |
18.106 |
|
(d) Short-term provisions |
24.142 |
11.189 |
12.794 |
|
Total
Current Liabilities (4) |
1396.930 |
358.728 |
263.238 |
|
|
|
|
|
|
TOTAL |
1182.333 |
980.191 |
1060.519 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
96.754 |
50.908 |
51.065 |
|
(ii) Intangible Assets |
28.781 |
0.529 |
0.567 |
|
(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 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
50.709 |
596.316 |
598.668 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
176.244 |
647.753 |
650.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
339.504 |
87.723 |
132.183 |
|
(c) Trade receivables |
529.956 |
196.135 |
199.020 |
|
(d) Cash and cash equivalents |
72.662 |
31.354 |
63.499 |
|
(e) Short-term loans and
advances |
63.329 |
16.759 |
12.167 |
|
(f) Other current assets |
0.638 |
0.467 |
3.350 |
|
Total
Current Assets |
1006.089 |
332.438 |
410.219 |
|
|
|
|
|
|
TOTAL |
1182.333 |
980.191 |
1060.519 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
1816.109 |
778.608 |
806.800 |
|
|
Other Income |
25.925 |
1.351 |
NA |
|
|
TOTAL
|
1842.034 |
779.959 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
910.521 |
360.839 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
22.290 |
44.460 |
|
|
|
Employee benefit expense |
414.118 |
174.585 |
|
|
|
Other expenses |
748.855 |
360.621 |
|
|
|
Prior period items |
0.000 |
(5.851) |
|
|
|
TOTAL
|
2095.784 |
934.654 |
NA |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(253.750) |
(154.695) |
NA |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
80.363 |
10.559 |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(334.113) |
(165.254) |
(105.327) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
23.388 |
10.110 |
10.080 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(357.501) |
(175.364) |
(115.407) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.171 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(357.501) |
(175.364) |
(115.578) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(6592.00) |
(3457.00) |
(11557.80) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.878 |
0.453 |
0.408 |
|
Cash generated from operations |
NA |
NA |
(85.287) |
|
Net cash flows from (used in) operation |
(298.512) |
(168.309) |
(87.461) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
106.51 |
91.95 |
90.04 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.43 |
3.97 |
4.05 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
126.97 |
103.49 |
NA |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(0.75) |
(1.76 |
NA |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(2.02) |
(3.01) |
NA |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.18 |
0.37 |
0.25 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(4.71) |
0.34 |
0.07 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(6.49) |
0.58 |
0.33 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(0.58) |
0.08 |
0.06 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(3.16) |
(14.65) |
NA |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin ((PAT
/ Sales) * 100) |
% |
(19.68) |
(22.52) |
(14.33) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(30.24) |
(17.89) |
(10.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
166.10 |
(28.25) |
(14.52) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.72 |
0.93 |
1.56 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.48 |
0.68 |
1.06 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.18) |
0.63 |
0.75 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
18.70 |
3.95 |
5.58 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.72 |
0.93 |
1.56 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Share Capital |
10.000 |
54.234 |
54.234 |
|
Reserves & Surplus |
(82.001) |
566.515 |
(269.466) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
868.115 |
0.000 |
0.000 |
|
Net
worth |
796.114 |
620.749 |
(215.232) |
|
|
|
|
|
|
long-term borrowings |
1.167 |
0.714 |
0.635 |
|
Short term borrowings |
54.242 |
212.984 |
1012.733 |
|
Current maturities of
long-term debts |
0.408 |
0.453 |
0.878 |
|
Total
borrowings |
55.817 |
214.151 |
1014.246 |
|
Debt/Equity
ratio |
0.070 |
0.345 |
(4.712) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
806.800 (Turnover) |
778.608 |
1816.109 |
|
|
|
(3.494) |
133.251 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
806.800 (Turnover) |
778.608 |
1816.109 |
|
Profit/ (Loss) |
(115.578) |
(175.364) |
(357.501) |
|
|
(14.33%) |
(22.52%) |
(19.68%) |
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 |
|
|
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 |
No |
|
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 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:
As confirmed by the management registered office of the
company has been shifted from Shivam Building, Plot No. EL-146,
Near L & T Infotech, TTC, MIDC, Mahape, Navi Mumbai-400710, Maharashtra,
India to the present address.
