MIRA
INFORM REPORT
|
Report Date : |
14.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNITECH ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Survey No. 217, Plot No. 2, Veraval (Shapar), Rajkot – 360 024,
Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
21.01.1995 |
|
|
|
|
Com. Reg. No.: |
04-24423 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74210GJ1995PTC024423 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Engineering Parts |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 140000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. General financial position is good. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Vinod |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K P Nanada |
|
Mobile No.: |
91-9377770666 |
|
Date : |
08.07.2008 |
LOCATIONS
|
Registered Office : |
Survey No. 217, Plot No. 2, Veraval (Shapar), Rajkot – 360 024,
Gujarat, India |
|
Tel. No.: |
91-281-2368513 / 2373671 |
|
Fax No.: |
91-281-2363965 |
|
Website : |
|
|
Area : |
20000 Sq.fts |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
“PARTH” 9-Mani Nagar, Mavdi Road Plot, Rajkot – 360004, Gujarat, India |
|
Tel. No.: |
91-281-2368513 |
|
Fax No.: |
91-281-2363965 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
20000 Sq.fts |
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No.217, Plot No.2, Verval (Shapar) Road, Rajkot. – 360004, Gujarat, India |
|
Tel. No.: |
91-2827-252861 |
|
Fax No.: |
91-2827-252862 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Mangrolia Vasant L. |
|
Designation : |
Director |
|
Address : |
Shri Sadguru Tower, A-2, Rajkot– 360 024, Gujarat, India |
|
Date of Birth/Age : |
06.04.1965 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
11.10.1997 |
|
|
|
|
Name : |
Mr. Vekaria Madhubhai N |
|
Designation : |
Director |
|
Address : |
“Gopinath”, 4, Parnkutir Soc., Rajkot– 360 024, Gujarat, India |
|
Date of Birth/Age : |
02.08.1960 |
|
Date of Appointment : |
11.10.1997 |
|
|
|
|
Name : |
Mr. Vekaria Vinubhai N |
|
Designation : |
Director |
|
Address : |
“Gopinath”, 4, Parnkutir Soc., Rajkot– 360 024, Gujarat, India |
|
Date of Birth/Age : |
01.06.1969 |
|
Date of Appointment : |
11.10.1997 |
|
|
|
|
Name : |
Mr. Vinod Vakaria |
|
Designation : |
Director |
|
Qualification : |
B. Com |
KEY EXECUTIVES
|
Name : |
Dipak Rachchha and Company |
|
Designation : |
Company Secretary |
|
Address : |
401 Akshat Tower, Opposite Rajpath Club, Sarkhej – Gandhinagar
Highway, Ahmedabad – 380 054, Gujarat, India |
|
Tel No.: |
91-79-40030884 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 31.03.2007) |
No. of Shares |
|
Mrs. Vekaria Madhubhai N |
111000 |
|
Mrs. Vekaria Manjulaben R |
31500 |
|
Mr. Vekaria Vinubhai N |
90000 |
|
Mr. Mangrola Vasantbhai L |
137500 |
|
Total |
370000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
|
Directors or relative of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Engineering Parts |
|
|
|
|
Products : |
Feed Roller, NIP Roller, Cam Inseri and Job Work |
|
|
|
|
Exports : |
|
|
Products : |
Auto Parts |
|
Countries : |
Europe |
|
|
|
|
Imports : |
|
|
Products : |
Machinery |
|
Countries : |
Korea |
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
L/C, Cash |
GENERAL
INFORMATION
|
Customers : |
Wholesalers Domestic · Lombardini Fabrica · Italian Motori S.P.A., Italy · Ruggerini Motori S.P.A., Italy · Hatz Gmbh and Co, Germany · Same Tractor S.P.A., Italy · Gestra, Germany · NAF-AB, Sweden · Edward Vogt Valve CO., U.S.A. · Brevini Fluid Power S.P.A., ITALY · S. A. M. Hydraulik S. P. A., ITALY · Bucher Hydraulics, ITALY · Comer Industries, ITALY Overseas · Mahindra and Mahindra Limited. · Mahindra Gujarat Tractor Limited. · Bajaj Tempo Limited. · Intricast Private Limited. · International Tractor Limited. · Ministry of Defence · Himson Textiles Limited. · FAG Precision Bearings Limited. · Audco India Limited. · Alidhra Machines Limited. · Eicher DEMM Limited. · Swaraj Engines Limited. · Indofarm Tractors and Motors Limited. · Standard Tractors ·
Lombardini India Private Limited |
|
|
|
|
No. of Employees : |
110 - 10 (Office) and 100 (Factory) |
|
|
|
|
Bankers : |
· State Bank of Saurastra, Mavdi Plot Branch, Rajkot-360 002, Gujarat, India · Corporation Bank · ICICI Bank Limited · IDBI Limited · HDFC Bank |
|
|
|
|
Facilities : |
L/C – Rs. 10.000 millions (State Bank of Saurashtra) |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Finava and Associates Chartered Accountant |
|
Address : |
34, Second Floor, Star Shopping Center, 20 New Jagnath,
Dr. Yagnik Road, Rajkot – 360 001, Gujarat, India |
|
Tel. No.: |
91-281-466571 / 465409 / 2463488 |
|
Fax No.: |
91-281-465409 |
|
|
|
|
Associates/Subsidiaries : |
Unitech Address : Survey No. 217, Plot No. 2, Veraval (Shapar), Rajkot – 360
024, Gujarat, India Activity : Manufacturer of Engineering Parts |
CAPITAL STRUCTURE
(As on
31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
370000 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.700
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.700 |
3.700 |
3.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24.289 |
23.427 |
21.792 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27.989 |
27.127 |
25.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5.923 |
1.476 |
3.436 |
|
|
2] Unsecured Loans |
4.829 |
3.152 |
4.457 |
|
|
TOTAL BORROWING |
10.752 |
4.628 |
7.893 |
|
|
DEFERRED TAX LIABILITIES |
0.827 |
0.921 |
1.503 |
|
|
|
|
|
|
|
|
TOTAL |
39.568 |
