%20PRIVATE%20lIMITED%2028-Jun-2007_files/image003.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
LIPPERT UNIPOL ( |
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Formerly Known As : |
ABRA FIN MACHINES PRIVATE LIMITED |
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Registered Office : |
Plot No. E – 66, MIDC, Industrial Area,
Waluj, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.08.1991 |
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Com. Reg. No.: |
063055 |
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CIN No.: [Company
Identification No.] |
U29210MH1991PTC063055 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKL00414B |
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PAN No.: [Permanent
Account No.] |
AAACL5555G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing Buffing Wheels and Compositions. |
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 61532 |
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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 records. Directors are reported as experienced and respectable
businessmen. Trade relations are 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 : |
Plot No. E – 66, MIDC, Industrial Area,
Waluj, |
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Tel. No.: |
91-240-2552530 |
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Mobile No.: |
91-9372007092 |
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Fax No.: |
91-240-2552530 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Shri. Milind Dinkar Kelkar |
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Designation : |
Director |
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Address : |
5 – 9 - 105, Kelkar’s Bunglow, Pagariya Colony, |
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Date of Appointment : |
2308.1991 |
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Name : |
Mrs. Mohini Milind Kelkar |
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Designation : |
Director |
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Address : |
5 – 9 – 105, Kelkar’s Bunglow, Pagariya Colony, |
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Date of Appointment : |
23.08.1991 |
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Name : |
Shri. Marcus Alexander Heck |
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Designation : |
Director |
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Address : |
Lanzstr, 58 68775, |
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Date of Appointment : |
22.02.2001 |
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Name : |
Shri. Norman Albert Richards |
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Designation : |
Director |
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Address : |
3, |
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Date of Appointment : |
22.02.2001 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Shri. Milind Dinkar Kelkar |
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245000 |
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Mrs. Mohini Milind Kelkar |
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245000 |
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Lippert Unipol Gmbh |
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510000 |
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign
companies(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others |
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51.00 |
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Directors or Relative of Directors |
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49.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing Buffing Wheels and Compositions |
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Products : |
§
Coolair §
Abrasive Bristle Cup Brushes §
Lipprox ® Wheels ( Non Woven ) §
Lipprite ® Wheels ( Non Woven
) §
Lipprite ®Ek Buff( Non
Woven |
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GENERAL INFORMATION
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Bankers : |
UTI Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V D Abhyankar and Associates |
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Address : |
Plot No.3, First Floor, Rukmini Apartments, Chetna Nagar, |
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Associates: |
GRIND MASTER
MACHINES PVT.LTD. LIPPERT UNIPOL,GMBH Eschelbroneer Strabe 35 D-74925 Epfenbach Ph: +49 72639124-0. Fax: +49 7263912491 Email: sales.lippert@lippert-unipol.de Website: www.lippert-unipol.com |
CAPITAL STRUCTURE
Authorized Capital:
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
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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10.000 |
10.000 |
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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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5.383 |
3.028 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.383 |
13.028 |
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LOAN FUNDS |
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1] Secured Loans |
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8.378 |
8.306 |
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2] Unsecured Loans |
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0.000 |
0.500 |
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TOTAL BORROWING |
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8.378 |
8.806 |
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DEFERRED TAX LIABILITIES |
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1.513 |
1.540 |
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TOTAL |
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25.274 |
23.373 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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12.654 |
11.350 |
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Capital work-in-progress |
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2.365 |
0.000 |
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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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5.477 |
5.832 |
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Sundry Debtors |
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7.981 |
5.066 |
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Cash & Bank Balances |
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0.992 |
3.217 |
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Other Current Assets |
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1.777 |
1.530 |
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Loans & Advances |
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0.317 |
0.033 |
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Total
Current Assets |
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16.544 |
15.678 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.563 |
2.685 |
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Provisions |
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0.726 |
0.974 |
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Total
Current Liabilities |
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6.289 |
3.659 |
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Net Current Assets |
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10.254 |
12.021 |
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MISCELLANEOUS EXPENSES |
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0.001 |
0.002 |
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TOTAL |
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25.274 |
23.373 |
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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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38.162 |
27.131 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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38.162 |
27.131 |
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Profit/(Loss) Before Tax |
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3.721 |
3.200 |
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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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3.721 |
3.200 |
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Expenditures : |
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Total Expenses |
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34.441 |
23.931 |
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Interest |
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1.204 |
0.813 |
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Depreciation |
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0.622 |
0.551 |
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Total Expenditure |
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36.267 |
25.295 |
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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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9.00 |
11.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.00 |
11.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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12.00 |
11.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.40 |
0.28 |
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Current Ratio (Current Asset/Current Liability) |
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2.63 |
4.28 |
LOCAL AGENCY FURTHER INFORMATION
Company Details:
Subject is a joint venture company of LIPPERT UNIPOL,
Subject is a manufacturer producing large variety of World Class
polishing wheels and compositions. Mr. and Mrs. Kelkar are the founders of
Grindmaster machines Private Limited. an established name in the field of belt
grinding and polishing machine in
Since 1916, the name LIPPERT has
stood for quality tools. LIPPERT
produces a comprehensive range of tools to suit all polishing requirement.
