MIRA
INFORM REPORT
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Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
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Name : |
UNION BATTERIES PRIVATE LIMITED |
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Registered Office : |
Universal House, 426/1, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
06.11.1996 |
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Com. Reg. No.: |
11-13587 |
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CIN No.: [Company
Identification No.] |
U31402PN1996PTC013587 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEU00440G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Union Lead Acid Tubular Batteries. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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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 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some losses incurred by the company in the current year. However trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Vishwas Batkar |
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Designation : |
Accounts Manager |
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Contact No. : |
91-9850198999 |
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Date : |
15.02.2011 |
LOCATIONS
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Registered Office : |
Universal House, 426/1, |
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Tel. No.: |
91-20-27110956 / 25657229 / 27470415 / 25655264 / 25650777 |
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Mobile No.: |
91-9850198999 (Mr. Vishwas Butkar) |
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Fax No.: |
91-20-25650777 / 25673833 |
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E-Mail : |
bui@vsnl.com |
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Website : |
http://www.buiindia.com
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Area : |
10000 Sq.fts. |
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Location : |
Owned |
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Factory : |
T -126 MIDC, Bhosari, Pune – 400026, |
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Tel No.: |
91-20-5657229 / 27110956 / 27110957 |
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Fax No.: |
91-20-5650777 |
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E-Mail : |
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Area : |
1500 Sq. ft. |
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Location : |
Leased |
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Factory : |
J-261, 264,258, Bhosari MIDC, Pune-400026, |
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Tel No.: |
91-20-27470415 |
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Fax No.: |
91-20-27472445 |
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Area : |
4000 Sq. Mtr |
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Location : |
Leased |
DIRECTORS
AS ON 30.09.2009
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Name : |
Mr. Gagan Madhavrao Pathwardhan |
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Designation : |
Director |
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Address : |
97-National Co-operative Housing Society, Aundh, Pune-411007, |
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Date of Birth/Age : |
15.09.1951 |
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Qualification : |
Engineer |
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Date of Appointment : |
06.11.1996 |
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Name : |
Mr. Nachiket Chandrashekhar Paranjpe |
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Designation : |
Director |
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Address : |
4, Sharad Vaibhav Apart, |
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Date of Birth/Age : |
26.09.1973 |
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Qualification : |
M.E. |
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Date of Appointment : |
01.04.2002 |
KEY EXECUTIVES
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Name : |
Mr. Vishwas |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Gagan Madhavrao Pathwardhan |
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109554 |
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Nachiket Chandrashekhar Paranjpe |
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79025 |
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Radha Chandrasekhar Paranjpe |
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29502 |
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Gauri Chandrasekhar Paranjpe |
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29502 |
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Sheelprabha Madhavrao Patwardhan |
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9502 |
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Yashaswini Gagan Patwardhan |
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9502 |
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Vijay Kumar Damodar Padhye |
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15836 |
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Pratibha Gagan Patwardhan |
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9496 |
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Ashsish Gagan Patwardhan |
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9502 |
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Uma Chandrashekhar Paranjpe |
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9577 |
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29931 |
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Andheri Chernov And Sergei Murazov, Moacow |
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54578 |
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Total
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395507 |
(AS ON 30.09.2009)
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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21.37 |
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Directors or relatives of directors |
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74.63 |
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Other |
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4.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Union Lead Acid Tubular Batteries. |
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Products : |
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Exports : |
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Products : |
Industrial Batteries |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and
Credit (30 / 60 / 90 days) |
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Purchasing : |
L/C, Cash and Credit
(30 / 60 / 90 days) |
PRODUCTION STATUS
As on 31.03.2008
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Lead Traction
Industrial |
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388.80 |
352.39 |
GENERAL INFORMATION
