MIRA
INFORM REPORT
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Report Date : |
02.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
UNISOL INDIA PRIVATE LIMITED |
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Registered Office : |
5664, Gali No.78, Regharpura Karol Bagh, New Delhi 110 005 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.10.1997 |
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Com. Reg. No.: |
55-90331 |
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CIN No.: [Company
Identification No.] |
U19201DL1997PTC090331 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELU01368D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Polyurethane (PU) & Thermo Plastic Rubber (TPR) Soles |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
350000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track records. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
5664, Gali No.78, Regharpura Karol Bagh, New Delhi 110 005 |
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Tel. No.: |
91-11-2582 2195, 25022195, 2567801 |
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Mobile No.: |
91-9313284261 |
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Fax No.: |
91-120-2567805 |
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E-Mail : |
info@unisolindia.com manuj@unisolindia.com , manuj@del3vsnl.net.in |
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Website : |
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Area : |
5000 Sq.ft. (Commercial) |
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Location : |
Owned |
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Factory/
Corporate Office : |
A-38, Noida Phase, II
Extn Hosiery Complex, Dist. Gautambudh Nagar, Noida 201 305, Uttar Pradesh |
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Tel.
No.: |
91-120-2567801 to 2567804 |
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Fax
No.: |
91-120-2567805 |
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E-Mail
: |
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Website : |
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Area : |
Industrial |
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Location : |
Owned |
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Branches
: |
2/43, Sofia Zuber Road, Nagpada, Mumbai 400 008, Maharashtra, India Contact Person : Mr. Shyam Kasat |
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Tel.
No.: |
91-22-34343340 |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr Sudhir Kumar Agarwal |
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Designation : |
Director |
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Address : |
F-27, Sector-41, Noida, Gautam Budh Nagar 201 301, Uttar Pradesh |
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Date of Birth/Age : |
14.02.1948 |
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Qualification : |
B.E. (Mechanical) |
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Experience : |
30
years |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Manuj Agarwal |
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Designation : |
Chairman |
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Address : |
E-23, Sector-55, Noida, Gautam Budh Nagar 201 301, Uttar Pradesh |
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Qualification : |
B.E.
(Electrical) |
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Experience : |
10
years |
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Date of Birth/Age : |
15.08.1971 |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Ashok Kumar Agarwal |
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Designation : |
Director |
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Address : |
E-23, Sector-55, Noida, Gautam Budh Nagar 201 301, Uttar Pradesh |
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Date of Birth/Age : |
07.1.1943 |
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Qualification : |
B.A. |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Luigi Lucentini (Foreigner) |
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Designation : |
Director |
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Address : |
Via Crescimben Nos.8, 62012, Civitanova Marche, Itlay |
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Date of Birth/Age : |
11.07.1953 |
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Date of Appointment : |
21.10.1997 |
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Name : |
Mr Anna Pieroni (Foreigner) |
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Designation : |
Director |
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Address : |
Via Sarpi Nos.8, 62017 Porto Recanati, Itlay |
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Date of Birth/Age : |
09.06.1957 |
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Date of Appointment : |
21.10.1997 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Delta Spa |
220000 |
0.000 |
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Ms. Manuj Agarwal |
1224990 |
24.500 |
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Mr. Percy P. Batliwala |
50000 |
44.000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all kinds of P.U. Soles |
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Agencies Held : |
Anand Agencies |
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Exports to : |
South Africa, Bangladesh and Italy |
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Imports from : |
Italy, Korea and Germany |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60 days) |
PRODUCTION
STATUS
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Particulars |
Unit |
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Installed Capacity |
Actual Production |
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P.U. Soles and T.P.R. Soles |
Pairs |
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3,000,000 |
2500000 |
GENERAL
INFORMATION
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Customers : |
Ø Liberty Group Ø The Bata Group Ø Aero Club (Woodland) Ø Super House Leather Ø Park Exports Ø Nuova Shoes Ø R N Bajaj Overseas Ø K G Footwear Ø Suri Shoes Ø Ram Exports Ø Bonaventure Shoes Ø Farida Group |
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No. of Employees : |
44 |
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Bankers : |
Ø ICICI Bank Limited, G-31 & 32, Sector 18, NOIDA, District Gautam Budh Nagar, Uttar Pradesh Ø Canara Bank, NOIDA, Uttar Pradesh |
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Facilities : |
The subject is enjoying the following facilities from ICICI Bank Limited, 9A Phelps Building, Connaught Place, New Delhi 110 001 as per agreement dated April 25, 2006 and the details are given below:
First charge in favour of ICICI Bank by way of hypothecation of the subject company’s entire stocks of raw materials, semi-finished and finished goods, consumable stores & spares and such other movables including book-debts, bills, outstanding monies, receivables both present & future. First charge on all of the subject company’s assets including all immovable and movable assets and property situated at Udyog Kendra, Greater Noida First charge by way of equitable Mortgage of Factory Land & Building of the subject company situated at A-38, Phase-II, Extension, Hosiery Complex, Noida (valued at Rs.60 Million) Unconditional and irrevocable personal guarantees of Mr Manuj Agarwal (net worth of Rs.8 Million as on March 31, 2005) The subject has availed the following facilities from Canara Bank as per Hypothecation agreement dated 02.11.2001
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Banking Relations : |
-- |
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Auditors : |
Mr.
