MIRA
INFORM REPORT
|
Report Date : |
22.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNITED GASKETS AND COMPONENTS PRIVATE LIMITED |
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Registered
Office : |
280, Nanekar Wadi, Near NTB, Nasik Road, Chakan, Pune-410501,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of Incorporation
: |
14.06.1993 |
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Com. Reg. No.: |
25-72369 |
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Capital
Investment / Paid-up Capital : |
Rs.2.622
Millions |
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CIN No.: [Company Identification
No.] |
U74999MH1993PTC072369 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Industrial and Engineering Goods Items. |
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No. of Employees
: |
Not Available |
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 75000 |
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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 a well 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. The 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
280, Nanekar Wadi, Near NTB, Nasik Road, Chakan, Pune-410501,
Maharashtra, India |
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Tel. No.: |
91-2135-398500/252210 |
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Fax No.: |
91-2135-398600 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 28.09.2011
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Name : |
Mr. Suhas Anant Dhole |
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Designation : |
Director |
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Address : |
S. No. 255/1 and 2, Baner Ashiyana Park, Opposite Clarion Park,
Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
27.03.1959 |
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Date of Appointment : |
14.06.1993 |
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Din No.: |
01078549 |
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Other Directorship:
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Name : |
Ms. Pramila Dinanath Kirad |
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Designation : |
Director |
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Address : |
252, Rasta Peth, Pune-411011, Maharashtra, India |
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Date of Birth/Age : |
04.07.1934 |
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Date of Appointment : |
01.07.1993 |
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Din No.: |
01364196 |
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Name : |
Mr. Vikram Dinanath Kirad |
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Designation : |
Director |
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Address : |
252, Rasta Peth, Pune-411011, Maharashtra, India |
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Date of Birth/Age : |
12.05.1977 |
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Date of Appointment : |
01.04.2009 |
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Din No.: |
02327831 |
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Other Directorship:
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Name : |
Mr. Anuradha Suhas Dhole |
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Designation : |
Director |
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Address : |
3/255, Gulmohor Ashiyana Park, Opposite Chaarion Park, Aundh, Baner, Pune-411007,
Maharashtra, India |
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Date of Birth/Age : |
20.09.1960 |
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Date of Appointment : |
26.12.1996 |
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Din No.: |
01089447 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2011
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Names of Shareholders |
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No. of Shares |
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Suhas Anant Dhole |
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15165 |
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Pramila Dinanath Kirad |
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6351 |
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Anuradha Suhas Dhole |
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2279 |
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Sunil Gajanan Joshi |
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250 |
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Amit Suhas Dhole |
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1058 |
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Sumit Suhas Dhole |
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1113 |
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Total |
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26216 |
AS ON 28.09.2011
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
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99.05 |
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Other
top fifty shareholders |
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0.95 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Industrial and Engineering Goods Items. |
GENERAL INFORMATION
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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 : |
Gosavi Tadphale and Company Chartered Accountant |
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Address : |
9, Ketki Building, Near Alka Theatre, Sadashiv Peth, Pune – 411030,
Maharashtra, India |
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Pan No.: |
AABFG6836H |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99000 |
Equity Shares |
Rs.100/- each |
Rs.9.900 Millions |
|
1000 |
Preferences Shares |
Rs.100/- each |
Rs.0.100 Million |
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Total |
|
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26216 |
Equity Shares |
Rs.100/- each |
Rs.2.622
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
2.622 |
