MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
UNITED ELECTROTEX PRIVATE LIMITED |
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Registered Office : |
No. 11/11-A,, Channigappa Industrial Estate, Vishwaneedam Post, Sunkadakatte,
Magadi Road, Bangalore – 560091, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
06.11.1991 |
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Com. Reg. No.: |
08-12477 |
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CIN No.: [Company
Identification No.] |
U31101KA1991PTC012477 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRU00196A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and Exporter of Ready Made Garments. |
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 12000 |
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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 : |
No. 11/11-A,, Channigappa Industrial Estate, Vishwaneedam Post,
Sunkadakatte, Magadi Road, Bangalore – 560091, Karnataka, India |
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Tel. No.: |
91-80-23485123 / 23489906 |
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Mobile No.: |
91-9900249254 / 8056735121 |
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Fax No.: |
91-80-23483096 |
DIRECTORS
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Name : |
Mr. Ananthram |
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Designation : |
Chairman cum Managing Director |
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Address : |
B-203 Ranka Corner, |
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Date of Birth/Age : |
04.09.1958 |
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Date of Appointment : |
06.11.1991 |
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Name : |
Mr. Peter |
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Designation : |
Director |
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Address : |
45, 13th Cross, Indiranagar, 2nd Stage, |
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Date of Birth/Age : |
20.11.1961 |
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Date of Appointment : |
06.11.1991 |
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Date of Appointment : |
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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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Mr. Ananthram Swaminathan |
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3010 |
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Mr. Peter Susainathan |
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2010 |
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Mr. Swamchathan |
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2010 |
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Total |
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7030 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Ready Made Garments. |
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Products : |
Readymade Garments, Pants, Dresses, Shirt, Jackets etc. |
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Exports : |
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Countries : |
Europe and |
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Imports : |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 |
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Bankers : |
Canara Bank Town Hall Branch,
51, Stock Exchange Towers, J C Road, Bangalore – 560027, Karnataka, India State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prakash and Thiagarajan Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7030 |
Equity Shares |
Rs. 10/- each |
Rs. 0.703
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.703 |
0.703 |
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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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2.527 |
1.712 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.230 |
2.415 |
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LOAN FUNDS |
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1] Secured Loans |
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5.533 |
6.556 |
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2] Unsecured Loans |
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-- |
-- |
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TOTAL BORROWING |
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5.533 |
6.556 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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8.763 |
8.971 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.075 |
2.043 |
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Capital work-in-progress |
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0.000 |
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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5.472 |
8.427 |
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Sundry Debtors |
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2.580 |
2.479 |
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Cash & Bank Balances |
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2.855 |
0.550 |
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Other Current Assets |
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0.300 |
0.300 |
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Loans & Advances |
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2.093 |
2.936 |
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Total
Current Assets |
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13.300 |
14.692 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.612 |
7.764 |
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Provisions |
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Total
Current Liabilities |
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8.612 |
7.764 |
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Net Current Assets |
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4.688 |
6.928 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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8.763 |
8.971 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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53.000 |
26.000 |
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Profit/(Loss) Before Tax |
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0.816 |
[0.447] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.816 |
[0.447] |
KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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1.54 |
1.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.54 |
1.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.70 |
2.67 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.38 |
5.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.54 |
1.89 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
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Name of the
company |
UNITED
ELECTROTEX PRIVATE LIMITED |
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Presented By |
UNITED
ELECTROTEX PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
28.08.1999 Common
Hypothecation Agreement |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 10.500
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 stocks of
goods such as raw materials, goods in process finished and manufactured goods
and other items of stocks in trade, stores, spares etc. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest @ 4.33 %
p.a. above CBPLR compounded quarterly. |
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5) Name and
Address and description of the person entitled to the charge. |
Canara Bank Town Branch |
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6) Date and brief description of instrument
modifying the charge |
27.10.2005 Letter From Bank |
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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. |
Working Capital
Limits Reduced from Rs. 13.250 Millions to Rs. 9.250 Millions [PC 6.250
Millions : FDB Rs. 2.000 Millions & GTE Rs. 1.000 Millions] All other terms,
conditions and securities continues. |
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Corporate
identity number of the company |
U31101KA1991PTC012477 |
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Name of the
company |
UNITED ELECTROTEX PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 11/11-A,, Channigappa Industrial Estate, Vishwaneedam Post, Magadi
Road, Bangalore – 560091, Karnataka |
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This form is for |
Modification of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Canara Bank Town Hall Branch 51, |
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Amount secured by
the charge |
Rs. 10.500
Millions |
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Description of the
property charged indicating whether it is a charged on |
Stock in Trade |
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Particulars of
the property charged |
All stocks of
goods such as raw materials, goods in process finished and manufactured goods
and other items of stocks in trade
stores, spares etc. |
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Charge
identification number of the charge to be modified |
90197590 |
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Brief description
of the instrument modifying the charge under section 135 |
Letter from bank |
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Date of
instrument modifying the charge |
06.05.2006 |
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Particulars of
the present modification |
Limit reduced
from 16.750 millions to Rs. 13.750 Millions [ PC 6.250 Millions : FDB Rs.
2.000 Millions & GTE Rs. 1.000 Millions TL : Rs. 4.500 Millions] All
other terms, conditions and securities continues. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
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 |
YES |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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