MIRA
INFORM REPORT
|
Report Date : |
09.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNIVERSAL INDUSTRIAL EQUIPMENT AND TECHNICAL SERVICES PRIVATE LIMITED |
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Registered Office : |
CPL Complex, Opposite R.C Church, Kaptee Road, Nagpur-440001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.03.1996 |
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Com. Reg. No.: |
11-98436 |
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CIN No.: [Company
Identification No.] |
U28999MH1996PTC098436 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPU00213D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Dealer for earth moving equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 54000 |
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Status : |
Satisfactory |
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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 meeting its normal commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajesh |
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Designation : |
Account Manager |
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Contact No.: |
91-9822474668 |
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Date : |
08.09.2008 |
LOCATIONS
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Registered Office : |
CPL Complex, Opposite R.C Church, Kaptee Road, Nagpur-440001,
Maharashtra, India |
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Tel. No.: |
91-712-2537056 |
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Mobile No.: |
91-98224774668 |
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E-Mail : |
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Area : |
Owned |
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Corporate Office : |
C-72, MIDC, Hingana, Nagpur, Maharashtra, India |
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Tel. No.: |
91-7104-234667 |
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Branch Office : |
Located at :
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Area : |
3500 sq ft |
DIRECTORS
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Name : |
Mr. Deepak Seoomal Sabnani |
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Designation : |
Director |
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Address : |
Sunder Jeevan Apartment, 520 Clark Town, Nagpur-440004, Maharashtra,
India |
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Date of Birth/Age : |
07.06.1962 |
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Qualification : |
SSC |
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Date of Appointment : |
26.03.1996 |
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Name : |
Mrs. Anita Narendra Sabnani |
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Designation : |
Director |
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Address : |
Sunder Jeevan Apartment, 520 Clark Town, Nagpur-440004, Maharashtra,
India |
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Date of Birth/Age : |
11.10.1960 |
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Qualification : |
B Com |
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Date of Appointment : |
26.03.1996 |
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Name : |
Mr. Narendra Seoomal Sabnani |
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Designation : |
Managing Director |
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Address : |
Sunder Jeevan Apartment, 520 Clark Town, Nagpur-440004, Maharashtra,
India |
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Date of Birth/Age : |
27.12.1952 |
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Qualification : |
B.E |
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Date of Appointment : |
01.08.1996 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
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Designation : |
Account Manager |
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Mobile No. : |
91-9822474668 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2005
|
Names of Shareholders |
|
No. of Shares |
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Narendra S Sabnani |
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610000 |
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Deepak S Sabnani |
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790000 |
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Anita N Sabnani |
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360000 |
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S G Sabnani |
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910000 |
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Vishal Sabnani |
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10000 |
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Bhimsham Sabnani |
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100000 |
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Kalawati Sabnani |
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240000 |
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Pushparaj Sabnani |
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100000 |
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Prabha Sanani |
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160000 |
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Subhash Sabnani |
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100000 |
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Ratan Chand |
|
100 |
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Jamatlal Nebhani |
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100 |
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Indira Nehani |
|
100 |
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Pramod Budharaj |
|
100 |
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Shamsunder Khemka (HUF) |
|
100 |
Equity Share Breakup (Percentage of Total Equity)
As on30.09.2007
|
Category |
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Percentage |
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Directors or relatives of directors |
|
99.88 |
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Other top fifty (50) shareholders (other than listed above) |
|
0.12 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Dealer for earth moving equipments. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Contractors |
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No. of Employees : |
32 (Office 2 Branches 30) |
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Bankers : |
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Facilities : |
CC Rs. 22.500 Millions from Dena Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kapil Hirani Chartered Accountant |
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Address : |
Kapil A Hirani, NBC Premises 8 Wardha Road, Near Lokmat Square, Nagpur-440012,
Maharashtra, India |
CAPITAL STRUCTURE
As on 26.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33841 |
Equity Shares |
Rs. 100/-
each |
Rs. 3.384
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.384 |
3.384 |
3.384 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.486 |
6.577 |
5.849 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.870 |
9.961 |
9.233 |
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LOAN FUNDS |
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1] Secured Loans |
114.508 |
95.492 |
35.953 |
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2] Unsecured Loans |
1.520 |
9.500 |
7.049 |
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TOTAL BORROWING |
116.028 |
