MIRA
INFORM REPORT
|
Report Date : |
13.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNITECH MACHINES LIMITED |
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Registered Office : |
806, Devika Tower, 6 Nehru Place, New Delhi – 110 019 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.02.1986 |
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Com. Reg. No.: |
55-23498 |
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CIN No.: [Company
Identification No.] |
U34300DL1986PLC023498 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELU02048E |
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PAN No.: [Permanent
Account No.] |
AAACU0313P |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Automotive Parts such as Lighting and Signals, Dies, Extension Rod, Piping and Boilers Parts, Jigs, Fixtures, Tank, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1093552 |
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Status : |
Good |
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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 fine track.
Available information indicates high financial responsibility of the company.
Fundamentals are strong and healthy. General financial possibility is
satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
806, Devika Tower, 6 Nehru Place, New Delhi – 110 019 |
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E-Mail : |
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Website : |
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Corporate Office : |
“Oshu House”, 344/3 Lado Sarai, New Delhi – 110 030, India |
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Tel. No. |
91-11-26850504 / 26528739 / 26528743 / 28533475 |
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Fax No. |
91-11-26850505 / 29523505 |
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E-Mail |
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Website |
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Area : |
1000 sq. ft. |
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Location : |
Leased |
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Head Office : |
Plot
No 35 P, Sector-44, Gurgaon-122002, Haryana, India |
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Tel. No.: |
91-124- 4326555 / 4326444 |
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Fax No.: |
91-124-4326500,4326400 /4326400/4326500 |
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E-Mail : |
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Websites: |
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Factory : |
10th
K. M., Delhi Road, Saharanpur – 247 451, Uttar Pradesh, India |
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Tel. No.: |
91-132-2760347 |
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Fax No.: |
91-132-2760346 |
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Tele Fax No.: |
91-1336246212-15 |
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Area : |
4000 sq.mtrs. |
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Location : |
Owned |
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Administrative Office: |
176, Old Hamida Yamuna Nagar-135001, Haryana, India |
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Tel. No.: |
91-1732-641781/82 |
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Fax No.: |
91-1732-260175 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Verinder Kumar Chhabra |
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Designation : |
Director |
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Address : |
60 Prakriti Marg, Mehrauli Gurgaon Road, Delhi – 110 030, India |
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Date of Birth/Age : |
11.06.1949 |
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Qualification : |
Diploma in Electrical Engineering |
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Experience : |
34 Years |
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Date of Appointment : |
28.02.1986 |
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Name : |
Mr. Jatinder Kumar Mehta |
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Designation : |
Director |
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Address : |
C -762 , New Friends Colony, Delhi – 110 065, India |
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Date of Birth/Age : |
11.04.1949 |
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Date of Appointment : |
12.10.1990 |
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Name : |
Mr. Arvind Kapoor |
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Designation : |
Director |
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Address : |
181-C, Western avenue Sainiik Farms New Delhi – 110 062, India |
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Date of Birth/Age : |
05.07.1950 |
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Date of Appointment : |
23.10.1987 |
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Name : |
Mr. Krishan Kumar Jajoo |
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Designation : |
Director |
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Name : |
Mr. G. D. Dutta |
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Designation : |
Director |
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Name : |
Mr. Pawan Kant Munjal |
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Designation : |
Director |
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Name : |
Mr. Sushant Chhabra |
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Designation : |
