MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNIDENT BRUSHES LIMITED |
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Registered Office : |
Plot No 210 Village Lunata Padra, District Vadodara – 391440, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.07.1995 |
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Com. Reg. No.: |
04-26695 |
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CIN No.: [Company
Identification No.] |
U35119GJ1995PLC026695 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Tooth Brush |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 260000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Trade relations are fair. Payments are reported as slow but correct.
The company can be considered for normal business dealings at usual
trade terms and conditions with some caution. |
LOCATIONS
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Registered Office : |
Plot No 210 Village Lunata Padra, District Vadodara – 391440, Gujarat,
India |
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Corporate Office : |
B 15-16 Ramin Park, Shubhaag, Old Padra Road, Vadodara – 390020,
Gujarat, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Harshad Maneklal Parikh |
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Designation : |
Director |
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Address : |
101-102, Shree Avenue, 2 Saptarshi Colony, B/H ABS Towers, O. P. Road,
Vadodara – 390007, Gujarat, India |
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Date of Birth/Age : |
05.08.1940 |
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Date of Appointment : |
13.07.1995 |
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Name : |
Mr. Sethumadhavan T. Sekharant |
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Designation : |
Director |
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Address : |
17/B, Jayashree Park, Near Chanakyapuri, New Sama Road, Vadodara –
390008, Gujarat |
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Date of Birth/Age : |
12.06.1947 |
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Date of Appointment : |
13.07.1995 |
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Name : |
Mr. Sailendrakumar Khanchand Moolwaney |
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Designation : |
Director |
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Address : |
B – 44, Samrajya Society, Akota, Vadodara, Gujarat |
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Date of Birth/Age : |
07.11.1950 |
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Date of Appointment : |
27.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2006
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Names of Shareholders |
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No. of Shares |
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Harshad Maneklal Parikh |
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75 |
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Sethumadhavan T. Sekharant |
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84 |
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Geeta Amit Goradia |
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1481117 |
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Mohandas Goradia |
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1 |
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Amigo Securities Private Limited |
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123451 |
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Pradip J Shah |
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10 |
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Suhrud Amit Goradia |
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97634 |
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Subir Amit Goradia |
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97634 |
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Riddhi Nikhil Goradia |
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49997 |
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Lavanya Nikhil Goradia |
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49997 |
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Total |
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1900000 |
AS ON 30.09.2006
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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6.00 |
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Other top fifty shareholders |
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94.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Tooth Brush |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Brush |
No. in Millions |
NA |
46.742 |
32.717 |
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GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shripad Deshpande Chartered Accountants |
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Address : |
5, Monalisa Apartments, 48, Nutan Bharat Society, Baroda – 390007,
Gujarat, India |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1900000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.000 Millions |
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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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19.000 |
19.000 |
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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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33.046 |
35.769 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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52.046 |
54.769 |
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LOAN FUNDS |
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1] Secured Loans |
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30.795 |
24.384 |
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2] Unsecured Loans |
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33.769 |
23.090 |
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TOTAL BORROWING |
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64.564 |
47.474 |
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DEFERRED TAX LIABILITIES |
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0.664 |
0.972 |
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TOTAL |
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117.274 |
103.215 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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27.361 |
29.869 |
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Capital work-in-progress |
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0.260 |
0.000 |
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INVESTMENT |
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3.850 |
3.850 |
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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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4.089 |
2.685 |
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Sundry Debtors |
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30.098 |
13.409 |
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Cash & Bank Balances |
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0.012 |
0.068 |
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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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130.775 |
114.345 |
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Total
Current Assets |
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164.974 |
130.507 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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67.811 |
58.023 |
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Provisions |
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11.364 |
3.000 |
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Total
Current Liabilities |
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79.175 |
61.023 |
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Net Current Assets |
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85.799 |
69.484 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.012 |
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TOTAL |
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117.274 |
103.215 |
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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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89.299 |
140.759 |
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Job Work Income |
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3.798 |
0.934 |
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Other Income |
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2.876 |
1.936 |
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Total Income |
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95.973 |
143.629 |
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Profit/(Loss) Before Tax |
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[3.692] |
4.573 |
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Provision for Taxation |
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[0.969] |
0.563 |
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Profit/(Loss) After Tax |
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[2.723] |
4.010 |
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Imports : |
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Capital Goods |
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1.033 |
0.055 |
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Raw Materials |
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4.955 |
11.942 |
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Stores & Spares |
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1.481 |
0.038 |
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Total Imports |
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7.469 |
12.035 |
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Expenditures : |
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Raw Material Consumed |
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28.714 |
47.136 |
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Packing Material Consumed |
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17.952 |
24.975 |
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Direct Expenses |
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30.334 |
39.744 |
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Administrative Expenses |
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12.968 |
13.181 |
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Increase/(Decrease) in Finished Goods |
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(1.268) |
0.863 |
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Financial Charges |
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5.429 |
6.476 |
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Depreciation & Amortization |
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5.494 |
6.681 |
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Other Expenditure |
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0.041 |
0.000 |
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Total Expenditure |
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99.664 |
139.056 |
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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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[2.84] |
2.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[4.13] |
3.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[1.92] |
2.85 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.07] |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.76 |
1.98 |
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Current Ratio (Current Asset/Current Liability) |
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2.08 |
2.14 |
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 modified |
10025192 |
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Corporate
identity number of the company |
U35119GJ1995PLC026695 |
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Name of the
company |
UNIDENT BRUSHES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No 210 Village Lunata Padra, District Vadodara – 391440, Gujarat,
India |
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Type of charge |
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Particular of
charge holder |
Industrial Development Bank of India Limited IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Memorandum of Entry executed on 10.01.2007 by Deposit of Title Deeds and Land
and Building, as additional security on the existing charge of hypothecation
of Plant and Machinery, for credit facility granted by Industrial Development
Bank of India Limited Vadodara for thte FB and NFB facilities of Rs. 35
Millions |
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Date of
instrument Creating the charge |
10.01.2007 |
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Amount secured by
the charge |
Rs. 35.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Term Loan :
BPLR – 0.50 % p.a. Presently 11.50 % payable monthly Terms of
Repayment Fund based Term
Loan of Rs. 25.000 Millions Repayment in 24 months installment after 12
months moratorium for Non Fund based limit of Rs. 10.000 Millions as
stipulated in the sanction letter. Margin Nil Extent and
Operation of the charge All Present and
Future Movable Fixed Assets and Land and Building situated at Plot No. 210 Village
Luna, Taluka Padra Dist. Vadodara for the Credit facilities of Rs. 35.000
Millions granted by IDBI Limited |
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Short particulars
of the property charged |
All Present and
Future Movable Fixed Assets and Land and Building situated at Plot No. 210 Village
Luna, Taluka Padra Dist Vadodara for the Credit facilities of Rs. 35.000
Millions granted by IDBI Limited |
Fixed Assets
- Land
- Factory Building
- Plant and Machinery
- Compressor
- Electrical Installation
- Pollution Control Equipments
- Air Conditioner
- Fire Extinguisher
- Computer
- Office Equipments
- Material Handling Equipments
- Mould and Dies
- Furniture and Fixture
- Camera
- Vehicles
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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UK Pound |
1 |
Rs. |
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Euro |
1 |
Rs. |
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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