Intensive co-operation with the leading machine manufacturer Grindmaster
Machines means modern machinery complimented by perfectly matched high
performance tools for every application.
Associates
GRINDMASTER MACHINES PVT.LTD.
%20PRIVATE%20lIMITED%2028-Jun-2007_files/image004.gif){kind=small}
Established
in 1984, is the only company in
Engaged in
continuous development to find more efficient and cost effective ways to finish
the parts to
Customer’s satisfaction.
Representing
VSM,
An ISO 9001 Company Certified by TUV
Cert.
Indigenously
developed Micro finishing Technology for achieving finishes upto 0.004 micron
Ra with 3M film backed abrasives.
Having
exported machines to
GRIND MASTER
MACHINES PVT.LTD.
MANUFACTURERS OF BELT GRINDING AND POLISHING MACHINE
Plot No. B-11 MIDC Area Near Railway Station,
Ph: (0240) 2376262 , 2376908. Fax: (0091-240) 2376205
Email: sales@grindmaster.co.in
Website: www.grindmaster.co.in
LIPPERT
LIPPERT-UNIPOL is a global player in the
field of surface finishing and both names are well known to the extensive
number of industries serviced, these include sheet metal finishing, buffing and
polishing pots and pans, cutlery, sanitary fittings, builders hardware and
processing printed circuit boards. Since 1916, the name
LIPPERT has stood
for quality tools for surface conditioning.
Subject produces
over 20,000 different tools and many different types of both liquid and solid
polishing compounds. The Trademarks LIPPRITE®, LIPPROX ® , LIPPRYLL® covering
the vast range of non-woven nylon abrasive wheels and abrasive bristle products
offered guaranteed quality, as do the sisal wheels, cloth buffs and
LIPPERT UNIPOL, GMBH
Eschelbroneer Strabe 35
D-74925 Epfenbach
Ph: +49 72639124-0. Fax: +49 7263912491
Email: sales.lippert@lippert-unipol.de
Website: www.lippert-unipol.com
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Name of the company |
LIPPERT UNIPOL ( |
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Presented By |
Director |
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1) Date and description of instrument creating the change |
12.03.2005 1. Composite
hypothecation Deed 2. Letter of
Arrangement: Cash Credit Advances 3. Term loan
Arrangement 4. General Undertaking
/ Indemnity for letter of Credit 5. Omnibus
Counter Indemnity for Guarantee Limit 6. Agreement Cum
Indemnity for Export Credit 7. Undertaking
for bills purchased / Discounted / Negotiated Inland / Foreign (Clean/
documentary) |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Hypothecation and
charge on all the current assets of the company including stock and book
debts and other movable assets and export bills with title to the goods duly
endorsed in favour of the bank and additional machinery purchased out of the
amount advanced by the bank more specially mentioned / described in the
sanction letter and the agreements annexed herewith |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited, |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
Entry for equitable mortgage of property by deposit of title deeds 27.10.2005 |
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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. |
Additional
security is given by way of mortgage of all that piece or parcel of land
known as Plot No. E – 66 in Waluj Industrial Area, Ranjangaon, Tal.Gangapur,
Dist. Aurangabad, admn. 3840sq.mts, more specifically mentioned in schedule –
B annexed to this agreement, to secure
earlier limits, as mentioned below, alongwith the additional forward contract
Limit of Rs.8.000 millions
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs. 41.01 |
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|
1 |
Rs. 81.74 |
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Euro |
1 |
Rs. 55.04 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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 |
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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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