MIRA
INFORM REPORT
|
Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
USHA INTERNATIONAL LIMITED (w.e.f. 20.06.2008) |
|
|
|
|
Formerly Known
As : |
JAY ENGINEERING WORKS LIMITED |
|
|
|
|
Registered
Office : |
19, Kasturba Gandhi Marg, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
08.11.1935 |
|
|
|
|
Com. Reg. No.: |
55-7123 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.485.837 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210DL1935PLC007123 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELU02431C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0032B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and
Marketing of Quality Ceiling Fans, Ventilating, Exhaust Fan, Pedestal and
Electric Wall Fans. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 7792000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Siddharth Shriram Group Company one of It is an established company having fine track. Financial position of
the company is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
19, Kasturba Gandhi Marg, |
|
Tel. No.: |
91-11-23318114 |
|
Fax No.: |
91-11-23318118 / 23318119 |
|
E-Mail : |
manoj_agrawal@ushainternational.com
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No. 3, Industrial Area, Sector 32, Gurgaon – 122001, |
|
Tel. No.: |
91-124-4583100 |
|
Fax No.: |
91-124-4583200/ 2883300 |
|
E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Siddharth Shriram |
|
Designation : |
Director |
|
Address : |
No. 3A, Chitrakoot The Green, Opp. Air Force Station, Rajokari, New
Delhi – 110038, Delhi, India |
|
Date of Birth/Age : |
18.01.1945 |
|
Date of Appointment : |
30.08.1996 |
|
DIN No. : |
00027750 |
|
|
|
|
Name : |
Ms. Chhaya Shriram |
|
Designation : |
Director |
|
Address : |
D-46, Malcha Marg, |
|
Date of Birth/Age : |
18.02.1969 |
|
Date of Appointment : |
23.06.2008 |
|
DIN No. : |
00027813 |
|
|
|
|
Name : |
Mr. Pramod Kumar Bhalla |
|
Designation : |
Director |
|
Address : |
H. No. 3509, DLF Phase IV, Gurgaon – 122002, |
|
Date of Birth/Age : |
08.07.1952 |
|
Date of Appointment : |
30.10.2007 |
|
DIN No. : |
00035955 |
|
|
|
|
Name : |
Mr. Sunil Kumar Wadhwa |
|
Designation : |
Director |
|
Address : |
N. 35, |
|
Date of Birth/Age : |
17.07.1951 |
|
Date of Appointment : |
23.06.2008 |
|
DIN No. : |
00028076 |
|
|
|
|
Name : |
Mr. Anil Kumar Jain |
|
Designation : |
Director |
|
Address : |
C-2, Sector 20, Noida – 201301, |
|
Date of Birth/Age : |
18.03.1951 |
|
Date of Appointment : |
23.06.2008 |
|
DIN No. : |
00027911 |
|
|
|
|
Name : |
Mr. Anand Kumar Chowdhury |
|
Designation : |
Director |
|
Address : |
R-749, Ground Floor, New Rajendra Nagar, New Delhi – 110060, Delhi,
India |
|
Date of Birth/Age : |
04.04.1944 |
|
Date of Appointment : |
23.06.2008 |
|
DIN No. : |
00044601 |
|
|
|
|
Name : |
Mr. Vinod Kumar Wazir |
|
Designation : |
Director |
|
Address : |
C-515, Defence Colony, |
|
Date of Birth/Age : |
07.07.1939 |
|
Date of Appointment : |
23.06.2008 |
|
DIN No. : |
01503448 |
|
|
|
|
Name : |
Mr. Nandan Kumar Goila |
|
Designation : |
Director |
|
Address : |
A-65/1, SFS Flats Saket, |
|
Date of Birth/Age : |
14.04.1947 |
|
Date of Appointment : |
30.08.1996 |
|
DIN No. : |
00025007 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Agrawal |
|
Designation : |
Secretary |
|
Address : |
903-904, |
|
Date of Birth/Age : |
04.11.1969 |
|
Date of Appointment : |
11.06.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
18366610 |
|
Siddharth Shriram |
|
15033049 |
|
Chhaya Shriram |
|
15183701 |
|
Terrestrial Marketing Private Limited ( |
|
295 |
As on 29.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
39.05 |
|
Other top fifty shareholders |
60.95 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Quality Ceiling Fans, Ventilating, Exhaust Fan, Pedestal and
Electric Wall Fans. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fans |
Lac/Nos. |
17.40 |
7.31 |
|
Water cooler |
Lac/Nos. |
0.10 |
0.07 |
|
Elements |
Lac/Nos. |
9.00 |
9.06 |
|
Nozzles |
Lac/Nos. |
9.60 |
6.99 |
|
Delivery Valves |
Lac/Nos. |
7.50 |
8.58 |
|
S.C. Pumps |
Lac/Nos. |
2.70 |
2.37 |
|
Nozzle Holders |
Lac/Nos. |
2.70 |
1.72 |
- No licence is required for manufacturing the products of the
company. Installed capacity is on single shift basis, except for a few components
which are on multiple shift basis, as certified by the company and
accepted by the auditors without verification, being a technical matter.
