MIRA
INFORM REPORT
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Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
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Name : |
UTECH FASTEN PRIVATE LIMITED |
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Registered
Office : |
Plot No.179, GIDC, Waghodia, Vadodara – 391760, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.01.2005 |
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Com. Reg. No.: |
04-045329 |
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Capital Investment
/ Paid-up Capital : |
Rs.7.500
Millions |
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CIN No.: [Company Identification
No.] |
U36990GJ2005PTC045329 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Trader of
Industrial Staples and Pins |
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No. of Employees
: |
50 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (33) |
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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 49000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small 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 – 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. Yogesh Mathile |
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Designation : |
Marketing Department |
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Contact No.: |
91-9372747114 |
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Date : |
03.09.2011 |
LOCATIONS
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Registered Office/ Head Office : |
Plot No.179, GIDC, Waghodia, Vadodara – 391760, |
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Tel. No.: |
91-2668-263636 |
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Mobile No.: |
91-9372747114 (Mr. Yogesh Mathile) |
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Fax No.: |
91-2668-263635 |
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E-Mail : |
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Website : |
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Area : |
200 Sq. ft. |
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Location : |
Owned |
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Factory / Warehouse : |
Survey No.65-B, Premises No.977, VRL Compound, Thatwade, Pune –
411033, |
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Tel. No.: |
91-20-32335164 |
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Fax No.: |
91-20-27496015 |
DIRECTORS
As on : 06.08.2011
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Name : |
Mr. Hirendra N. Vyas |
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Designation : |
Director |
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Address : |
108, Rajendra Marg, Bhilwara – 301221, |
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Date of Birth/Age : |
25.04.1957 |
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Date of Appointment : |
20.01.2005 |
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DIN : |
01925411 |
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Other Directorship : |
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Name : |
Mr. Ashok J. Kumat |
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Designation : |
Director |
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Address : |
B/204, |
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Date of Birth/Age : |
12.02.1952 |
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Date of Appointment : |
05.02.2005 |
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DIN : |
00202424 |
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Other Directorship : |
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Name : |
Mr. Arun J. Kumat |
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Designation : |
Director |
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Address : |
B/204, |
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Date of Birth/Age : |
22.02.1958 |
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Date of Appointment : |
20.01.2005 |
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DIN : |
00202421 |
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Other Directorship : |
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KEY EXECUTIVES
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Name : |
Mr. Yogesh Mathile |
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Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.08.2011
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Names of Shareholders |
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No. of Shares |
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Hirendra Kumar Vyas |
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250000 |
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Arunkumar Jaswatsingh Kumat |
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10000 |
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Sunil Bhatia |
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175000 |
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Ashokkumar Jaswatsingh Kumat |
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95000 |
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Naresh Kumar Ladulal Gattani |
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75000 |
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Neha Abhishek Kumat |
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145000 |
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TOTAL |
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750000 |
As on 17.08.2011
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Names of Allottees |
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No. of
Shares Allotted |
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Hirendra Vyas |
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166667 |
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Sunil Bhatia |
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166667 |
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Ashok Kumat |
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166666 |
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Total |
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500000 |
As On 06.08.2011
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Category |
Percentage |
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Directors or
relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Trader of
Industrial Staples and Pins |
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Products : |
Pneumatic Tools
Fasteners
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R K Dhupia and Associates Chartered Accountant |
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Address : |
110, Blue Diamond Complex, Fateganj, Vadodara – 390002, |
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Associates/Subsidiaries : |
Spring Master India Private Limited Address : Vadodara, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs. 7.500
Millions |
As on 17.08.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.997 |
3.117 |
0.607 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
12.497 |
6.117 |
3.607 |
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LOAN FUNDS |
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1] Secured Loans |
36.625 |
8.473 |
10.168 |
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2] Unsecured Loans |
20.889 |
9.106 |
9.005 |
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TOTAL BORROWING |
57.514 |
17.579 |
19.173 |
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DEFERRED TAX LIABILITIES |
1.066 |
0.658 |
0.373 |
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TOTAL |
71.077 |
24.354 |
23.153 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.541 |
7.311 |
7.081 |
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Capital work-in-progress |
0.000 |
1.006 |
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 |
29.954
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14.708
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12.974 |
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Sundry Debtors |
24.608
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15.118
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8.217 |
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Cash & Bank Balances |
3.592
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0.879
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0.926 |
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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 |
8.318
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3.443
|
2.194 |
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Total
Current Assets |
66.472
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34.148
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24.311 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.882
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15.447
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Current Liabilities |
4.985
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2.151
|
8.489 |
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Provisions |
0.248
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0.716
|
0.071 |
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Total
Current Liabilities |
24.115
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18.314
|
8.560 |
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Net Current Assets |
42.357
|
15.834
|
15.751 |
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MISCELLANEOUS EXPENSES |
0.179 |
0.203 |
0.321 |
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TOTAL |
71.077 |
24.354 |
23.153 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES / Income
from Operation |
108.766 |
57.953 |
36.236 |
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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) |
102.246 |
52.294 |
34.534 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.520 |
5.659 |
1.702 |
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Less |
FINANCIAL
EXPENSES (D) |
2.748 |
1.271 |
0.995 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.772 |
4.388 |
0.707 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.943 |
0.891 |
0.344 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.829 |
3.497 |
0.363 |
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Less |
TAX (I) |
0.949 |
0.987 |
0.202 |
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PROFIT AFTER TAX
(G-I) (J) |
1.880 |
2.510 |
0.161 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value |
- |
8.056 |
- |
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TOTAL EARNINGS |
NA |
8.056 |
NA |
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IMPORTS |
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CIF Value |
- |
31.539 |
- |
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TOTAL IMPORTS |
NA |
31.539 |
NA |
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Earnings Per
Share (Rs.) |
2.51 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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PAT / Total Income |
(%) |
1.73
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4.33
|
0.44 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.60
|
6.03
|
1.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
8.43
|
1.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.57
|
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.53
|
5.87
|
7.69 |
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Current Ratio (Current Asset/Current Liability) |
|
2.76
|
1.86
|
2.84 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
Address of the company has been shifted from B/204 Hemdeep Tower, B/H Fatehgunj
P O Baroda- 390002,
BUSINESS ENVIRONMENT
Signs of growth were seen in the consumer durable
industry during the year. The impact of this phenomenon was visible in increased
demand in packing, furnishing, furniture, cable drum industry, which resulted
in to increase in demand of the company's products. The turnover of the company
increased by 87.68% i.e. from Rs. 57.953 millions to Rs. 108.766 millions.
