MIRA
INFORM REPORT
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Report Date : |
26.07.2011 |
IDENTIFICATION DETAILS
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Name : |
UNITED HEAT TRANSFER PRIVATE LIMITED (w.e.f.13.11.2009) |
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Formerly Known
As : |
UNITED HEAT TRANSFERS PRIVATE LIMITED |
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Registered Office : |
Plot No. F-131, MIDC Area, Ambad, Nashik – 422 010, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.01.1995 |
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Com. Reg. No.: |
11-84982 |
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Capital
Investment / Paid-up Capital : |
Rs.11.900 millions |
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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 and Exporter of Heat Exchanger |
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No. of Employees : |
80 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. Company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Mohan |
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Designation : |
Head of Department in Accounts |
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Contact No.: |
91-253-2382484 |
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Date : |
22.07.2011 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. F-131, MIDC Area, Ambad, Nashik – 422 010, |
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Tel. No.: |
91-253-2382484 / 2385051 / 2380072 |
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Fax No.: |
91-253-2380737 |
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E-Mail : |
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Website : |
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Area : |
5700 Sq.mtr. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Yogesh Vishwanath Patil |
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Designation : |
Director |
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Address : |
Dwarkamai Society, Kondadev Nagar, |
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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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DIN No. : |
00103349 |
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Name : |
Mr. Vivek Vishwanath Patil |
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Designation : |
Director |
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Address : |
Dwarkamai Society, Kondadev Nagar, |
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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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DIN No. : |
00107234 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Yogesh Vishwanath Patil |
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427500 |
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Vivek Vishwanath Patil |
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422500 |
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Durva Yogesh Patil |
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40000 |
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Vishwanath Baburao Patil |
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85000 |
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Minal Yogesh Patil |
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105000 |
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Pranita Vivek Patil |
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110000 |
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Total |
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1190000 |
As on 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Others
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Heat Exchanger |
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Exports : |
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Products: |
Heat Echanger |
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Countries : |
· · |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
·
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
80 Approximately |
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Bankers : |
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Axis Bank Limited ·
State Bank of Old ·
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CA Rajeev Digambar Kayde Chartered Accountant |
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Address : |
Flat No. 3, Navkar Residency, Racca Colony, |
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Tel No. : |
91-253-2310893 |
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Telefax No. : |
91-253-2310893 |
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Mobile No. : |
91-9822038658 |
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E-Mail : |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1190000 |
Equity Shares |
Rs.10/- each |
Rs.11.900
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
11.900 |
9.000 |
4.150 |
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2] Share Application Money |
5.116 |
0.416 |
0.016 |
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3] Reserves & Surplus |
15.808 |
13.196 |
9.869 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.824 |
22.612 |
14.035 |
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LOAN FUNDS |
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1] Secured Loans |
72.810 |
35.709 |
24.007 |
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2] Unsecured Loans |
9.755 |
9.567 |
7.609 |
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TOTAL BORROWING |
82.565 |
45.276 |
31.616 |
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DEFERRED TAX LIABILITIES |
3.651 |
2.594 |
1.713 |
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TOTAL |
119.040 |
70.482 |
47.364 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.356 |
42.007 |
37.469 |
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Capital work-in-progress |
10.310 |
3.860 |
1.362 |
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INVESTMENT |
1.375 |
2.262 |
1.800 |
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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 |
15.343
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17.531
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5.612 |
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Sundry Debtors |
16.675
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11.675
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7.459 |
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Cash & Bank Balances |
0.051
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1.388
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0.196 |
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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 |
12.794
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11.707
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6.703 |
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Total
Current Assets |
44.863
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42.301
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19.970 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.858 |
15.715 |
8.739 |
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Other Current Liabilities |
1.326
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2.420
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3.539 |
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Provisions |
1.680
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1.813
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0.959 |
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Total
Current Liabilities |
6.864
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19.948
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13.237 |
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Net Current Assets |
37.999
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22.353
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6.733 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
119.040 |
70.482 |
47.364 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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GROSS SALES |
125.122 |
103.085 |
NA |
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NET PROFITS |
5.534 |
5.383 |
4.815 |
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DEPRECIATION/
AMORTISATION |
NA |
NA |
1.666 |
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.72
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2.88 |
3.20 |
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Current Ratio (Current Asset/Current Liability) |
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6.54
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2.12 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
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Particulars |
As
on 31.03.2010 Rs.
in millions |
As
on 31.03.2009 Rs.
in millions |
As
on 31.03.2008 Rs.
in millions |
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Sundry Creditors |
3.858 |
15.715 |
8.739 |
NOTE
The Registered Office of the company has been shifted from Plot No.
