MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL CONTAINERS PRIVATE LIMITED |
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Registered Office : |
110/112, Navnidhi Industrial Estate, Acharya Donde Marg, Sewri Wast,
Mumbai-400015, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.12.1968 |
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Com. Reg. No.: |
11-14172 |
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CIN No.: [Company
Identification No.] |
U28129MH1968PTC014172 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU03577A |
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PAN No.: [Permanent
Account No.] |
AAACU0743R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Traders of Tubings, Drums, Barrels, Cans, Containers
or Boxes. |
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 24000 |
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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 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
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 : |
110/112, Navnidhi Industrial Estate, Acharya Donde Marg, Sewri Wast,
Mumbai-400015, |
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Tel. No.: |
91-22-24134707/ 24145412 |
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Fax No.: |
91-22-4132394/ 24145417 |
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E-Mail : |
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Factory 1 : |
C-1, B-417, GIDC, Ankleshwar -393002, |
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Tel. No.: |
91-22-24145417/ 78 |
DIRECTORS
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Name : |
Mr. Ashok G Gokhale |
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Designation : |
Director |
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Address : |
61, Cherrysons, 143, |
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Date of Birth/Age : |
02.06.1942 |
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Date of Appointment : |
01.01.1969 |
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Name : |
Mr. Anant R Natekar |
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Designation : |
Director |
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Address : |
50, Gurumaharaj Chawl, Room No.27, Walkeshwar, Mumbai-400006, |
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Date of Birth/Age : |
14.03.1943 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Pratap A Gokhale |
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Designation : |
Director |
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Address : |
61, Cherrysons, 143, |
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Date of Birth/Age : |
11.07.1967 |
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Date of Appointment : |
16.12.1999 |
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Name : |
Mr. Sudhan D Sathe |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
|
Mr. Ashok G Gokhale |
993 |
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Mr. Jimmy D Masani |
2 |
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Mr. Ashok G Gokhale |
755 |
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Ms. Rashmi A Gokhale |
300 |
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Mr. Pratap A Gokhale |
850 |
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Ms. Pallavi P Gokhale |
500 |
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Mr. Ashok G Gokhale |
948 |
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Ms. Sunita A Gokhale |
2 |
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Mr. Devashish P Gokhale |
200 |
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Mr. Kartik Gokhale |
200 |
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Mr. Pratap Gokhale (HUF) |
250 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Directors or their relatives |
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99.96 |
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Other top 50 shareholders |
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0.04 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Traders of Tubings, Drums, Barrels, Cans, Containers
or Boxes. |
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Products : |
v
Metal Drums (Contain ERS) v
Containers v
Racks v
Barrels |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R L Pradhan & Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9500 |
Equity Shares |
Rs.100/- each |
Rs.0.950 million |
|
500 |
Preference Shares |
Rs.100/- each |
Rs.0.050 million |
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Total |
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Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs.100/-
each |
Rs.0.500
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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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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5.568 |
4.103 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.068 |
4.603 |
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LOAN FUNDS |
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1] Secured Loans |
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7.630 |
10.266 |
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2] Unsecured Loans |
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8.600 |
9.000 |
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TOTAL BORROWING |
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16.230 |
19.266 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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22.298 |
23.869 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.399 |
11.260 |
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Capital work-in-progress |
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0.000 |
0.855 |
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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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6.591 |
5.601 |
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Sundry Debtors |
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7.597 |
6.578 |
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Cash & Bank Balances |
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2.498 |
3.504 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
1.889 |
1.547 |
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Total
Current Assets |
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18.575 |
17.230 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.435 |
4.340 |
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Provisions |
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3.241 |
1.136 |
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Total
Current Liabilities |
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10.676 |
5.476 |
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Net Current Assets |
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7.899 |
11.754 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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22.298 |
23.869 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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54.598 |
35.304 |
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Other Income |
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3.449 |
2.824 |
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Total Income |
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58.047 |
38.128 |
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Profit/(Loss) Before Tax |
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4.257 |
1.674 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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4.257 |
1.674 |
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Expenditures : |
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Raw Material Consumed |
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36.366 |
20.835 |
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Salaries, Wages, Bonus, etc. |
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4.464 |
3.936 |
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Managerial Remuneration |
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0.100 |
0.000 |
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Payment to Auditors |
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0.110 |
0.105 |
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Interest |
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1.700 |
1.743 |
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Insurance Expenses |
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0.094 |
0.119 |
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Power & Fuel |
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0.708 |
0.765 |
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Other Expenditure |
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10.246 |
8.950 |
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Total Expenditure |
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53.789 |
36.454 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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7.33 |
4.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.33 |
4.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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12.91 |
5.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.70 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.43 |
5.37 |
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Current Ratio (Current Asset/Current Liability) |
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1.74 |
3.15 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
UNIVERSAL CONTAINERS PRIVATE LIMITED |
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Presented
By |
Jointly company and charge holder |
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1) Date and description of instrument creating the change |
General agreement for the grant of small industrial advances and hypothecation of movables, book debts and other assets dated 17.07.1999. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.7.500 millions |
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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 |
All present and future goods, book debts, movables and other assets including documents of titles to goods and other assets, such as outstanding moneys, receivables, claims, bills, invoices, documents, contracts, engagement, securities, investments and right and the present machinery and all future machinery wherever lying, stored and kept and whether in possession of the company or of the bank or of any third party whether in India or elsewhere throughout the world, including all such goods, movables and other assets as may be in course of shi0pment, transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest payable as may be decided by the bank from time to time. Margin to be maintained at such rates as stipulated by the bank from time to time. Individual limits within the aggregate amount secured to be decided between the company and bank from time to time. Security created by way of first charge to cover the principal amount together with interest and other costs. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
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Corporation identity number or foreign company registrations number of the company |
U28129MH1968PTC014172 |
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Name of the company |
UNIVERSAL CONTAINERS PRIVATE LIMITED |
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Address |
110/112, Navnidhi Industrial Estate, Acharya Donde Marg, Sewri West,
Mumbai-400015, |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable property |
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Particular of the charge holder |
State Bank of |
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Nature or description of the instrument creating charge |
No instrument. Memorandum for recording extension of mortgage by
deposit of title deeds covering enhanced limits and/ or creation of equitable
mortgage on additional properties for existing limits and enhanced limits and
additional facilities. |
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Date of the instrument creating charge |
04.04.2007 |
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Amount Secure by the charge |
Rs.6.000 millions |
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Particulars of the Property charged |
All present and future goods, book debts, movables and other assets of
the borrower including documents of title to goods and other assets such as
outstanding moneys, receivables, claims, bills, invoices, documents,
contracts, engagements, securities, investments and rights and the present
and all future machinery. |
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Particulars of present modification |
No by the present modification dated 04.04.2007 the company offered
collateral security by way of an equitable mortgage by deposit of title deeds
over the immovable properties to secure the credit facilities of Rs.7.500
millions. The immovable properties situated at Gala Nos. 110, 111 and 112 at
Navnidhi Industrial Premises Co-operative Society Limited, Acharya Donde
Marg, Sewri (West), Mumbai-15. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.75 |
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|
1 |
Rs.81.63 |
|
Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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NMERIT 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 |
|
50 |
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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