32.676 |
34.888 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16.154 |
17.935 |
19.439 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.570
|
6.127 |
4.798 |
|
|
Sundry Debtors |
8.737
|
10.434 |
14.797 |
|
|
Cash & Bank Balances |
2.919
|
2.841 |
4.305 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.997
|
2.242 |
1.748 |
|
Total
Current Assets |
29.223
|
21.644 |
25.648 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
5.009
|
6.243 |
9.003 |
|
|
Provisions |
0.800
|
0.660 |
1.200 |
|
Total
Current Liabilities |
5.809
|
6.903 |
10.203 |
|
|
Net Current Assets |
23.414
|
14.741 |
15.445 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
|
|
|
|
|
|
|
|
TOTAL |
39.568 |
32.676 |
34.888 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
30.109 |
31.841 |
34.720 |
|
|
Other Income |
0.680 |
0.602 |
0.762 |
|
|
Total Income |
30.789 |
32.443 |
35.482 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1.598 |
1.719 |
5.134 |
|
|
Provision for Taxation |
0.705 |
0.409 |
1.723 |
|
|
Profit/(Loss) After Tax |
0.893 |
1.310 |
3.411 |
|
|
|
|
|
|
|
|
Export Value |
9.864 |
20.413 |
NA |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges |
0.888 |
0.892 |
0.725 |
|
|
Depreciation & Amortization |
2.968 |
3.310 |
3.893 |
|
|
Other Expenditure |
25.335 |
26.522 |
25.730 |
|
Total Expenditure |
29.191 |
30.724 |
30.348 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
2.90
|
4.04 |
9.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.31
|
5.40 |
14.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
4.34 |
11.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.59
|
0.43 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.04
|
3.14 |
2.51 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
UNITECH ENGINEERING PRIVATE LIMITED |
|
Presented By |
Mr. Vinubhai N Vekaria |
|
1) Date and description of instrument creating the change |
Memorandum of
deposit of title deeds date :11.02.1998 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
millions |
|
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 |
Land and
Building, of plant No. 2 of Veraval (Shapar), Survey No. 217 at veraval
(shapar), Ta. Kotda Sangani. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
·
Rate of
Interest As may be determined by bank · MM: 15.34 % ·
Margin : 25% against stocks 50% against Book Debts ·
Floating
Charge over stocks Movable, Book Debts and others ·
E M of
Immovable Property |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
Saurashtra, Mavdi Plot, Rajkot-360 004 Gujarat, India |
|
Corporate
identity number of the company |
U74210GJ1995PTC024423 |
||||||||||
|
Name of the
company |
UNITECH
ENGINEERING PRIVATE LIMITED |
||||||||||
|
Address of the
registered office or of the principal place of business in India of the company |
“PARTH” 9-Mani Nagar, Mavdi Road Plot, Rajkot – 360004, Gujarat, India |
||||||||||
|
This form is for |
Creation of
charge |
||||||||||
|
Type of charge |
· Book Debts · Movable Property · Others |
||||||||||
|
Particular of
charge holder |
State Bank of
Saurashtra Address : Mavdi
Plot Branch, 4 Mavdi Plot, Rajkot- 360 002, Gujarat, India E-Mail: rjt.mavd@sbs.co.in |
||||||||||
|
Nature of
instrument creating charge |
General agreement
for the grant of Medium Term Advances to small scale industries and
hypothecation of movable, Book Debts and Other Assets. |
||||||||||
|
Date of
instrument Creating the charge |
07.08.2007 |
||||||||||
|
Amount secured by
the charge |
Rs. 6.000
millions |
||||||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : 1.25% over S B Advance
Rate, minimum 14.50% p.a with quarterly rests, subject to change from time to
time. Terms of Repayment : Within 20
Quarterly Installments of Rs. 0.030 million, First installments to commence
from 05.11.2007. Margin :
Extent and Operation of the charge : The Charge shall
remain in operation till full repayment of all outstanding dues to the bank with
interest and other charges, if any. Others : Nature of
Facility : Medium Term Loan |
||||||||||
|
Short Particulars
of the property charged |
Hypothecation of
all types of raw materials, work in process, Finished goods consisting of tractor
Auto parts, etc both present and future, Book debts, Machineries, movables
and other current assets, present And future as per copy of Agreement attached herewith. |
WEBSITE DETAILS;-
Subject was incorporated as a Private Limited
Company on January 31, 1995 with Registrar of Companies, Gujarat (India) at
Ahmedabad having registration No. 04-24423 of 1995-96.
The company
commenced it's operation of production in January 10, 1996 and has achieved a
commendable position as a leading manufacture.
Subject have been experienced with advanced technology in manufacturing by
skillful and experienced professional with harmony under one roof with an
ambition of market capture. The couple pave their business more strength with
the unique team sprit.
The Company has
been increasing in all objects since its incorporation with an unbelievable
position. They are increasing their products in wide ranges with high quality
and reliability by giving great interest to satisfy ever-increasing requirements
of the valued customers.
Subject are fortunate,
having customers within the country and abroad and being fulfilled their
aspiration.
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.42.72 |
|
UK Pound |
1 |
Rs.84.42 |
|
Euro |
1 |
Rs.67.38 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|