MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
UNITED HEAT TRANSFERS PRIVATE LIMITED |
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Registered Office : |
Plot No. F-131, MIDC Area, Ambad, Nashik – 422 010, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2003 |
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Date of Incorporation : |
27.01.1995 |
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Com. Reg. No.: |
11-84982 |
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CIN No.: [Company
Identification No.] |
U29191MH1995PTC084982 |
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IEC No.: |
3196001881 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKU00244G |
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PAN No.: [Permanent
Account No.] |
AAAC43754C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Heat Exchanger |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a plus 10 years old company but has not filed any
financials with the Government departments till date. The management parted general
details but declined to part with financials. Trade relations are fair.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
in view of non-availability of financials. |
INFORMATION PARTED
BY
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Name : |
Mr. Mohan |
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Designation : |
Head of the Account’s Department |
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Date : |
08.09.2008 |
LOCATIONS
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Registered Office : |
Plot No. F-131, MIDC Area, Ambad, Nashik – 422 010, Maharashtra, India |
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Tel. No.: |
91-253-2382484 / 2385051 |
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Mobile No.: |
91-9373921970 / 9822624942 |
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Fax No.: |
91-253-380737 |
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E-Mail : |
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Website : |
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Area : |
5700 Sq. M |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Yogesh V Patil |
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Designation : |
Director |
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Address : |
Dwarkamai Housing Society, Dadoji Konddev Nagar, Gangapur Road, Nasik
– 422 005, Maharashtra, India |
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Date of Birth/Age : |
20.01.1963 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
27.01.1995 |
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Name : |
Mr. Vivek V Patil |
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Designation : |
Director |
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Address : |
Dwarkamai Housing Society, Dadoji Konddev Nagar, Gangapur Road, Nasik
– 422 005, Maharashtra, India |
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Date of Birth/Age : |
18.07.1965 |
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Qualification : |
Diploma in Automation |
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Date of Appointment : |
27.01.1995 |
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Name : |
Mr. Santosh V Patil |
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Designation : |
Director |
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Address : |
Dwarkamai Housing Society, Dadoji Konddev Nagar, Gangapur Road, Nasik
– 422 005, Maharashtra, India |
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Date of Appointment : |
29.01.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2003)
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Names of Shareholders |
No. of Shares |
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Yogesh V Patil |
30150 |
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Vivek V Patil |
32450 |
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Santosh V Patil |
30500 |
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Krishnakant P Khati |
6900 |
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Total |
100000 |
(As on 29.03.2007)
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Names of Shareholders |
No. of Shares |
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Yogesh V Patil |
55000 |
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Vivek V Patil |
55000 |
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Total |
110000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Heat Exchanger |
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Exports : |
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Countries : |
·
Singapore ·
UK |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash and Credit (45 days) |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
55 |
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Bankers : |
Axis Bank Limited Sharanpur Road, Nasik Branch, Nasik – 422 002, Maharashtra, India |
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Facilities : |
Over Draft |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Kayde and Associates Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.500 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.474 |
2.452 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.974 |
3.452 |
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LOAN FUNDS |
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1] Secured Loans |
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2.979 |
3.047 |
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2] Unsecured Loans |
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2.793 |
2.793 |
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TOTAL BORROWING |
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5.772 |
5.840 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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9.746 |
9.292 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.688 |
7.324 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.001 |
0.001 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3.042 |
2.789 |
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Sundry Debtors |
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2.187 |
2.734 |
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Cash & Bank Balances |
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0.067 |
0.324 |
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Advance to Deposits |
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3.415 |
3.352 |
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Prepaid Expenses |
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0.019 |
0.000 |
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Advances to Creditors |
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0.025 |
0.156 |
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Total
Current Assets |
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8.755 |
9.355 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.156 |
7.825 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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7.156 |
7.825 |
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Net Current Assets |
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1.599 |
1.530 |
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MISCELLANEOUS EXPENSES |
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1.306 |
0.437 |
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TOTAL |
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9.292 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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Other Income |
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Total Income |
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Profit/(Loss) Before Tax |
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Provision for Taxation |
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Profit/(Loss) After Tax |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
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Other Earnings |
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Total Earnings |
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Imports : |
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Raw Materials |
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Stores & Spares |
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Capital Goods |
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Others |
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Total Imports |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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QUARTERLY /
SUMMARISED RESULTS
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PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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Net Profit Margin (PBT/Sales) |
(%) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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Return on Investment (ROI) (PBT/Networth) |
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Debt Equity Ratio (Total Liability/Networth) |
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Current Ratio (Current Asset/Current Liability) |
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LOCAL AGENCY FURTHER
INFORMATION
Trustseal
Acceptance Chart
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Existence
Verification |
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Name |
UNITED HEAT TRANSFERS PRIVATE LIMITED |
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Statutory
Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AAAC43754C |
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VAT / TIN Registration |
27760363183V |
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Import Export Code |
3196001881 |
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Name of Bank |
Axis Bank |
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Current Account Number |
115010200013633 |
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Account Since |
1 Year |
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Trade
Affiliations |
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SSI Registration |
270201201055 |
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Standards and
Certifications |
ISO 9001:2000 |
Note
The Registered Address of the company has been shifted from Plot No.
