MIRA
INFORM REPORT
|
Report Date : |
08.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
UNIQUE
SHELL MOULD [INDIA] PRIVATE LIMITED |
|
|
|
|
Registered Office : |
895,
SIDCO Industrial Estate, Coimbatore – 641021, Tamilnadu |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as on) : |
31.03.2006 |
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|
Date of Incorporation : |
12.03.2001 |
|
|
|
|
Com. Reg. No.: |
18-9677 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27320TZ2001PTC009677 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CMBU03042E |
|
|
|
|
Legal Form : |
Private
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturers of Non-Ferrous Castings - Aluminium
alloy castings by Pressure die, Low-pressure die and Gravity die casting
process. |
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
100000 |
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|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported as
usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
89,
SIDCO Industrial Estate, Coimbatore – 641021, Tamilnadu, India |
|
Tel. No.: |
91-832-2312132
/ 2319832 |
|
E-Mail : |
|
|
|
|
|
Factory
1 : |
Plot
No. 2-4 & 7-9 Private Industrial Estate, Coimbatore – 641021, Tamilnadu,
India |
|
Tel.
No.: |
91-422-2679607 |
|
Fax
No.: |
91-422-2672176 |
|
E-Mail
: |
DIRECTORS
|
Name : |
Mr. S
V Jagadesan |
|
Designation : |
Director
|
|
Address : |
70,
Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India |
|
Date of Birth/Age : |
16.06.1946 |
|
Date of Appointment : |
24.03.2004 |
|
|
|
|
Name : |
Mrs. J
Pushpaveeni |
|
Designation : |
Director
|
|
Address : |
70,
Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India |
|
Date of Birth/Age : |
16.09.1951 |
|
Date of Appointment : |
29.09.2001 |
|
|
|
|
Name : |
Mr. J
Ganesh Kumar |
|
Designation : |
Director
|
|
Address : |
70,
Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India |
|
Date of Birth/Age : |
28.08.1972 |
|
Date of Appointment : |
29.09.2001 |
|
|
|
|
Name : |
Mr. J
Ramprakash |
|
Designation : |
Director
|
|
Address : |
70,
Krishna Colony, Singanallur, Coimbatore – 641005, Tamilnadu, India |
|
Date of Birth/Age : |
29.01.1977 |
|
Date of Appointment : |
24.03.2004 |
|
|
|
|
Name : |
Mrs.
D. Susila |
|
Designation : |
Director
|
|
Address : |
83,
Omsakthi Nagar, Ramahathapuram, Coimbatore – 641045, Tamilnadu, India |
|
Date of Birth/Age : |
20.09.1938 |
|
Date of Appointment : |
12.03.2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. S
V Jagadesan |
|
95000 |
|
Mrs. J
Pushpaveeni |
|
95000 |
|
Mr. J
Ganesh Kumar |
|
95000 |
|
Mr. J
Ramprakash |
|
95000 |
|
Mrs.
D. Susila |
|
70000 |
|
Mrs.
D. Vyjayanthi |
|
70000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Non-Ferrous Castings - Aluminium
alloy castings by Pressure die, Low-pressure die and Gravity die casting
process. |
|
|
|
|
Products : |
Non-Ferrous Castings |
GENERAL
INFORMATION
|
Bankers : |
ICICI
Bank Limited Cheran
Towers, 1090, Trichy Road, Coimbatore – 641018, Tamilnadu, India |
|
|
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
V. S.
Srinivasan Chartered
Accountants 31,
Subramaniam Road, R S Puram, Coimbatore – 641002, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
Indo Shell Cast Website : http://www.indoshellcast.com
|
|
|
|
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
750000 |
Equity
Shares |
Rs. 10/-each |
Rs. 7.500 Millions |
|
|
|
|
|
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
600000 |
Equity
Shares |
Rs. 10/-each |
Rs. 6.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
6.000 |
5.200 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
19.207 |
12.910 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
25.207 |
18.110 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
21.786 |
28.088 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
21.786 |
28.088 |
|
|
DEFERRED TAX LIABILITIES |
|
4.743 |
4.688 |
|
|
|
|
|
|
|
|
TOTAL |
|
51.736 |
50.886 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
41.171 |
38.210 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
15.582 |
10.378 |
|
|
Sundry Debtors |
|
30.534 |
23.878 |
|
|
Cash & Bank Balances |
|
0.488 |
0.886 |
|
|
Other Current Assets |
|
2.944 |
0.002 |
|
|
Loans & Advances |
|
7.318 |
5.603 |
|
Total Current Assets |
|
56.866 |
40.747 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
42.701 |
26.407 |
|
|
Provisions |
|
3.600 |
1.664 |
|
Total Current Liabilities |
|
46.301 |
28.071 |
|
|
Net Current Assets |
|
10.565 |
12.676 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
51.736 |
50.886 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
249.957 |
211.717 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
9.876 |
5.411 |
|
Provision
for Taxation |
|
-- |
-- |
|
Profit/(Loss)
After Tax |
|
9.876 |
5.411 |
|
|
|
|
|
|
Total
Expenditure |
|
240.080 |
206.306 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
3.95 |
2.56 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
3.95 |
2.56 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
0.10 |
6.75 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.39 |
0.30 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
2.70 |
3.11 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
1.23 |
1.45 |
LOCAL AGENCY
FURTHER INFORMATION
Unique Shell Mould India Private Limited was founded
in 1983 in response to the growing demand for quality castings with a focus on
emerging technologies that meet client requirements. Today, they are one of the
leading manufacturers of Non-Ferrous Castings - Aluminium alloy castings by
Pressure die, Low-pressure die and Gravity die casting process.