Director |
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Address : |
60 Prakriti Marg, Mehrauli Gurgaon Road, Delhi – 110 030, India |
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Date of Birth/Age : |
26.06.1974 |
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Date of Appointment : |
03.09.2004 |
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Name : |
Mrs. Nargis Malik |
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Designation : |
Director |
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Address : |
Rainbow School Compound, Chander Nagar , Saharanpur – 247 001, Uttar Pradesh, India |
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Date of Birth/Age : |
08.04.1939 |
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Date of Appointment : |
08.12.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Jagdish Dwivedi |
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Designation : |
Company Secretary |
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Address : |
SD – 92 Shastri Nagar, Ghaziabad – 201 002, Uttar Pradesh, India |
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Date of Birth/Age : |
04.11.1970 |
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Date of Appointment : |
11.10.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 30.09.2005) |
|
No. of Shares |
|
Sab Holdings India Private Limited |
|
244770 |
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Mr. V K Chabbra |
|
296630 |
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Mr. Sushant Chhabra |
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294000 |
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Mr. Bala Chhabra |
|
90000 |
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Gessup Logistics And Finance Private Limited |
|
84000 |
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Mr. J K Mehta |
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100 |
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Mr. M K Agnihotri |
|
100 |
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Mr. S P Saini Mr. S K Gupta |
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100 |
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Mr. Suresh Shetty |
|
100 |
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Mrs. Renu Munjal |
|
100 |
Equity Shares Breakup (Percentage of Total Equity): (As on 30.09.2005)
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
32.55 |
|
2 |
Directors or relative of directors |
67.40 |
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3 |
Other top fifty (50) shareholders |
0.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Automotive Parts such as Lighting and Signals, Dies, Extension Rod, Piping and Boilers Parts, Jigs, Fixtures, Tank, etc. |
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Products : |
· Lighting and Signals · Fire Fighting Systems · Tanks |
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Terms : |
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Selling : |
Contract or Credit (30 days) terms. |
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Purchasing : |
Cash. L/C or Credit (30 days) terms. |
GENERAL INFORMATION
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Customers : |
Manufacturers and ·
Hero Honda Motors Limited ·
Hero Motors Limited. - GZB. ·
Majestic Auto Limited - LDH ·
Escorts Yamaha Motors Limited - Surajpur ·
Kinetic Motors - Indore ·
LML Limited - Kanpur |
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No. of Employees : |
Around 250 |
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Bankers : |
· Bank of India, New Delhi · Citi Bank N. A. · Corporation Bank Address:
Industrial Finance Branch,. 16/10, 1st Floor, Main Arya Samaj
Road, New Delhi – 110 005, India |
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Financial
Institutions: |
Hero Honda Finlease Limited 34 Community Centre Basant Lokvasant Lok, Vasan VIhar, New Delhi – 110 057, Delhi, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
P. R. Kumar & Company Chartered Accountants |
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Address : |
U2 Green Park, New Delhi – 110 016, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital : (As on 30.09.2006):-
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs.150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6060000 |
Equity Shares |
Rs. 10/- each |
Rs.60.600
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
10.100 |
10.100 |
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2] Share Application Money |
|
74.150 |
57.600 |
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3] Reserves & Surplus |
|
189.138 |
131.173 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
273.388 |
198.873 |
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LOAN FUNDS |
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1] Secured Loans |
|
368.806 |
379.500 |
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2] Unsecured Loans |
|
188.010 |
148.922 |
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TOTAL BORROWING |
|
556.816 |
528.422 |
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DEFERRED TAX LIABILITIES |
|
57.055 |
43.655 |
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TOTAL |
|
887.259 |
770.950 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
430.092 |
371.498 |
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Capital work-in-progress |
|
133.838 |
57.439 |
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INVESTMENT |
|
11.469 |
11.404 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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119.164 |