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Customers : |
End Users, OEM’s, Corporate and Government Bodies. |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
· Export Import Bank of India, Center One Building, 21st Floor, World Trade Center, Cuffe Parade, Mumbai 400 005, Maharashtra, India ·
Bank of ·
Axis Bank Limited, 1262/B, ·
Zoroastrain Corporative Bank Limited, Nirion
House, 5th Floor, Dr. Annie Besant Road, Worli, Mumbai-400030,
Maharashtra, India |
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Facilities : |
Working Capital : Rs.150.000 millions (from Export Import Bank
of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V Sankar Aiyar
And Company Chartered Accountant |
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Address : |
2-C, Court
Chambers, 35, New Marine Lines, Mumbai-400020, |
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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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Website : |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- Each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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395507 |
Equity Shares |
Rs.100/- Each |
Rs.39.551
millions |
NOTE
Of the above 118500 equity shares of Rs.100/- each
are issued as bonus shares by capitalization of reserves and 158507 shares are
issued as per the scheme of demerger.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
39.551 |
23.700 |
23.700 |
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2] Share Application Money |
0.000 |
27.510 |
0.000 |
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3] Reserves & Surplus |
15.374 |
21.054 |
12.162 |
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4] (Accumulated Losses) |
(4.590) |
0.000 |
0.000 |
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NETWORTH |
50.335 |
72.264 |
35.862 |
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LOAN FUNDS |
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1] Secured Loans |
313.396 |
231.184 |
84.701 |
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2] Unsecured Loans |
25.249 |
44.550 |
8.719 |
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TOTAL BORROWING |
338.645 |
275.734 |
93.420 |
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DEFERRED TAX LIABILITIES |
0.000 |
4.559 |
1.239 |
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TOTAL |
388.980 |
352.557 |
130.521 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
61.461 |
61.815 |
34.452 |
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Capital work-in-progress |
35.267 |
8.518 |
0.255 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
8.672 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
93.215
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120.053
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79.676
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Sundry Debtors |
364.984
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376.737
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135.841
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Cash & Bank Balances |
5.119
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7.801
|
2.389
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
29.610
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27.571
|
5.526
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Total
Current Assets |
492.928
|
532.162 |
223.432 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
182.659
|
226.691 |
120.065 |
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Other Current Liabilities |
15.901
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9.476
|
3.845
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Provisions |
10.788
|
13.771
|
3.708
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Total
Current Liabilities |
209.348
|
249.938 |
127.618 |
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Net Current Assets |
283.580
|
282.224
|
95.814
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
388.980 |
352.557 |
130.521 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
483.769 |
627.725 |
281.271 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
474.292 |
576.603 |
261.868 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.477 |
51.122 |
19.403 |
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Less |
FINANCIAL
EXPENSES (D) |
41.971 |
33.303 |
7.454 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(32.494) |
17.819 |
11.949 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.410 |
3.362 |
0.794 |
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PROFIT BEFORE
TAX (E-F) (G) |
(34.904) |
14.457 |
11.155 |
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Less |
TAX (H) |
(12.974) |
2.791 |
1.332 |
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PROFIT AFTER TAX
(G-H) (I) |
(21.930) |
11.666 |
9.823 |
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Earnings Per
Share (Rs.) |
(55.45) |
49.22 |
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Particulars |
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31.03.2010 |
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Sales Turnover |
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|
380.000 |
Expected Sales (2010-11): Rs.450.000 millions
Note : The company’s
turnover of 2009-10 is less due to less export.
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
(4.53) |
1.86 |
3.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(6.30) |
2.43 |
4.33 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.69) |
0.20 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.89 |
7.27 |
6.16 |
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Current Ratio (Current Asset/Current Liability) |
|
2.35 |
2.13 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
Dues to Micro, Small and Medium Enterprises |
5.447 |
3.028 |
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Creditors for Material |
143.713 |
203.846 |
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Creditors for Assets |
4.174 |
1.906 |
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Creditors for Expenses |
29.325 |
17.911 |
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Total |
182.659 |
226.691 |
120.065 |
FINANCIAL RESULTS
As far as financial results are concerned, the fiscal 2009, was quite
and exceptional which had more than its share of global economic, political and
civic upheavals. The economical adversities impacted their company as wall on
two major fronts.
- Loss of business
from November 2008 onwards, there was a drastic reduction in orders form
their export customers primarily form Europe,
- Loss on
foreign exchange there was a marked devaluating of Indian Rupee against
all major currencies and especially against USD and GBP during the
financial year. At the same time, some of their working capital limits,
which were designated in USD, were reviewed and re=sanctioned in Indian
Rupees. This resulted in repayment of this working capital at a much
higher rate resulting in substantial loss on exchange.
