MIRA INFORM REPORT

 

 

Report Date :

10.12.2007

 

IDENTIFICATION DETAILS

 

Name :

UL ELECTRODEVICES PRIVATE LIMITED

 

 

Registered Office :

3rd Floor, Nirman Classic, Sr. No. 36, Building No. A-1, Katraj-Kondhwa Road, Pune – 411046, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

25.09.1997

 

 

Com. Reg. No.:

11-110879

 

 

CIN No.:

[Company Identification No.]

U31200MH1997PTC110879

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEU00428B

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

To carry on business as manufacturers, sellers, buyers, distributors, agents, fabricators, assemblers, importers, exporters, stockiest, commission agents, hire or lease or otherwise rent or deal in any manner in all kinds of electronics/electrical equipments systems and its components, accessories and peripherals computers, office equipments and its peripherals.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 94000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track.  Trade relations are fair.  Financial position is good.  Payments are correct and as per commitments.

 

The Company can be considered good for any normal business dealing at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

3rd Floor, Nirman Classic, Sr. No. 36, Building No. A-1, Katraj-Kondhwa Road, Pune – 411046, Maharashtra

Tel. No.:

91-20-26960050/21119931/21119932

Fax No.:

91-20-26960060

E-Mail :

ashok.deshpande@ulepl.com

 

 

Factory  :

573/23 Parsshwanathnagar Bibvewadi, Pune – 411 001, India.

Tel. No.:

91-20-24214928

 

DIRECTORS

 

Name :

Mr. Uday R. Jadhav

Designation :

Director

Address :

573/23, Parshwanath Nagar, Bibwewadi, Pune 411037, Maharashtra, India

Date of Birth/Age :

01.06.1966

Date of Appointment :

25.09.1997

 

 

Name :

Mr. Lalit Sahani

Designation :

Director

Address :

Hills And Dales, S. No. 13/14, resi 3, Phase, Undri Pune 411028, Maharashtra, India

Tel. No. :

91-20-4213494

Date of Birth/Age :

02.11.1967

Date of Appointment :

25.09.1997

 

 

Name :

Shilpa Jadhav

Designation :

Director

Address :

D-29, Audumbar Society, Marketyard, Pune 411037, Maharashtra, India

Date of Birth/Age :

13.06.1974

Date of Appointment :

01.06.1999

 

 

Name :

Mr. Beena Sahani

Designation :

Director

Address :

Hills And Dales, Unit 56, S. No. 13/14, Undri Pune 411028, Maharashtra, India

Date of Birth/Age :

02.10.1968

Date of Appointment :

01.06.1999

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No of Shares

 

Uday R. Jadhav

12,500

Lalit J. Sahani

12,500

Shilpa U. Jadhav

12,500

Beena L. Sahani

12,500

TOTAL

50,000

 

 

 

 

Equity Share Break-up

 

Percentage of Holding

 

Directors or relatives of the Directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

To carry on business as manufacturers, sellers, buyers, distributors, agents, fabricators, assemblers, importers, exporters, stockiest, commission agents, hire or lease or otherwise rent or deal in any manner in all kinds of electronics/electrical equipments systems and its components, accessories and peripherals computers, office equipments and its peripherals.

 

GENERAL INFORMATION

 

No. of Employees :

40

 

 

Bankers :

Ř       ICICI Bank Limited

Ř       HDFC Bank Limited

Ř       Shree Sharada Sahakari Bank Limited

       Bibvewadi Branch, Pune- 411009

 

Ř       Industrial Development Bank of India Limited

Mitra Mandal Co-operative Housing hall first floor, 484/1-31-32, Parvati Swargate, Pune 411009, Maharashtra, India

 

Credit Limit:

Outstanding limit as on 31.03.2004 :  Cash Credit : Rs. 1.035 Millions

             Sanctioned limit as on 3.12.2004     :   Cash Credit: Rs. 1.500 Millions

 

 

Facilities :

Secured Loan

Amount (in Millions)

Bank Overdraft

(Secured by Stock, Book Debts, Personal guarantee of director)

5.573

Loan fromICICI Bank Limited

(For Santro Car)

0.069

Loan from HDFC Bank Limited

(For Indica Car)

0.110

Loan form ICICI Bank Limited

(For Lancer Car)

0.797

Loan form Sharda Sahakari Bank

(For Office Premises)

0.800

Loan form HDFC Bank Limited

(For Alto Car)

0.263

Loan form Sharda Sahakari Bank

(For Furniture)

0.332

 

 

TOTAL:

7.944

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

v      P. S. Shingte and Company

Chartered Accountants

Address :

224/225 Ashoka Cente, Pune  411037, Maharashtra, India

 

Tel. No.:

91-20-24263666

 

 

 

Associates/Subsidiaries :

v      UL Automation and Systems Private Limited

Line of Business: Manufacturers of Interface Modules

 

v      UL Systems and Controls Private Limited

Line of Business: Manufacturers of Control Panels

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs. 10/- each

Rs. 0.500 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

50000

Equity Shares

Rs. 10/- each

Rs. 0.500 Million

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

0.500

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

23.187

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

23.687

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

15.298

2] Unsecured Loans

 