Sushil Kumar Chartered
Accountants L-42,
Lajpat Nagar-II Tel.
No.: 91-11-29810918 |
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Joint
Venture : |
DELTA S.P.A. Italy |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs.10/- each |
Rs.50.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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50.000 |
30.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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41.802 |
26.915 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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91.802 |
56.915 |
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LOAN FUNDS |
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1] Secured Loans |
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17.293 |
13.504 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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17.293 |
13.504 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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109.095 |
70.419 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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106.932 |
57.656 |
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Capital work-in-progress |
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0.000 |
0.154 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.318 |
9.362 |
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Sundry Debtors |
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46.636 |
32.849 |
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Cash & Bank Balances |
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5.465 |
5.347 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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11.735 |
7.019 |
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Total Current Assets |
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77.154 |
54.577 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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66.541 |
37.212 |
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Provisions |
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8.450 |
4.756 |
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Total Current Liabilities |
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74.991 |
41.968 |
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Net Current Assets |
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2.163 |
12.609 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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109.095 |
70.419 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other
income] |
|
245.346 |
213.974 |
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Profit/(Loss)
Before Tax |
|
23.489 |
12.741 |
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Provision
for Taxation |
|
8.450 |
4.756 |
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Profit/(Loss)
After Tax |
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15.039 |
7.976 |
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Import
Value |
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90.132 |
42.686 |
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Total Expenditure |
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87.345 |
76.098 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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6.13 |
3.72 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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9.57 |
5.95 |
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Return on
Total Assets (PBT/Total
Assets} |
(%) |
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12.76 |
10.42 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.25 |
0.22 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
1.00 |
0.97 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.03 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
NSW India Limited
Park Exports,
42/41, Krishna Kunj, Billachpura, Mathura Road, Agra
Tel. No.
: 91-562-2601829
Super
House Leather Limited, A-3A-4, Epip LPSIDC, Shantipuram, Agra
Tel.
No.: 91-562-2642335
R.N.
Bajaj Overseas, 589-A, Artohi, Agra, Mathura Road, Agra
Tel. No.:
91-26413312
Website Details :
Subject is India's only Joint Venture for manufacture
of Polyurethane (PU) and Thermo Plastic Rubber (TPR) Soles in 1,2 and 3
colours. The venture is in collaboration with Delta spa, Italy, a leading sole
manufacturing company of International repute. The company has a total capacity
of 30,000 pairs per day set up with a total investment of USD 5 Million. The
plant is located in NCR of Delhi, i.e. Noida Phase-II, the hub of industrial
activity.
Subject’s Product Range consists of a large variety of
Polyurethane (PU) and Thermo Plastic Rubber (TPR) Soles. Every type of footwear
from Sandals (Stitched and Stuck on) to Shoes (Stitched, Stuck, Mocassins) form
a part of the Product Range.
Soles are manufactured in different colours and are available in 1, 2 and 3
colour combinations.
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.44.17 |
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UK
Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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/normal. |
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 |
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