CORPORATE INFORMATION
(As on 31.03.2015)
The company is a Company incorporated under the provisions of Companies Act, 1956. The Company is engaged in trading of materials and providing Services in India. It has various branches across India.
PERFORMANCE OF THE
COMPANY (As on 31.03.2015)
The Company’s total revenue for the financial year ended 31.03.2015 was INR 1816.109 million (Previous year INR 778.608 million). The Company incurred loss of INR 358.507 million (Previous year INR 175.364 million) after providing for depreciation, interest and financial charges, which has been carried forward to be Balance Sheet.
AMALGAMATION SCHEME
The Scheme of Amalgamation and Arrangement (the Scheme) amongst Reinhold Wuerth India Private Limited (RWIPL), Bettina Wuerth India Private Limited (BWIPL) and Marion Wuerth India Private Limited (MWIPL) (together referred to as the Transferor Companies) and the Company was sanctioned by the High Court of Judicature of Bombay vide its order dated October 30, 2014 received by the Company in December, 2014 the appointed date for the scheme being April 01, 2013. The Scheme became effective on January 05, 2015.
The above scheme have been given effect to in the financial statement for the year ended 31.03.2015 and hence figures for the previous year are not comparable with those of the current year.
Amalgamation of RWIPL
with the Company:
a. RWIPL was engaged in the business of importing and selling in India instruments, machines and electrical tools, industrial fasteners, hardware, adhesives, chemicals automobile car care products, spares and accessories for different types of industries and in particular the automobile industry. Further RWIPL also undertakes the work of servicing and repairing above products and also provides car care services.
b. In accordance with the scheme:
i. RWIPL stands dissolved without winding up with effect from April 01, 2013, on the effective date.
ii. All assets, debts and liabilities of RWIPL have been deemed transferred to and vested in the Company with effect from April 01, 2013.
iii. RWIPL carried on the business for and behalf of the Company for the period from the appointed date to the effective date, in trust as per the Scheme.
c. The amalgamation has been accounted under the Pooling of Interests method as envisaged in the Accounting Standard (AS) -14 on Accounting for Amalgamations specified in the Companies (Accounts) Rules, 2014, whereby:
i. In accordance with the Scheme, the assets, liabilities and reserves of RWIPL as at April 01, 2013 along with subsequent additions/deletions up to March 31, 2014 have been recorded at their book values. Further, equity share capital has been eliminated and resultant balance amount of Rs. 20.300 Crore has been credited to Surplus / (deficit) in Statement of Profit and Loss of the Company.
ii. The losses of RWIPL from appointed date April 01, 2013 to March 31, 2014 have been transferred to the Surplus / (deficit) in Statement of Profit and Loss of the Company. The operations of RWIPL during the year have been accounted for in the current years Statement of Profit and Loss of the Company. The debit balance in Surplus / (deficit) in Statement of Profit and Loss of RWIPL as at April 01, 2014 INR (10.45 Million) has been included in Surplus / (deficit) in Statement of Profit and Loss of the Company.
iii. In terms of the Scheme inter-company balances (payables, receivables, loans, advances, etc.) between RWIPL and the Company as at appointed date have been cancelled.
d. One equity share of face value of INR 1,000 in the Company for every twelve shares in RWIPL to be issued pursuant to the scheme.
Amalgamation of BWIPL
with the Company:
a. BWIPL was engaged in the business of importing and selling in India instruments, machines and electrical tools, industrial fasteners, hardware, adhesives, chemicals automobile car care products, spares and accessories for different types of industries and in particular the automobile industry. Further BWIPL also undertakes the work of servicing and repairing above products and also provides car care services.