Unique Shell Mould India Private Limited is lead by experienced technocrats
with more than 30 years of sound understanding and exposure. Their expertise
and professionalism earned them the assistance and support from Tamil Nadu
Small Industries Development Corporation and State Bank of India.
The development through CAD CAM Route of Tool and Pattern making shorten the
prototype development period and first time acceptance is assured.
They have a strong metallurgical base and experience. The metallurgical quality
of their aluminium has been very much acclaimed by their over seas customers.
PRODUCT MIX:
Non-ferrous Castings – Aluminium Alloy Castings
Pressure die-casting - wheel Hubs, Brake Shoes,
Adaptor Disc Brake and Housing Rollers for two wheelers
Drive End Brackets for four wheelers
Gravity die-castings
Manifolds, Handle Holders, Upper Brackets, Master
cylinders and Body calipers (Disc Brake), Cylinder heads for two wheelers.
- Inter coolers and center coolers for compressors.
- Housing and cover for fuel pump in four wheelers.
Shell Mould Casting
Gun metal Bushes for Connecting Rods of compressors. Gun metal Body and Brass
spindle mixed Shut off Valve assemblies and Non-Return Valve assemblies
Phosphor Bronze bearing Bushes.
Facilities Available
|
HMT 250D Pressure Die Casting Machine |
3 No's. |
|
Gravity Die Casting Machine |
7 No's. |
|
Low Pressure Die casting Machine. |
2 No's. |
|
Electronic Spark Erosion Machine |
2 No's. |
|
HMT Milling Machine with DRO Attachment |
4 No's. |
|
Radial Drilling Machine |
1 No's. |
|
Core Shooter Machines |
2 No's. |
|
Shell Molding Furnace |
3 No's. |
|
Silt Electrical Aluminum Melting Furnace |
4 No's. |
|
Shot Blast Machine |
1 No's. |
|
Crucible Furnace |
6 No's. |
|
Spectrometer |
1 No's. |
|
Pyrometer for molten metal temperature measurement |
|
|
In house facilities for tool and die making |
|
|
Vertical Machining Center (VMC) |
|
|
Corporate
identity number of the company |
U27320TZ2001PTC009677 |
|
Name
of the company |
UNIQUE
SHELL MOULD [INDIA] PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
895,
SIDCO Industrial Estate, Coimbatore – 641021, Tamilnadu |
|
This
form is for |
Modification
of charge |
|
Type of
charge |
Hypothecation
Equitable mortgage or mortgage of property by deposition the title deeds |
|
Particular
of charge holder |
ICICI
Bank Limited Cheran
Towers, 1090, Trichy Road, Coimbatore – 641018, Tamilnadu, India |
|
Amount
secured by the charge |
Rs.