2.283 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.250 |
10.986 |
8.004 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.872 |
13.269 |
10.004 |
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LOAN FUNDS |
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1] Secured Loans |
49.451 |
29.192 |
24.200 |
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2] Unsecured Loans |
9.286 |
9.848 |
11.695 |
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TOTAL BORROWING |
58.737 |
39.040 |
35.895 |
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DEFERRED TAX LIABILITIES |
0.956 |
0.220 |
0.480 |
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TOTAL |
78.565 |
52.529 |
46.379 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.779 |
24.961 |
23.403 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.739 |
0.739 |
0.414 |
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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 |
17.478
|
18.445 |
9.433
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Sundry Debtors |
58.622
|
50.646 |
42.580
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Cash & Bank Balances |
5.441
|
0.272 |
0.904
|
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Other Current Assets |
2.614
|
1.967 |
1.999
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Loans & Advances |
2.960
|
0.890 |
1.540
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Total
Current Assets |
87.115
|
72.220 |
56.456 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
33.370
|
40.091 |
29.525 |
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Other Current Liabilities |
1.041
|
0.782 |
0.359
|
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Provisions |
5.657
|
4.518 |
4.010
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Total
Current Liabilities |
40.068
|
45.391 |
33.894
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Net Current Assets |
47.047
|
26.829 |
22.562
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
78.565 |
52.529 |
46.379 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
214.322 |
158.853 |
154.675 |
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Other Income |
1.044 |
0.427 |
0.156 |
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TOTAL |
215.366 |
159.280 |
154.831 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
206.269 |
155.007 |
150.895 |
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Advertising Expenses |
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TOTAL |
206.269 |
155.007 |
150.895 |
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PROFIT FOR THE
YEAR |
9.097 |
4.273 |
3.936 |
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APPROPRIATIONS |
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Transfer to General Reserve |
0.650 |
0.450 |
0.400 |
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Proposed Dividend |
0.393 |
0.342 |
0.300 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.955 |
0.698 |
NA |
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Earnings Per
Share (Rs.) |
0.0040 |
0.0019 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.22
|
2.68 |
2.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.24
|
2.69 |
2.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.72
|
4.40 |
4.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.48
|
0.32 |
0.39
|
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Debt Equity Ratio (Total Liability/Networth) |
|
5.23
|
6.36 |
6.98
|
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Current Ratio (Current Asset/Current Liability) |
|
2.17
|
1.59 |
1.66
|
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The turnover of
the company has increased by 34.92% as compared to previous year, whereas the profit
for the year stood at 4.24% as compared to 2.69% in the previous year.
The increase in
turnover and profit is mainly due to addition of major customers such as
Helical Auto Technology India Private Limited and JBM Ma Automotive Private
Limited and increase in the orders placed by the customers.
The Directors hope
that the company would be able to maintain the growing trend in the current
year also.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U74999MH1993PTC072369 |
|
Name of the
company |
UNITED GASKETS
AND COMPONENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
280, Nanekar Wadi, Near NTB, Nasik Road, Chakan, Pune-410501,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge Immovable
Property |
|
Particular of
charge holder |
The Shamrao Vithal Co-operative Bank Limited, Plot No. 63, Sector 27
A, Village Akurdi, PCNT, Nigdi, Pune-411044, Maharashtra, India Email: united_acc@ugclogistics.com
|
|
Nature of description
of the instrument creating or modifying the charge |
1) Composite
hypothecation agreement 2) Recording
letter evidencing deposit of title deeds Both the
agreements constitute a single charge |
|
Date of
instrument Creating the charge |
27.05.2011 |
|
Amount secured by
the charge |
Rs.6.400 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13.50% per annum
or PLR - 2.5% Terms of
Repayment Term loan of Rs. 6.400
millions repayable in 60 EMI of Rs. EMI of Rs. 0.148 million per month. Margin 40% Extent and
Operation of the charge First charge on
the assets kept as security |
|
Short particulars
of the property charged |
Hypothecation of
plant and machinery Piece and parcel
of plot no. 11 admg 503.63 sq. Mtrs, plot no. 12 admg 500.50 sq. mtrs, plot
no.13 admg 494.00 sq. mtrs, plot no. 14 admg 498.75 sq. mtrs, plot no. 16
admg 1746.25 sq. mtrs At Gut No.
280/2141, Nanekar Wadi, Nashik Road, within the limits of sub registrar
Taluka Haveli Khed, Mouje Chakan district Pune, Together with
industrial gala, factory shed/ building and or any other type of
construction. |
FIXED ASSETS:
- Land
- Land at Aundh
- Residential
Building
- Servant Quarters
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Computer
- Dies and
Tools
- Vehicle
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.49.08 |
|
|
1 |
Rs.77.80 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>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.