The effect of all these is reflected in reduced level of sales and
extraordinary item above.
EXPANSION AND
FUTURE PLANS
Construction work of the new facility at Dingrajwadi has been affected
because of economic slow down. The primary reason being inability of lenders to
honour their commitment of funding this project.
However, the company is going ahead with its plant to establish a larger
manufacturing facility. The company is now in advance stage of negotiations
with another set of lenders, including current bankers for facility to complete
the present construction work. All the necessary preliminary work to begin
construction has been completed. It is expected that the construction work will
be completed and production will commence by the end of the financial year.
The existing manufacturing facilities at J block and T block would then
be moved to Dingarajwadi before the end of the financial year 2009-10
TRADE References
- Ferroform
Engineering Private Limited
- Unik Automation
Bankers Charges Report as per Registry
|
Name of the company |
UNION BATTERIES PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
Dated 16.08.2000 Agreement of hypothecation of plant and machinery, stock and book debts, |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.000 millions Export Packing Credit Rs. 6.000 millions Foreign Bills Purchased / Negotiated Rs. 6.000 millions maximum of EPC/ FBP Rs. 5.000 millions Term Loan Rs. 5.000 millions Letter of Credit Rs. 2.500 millions Bank Guarantee Total Rs. 18.500 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 |
All tangible movable machinery and plant both present and future and in possession of the company as per the schedule to the agreement, situated at godowns in Pimpri Industrial Area, stock of raw material such as lead, finished goods, batteries, semi-finished goods, spare parts and stores relating to plant and machinery, situated at Bhosari, Pune and all present and future book debts, outstanding, monies, receivables, claims, bills and payable during the continuance of the security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Pune Corporate Banking Branch, 1162/6, Ground Floor, Near |
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6) Date and brief description of instrument modifying the charge |
Dated 19.02.2002 Supplemental deed of hypothecation |
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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. |
First modification of extension of security of immovable property consisting of land at T-126, Pimpri Industrial Area, within the village limits of Bhosari, Pimpri Chinchwad Municipal Corporation, Taluka and Registered Sub District Pune admeasuring 2345 sq. meters or thereabouts, together with building and structures admeasuring 410.64 sq. meters with AC sheet roof brick masonry walls with steel doors and windows constructed on the said plot of land. By the second modification the bank has enhanced the limits of the current facilities. In addition bank has granted additional facilities. The total limit increased from Rs.18.500 millions to Rs.30.600 millions By this third modification the bank has enhanced the limits. The total limit increased from the Rs.30.600 millions to Rs.33.100 millions The details of Rs.33.100 millions are as per annexure, which forms part of this form. |
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Corporate
identity number of the company |
U31402PN1996PTC013587 |
|
Name of the
company |
UNION BATTERIES
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Universal House, 426/1, |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90085457 |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Email ID: MCB.Pune@bankofindia.co.in |
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Nature of
instrument creating charge |
Memorandum of
Entry |
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Date of
instrument Creating the charge |
22.06.2010 |
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Amount secured by
the charge |
Rs.185.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As notified by
the bank from time to time Terms of
Repayment As stipulated by
the bank Margin As per norms of
the bank Extent and Operation
of the charge First Charge on
mortgaged property in favour of bank Others Facility Fund Based Limits
of Rs.110.000 millions Non Fund Based
Limits of Rs.75.000 millions =================================== Total Limits
of Rs.185.000 millions |
|
Short particular
of the property or asset(s) charged |
i)
All
that piece or parcel of land know as Plot No. T-126 in the Pimpri Industrial
Area, within the village limits of Bhosari Taluka and Registration Sub-District
Haveli (District and Registration District) ii)
Pune
contained by admg 2345 square meters. Together with all buildings and
structures thereon and all plant and machinery attached to the earth, or
permanently fastened |
Fixed Assets
·
·
· Plant and Machinery
· Electrical Installation
· Factory Equipments
· Computers and Software
· Furniture and Fixtures
· Vehicle – Palio and DIO
· Telephone and Telex
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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--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 |
|
26 |
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.