40.000 millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
Rate
of Interest : IBAR
_+ CC, Premia
2.05 % ie 11.7 % Validity
of the facility 20.02.2007. LC / BG Commission 1 % p.a. |
|
Description
of the property charged |
Plant
and Machinery, Immovable Properties, Stock in trade and Book debts |
|
Particulars
of the property charged |
Supplemental
deed of hypothecation declaration – equitable mortgage |
|
Charge
identification number of the charge to be modified |
90004528 |
|
Brief
description of the instruments modifying the charge under section 135 |
Equitable
mortgage dated 12.06.2006 evidencing extension of deposit of title deeds of
the company immovable property comparison land and building and agreement of
hypothecation deed dated 12.06.2006 |
|
Date
of instruments modification the charge
|
12.06.2006 |
|
Particulars
of the present modification |
A
fresh bills purchase facility of Rs. 2.5 millions has been sanctioned and the
overall limit has been enhanced from Rs. 40 millions to Rs. 42.500 Millions |
|
Name of the company |
UNIQUE SHELL MOULD [INDIA] PRIVATE LIMITED |
|
Presented By |
Mr. S V Jagadesan, Managing Director |
|
1) Date and description of instrument creating the change |
Deed
of hypothecation dated 15.12.2004 executed by Unique Shell Mould India
Private Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rupee
Term Loan of Rs. 23.5 Million Working capital facility of 16.50 millions and
overall limit of Rs. 40 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 |
Hypothecation
of Stock of Raw Materials, Goods in process, Semi Finished goods and finished
goods, consumable stores and spares and such other movables, including book dents bills whether documentary or
clean, both present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin
25 % Rate
of Interest @ 2 % below IBAR Rate Covenant by the borrower to repay the
facility and pay interest and all other monies in the manner set out in the
facility agreement between the borrower and the lender and to comply with the
terms and conditions of the said facility agreements. The
said goods were thereby hypothecated, inter alia to the lender as and by way
of first charge as security for a charged with the repayment of facilities
together with the all interest front end fees. Liquidated damages, premia on
repayment of facilities together with all interest front and fees, liquidated
damages, premia on prepayment or redemption, costs, charges an other monies
include any increase as result of devaluation revaluation fluctuation in the
rate of exchange of foreign currencies involved payable by the borrower to the
lender in respect thereof. The
company to keep the said goods in marketable and good condition and also
insured as provided therin Power
of entry, power to take charge and
possession of seize, auction or private contract, despatch for realisation or
otherwise dispose of or deal with all or any part of the said goods etc as
provide therein. |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI
Bank Limited Cheran
Plaza 1090,
Trichy Road, Coimbatore
– 641018 |
|
6) Date and brief description of instrument modifying the charge |
Certification
of equitable mortgage dated 30.03.2005 evidencing deposit of title deeds of
the company’s immovable properties comprising land and building and other
structures and fixtures and fittings created or installed thereon situated at
Plot No. 2-4 & 7-9 Private Industrial Estate & Shed No. 89, Sidco
Industrial Estate, Coimbatore – 641021 |
|
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. |
The
properties have been extended to cover entire limits of Rs. 40 Millions |
|
Corporate
identity number of the company |
U27320TZ2001PTC009677 |
|
Name
of the company |
UNIQUE
SHELL MOULD [INDIA] PRIVATE LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
895,
SIDCO Industrial Estate, Coimbatore – 641021, Tamilnadu |
|
This
form is for |
Modification
of charge |
|
Type
of charge |
Immovable Property, Book debts and Movable Property |
|
Particular
of charge holder |
ICICI
Bank Limited Cheran
Towers, 1090, Trichy Road, Coimbatore – 641018, Tamilnadu, India |
|
Nature
or description of the instrument creating or modifying the charges |
Deed
of Hypothecation dated 22.11.2006 Declaration
in the matter or mortgage by way of deposit of title deeds in respect of
immovable properties dated 22.11.2006 |
|
Amount
secured by the charge |
Rs.
54.500 Millions |
|
Brief
of the principal terms an conditions and extent and operation of the charge |
Rate
of Interest : The
rate of interest for each Tranche of the facility shall be 1.75 % p.a. below
ICICI Bank advance rate prevailing on the date of disbursement of each trance
of the facility plus applicable interest tax or other statutory levy if any.
The ICICI Bank benchmark advance rate is 13.25 % p.a. and the applicable rate
as on dated is 11.5 % p.a.. Interest rate is subject to revision form time to
time. Term
of repayment 60
months / repayments of principal to be effected in 60 equal monthly
instalments over the tenor of the loan. Margin
29
% [Rs. 5.1 Millions] Extent
and operation of the charge The
charge is a continuing exclusive chare with the security provided as available with present and future terms
and conditions. The interest rate shall be reset at the end of every 12
months form the date of disbursement of the first tranche of the facility. Others
Rupee
Term Loan I : Rs. 23.5 Million Working
capital : Rs. 19.00 Million Rupee
Term Loan II Rs. 12.00 Million |
|
Date
of instruments modification the charge
|
12.06.2006 |
|
Particulars
of the present modification |
This
modification is for the purpose of availing fresh Rupee term loan facility of
Rs. 12 Million. Hence the over all limit is increased to Rs. 54.4 Millions |
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.44.30 |
|
UK
Pound |
1 |
Rs.85.83 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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 |
|