MIRA
INFORM REPORT
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Report Date : |
29.09.2007 |
IDENTIFICATION DETAILS
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Name : |
UT PUMPS AND SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Flat No. 107, Pratap Bhawan 5 Bahadur Shah, Zafar Marg, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.05.1984 |
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Com. Reg. No.: |
55-18081 |
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CIN No.: [Company
Identification No.] |
U29193DL1984PTC018081 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELU02230E |
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PAN No.: [Permanent
Account No.] |
AAACU3648R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, exporter and supplier of EHR Pumps, Twin Screw Pumps, Triple Screw Pumps,
Cleaning Systems, Lube Oil Systems, Descaling Systems, High Pressure Pumps. |
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 100000 |
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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 experience 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 : |
Flat No. 107, Pratap Bhawan 5 Bahadur Shah, Zafar Marg, |
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Mobile No.: |
91-9313784055 |
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Website : |
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Factory : |
14/7, |
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Tel. No.: |
91-129-2274861/4045831 |
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Fax No.: |
91-129-2275877/2258584 |
DIRECTORS
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Name : |
Mr. Nanak G Sheth |
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Designation : |
Director |
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Address : |
D – 2 A/4, Vasant Vihar, |
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Date of Birth/Age : |
05.07.1941 |
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Date of Appointment : |
28.08.1996 |
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Name : |
Mr. Hari Kishan Pargal |
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Designation : |
Director |
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Address : |
C – 158, Defence Colony, |
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Date of Birth/Age : |
11.09.1928 |
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Date of Appointment : |
03.12.1993 |
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Name : |
Ms. Sadhana Khaitan |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
27.05.1966 |
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Date of Appointment : |
21.10.1989 |
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Name : |
Mr. Satya Narain Mohta |
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Designation : |
Whole Time Director |
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Address : |
House No 1743, Sector 7 E, |
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Date of Birth/Age : |
25.08.1953 |
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Date of Appointment : |
17.05.2005 |
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Name : |
Mr. Praveen C Khurana |
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Designation : |
Whole Time Director |
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Address : |
E 2 E DDA Flats, Munirka, |
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Date of Birth/Age : |
27.02.1949 |
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Date of Appointment : |
05.08.2003 |
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Date of Ceasing : |
17.05.2005 |
KEY EXECUTIVES
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Name : |
Mr. Mahavir P Gattani |
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Designation : |
Company Secretary |
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Address : |
H No 2198, Sector – 16, |
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Date of Birth/Age : |
25.03.1963 |
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Date of Appointment : |
05.08.2003 |
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Date of Ceasing : |
15.10.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sadhana Khaitan |
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60000 |
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Sanman Gems Private Limited |
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100000 |
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Lakshmi Devi Jhawar |
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290000 |
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Total |
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450000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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22.00 |
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Directors or relatives of directors |
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78.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter and supplier of EHR Pumps, Twin Screw Pumps, Triple Screw Pumps,
Cleaning Systems, Lube Oil Systems, Descaling Systems, High Pressure Pumps. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Allahabad Bank N. I. T.
Faridabad |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mahesh Kumar Chartered Accountants |
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Address : |
Room No. 107, Pratap Bhawan, 5 Bahadurshah Zafar Marg, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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580,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.800 Millions |
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2,000 |
Preference Shares |
Rs. 100/- each |
Rs. 0.200 Million |
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Total |
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Rs. 6.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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450,000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.500 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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4.500 |
4.500 |
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2] Share Application Money |
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0.000 |
0.00 |
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3] Reserves & Surplus |
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21.139 |
13.297 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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25.639 |
17.797 |
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LOAN FUNDS |
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1] Secured Loans |
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14.035 |
17.236 |
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2] Unsecured Loans |
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6.000 |
5.000 |
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TOTAL BORROWING |
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20.035 |
22.236 |
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DEFERRED TAX LIABILITIES |
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0.194 |
0.285 |
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TOTAL |
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45.868 |
40.318 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.211 |
24.098 |
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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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9.641 |
13.793 |
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Sundry Debtors |
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47.447 |
40.398 |
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Cash & Bank Balances |
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3.045 |
2.139 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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8.997 |
8.115 |
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Total
Current Assets |
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69.130 |
64.445 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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40.557 |
41.839 |
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Provisions |
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5.916 |
6.386 |
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Total
Current Liabilities |
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46.473 |
48.225 |
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Net Current Assets |
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22.657 |
16.220 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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45.868 |
40.318 |
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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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Debt Equity Ratio (Total Liability/Networth) |
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2.59 |
3.96 |
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Current Ratio (Current Asset/Current Liability) |
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1.49 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80026163 |
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Corporate
identity number of the company |
U29193DL1984PTC018081 |
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Name of the
company |
UT PUMPS AND SYSTEMS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
Flat No. 107, Pratap Bhawan 5 Bahadur Shah, Zafar Marg, |
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Type of charge |
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Particular of charge
holder |
Allahabad Bank N. I. T.