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution
: |
Tata Capital Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai
– 400001, |
|
|
|
|
Auditors : |
|
|
Name : |
Thakur Vaidyanath Aiyar and Company Chartered Accountant |
|
Address : |
221, 223, Deen Dayal Marg, |
|
PAN.: |
AAAFT3096M |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48583715 |
Equity Shares |
Rs.10/-each |
Rs.485.837
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
485.837 |
255.403 |
180.743 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1462.187 |
797.874 |
709.558 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1948.024 |
1053.277 |
890.301 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
77.547 |
105.896 |
250.717 |
|
|
2] Unsecured Loans |
90.351 |
115.458 |
126.307 |
|
|
TOTAL BORROWING |
167.898 |
221.354 |
377.024 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2115.922 |
1274.631 |
1267.325 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
566.794 |
340.587 |
386.594 |
|
|
Capital work-in-progress |
9.379 |
2.475 |
0.215 |
|
|
|
|
|
|
|
|
INVESTMENT |
1457.615 |
136.503 |
2.665 |
|
|
DEFERREX TAX ASSETS |
3.765 |
24.751 |
45.244 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1127.782
|
798.003 |
794.273 |
|
|
Sundry Debtors |
847.599
|
772.914 |
940.535 |
|
|
Cash & Bank Balances |
380.766
|
361.543 |
344.754 |
|
|
Other Current Assets |
0.848
|
2.027 |
0.302 |
|
|
Loans & Advances |
185.700
|
155.026 |
166.235 |
|
Total
Current Assets |
2542.695
|
2089.513 |
2246.099 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1675.038
|
959.588 |
1086.712 |
|
|
Other Current Liabilities |
677.474
|
253.136 |
269.701 |
|
|
Provisions |
111.814
|
106.474 |
57.079 |
|
Total
Current Liabilities |
2464.326
|
1319.198 |
1413.492 |
|
|
Net Current Assets |
78.369
|
770.315 |
832.607 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2115.922 |
1274.631 |
1267.325 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10063.367 |
8073.424 |
7054.677 |
|
|
|
Agency Commission |
19.545 |
16.337 |
17.673 |
|
|
|
Other Income |
156.162 |
63.340 |
83.983 |
|
|
|
TOTAL (A) |
10239.074 |
8153.101 |
7156.333 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Traded Goods Sold |
5930.787 |
4897.678 |
3984.715 |
|
|
|
Manufacturing and Other Expenses |
1942.387 |
1690.819 |
1830.755 |
|
|
|
Commission and Discount in Sales |
1101.444 |
782.870 |
662.407 |
|
|
|
Advertisement and Sales Promotion |
449.527 |
152.583 |
165.839 |
|
|
|
Other Selling Expenses |
220.870 |
196.530 |
164.326 |
|
|
|
Provision for Doubtful Debts and Advances |
3.381 |
6.092 |
11.628 |
|
|
|
Provision for Diminution in value of Investment |
0.030 |
1.534 |
0.000 |
|
|
|
Compensation paid under Voluntary Retirement Scheme |
1.655 |
5.742 |
16.213 |
|
|
|
TOTAL (B) |
9650.081 |
7733.848 |
6835.883 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
588.993 |
419.253 |
320.45 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.069 |
47.460 |
51.317 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
568.924 |
371.793 |
269.133 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
65.253 |
60.636 |
62.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
503.671 |
311.157 |
206.657 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
177.155 |
104.649 |
(13.095) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
326.516 |
206.508 |
219.752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exports (FOB Value) |
|
521.360 |
436.935 |
|
|
|
Reimbursement towards Freight and Insurance |
|
10.871 |
6.192 |
|
|
TOTAL EARNINGS |
NA |
532.231 |
443.127 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.72 |
10.72 |
19.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.19
|
2.53 |
3.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.00
|
3.85 |
2.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.20
|
12.80 |
7.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.29 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.46 |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.58 |
1.59 |
LOCAL AGENCY FURTHER INFORMATION
Management
Discussion and Analysis:
Annexed and is forming part of the Corporate Governance Report
stipulated under clause 49 of the listing agreements with the Stock Exchanges.
Resolution – Change of Name
“Resolved that in accordance with the
provisions of section 21 and other applicable provisions, if any, of the
companies act, 1956 and subject to the approval of the Central Government/
Registrar of companies and subject to the sanction of the scheme of Arrangement
for Amalgamation and Reduction of Equity Share Capial of the company proposed
to be made between Usha International Limited. (Transfer Company No. 1/ UIL).
Shriram Fuel Injuction Industries Limited (Transfer Company No.2/ SFIL) and the
Company (Transferee Company) by the Hon’ble High Court of delhi and Other
appropriate authorities and such other approvals as may be required in this
regard, the name of the company be changed from The Jay Engineering Works
Limited to “Usha International Limited”
Fixed Assets:
- Goodwill
- Land – Free Hold
- Building – Free Hold and Lease Hold
- Plant and Machinery
- EDP Equipment
- Furniture, Fixture and Equipment
- Improvement on Leased Premises
- Vehicles
Web Details:
Profile:
Subject, a Siddharth Shriram Group company, is one of
History:
1934
1946
The first Indian Sewing Machine is exported.
1948
Fans are added to the product range.
1950
The first Indian Fan exported.
1966
Dr. Charat Ram appointed as Chairman of the board of UIL.
1968
Diesel Engines are added to the Usha product range.
1975
Usha becomes a Public Limited Company.
1979
Fuel Injection Equipment is introduced to the Usha Auto Components range.
1982
Usha Sales is renamed to Usha International.
1984
Launches a range of Home Appliances.
1994
Fourth generation fully automatic Sewing Machines in
collaboration with Janome Sewing Machine Company of
1994
Monoblock pumps followed by a complete range of water lifting equipment are launched.
1996
Introduces a new range of diesel engines for power generation.
2000
Commences marketing of Light Weight Kerosene pumpsets powered by Honda engines.
2001
Tie-up with Hunter Fan Company of
2005
Purchase of Water Cooler factory from DAIPL.
2007
Appointed as super distributor for 2 and 3 wheeler spark
plugs in
2008
As of June 2, 2008, Usha International Limited and Shriram Fuel Injection Industries Limited have merged into Jay Engineering Works limited, and the merged entity has been re-named Usha International Limited.
2009
Launches a range of Cooktops, Built-in-Hobs and Cooker Hoods.
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.44.94 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.