The growth in turnover could be possible by
aggressive marketing by way of establishing new branches, distributors and
dealers network. The company carried out extensive market research in South and
The profit before tax has reduced marginally from
Rs.3.497 millions to Rs.2.829 millions. The reason for decrease in profit is
caused on account of substantial expenses incurred in settling of marketing
network and sales development expenses which would lead to increase in
profitability in the coming years.
Board is pleased to inform that project could be
completed successfully without any major problem. The company during the year
commenced the coil nail manufacturing and shall market aggressively this
product during the year.
Form : 8
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Corporate identity
number of the company |
U36990GJ2005PTC045329 |
|
Name of the
company |
U TECH FASTEN
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 179,
GIDC, Waghodia, Vadodara – 391760, |
|
This form is for |
Creation of
Charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of |
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Nature of
instrument creating charge |
Instrument
relating to Deposit of title deeds |
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Date of
instrument Creating the charge |
19.11.2010 |
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Amount secured by
the charge |
Rs.59.639
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Cash Credit and
Term Loan - 3.50% above Base Rate i.e. 11.50% p a at present at monthly rest Terms of repayment : cash credit - on
demand, Term Loan - in 61 months including moratorium period of one month Margin : Cash Credit - 25%
for RM, SIP, FG, stores and spares, packing materials, 30% for Book debts
upto 90 days, Term Loan - 25% on machinery and equipment, 48% on building.
Inland / Foreign L/C - 25% Extent and operation of the charge : Various credit
facilities are secured by way of mortgage of Immovable properties more
particularly described in second schedule to the Instrument relating to
Deposit of title deeds. Others : Credit facilities
secured Spring Master
Sleep Products ( Utech Fasten
Private Limited - Term Loan - Rs.14.000 million + Cash Credit - Hyp -
Rs.23.500 million + Inland / foreign L/C - Rs.5.000 million aggregating to
Rs.42.500 million aggregate
coverage Rs.59.639 million |
|
Short Particulars
of the property charged |
Various credit
facilities granted to (1) Spring Master Sleep Products ( Industrial Plot
No.C!B-21 adm. 799.20 Sq. Mtrs out of 1502 Sq. Mtrs plot area in GIDC being
organised and constructed in the land bearing R S No.760/P and 745/P paiki of
mouje VillL Waghodiya in the registration sub district Waghodia, Dist:
Vadodara and belonging to Spring Master Sleep Products (India) Private
Limited |
Form : 8
|
Corporate
identity number of the company |
U36990GJ2005PTC045329 |
|
Name of the
company |
U TECH FASTEN
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
B/204, Hemdeep
TowerB/H, Fatehgunj PO, |
|
This form is for |
Modification of
Charge |
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Type of charge |
Book debts Movable property
(not being pledge) |
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Particular of
charge holder |
State Bank of |
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Nature of
instrument creating charge |
Supplemental Agreement
of Loan Cum Hypothecation |
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Date of
instrument Creating the charge |
22.04.2010 |
|
Amount secured by
the charge |
Rs. 26.650
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : WC-2.25% Above
SBAR PRES.EFF. RATE-11.75% with a MIN. OF 14%P.A. with Monthly Rest, TL-2.50%
above SBAR PRES. EFF. RATE-11.75% with a MIN. of 14.25% P.A. With Monthly
Rest, EPC-2.75% Below SBAR. Terms of repayment : Working Capital –
on Demand Margin : RM-Indigenous
-25%, SFG-40%, Components/ Consumable/Spares-25%, Domestic Receivables – 50%,
Export Packing Credit -10%, L/C and BG-25%. Extent and operation of the charge : Hypothecation of
stocks and Book debts and Plant and Machinery Lying at Plot No. 179, GIDC,
Waghodia, District – Others : NIL |
|
Short Particulars
of the property charged |
Hypothecation of
stocks and book debts and Plant and Machinery lying at Plot No.179, GIDC,
Waghodia, District – |
|
Date of instrument
modifying the charge |
28.07.2009 |
|
Particulars of
the present modification |
By this execution
the charge extended to cover revised credit facilities from Rs. 23.650
millions to RS. 26.650 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.47.79 |
|
|
1 |
Rs.75.05 |
|
Euro |
1 |
Rs.65.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.