Faridabad |
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Nature of
description of the instrument creating or modifying the charge |
A general letter
of hypothecation dated 19th day of March, 2007 and converge of
mortgage by deposit of title deeds for enhanced credit facilities by way of
cash credit / TL / BG / IBD / LC granted to the company to the tune of Rs.
29.945 Millions i.e. cash credit Rs. 10.000 Millions inland bills discounting
term loan Rs. 5.445 Millions, Bank Guarantee, Rs. 12.000 Millions and letter
of credit Rs. 2.500 Millions |
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Date of
instrument Creating the charge |
19.03.2007 |
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Amount secured by
the charge |
Rs. 29.945
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit @1.5
% below the bank Prime lending rate [which presently 12.5 % per annum] with
monthly rests subject to change by the bank from time to time shall be
calculated on the daily balance. Term Loan : @ 10
% p.a. with monthly rests IBD : as per
banks guidelines from time to time Penal Interest :
2 % p.a. over and above the rate of interest charged for all credit
facilities. Terms of repayment Cash Credit /
letter of credit / IBD / BG : On Demand Term Loan : As
per Existing repayment terms Margin Cash credit : 25
% on fully paid for Stocks and Book Debts Term Loan : as
Existing LC : 10 % by Cash
/ FDR BG : 20 % By Cash
/ FDR Extent operation of the charge Exclusive
hypothecation charge on entire stocks, book debts and all other current
assets and fixed assets, including plant and machinery both present and
future. |
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Short particulars
of the property charged |
Property
measuring 22748 sq. yds situated at |
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Date of latest
modification prior to the present modification |
19.04.2005 |
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Particulars of
the present modification |
Cash credit limit
enhanced from Rs. 7.500 Millions to Rs. 10.000 Millions. Term Loan renewed at
existing level of Rs. 5.445 millions Bank Guarantee enhanced from Rs. 8.000
Millions to Rs. 12.000 Millions and letter of credit Rs. 2.500 Millions |
AS PER WEBSITE
Profile
Subject is a professionally
managed company which was established in the year 1984. Subject is a manufacturer, exporter and supplier of EHR
Pumps, Twin Screw Pumps, Triple Screw Pumps, Cleaning Systems, Lube Oil
Systems, Descaling Systems, High Pressure Pumps. With an aim to
achieve the best possible results and continuous growth, their highly
professional workforce work with utmost passion and skills to deliver
impeccable quality products at most affordable rates. They have an excellent
track record, sound management system and capability to understand the specific
needs of all their clients. They are known in the national and international
market owing to their firm commitments, superlative quality in all their
products, high-level packaging standards, reasonable prices, time bound
shipment and instant response to the demands and queries of all their
customers.
Strength
- A Profound
Infrastructure coupled with innovative and cutting edge technology.
- State of the
art manufacturing unit is complacent with modern and hi-tech machineries.
- Has been
accredited with ISO 9001-2000 certificate for design and manufacturing of
pumps and systems.
- All the
products are manufactured under the stringent control regime adhering to
national and international standards.
- Sophisticated
warehouse having a capacity to store bulk amount of products.
- Efficient and
modern transporting facilities to ensure prompt deliveries to worldwide
customers.
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 |
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US Dollar |
1 |
Rs.39.73 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.56.63 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
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 |
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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54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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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. |
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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