MIRA
INFORM REPORT
|
Report Date : |
26.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNIVERSAL TEXTURISERS PRIVATE LIMITED |
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Registered
Office : |
192, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.2006 |
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Com. Reg. No.: |
108821 |
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CIN No.: [Company Identification
No.] |
U17299WB2006PTC108821 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALU02944E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Polyster Texurised Yarn |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 266148 |
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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 an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
192, |
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Tel. No.: |
91-22-56343312 |
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Fax No.: |
91-22-23430613 |
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E-Mail : |
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Administrative
Office : |
B-6, Trade World, 1st
Floor, Kamala Mills Compound, Senapati Bapat Marg, Mumbai 400 013, |
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Factory : |
Survey Plot No. 104 and 140b, Near Cricket Play Ground,
Village Dabhel, Daman - 396 210, |
DIRECTORS
AS ON 23.09.2010
|
Name : |
Mr. Vallabhdas V Dattani |
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Designation : |
Director |
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Address : |
192, |
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Date of Birth/Age : |
22.08.1942 |
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Date of Appointment : |
17.04.2006 |
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Name : |
Mr. Paresh K V Dattani |
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Designation : |
Director |
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Address : |
192, |
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Date of Birth/Age : |
24.07.1960 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr. Dinesh K V Dattani |
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Designation : |
Director |
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Address : |
192, |
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Date of Birth/Age : |
27.07.1948 |
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Date of Appointment : |
31.03.2006 |
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|
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Name : |
Mr. Ajay K V Dattani |
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Designation : |
Director |
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Address : |
192, |
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Date of Birth/Age : |
23.07.1967 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 23.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh K V Dattani |
|
1940000 |
|
Paresh K V Dattani |
|
8000 |
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Ajay K V Dattani |
|
446000 |
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Geeta D Dattani |
|
109000 |
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Jayshree A Dattani |
|
109000 |
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Samir D Dattani |
|
110000 |
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Anil K V Dattani |
|
108000 |
|
Dinesh+1 K V Dattani |
|
1000 |
|
Dinesh+1 K V Dattani |
|
1000 |
|
Dinesh+1 K V Dattani |
|
1000 |
|
Dinesh+1 K V Dattani |
|
1000 |
|
Dinesh+1 K V Dattani |
|
1000 |
|
Dinesh+1 K V Dattani |
|
1000 |
|
Dinesh+1 K V Dattani |
|
1000 |
|
Paresh+1 K V Dattani |
|
1000 |
|
Paresh+1 K V Dattani |
|
1000 |
|
Ajay+1 K V Dattani |
|
1000 |
|
Ajay+1 K V Dattani |
|
1000 |
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Ajay+1 K V Dattani |
|
1000 |
|
Ajay+1 K V Dattani |
|
1000 |
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Geeta+1 D Dattani |
|
1000 |
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Jayshree+1 D Dattani |
|
1000 |
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Ajay+1 K V Dattani |
|
1000 |
|
Ajay+1 K V Dattani |
|
1000 |
|
Vajubhai Investment Private Limited, Kolkata |
|
750000 |
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Dinesh K V Dattani HUF |
|
750000 |
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Beena Dattani |
|
100000 |
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Vallabhdas Dattani HUF |
|
300000 |
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Sonaali Dattani |
|
250000 |
AS ON 23.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
15.00 |
|
Bodies corporate |
85.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyster Texurised Yarn |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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16000 |
12000 |
12112040.774 |
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GENERAL INFORMATION
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Bankers : |
Tamilnad Mercantile Bank Limited, Goradia House, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/S K. Dattani and Company Chartered Accountant |
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Address : |
“ Bentinck Chambers “, 37a , |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Which have been alloted as fully paid up pursuant to conversion of existing Partnership Firm. M/s Universal Texturisers, with all its assets and liabilities in pursuance to Part IX of the Companies Act 1956 were satisfied by allotment of equity shares of Rs.101- each to Partners of erstwhile Firm]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
50.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.597 |
12.239 |
8.090 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
66.537 |
62.239 |
58.090 |
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LOAN FUNDS |
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1] Secured Loans |
94.274 |
78.895 |
108.783 |
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2] Unsecured Loans |
73.736 |
71.490 |
65.685 |
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TOTAL BORROWING |
168.010 |
150.385 |
174.468 |
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DEFERRED TAX LIABILITIES |
1.017 |
1.018 |
0.597 |
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TOTAL |
235.564 |
213.642 |
233.155 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.813 |
81.130 |
70.386 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
58.217
|
64.480 |
74.137 |
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Sundry Debtors |
92.208
|
73.092 |
83.434 |
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Cash & Bank Balances |
10.791
|
4.204 |
7.428 |
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Other Current Assets |
7.518
|
7.566 |
7.464 |
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Loans & Advances |
20.054
|
22.389 |
17.764 |
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Total
Current Assets |
188.788
|
171.731 |
190.227 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
24.408
|
34.012 |
24.042 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
3.640
|
5.352 |
3.632 |
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Total
Current Liabilities |
28.048
|
39.364 |
27.674 |
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Net Current Assets |
160.740
|
132.367 |
162.553 |
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MISCELLANEOUS EXPENSES |
0.072 |
0.143 |
0.216 |
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TOTAL |
235.564 |
213.642 |
233.155 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL |
1168.846 |
1152.314 |
1087.655 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
6.292 |
6.387 |
6.974 |
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Less |
TAX |
1.934 |
2.239 |
2.276 |
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PROFIT AFTER TAX
|
4.358 |
4.148 |
4.698 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
173.675 |
259.820 |
194.101 |
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TOTAL EARNINGS |
173.675 |
259.820 |
194.1010 |
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IMPORTS |
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Capital Goods |
0.179 |
7.416 |
0.763 |
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TOTAL IMPORTS |
0.179 |
7.416 |
0.763 |
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Earnings Per
Share (Rs.) |
0.87 |
0.83 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.37
|
0.36 |
0.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.39
|
2.53 |
2.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.10 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.95
|
3.05 |
3.48 |
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Current Ratio (Current Asset/Current Liability) |
|
6.73
|
4.36 |
6.87 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10145868 |
|
Corporate
identity number of the company |
U17299WB2006PTC108821 |
|
Name of the
company |
UNIVERSAL
TEXTURISERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
192, |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
TAMILNAD
MERCANTILE BANK LIMITED |
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation
Agreement of Immovable Properties. |
|
Date of
instrument Creating the charge |
26/03/2009 |
|
Amount secured by
the charge |
Rs.34.719
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.75% Terms of
Repayment (i) 51 Monthly
Equal Instalments of Rs.2,87300/- Each. (Ii) 60 Monthly
Equal Instalments of Rs.2,72,000/- Each. (Iii) 60 Monthly
Equal Instalments of Rs.62,500/- Each. Margin 25%. Extent and
Operation of the charge Term Loan
Facility For Term Loan I, Term Loan Ii And Term Loan III. |
|
Short particulars
of the property charged |
1. 3 Nos.
Texturising Machines And 2 Nos. Compressor. 2. 5 Nos.
Texturising Machines. |
|
Particulars of
the present modification |
Term Loan Iii
Sanctioned For Rs.3.750 Millions In Addition To Existing Term Loan of I &
Ii For Purchase of One New Compressor With Its Accessories Valued Of Rs.5.000
Millions. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.45 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.64.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.