E-45, MIDC Area, Ambad, Nashik,
ABOUT OPERATIONS THIS
YEAR
The year 2009-10
had been a very eventful year. They were completely pre-occupied with the
Expansion project, various certifications and accreditations. As a result, the
targeted Turnover could not be achieved. Despite these concerns, they
maintained the sales growth at around 309% Also the other achievements like
expansions, certifications and accreditations are commendable and benefits are
measurable in terms of multiplied sales growth in coming financial years.
TRADE REFERENCES
·
L and L
·
Rolta India Limited
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Toyo Engineering India Limited
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Indian Oil
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Bankers Charges
Report as per Registry
|
This form is for |
Modification of charge |
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Corporate identity number of the company |
U29191MH1995PTC084982 |
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Name of the company |
UNITED HEAT TRANSFER PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
Plot No. F-131, MIDC Area, Ambad, Nashik – 422 010, |
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Type of charge |
Immovable property |
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Particular of charge holder |
Axis Bank Limited |
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Nature of description of the instrument creating or modifying the
charge |
Memorandum of Entry Dtd.19/01/2011 |
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Date of instrument Creating the charge |
19.01.2011 |
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Amount secured by the charge |
Rs.85.700 millions |
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Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest Base rate + 4.50% i.e.12.5%p.a. Terms of repayment 1) Cash Credit :- CC / BD on demand 2) Term Loan II (Blap) :- 84
equated monthly instalments of Rs.0.277 millions 3) Term Loan III :- first 8
monthly installments of Rs.0.300 millions each, next 12 monthly installments
of Rs.0.375 millions each, 42 monthly installments of Rs.0.467 millions each
and last installment of Rs.0.486 millions. the repayment shall start after 9 months from the date of first
disbursement. 4) Term Loan (IV) :- in 50 monthly installments of Rs.0.100 million
each after maratorium of 4 months Margin 1) Cash Credit :- DP will be calculated by applying the margins
mentioned below Inventory / Stock - 25% Book Debts - 35% 2) Bank Guarantee :- 25% (100% cash margin in case of disputed
liabilities) 3) Term Loan II (Blap) :- 32% 4) Term Loan III :- 26.10% 5) Term Loan (IV) :- 35.33% Extent and operation of the charge Exclusive charge by way of mortgage over immovable properties, both
present and future, located at Plot No. F-130 and 131, Midc Ambad, Nashik -
422010, owned by the company. |
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Short particulars of the property charged |
Mortgage over immovable properties, both present and future, located
at Plot No. F-130 and 131, Midc Ambad, Nashik - 422010, owned by the company. |
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Particulars of the present modification |
Total credit limit enhanced from Rs.79.209 millions to Rs.85.700
millions 1) CC limit of Rs.25.000 millions including inland bills discounting
(sublimit of CC facility) Rs.5.000 millions 2) Bank Guarantee (inland) Rs.9.000 millions (renewed with enhancement
from the existing limit of Rs.4.000 millions to 9.000 millions) 3) Term Loan II (BLAP) of Rs.13.928 millions (existing) 4) Term Loan II (BLFP) of Rs.9.281 millions (existing) 5) Term Loan III of R.27.000 millions (existing) 6) Term Loan (new) of Rs.5.000 millions (created by present mortgage
deed) |
FIXED ASSETS
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Plant and Machinery
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Electrification
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Tools and Equipments
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Jigs and Fixtures
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Computer
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Furniture and Fixtures
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Office Equipment
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 |
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US Dollar |
1 |
Rs.44.42 |
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|
1 |
Rs.72.49 |
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Euro |
1 |
Rs.63.87 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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.