MIRA
INFORM REPORT
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Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
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Name : |
BUI PRIVATE LIMITED |
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Registered Office : |
426/1, Universal House, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
31.03.1999 |
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Com. Reg. No.: |
25-13482 |
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CIN No.: [Company
Identification No.] |
U31402PN1999PTC013482 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Lead Acid Traction Industrial Batteries |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
The company’s performance for year 2007-08 is far from satisfactory.
It has incurred substantial loss in the single year due to which financial
position of the company has become poor. Payment are also affected due to
liquidity crunch. Hence, the company can be considered for any business dealings on safe
and secured trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Pradeep |
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Designation : |
Account Assistant |
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Date : |
15.11.2008 |
LOCATIONS
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Registered Office : |
426/1, Universal House, Gokhale Road, Shivaji Nagar, Pune – 411016,
Maharashtra, India |
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Tel. No.: |
91-20-25657229/ 25657568 |
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Fax No.: |
91-20-25650777 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory : |
J-262/263, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-2770415 |
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Fax No.: |
91-20-2772445 |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Chandrashekhar D. Paranjpe |
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Designation : |
Chairman & Managing Director |
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Address : |
5, Garima Apartments, Law College Road,
Pune – 411 004, Maharashtra |
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Age : |
64 years |
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Qualification : |
MA, LLB |
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Experience : |
35 years |
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Date of
Appointment : |
31st March,1999 |
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Name : |
Mr. Gagan Madhavrao Patwardhan |
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Designation : |
Director |
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Address : |
97, National Co-operative Housing Society, Aundh, Pune – 411007,
Maharashtra, India |
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Date of Birth : |
15.09.1951 |
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Qualification : |
P.hd. in Mech. Engineering |
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Experience : |
20 years |
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Date of
Appointment : |
06.11.1996 |
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Name : |
Mr. Nachiket C. Paranjpe |
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Designation : |
Director |
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Address : |
9, Garima Apartments, Kanchan Galli, Erandwane, Pune – 411004,
Maharashtra, India |
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Date of Birth : |
26.09.1973 |
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Qualification : |
B.E. (Mech.), MBA, Engineer |
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Experience : |
7 years |
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Date of
Appointment : |
01.04.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 11.09.2008)
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Names of Shareholders |
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No. of Shares |
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Gagan Patwardhan |
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301710 |
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V. D. Padhye |
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500010 |
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P. G. Patwardhan |
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299810 |
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Uma Paranjpe |
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302385 |
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Nachiket C. Paranjpe |
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600645 |
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Pasadena Capital Services SA |
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945010 |
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Anderi Chernov and Sergwi Murazov |
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555000 |
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Radha Paranjpe |
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300000 |
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Gauri Paranjpe |
|
300000 |
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Ashish Patwardhan |
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300000 |
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Sheelprabha
Patwardhan |
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300000 |
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Yashaswini
Patwardhan |
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300000 |
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Gagan Patwardhan |
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38 |
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Uma Paranjpe |
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7 |
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Radha Paranjpe |
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100000 |
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Gauri Paranjpe |
|
100000 |
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Yashaswini
Patwardhan |
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110000 |
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Ashish Patwardhan |
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110000 |
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Total |
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5424615 |
(As on 30.09.2008)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others ) |
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29.97 |
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Directors or relatives of directors |
|
60.04 |
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Other top fifty shareholders |
|
9.99 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Lead Acid Traction Industrial Batteries |
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Brand Name : |
“UNION” |
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Exports : |
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Products : |
Batteries |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Australia |
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Terms : |
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Selling : |
L/C, Credit (30 days) T/T |
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Purchasing : |
L/C and T/T |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
100 |
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Bankers : |
Corporate Banking Branch, 6/7, University Road, Shivajinagar, Pune,
Maharashtra, India
Center One Building 21st Floor, World Trade Centre, Mumbai
– 400005, Maharashtra, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
