MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNITEC FIBRES PRIVATE LIMITED |
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Registered Office : |
Flat No. 003, Building No. 8, Oshiwara Mhada Complex, Andheri [West],
Mumbai – 400053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.02.2005 |
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Com. Reg. No.: |
11-151224 |
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CIN No.: [Company
Identification No.] |
U17120MH2005PTC151224 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU04442E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Recyled Polyester Staple
Fiber 3-15 Denier Soild / Hollow In Dry / Siliconised Finish and Pet Strapping
For Packaging Application |
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 36000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is having moderate track. Trade relations are fair. Profit
margin is under severe pressure. Trade relations are fair. The company can be considered for small to mediocre business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Flat No. 003, Building No. 8, Oshiwara Mhada Complex, Andheri [West],
Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91-22-26348469 / 8470 / 8482 |
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Fax No.: |
91-22-26348475 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Nishi Choubey |
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Designation : |
Director |
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Address : |
B-11, Katrak Road, Central Excise Custom Quarter, Wadaka West, Mumbai
– 400031, Maharashtra, India |
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Date of Birth/Age : |
05.07.1969 |
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Date of Appointment : |
01.07.2007 |
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Name : |
Mr. Virander Behl |
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Designation : |
Director |
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Address : |
112, Santosh Tower, Lokhandwala Complex, Andheri West, Mumbai –
400053, Maharashtra, India |
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Name : |
Mrs. Devina Behl |
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Designation : |
Director |
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Address : |
112, Santosh Tower, Lokhandwala Complex, Andheri West, Mumbai – 400053,
Maharashtra, India |
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Name : |
Mrs. Vibha Behl |
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Designation : |
Director |
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Address : |
112, Santosh Tower, Lokhandwala Complex, Andheri West, Mumbai –
400053, Maharashtra, India |
KEY EXECUTIVES
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Name : |
Shetty and Associates |
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Designation : |
Company Secretary |
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Address : |
605, Vastu Riddhi ‘A’, Shree Vastu Enclave, Rajmata Jijabai Marg, Pump
House, Andheri [East], Mumbai – 400093 |
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Tel No.: |
91-22-24593264 / 28322777 |
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Fax No.: |
91-22-28322780 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Virander Behl |
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3500 |
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Devina Behl |
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3500 |
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Vibha Behl |
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3500 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Recyled Polyester Staple Fiber
3-15 Denier Soild / Hollow In Dry / Siliconised Finish and Pet Strapping For
Packaging Application |
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Exports : |
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Countries : |
Italy,
Germany, Poland, Malaysia, Egypt, U. A. E and K. S. A |
GENERAL
INFORMATION
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Bankers : |
Bank of Baroda Bandra [West] Branch, Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hmmalik Chartered Accountants |
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Address : |
8/A, Jyoyo Building Dnnagar, Andheri [West], Mumbai – 400053,
Maharashtra, India |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
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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1,000,000 |
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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31.03.2007 |
31.03.2006 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[1.021] |
0.000 |
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NETWORTH |
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8.979 |
10.000 |
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LOAN FUNDS |
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1] Secured Loans |
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31.239 |
22.346 |
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2] Unsecured Loans |
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5.876 |
7.275 |
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TOTAL BORROWING |
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37.115 |
29.621 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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46.094 |
39.621 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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39.989 |
39.559 |
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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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0.512 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.321 |
4.059 |
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Sundry Debtors |
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5.030 |
0.000 |
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Cash & Bank Balances |
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0.808 |
1.618 |
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Other Current Assets |
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1.732 |
0.882 |
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Loans & Advances |
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8.154 |
0.729 |
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Total
Current Assets |
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28.045 |
7.288 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.902 |
7.642 |
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Provisions |
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1.883 |
0.000 |
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Total
Current Liabilities |
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22.785 |
7.642 |
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Net Current Assets |
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5.260 |
[0.354] |
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MISCELLANEOUS EXPENSES |
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0.333 |
0.416 |
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TOTAL |
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46.094 |
39.621 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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113.364 |
0.046 |
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Profit/(Loss) Before Tax |
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[1.456] |
0.000 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[1.456] |
0.000 |
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Total Earnings |
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100.008 |
-- |
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Expenditures : |
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Interest |
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1.480 |
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Depreciation & Amortization |
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6.837 |
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Other Expenditure |
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106.503 |
0.046 |
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Total Expenditure |
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114.820 |
0.046 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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[1.28] |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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[1.28] |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[2.14] |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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[0.16] |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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6.67 |
3.73 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
0.95 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
UNITEC FIBRES
PRIVATE LIMITED |
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Presented By |
Bank of Baroda Bandra [West]
Branch, Mumbai |
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1) Date and description of instrument creating the change |
Composite Hypothecation agreement dated 27.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 33.500
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 |
The whole of the
borrower’s stocks, both present and future and including but without
prejudice to the generality of the foregoing words, all stocks of raw
materials, work in process, semi finished goods such as Polyester Pop Corn,
Flakes and Polyester Fibre, packing materials and stores etc. Whatsoever and
wheresoever situated and or in transit whether now belonging to or that may
at any time during the continuance of this security belong to the borrower or
that may be held by any party anywhere to the order and disposition of the
borrower. All the present
and future book debts, outstanding, monies receivables, claims, bills,
contracts, engagements and securities which are now due and owing or which
may at any time hereafter during the continuance of this security become due
and owing to the borrower in the course of its business by any person, firm,
company or body corporate or by the Government of the Indian Railway or any
Government Department or office or any Municipal or Local or Public or Semi
government body or authority whatsoever including those relating to the
assets leased out or given on hire purchase basis. All the tangible
movable machinery and plant and cranes, vehicles or the borrower together
with spares, tools an accessories and other movables, both present and future
and furniture and fixture and fitting and office Equipment whether installed
or not and whether lying loose or in cases which are now lying or stored in
or about or shall be brought into or be stored or be in or upon or about the
Borrower’s premises and godowns or wherever else the same may be or be held
by any party to the order or disposition of the borrower relating or
pertaining to the borrower’s works at E – 56/57, MIDC |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Charge is
created to secure following credit facilities together with interest /
commission and margin as stated below :
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Bandra [West] Branch, Mumbai |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.38 |
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UK Pound |
1 |
Rs.77.48 |
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Euro |
1 |
Rs.58.38 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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29 |
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 |
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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 |
|
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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