118.246 |
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Sundry Debtors |
|
446.570 |
421.253 |
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Cash & Bank Balances |
|
63.408 |
49.222 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
291.716 |
237.085 |
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Total
Current Assets |
|
920.858 |
825.806 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
552.780 |
477.578 |
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Provisions |
|
56.268 |
17.695 |
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Total
Current Liabilities |
|
609.048 |
495.273 |
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Net Current Assets |
|
311.810 |
330.533 |
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MISCELLANEOUS EXPENSES |
|
0.050 |
0.076 |
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TOTAL |
|
887.259 |
770.950 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.26 |
5.15 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.51 |
1.67 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U34300DL1986PLC023498 |
|
Name of the company |
UNITECH MACHINES LIMITED |
|
Address |
“Oshu House”, 344/3 Lado Sarai, New Delhi – 110 030, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable Property · Movable Property · Book Debts |
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Particular of the charge holder
|
Corporation Bank Address: Industrial Finance Branch,. 16/10,
1st Floor, Main Arya Samaj Road, New Delhi – 110 005, India Email ID: cb447@corpbank.co.in |
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Nature or description of the instrument creating charge |
Sixth supplementary common deed of
hypothecation of movable assets / debts |
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Date of the instrument creating charge |
01.11.2007 |
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Amount Secure by the charge |
Rs. 1070.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : Cash Credit (Hypothecation stocks and book debts) :13.00% p.a at
present subject to revision from time to time rising or falling therewith the bank may determine
to change from time to time and also long as the principal or part thereof remain unpaid. Inland / Import LC (DA/ DP) Commission 50% of applicable
charges. Bank guarantee Commission 50% of applicable charges. Terms of repayment: AS per sanction letter Margin: As per sanction terms i.e Inventory -25 % and book debts -30% extent and operation of the Charge: 1st pari passu Charge by way of hypothecation of entire C/A
of the Company (Inventory, book debts and C/A) along with Yea Bank and
Standard Chartered Bank 2nd Charge on F/A of the company along with other working
capital lenders except veh, pent house at Gurgaon financed by Citi Bank and
assets acquired under finance from Hero Honda Fin Lease Limited and property
in the name of promoters at Malibau Town. To Secure C/C (Hypothecation) Rs. 270.000 millions L/C cum B/G Rs. 800.000 millions Aggregating Limited of Rs. 1070.000 millions Others: As per sanction intimation dated 142.10.2007 of Corporation Bank |
|
Short particulars of the Property charged |
1st pari passu charge with yes Bank Limited and Standard
Chartered Bank on following security -1, Hypothecation of entire inventory
consisting of raw materials, work in progress, finished goods, stores and
spares and packing materials of the company stored at the godowns of the
company at Saharanpur Uttar Pradesh or else including any such goods in the
course of transit and entire accounts rec. / book debts , current assets of
the company Second charge on the fixed assets of the company (security fully in
schedule A of the common deed of hypothecation) |
|
Particulars of the present modification |
The charge on the current assets of the company on First Pari passu
basis with yes bank Limited and Standard Chartered Bank and charge on the
fixed assets of the company on Second Pari passu basis with yes Bank Limited
and Standard chartered Bank as fully described in column No. 14 is above
stands enhance from Rs. 675.000 millions to Rs. 1070.000 millions. To secure
various credit limits as mentioned in column No. 212D ROI and Margin as per
column No. 12 above. Other terms and conditions remain the Same. |
WEBSITE DETAILS:
Company Profile
Subject is manufacturers of a range of lighting and signaling equipment
in technical collaboration with Thai Stanley for the automotive sector in
India. An ISO 9001 and ISO 14001 company with all International standards also
going for TS-16949. Started in a humble way in 1986 the company has the
distinction of being 100 percent OEM supplier to ‘Hero Honda’, a Japanese joint
venture company in India. Hero Honda is known for its rigid quality norms.
The Company is also an OEM supplier for other leading Automobiles
Manufacturers. The capability of the Company to supply to a variety of
multinational JV firm and winning their confidence has been its main strength.
It has trained work force of 500 personnel. The Company has their tool manufacturing
/ designing facility in house for all type of moulds and press tools. Main
strength is their QCD i.e. Quality, Cost and Delivery to Customer.
Infrastructure
Profile
The Company is one of the fastest growing diversified engineering
company and its "Infrastructure Division" specializes in the field of
Fire Detection cum Alarm System,Fire Protection System,Fuel Oil Handling
system,Station Piping/LP Piping system,Manufacturing of Tanks and Vessels ,
Large size Water Pumping Station etc.