E-45, MIDC Area, Ambad, Nashik – 422 010, Maharashtra, India to the present
address w.e.f. 21.01.2008.
Trade References
·
Atlas Cope India Limited
·
Kirloskar
Form No. 8
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Name of the company |
UNITED HEAT TRANSFERS PRIVATE LIMITED and State Bank of India Old Agra
Road, Nasik |
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Presented By |
Mr. Santosh
Vishwanath Patil |
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1) Date and description of instrument creating the change |
1.
General
Agreement for the grant of small industrial advances and hypothecation of
movable book debts and other assets etc. dated 15.03.2002 2.
Agreement
for grant of small industrial advances dated 15.03.2002 3.
Guarantee
Agreement for small industrial advances dated 15.03.2002 4.
Pledge
Letter dated 15.03.2002 (All the above
instruments created for single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.500 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Movable, Book
debts other assets, Machinery etc. and more particularly as shown in the above
agreement dated 15.03.2002 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
@ 3 % over SBI adv. Rate with a Mon. 14.50% p.a. other terms and conditions
as per the above referred agreement dated 15.03.2002 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Old Agra Road
Branch, Nasik – 422 001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
31st Day
of August, 2004 Supplemental
General Agreement for the grant of Small Industrial Advances and
hypothecation of goods, book debts and other assets (Working Capital Finance) Agreement for the
Grant of Small Industrial Advances |
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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. |
The Amount of
charge increased from Original Cash Credit Rs.3.500 millions to Rs.4.500
millions by additional Cash Credit Facility of Rs.1.000 million and also
Original LC Facility Limit of Rs.1.000 million to Rs.1.500 millions by
Additional LC Facility increased Rs.0.500 million. Rate of interest:
2% above SBI Adv. Rate, Minimum 12.25% p.a. with monthly rests. Now the total
charged is Rs.6.000 millions
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Corporate
identity number of the company |
U29191MH1995PTC084982 |
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Name of the
company |
UNITED HEAT TRANSFERS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. E-45, MIDC Area, Ambad, Nashik – 422 010, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Axis Bank Limited Sharanpur Road, Nasik Branch, Nasik – 422 002, Maharashtra, India |
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Nature of
instrument creating charge |
The Deed of simple
mortgage without possession |
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Date of
instrument Creating the charge |
29.09.2007 |
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Amount secured by
the charge |
Rs.18.300
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest As per more particularly mentioned in the above mentioned agreement
dated 29.09.2007. ·
Terms of
repayment As per more particularly mentioned in the above mentioned agreement
dated 29.09.2007. ·
Margin As per more particularly mentioned in the above mentioned agreement
dated 29.09.2007. ·
Extent and
operation of the charge As per more particularly mentioned in the above mentioned agreement
dated 29.09.2007. |
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Particulars of
the property charged |
Land and
Building, construction thereon, machinery, furniture, equipments etc. at
“Plot No. F 131, MIDC, Ambad, Nasik – 422 010” Land and Building measuring
5751 Sq. ft. alongwith the load bearing structure measuring 627.863 Sq. Mtrs.
Situated at additional MIDC within the limits of Nasik Munciple Corporation
Nasik. |
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.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |
|