In accordance with the scheme:
i. BWIPL stands dissolved without winding up with effect from April 01, 2013, on the effective date.
ii. All assets, debts and liabilities of BWIPL have been deemed transferred to and vested in the Company with effect from April 01, 2013.
iii. BWIPL carried on the business for and behalf of the Company for the period from the appointed date to the effective date, in trust as per the Scheme.
The amalgamation has been accounted under the Pooling of Interests method as envisaged in the Accounting Standard (AS) -14 on Accounting for Amalgamations specified in the Companies (Accounts) Rules, 2014, whereby:
i. In accordance with the Scheme, the assets, liabilities and reserves of BWIPL as at April 01, 2013 along with subsequent additions/deletions up to March 31, 2014 have been recorded at their book values. Further, equity share capital has been eliminated and resultant balance amount of INR 32.700 Million has been credited to Surplus / (deficit) in Statement of Profit and Loss of the Company.
ii. The losses of BWIPL from appointed date April 01, 2013 to March 31, 2014 have been transferred to the Surplus / (deficit) in Statement of Profit and Loss of the Company. The operations of BWIPL during the year have been accounted for in the current years Statement of Profit and Loss of the Company. The debit balance in Surplus / (deficit) in Statement of Profit and Loss of BWIPL as at April 01, 2014 INR (167.400 Million) has been included in Surplus / (deficit) in Statement of Profit and Loss of the Company.
iii. In terms of the Scheme inter-company balances (payables, receivables, loans, advances, etc.) between BWIPL and the Company as at appointed date have been cancelled.
One equity share of face value of INR 1,000 in the Company for every one hundred eighty nine shares in BWIPL to be issued pursuant to the scheme.
Amalgamation of MWIPL
with the Company:
MWIPL was engaged in the business of importing and selling in India instruments, machines and electrical tools, industrial fasteners, hardware, adhesives, chemicals automobile car care products, spares and accessories for different types of industries and in particular the automobile industry. Further MWIPL also undertakes the work of servicing and repairing above products and also provides car care services.
In accordance with
the scheme:
i. MWIPL stands dissolved without winding up with effect from April 01, 2013, on the effective date.
ii. All assets, debts and liabilities of MWIPL have been deemed transferred to and vested in the Company with effect from April 01, 2013.
iii. MWIPL carried on the business for and behalf of the Company for the period from the appointed date to the effective date, in trust as per the Scheme.
The amalgamation has been accounted under the Pooling of Interests method as envisaged in the Accounting Standard (AS) -14 on Accounting for Amalgamations specified in the Companies (Accounts) Rules, 2014, whereby:
i. In accordance with the Scheme, the assets, liabilities and reserves of MWIPL as at April 01, 2013 along with subsequent additions/deletions up to March 31, 2014 have been recorded at their book values. Further, equity share capital has been eliminated and resultant balance amount of INR 19.900 Million has been credited to Surplus / (deficit) in Statement of Profit and Loss of the Company.
ii. The losses of MWIPL from appointed date April 01, 2013 to March 31, 2014 have been transferred to the Surplus / (deficit) in Statement of Profit and Loss of the Company. The operations of MWIPL during the year have been accounted for in the current years Statement of Profit and Loss of the Company. The debit balance in Surplus / (deficit) in Statement of Profit and Loss of MWIPL as at April 01, 2014 INR (278.600 Million) has been included in Surplus / (deficit) in Statement of Profit and Loss of the Company.
iii. In terms of the Scheme inter-company balances (payables, receivables, loans, advances, etc.) between MWIPL and the Company as at appointed date have been cancelled.
One equity share of face value of INR 1,000 in the Company for every two hundred seventy four shares in MWIPL to be issued pursuant to the scheme.
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
B36671121 |
10346595 |
HDFC BANK LIMITED |
17/02/2012 |
630000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG LOWER PAREL W MUMBAI MAHARASHTRA 400013 INDIA |
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 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 63.91 |
|
UK Pound |
1 |
INR 80.17 |
|
Euro |
1 |
INR 90.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.