104.992 |
43.002 |
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DEFERRED TAX LIABILITIES |
0.207 |
0.450 |
0.636 |
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Deposits |
4.321 |
0.000 |
0.000 |
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TOTAL |
131.426 |
115.403 |
52.871 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.409 |
17.799 |
8.932 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.500 |
1.500 |
1.500 |
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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 |
36.830
|
29.932 |
15.232 |
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Sundry Debtors |
57.544
|
52.210 |
24.476 |
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Cash & Bank Balances |
4.405
|
5.809 |
2.259 |
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Other Current Assets |
3.552
|
3.582 |
0.715 |
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Loans & Advances |
21.274
|
13.753 |
4.224 |
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Total
Current Assets |
123.605
|
105.286 |
46.906 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
10.878
|
8.402 |
3.913 |
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Provisions |
1.210
|
0.780 |
0.556 |
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Total
Current Liabilities |
12.088
|
9.182 |
4.469 |
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Net Current Assets |
111.517
|
96.104 |
42.437 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.002 |
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TOTAL |
131.426 |
115.403 |
52.871 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
317.931 |
189.028 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
317.931 |
189.028 |
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Profit/(Loss) Before Tax |
|
1.884 |
1.472 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.884 |
1.472 |
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Expenditures : |
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Interest |
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10.895 |
6.350 |
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Depreciation & Amortization |
|
3.495 |
2.959 |
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Other Expenditure |
|
302.657 |
178.247 |
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Total Expenditure |
|
317.047 |
187.556 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.59
|
0.78 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.59
|
0.78 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.33
|
1.19 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
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0.15 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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11.79
|
11.46 |
5.14 |
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Current Ratio (Current Asset/Current Liability) |
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10.23
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11.46 |
10.49 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from Sunder Jeeuan
Appartments, 520, Ckake Town, Nagpur, Maharashtra, India to present address
w.e.f. 02.07.2007
Trade References:
- Western Cold Field Limited
- Are India Limited
Bankers Charges
Report as per Registry
|
Name of the
company |
UNIVERSAL INDUSTRIAL EQUIPMENT AND TECHNICAL SERVICES PRIVATE LIMITED |
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Presented By |
Standard
Chartered Bank, 90, M G Road, For, Mumbai-400001, Maharashtra, India |
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1) Date and
description of instrument creating the change |
Agreement of
Hypothecation of Equipments dated 02.01.2006 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
INR 43.400
Millions Flexi Loan |
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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 |
Hypothecation by
way of First Charge to the Bank on: All the
equipments both present and future consisting of Tata John Deere Model 315V
Hydraulic Backhoe Loader, being movable properties now or at any time
hereafter belonging to the Borrower or at the Borrower’s disposal and now or
at any time and from time to time herafter stored or to be stored or brought
into or upon or in course of transit to the Borrower’s factory or premises or
at any other place whatsoever and wheresoever in the Borrower’s possession or
occupation or at any other premises or place It is further
agreed by the Borrower that when the above credit facility/ ies is sanctioned
/ granted continued to he Borrower by the bank in consortium or multiple
banking arrangement with other banks then this first charg by way of
hypothecation over the said Goods created/ to be created by the borrower in
favour of the bank will be treated as also confirming/ conferring/ ceding
similar pari passu charge over the said good created / to be created in their
respective favor by the borrower, the bank and the above Agreement will read
and constructed to mention the first pari passu charge by way of
hypothecation. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest/
Commission/ Margins: AS negotiated form time to time. The rate of interest is
subject to change without prior notice at the discreation of the bank |
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5) Name and
Address and description of the person entitled to the charge. |
Standard
Chartered Bank, 90, M G Road, For, Mumbai-400001, Maharashtra, India |
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6) Date and brief description of instrument
modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80032472 |
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Corporate
identity number of the company |
U28999MH1996PTC098436 |
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Name of the
company |
UNIVERSAL INDUSTRIAL EQUIPMENT AND TECHNICAL SERVICES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
CPL Complex, Opposite R.C Church, Kaptee Road, Nagpur-440001,
Maharashtra, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Standard
Chartered Bank, 90, M G Road, For, Mumbai-400001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Hypothecation Agreement of Stocks (equipment) – Increase in Limit |
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Date of instrument
Creating the charge |
20.06.2007 |
|
Amount secured by
the charge |
Rs. 65.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Flexi Loan- Interest-9%
p.a. The rate can be changed at the discretion of the Bank Terms of
Repayment Tenor- Maximum 90
days Margin As applicable if
any Extent and
Operation of the charge The bank is
having first charge on the security offered by the company |
|
Short particulars
of the property charged |
Hypothecation by
way of first charge on all the equipments both present and future consisting
of Tata John Deere Model 315V Hydraulic Backhoe Loader, being movable
properties now or at any time hereafter belonging to the borrower or at the
borrowers disposal and now or at any time and from time to time hereafter
stored of to be stored or brought into or upon or in course of transit to the
borrower’s factory or premises or at any place whatsoever. (as more described
in attached agreement) |
|
Particulars of
the present modification |
By way of present
modification, the charge amount enhanced form Rs. 43.400 Millions to Rs.
65.000 Millions. Other terms and conditions shall remains the same. |
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 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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|