V. Sankar Alyar and Company Chartered Accountant |
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Address : |
2-C, Court Chambers, 35, Marine Lines,
Mumbai – 400 020, Maharashtra, India |
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Tel No.: |
91-22-22004465 / 22067440 |
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Fax No.: |
91-22-22000649 |
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Email : |
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Name : |
M. M. Joshi and Company Chartered Accountant |
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Address : |
1072 Nivant, Shukrawar Peth, Lane No.9, Pune – 411002, Maharashtra,
India |
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Associates/Subsidiaries : |
Union Batteries Private Limited Universal House, 426/1, Gokhale Road, Shivajinagar, Pune – 411016, Maharashtra, India. Manufacturer of batteries 100% Export Oriented Unit Union Sales Private Limited White House, 1st Floor, 29, St. Marks Road, Bangalore – 560001, Karnataka, India Tel No. 91-80-2276446 / 22278972 / 22228671 Fax No. 91-80-22278014 E Mail : union@bgl.vsnl.net.in |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5100000 |
Equity Shares |
Rs.10/- each |
Rs.51.000Millions |
|
100 |
Equity Shares |
Rs.10/- each |
Rs.0.001 Millions |
|
700000 |
Preference Shares |
Rs.10/- each |
Rs.7.000 Millions |
|
199900 |
Unclassified Shares |
Rs.10/- each |
Rs.1.999 Millions |
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Total |
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Rs.60.000
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5004615 |
Equity Shares |
Rs.10/- each |
Rs.50.046 Millions |
|
420000 |
Preference Shares |
Rs.10/- each |
Rs.4.200
Millions |
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Total |
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Rs.54.246 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
54.246 |
54.246 |
54.246 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
18.662 |
17.866 |
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4] (Accumulated Losses) |
(9.163) |
0.000 |
0.000 |
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NETWORTH |
45.083 |
72.908 |
72.112 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
112.925 |
107.899 |
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2] Unsecured Loans |
0.000 |
9.315 |
8.885 |
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TOTAL BORROWING |
0.000 |
122.240 |
116.784 |
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DEFERRED TAX LIABILITIES |
1.222 |
4.257 |
3.909 |
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TOTAL |
46.305 |
199.405 |
192.805 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.922 |
71.161 |
62.297 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.002 |
1.000 |
1.002 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
41.906
|
36.464 |
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Sundry Debtors |
0.000
|
127.264
|
129.265 |
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Cash & Bank Balances |
2.790
|
3.011
|
9.158 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
3.861
|
12.712
|
9.789 |
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Total
Current Assets |
6.651
|
184.893
|
184.676 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.795
|
52.016
|
52.112 |
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Provisions |
0.475
|
5.633
|
5.058 |
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Total
Current Liabilities |
5.270
|
57.649
|
57.170 |
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Net Current Assets |
1.381
|
127.244
|
127.506 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.305 |
199.405 |
192.805 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
3.020 |
241.264 |
219.934 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
3.020 |
241.264 |
219.934 |
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Profit/(Loss) Before Tax |
0.170 |
2.736 |
5.282 |
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Provision for Taxation |
0.485 |
1.100 |
2.125 |
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Profit/(Loss) After Tax |
(0.315) |
1.636 |
3.157 |
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Expenditures : |
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Interest |
0.000 |
10.806 |
9.454 |
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Depreciation & Amortization |
0.000 |
3.937 |
3.514 |
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Other Expenditure |
2.850 |
223.785 |
201.684 |
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Total Expenditure |
2.850 |
238.528 |
214.652 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(10.43)
|
0.68 |
1.44 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.62
|
1.13 |
2.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.32
|
1.07 |
2.14 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.003
|
0.04 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.12
|
2.47 |
2.41 |
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Current Ratio (Current Asset/Current Liability) |
|
1.26
|
3.21 |
3.23 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference:
- Voltas
- Josts
Engineering Company – Mumbai
- Jaldoot
Materials Handling - Pune
Fixed assets:
- Factory Land
- Office Equipment
- Factory Building
- Electrical Installment
- Furniture and Fixture
- Vehicles
As per Website
Details:
Company Profile:
The Government of India recognized Export Houses engaged in
the manufacture of Lead Acid Industrial Batteries. We manufacture Batteries for
Traction applications for standby back up power applications and are an all
India dealer of "YUASA" make imported SMF batteries for UPS
applications.
Traction Batteries : Traction batteries are used
mainly for all material handling equipments such as forklifts, stackers, pallet
trucks, hoists, etc.
Standby back-up power Stationary Batteries :
Stationary batteries are mainly used for backup power to operate internal
telephone exchanges, EPBX systems, operating circuit breakers in power
sub-stations, cranking of diesel generator sets, backup power to computer
systems, mainframes and servers, railway lighting, emergency lighting, backup
for entire buildings, etc.
UPS sealed and Maintenance free batteries : These batteries are used
mainly for backup power to large and small computers, and also in some cases
for emergency lighting, etc.
They have supplied the batteries to various public and
private sector organizations all over the world. Subject is a manufacturer of
Industrial traction and stationary batteries; whereas their sister concern,
Union Sales Private Limited (USPL), is the all India marketing division for
their products. USPL also markets Yuasa Brand SMF VRLA (Sealed Maintenance Free
Valve Regulated Lead Acid) batteries in India and is the exclusive dealer of
this brand in the Indian sub-continent.
They are proud recipients of the ISO-9002 Certificate from
1995 and ISO 9001 Certificate from 1998 onwards from TüV Germany.
The manufacture more than 1,50,000 pieces of Lead Acid
Tubular industrial battery cells annually. More than 90% of their production is
exported to UK, Holland, Germany, Russia, South Africa, Malaysia, Australia and
many other countries.
Apart from the execution of prestigious orders, they have
also acquired registration of their product with several reputed Government /
other organizations.
Subject and Union Sales Private Limited are a focused group
of Companies that concentrate on the production and marketing of lead acid
batteries.
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.49.68 |
|
UK Pound |
1 |
Rs.74.64 |
|
Euro |
1 |
Rs.62.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
24 |
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 |
|