 

0.198

TOTAL BORROWING

 

 

15.496

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

39.183

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

10.695

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.000

DEFERREX TAX ASSETS

 

 

0.495

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

12.590

 

Sundry Debtors
 

 

43.442

 

Cash & Bank Balances
 

 

7.138

 

Other Current Assets
 

 

12.581

 

Loans & Advances
 

 

1.237

Total Current Assets
 

 

76.988

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

37.034

 

Provisions
 

 

11.961

Total Current Liabilities
 

 

48.995

Net Current Assets
 

 

27.993

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

39.183

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover

 

 

45.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2007

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

2.72

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

1.57

 

 

LOCAL AGENCY FURTHER INFORMATION

 

FIXED ASSETS:

 

Building, Plant & machinery, Office Equipment, Motor Car, Furniture etc.

 

Form 8

 

This Form is for

Modification of charge

Charge identification number of the charge to be modified

80012714

Corporate identity number of the company

U31200MH1997PTC110879

Name of the company

UL ELECTRODEVICES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

3rd Floor, Nirman Classic, Sr. No. 36, Building No. A-1, Katraj-Kondhwa Road, Pune – 411046, Maharashtra

Type of charge

Book Debts

Movable Property

Immovable Property

Others

Particular of charge holder

Industrial Development Bank of India Limited

Mitra Mandal Co-op. Housing hall first floor, 484/1-31-32, Parvati Swargate, Pune 411009, Maharashtra, India

Nature of description of the instrument creating or modifying the charge

Indenture of Mortgage

Date of instrument Creating the charge

18.08.20007

Amount secured by the charge

Rs. 28.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

[a] Rate of Interest

At BPLR i.e. 13.25% at present or at the rate that shall be charged by Bank from time to time.

 

[b] Terms of repayment

Cash Credit – on demand or renewal before twelve months

 

[c] Margin

Book Debts 40%

Stock 25%

 

[d] extent and operation of the charge

  1. First charge by way of hypothecation on the properties as detailed in annexure I.
  2. First charge by way of registered mortgage of company’s office as detailed in annexure I
  3. First charge by way of registered mortgage of the bunglow and flat as detailed in annexure I
  4. First charge by way of registered mortgage of land property at village Daund as detailed in annexure I
  5. Extended charge on the flat as detailed in annexure I.

 

Short particulars of the property charged

1.       All those piece and parcel of properties being the office premises owned by CO. ADM. About 293.57 Sq. mtrs. I.E. 3160 Sq. fts. situated on 3rd Floor, Nirman Classic, A-1, Constructed upon land bearing S. No. 36/3D/4/1+2 at Vill Katraj, Taluka Haveli, District Pune

2.       All Existing and proposed plant and machinery, raw material, stock in trade, Book Debts

3.       Furniture, Fixtures, Fittings at office, factory premises and mortgaged premises

4.       Current Assets as detailed in Annexure II

Date of latest modification prior to the present modification

NA

Particulars of the present modification 

1st modification

By this modification the cash credit limit has been enhanced from Rs. 10.000 Millions to Rs. 25.000 Millions and the existing Term Loan of Rs. 3.000 Millions to be continued thus total limit Rs. 28.000 Millions.  The earlier facilities of letter of credit (DA/DP) for Rs. 1 Million and Bank Guarantee Rs. 1 Million have been fully closed.

 

 

Name of the company

UL ELECTRODEVICES PRIVATE LIMITED

Presented By

Mr. Uday Jadhav, Director

1) Date and description of instrument creating the change

10.11.2005 and Deed of Hypothecation of Book Debts

10.11.2005 and Hypothecation of Tangible movable property

10.11.2005 and Agreement for loan/cash credit facility.

2) Amount secured by the charge/amount owing on the securities of charge

Overdraft of Rs. 2.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Stock and Book Debts of the Company

4) Gist of the terms and conditions and extent and operation of the charge.

Bank interest at 46% p.a.

5) Name and Address and description of the person entitled to the charge.

Shree Sharada Sahakari Bank Limited

Bibwewadi Branch, Pune 411037

6) Date  and brief description of instrument modifying the charge

NA

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

NA

 

 

Name of the company

UL ELECTRODEVICES PRIVATE LIMITED

Presented By

Mr. Uday Jadhav, Director

1) Date and description of instrument creating the change

22.12.2005 and Hypothecation of Tangible Movable Assets.

2) Amount secured by the charge/amount owing on the securities of charge

Term Loan of Rs. 2.000 Millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Stock and Debtors of the company

4) Gist of the terms and conditions and extent and operation of the charge.

Bank Interest at 13.5% p.a.

5) Name and Address and description of the person entitled to the charge.

Shree Sharda Sahakari Bank Limited, Bibwewadi Branch, Pune – 411 037.

6) Date  and brief description of instrument modifying the charge

Not Applicable

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

Not Applicable

 

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

Indian Rupees

US Dollar

1

Rs. 39.41

UK Pound

1

Rs. 79.81

Euro

1

Rs. 57.58

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

54

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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