The Company was incorporated in the year 1986 and is a positioned as an
efficient and trustworthy partner for implementation of developmental projects
, amongst its customers. Since inception "Infrastructure Division"
has put emphasis on quality and timely completion of projects. Today, the
company has come a long way successfully executing different projects, in the
core sectors of Power Generation, Transmission and Distribution and Industrial
Infrastructure.
SCOPE OF SERVICES:
The scope of services provided by the Company can be summarized as
below:
· Preliminary Engineering, Selection of appropriate systems, preparation of preliminary layout, submission of initial proposal with price Break-up etc.
· Detailed Engineering, preparation of detailed drawings, preparation of Bill of Materials etc.
· Approval from statutory bodies, if applicable.
· Project Management
· Procurement of equipment and all other related items etc. required for the project as per the agreed time schedule.
· Quality Surveillance and Inspection of Materials.
· Erection, Testing, Commissioning and Handing over.
· Operation and Maintenance assistance after handing over as per agreed terms and conditions.
INDUSTRIAL INSTALLATION:
The Company has executed a number of projects which have been
successfully commissioned to the entire satisfaction of its customers. The
Company has worked for the following industrial installations:
· Thermal Power Generation Station.
· Oil Refineries.
· Hydro-electric Power Stations.
· Oil Storage Terminals.
· LPG/Propane Bottling Plants.
· Automobile Manufacturing facilities.
· Sub-Stations / HVDC Station.
· Confectionery plants.
· Warehouse.
· Nuclear Fuel Complex
· Petrochemical Plants.
COLLABORATIONS:
To provide the latest technology to its esteemed customers, the Company
has entered into Strategic Alliance with following overseas and inland
organizations:
NOHMI BOSAI
LIMITED , JAPAN
Nohmi Bosai Limited is the largest Fire Fighting company in Japan
incorporated in the year 1915 doing a Turnover of USD 700 Million. It provides
complete solution for Fire Protection System starting from Concept, R and D,
Manufacturing, Supply, Installtion, Testing and commissioning and Maintenance.
SERGI , FRANCE
SERGI has invented "Transformer Blast and Fire Prevention
System" for Oil Transformer capacity varying from 5 MVA to 1000
MVA.SERGI's Transformer Protection Systems have been used world-wide for more
than 40 years.
EDWARDS SYSTEM
TECHNOLOGY , USA
Edward is manufacturing world's latest State-ofthe-Art Fire Detection
and Alarm Devices.The devices are intelligent analogue addressable type with
built in microprocessor.
PATOL LIMITED,UK
Infra-Red Detection System, Linear Heat Detector and other related
system for Coal Conveyors.
INOX AIR PRODUCTS
http://www.inoxairproducts.com
Exclusive Collaboration for Filling N2 Gas for Nitrogen Suppression
System.
TRADING ENGINEERS
INTERNATIONAL LIMITED.
http://www.tradingengineers.com
Trading Engineers (International Limited. for Design and Engineering of
Large Pumping Station.
QUALITY STANDARD:
The Infrastructure Division's strength lies in its ability to bring a
unique mix of engineering talent and experience as well world's latest
technology and equipment to its customers.The Fabrication and Manufacturing
Plant at Saharanpur is accredited with ISO-9001 and ISO-14001 by Det Norske
Veritas BV Netherlands.
MEMBERSHIPS:
The Company is also a member with NFPA,AWWA and IFA LPC.
Heavy Engineering
division Profile
Heavy Engineering
division (HED) is engaged infabrication of high quality coded vessels and
equipment and is fully equipped with state of the art facilities to undertake
such jobs. The division is also backed by highly qualified and experienced team
of professional Engineers and having its own design department with the support
of CAD and software to undertake computerised design of Heat Exchangers,
Pressure Vessels etc.
"ISO 9002" accredition by Det
Norske Vertias, B.V.Netherland for fabrication and Manufacturing of Heat
Exchangers, Pressure Vessels, Integral Piping etc. is an added advantage.
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.40.77 |
|
UK Pound |
1 |
Rs.82.10 |
|
Euro |
1 |
Rs.64.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|