MIRA
INFORM REPORT
|
Report Date : |
26.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
UNITECH POWER TRANSMISSION LIMITED |
|
|
|
|
Formerly Known
As : |
HYUNDAI UNITECH ELECTRICAL TRANSMISSION LIMITED |
|
|
|
|
Registered
Office : |
Unitech House, 6 Community Centre, Saket, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
14.09.1995 |
|
|
|
|
Com. Reg. No.: |
55-72431 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.300.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999DL1995PLC072431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH01932A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH4430Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. There
appears some accumulated losses recorded by the company. However trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. In view of strong promoters, 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) |
|
|
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 : |
Unitech House, 6 Community Centre, Saket, New Delhi-110017, |
|
Tel. No.: |
95-124-2341830/ 11-26857330 |
|
Fax No.: |
95-124-2341829/ 11-26857338 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Plot No. 136, Udyog Vihar, Phase -I, Gurgaon-122016, |
|
Tel. No.: |
91-124-2341830 / 2341831 |
|
Fax No.: |
91-124-2341829 |
|
E-Mail : |
|
|
|
|
|
Factory : |
A-33, MIDC Industrial Area, Butibori, Nagpur-441108, |
|
Tel. No.: |
91-7104-265457 / 265458 |
|
Fax No.: |
91-7104-265441 |
|
E-Mail : |
DIRECTORS
AS ON 29.06.2010
|
Name : |
Mr. Mahesh Kumar Agrawal |
|
Designation : |
Director |
|
Address : |
F-60, |
|
Date of Birth/Age : |
12.06.1962 |
|
Date of Appointment : |
01.04.2010 |
|
|
|
|
Name : |
Mr. Rajan Narula |
|
Designation : |
Director |
|
Address : |
I-33, 1st Floor, Kirti Nagar, New Delhi-110015, |
|
Date of Birth/Age : |
02.04.1967 |
|
Date of Appointment : |
26.06.2009 |
|
|
|
|
Name : |
Mr. Krishan D Rajani |
|
Designation : |
Director |
|
Address : |
23B, |
|
Date of Birth/Age : |
18.06.1947 |
|
Date of Appointment : |
07.06.2001 |
|
|
|
|
Name : |
Mr. Apoorva Shrivastava |
|
Designation : |
Managing Director |
|
Address : |
A-1/308, Safdarjung Enclave, |
|
Date of Birth/Age : |
29.11.1973 |
|
Date of Appointment : |
31.03.2010 |
|
|
|
|
Name : |
Mr. Sanjay Chandra |
|
Designation : |
Director |
|
Address : |
C-41, |
|
Date of Birth/Age : |
07.09.1972 |
|
Date of Appointment : |
08.08.2006 |
|
Other Directorship : |
CIN No.: L74899DL1979PLC009720
CIN No.: U24296DL1982PLC014822
CIN No.: U99999DL1982PLC014798
CIN No.: U92111HR2000PLC034517
CIN No.: U92199DL2002PLC114253
CIN No.: U45201DL1996PTC080900
CIN No.: U51909HR1995PLC035610
CIN No.: U45201DL2003PTC122614
CIN No.: U70101DL2005PLC136113
CIN No.: U55101DL2005PLC132046
CIN No.: U70101DL2005PLC132047
CIN No.: U99999DL1995PTC069297
CIN No.: U55101DL2005PLC136120 CIN No.: U70101DL2005PLC137338
CIN No.: U70101DL2005PLC137339 |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Kumar |
|
Designation : |
Secretary |
|
Address : |
Flat No. 1, Din Apartments, Sector – 4, Plot No. 7, Dwarka, |
|
Date of Birth/Age : |
22.06.1959 |
|
Date of Appointment : |
01.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Unitech Limited, |
|
29999940 |
|
Ramesh Kapur |
|
10 |
|
Sheetal Prasad Shrivastava |
|
10 |
|
Ramesh Chandra |
|
10 |
|
Arvind Singh Johar |
|
10 |
|
Sanjay Chandra |
|
10 |
|
Ajay Chandra |
|
10 |
|
|
|
|
|
Total |
|
30000000 |
AS ON 29.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Bankers : |
·
YES Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie
Besant Road, Worli, Mumbai – 400 018, Maharashtra, India ·
Syndicate Bank, Corporate Finance Branch, Sector – 5, R K Puram, New Delhi-110022,
India ·
Oriental Bank of Commerce, Large Corporate Branch, 181-A, Maker Tower ‘E’ 18th Floor,
Cuffe Parade-400005, Maharashtra, India. |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Goel Garg and Company Chartered Accountant |
|
Address : |
H-4, Masjid Moth, Greater Kailash II, New Delhi-110048, |
|
Tel. No.: |
91-11-46539501/46539502 |
|
Fax No.: |
91-11-41636825 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 29.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- Each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- Each |
Rs.300.000 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 |
300.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
139.097 |
180.197 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(56.398) |
(55.130) |
(8.978) |
|
|
NETWORTH |
243.602 |
283.967 |
371.219 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
486.974 |
845.814 |
290.378 |
|
|
2] Unsecured Loans |
246.672 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
733.646 |
845.814 |
290.378 |
|
|
DEFERRED TAX LIABILITIES |
14.203 |
14.519 |
4.799 |
|
|
|
|
|
|
|
|
TOTAL |
991.451 |
1144.300 |
666.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
119.080 |
131.234 |
137.948 |
|
|
Capital work-in-progress |
1.359 |
1.359 |
1.776 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
27.776 |
31.481 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
234.007
|
226.047 |
252.064
|
|
|
Sundry Debtors |
441.583
|
498.388 |
296.395
|
|
|
Cash & Bank Balances |
58.052
|
32.505 |
39.715
|
|
|
Other Current Assets |
98.585
|
69.255 |
48.343
|
|
|
Loans & Advances |
445.724
|
801.138 |
162.008
|
|
Total
Current Assets |
1277.951
|
1627.333 |
798.525 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
284.851
|
509.419 |
|
|
|
Other Current Liabilities |
145.017
|
126.361 |
262.004
|
|
|
Provisions |
4.847
|
11.327 |
9.849
|
|
Total
Current Liabilities |
434.715
|
647.107 |
271.853
|
|
|
Net Current Assets |
843.236
|
980.226 |
526.672
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
991.451 |
1144.300 |
666.396 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
958.255 |
946.029 |
683.081 |
|
|
|
Other Income |
86.079 |
69.565 |
6.580 |
|
|
|
TOTAL (A) |
1044.334 |
1015.594 |
689.661 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material |
644.455 |
718.989 |
516.208 |
|
|
|
Expenses on works contracts |
66.758 |
51.509 |
31.183 |
|
|
|
Employee expenses |
46.806 |
45.113 |
34.967 |
|
|
|
Others expenses |
106.061 |
102.065 |
104.597 |
|
|
|
Excise duty of stock |
5.892 |
5.938 |
7.198 |
|
|
|
Increase or decrease in inventories |
4.973 |
7.677 |
(83.518) |
|
|
|
TOTAL (B) |
874.945 |
931.291 |
610.635 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
169.389 |
84.303 |
79.026 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
154.552 |
138.578 |
60.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.837 |
(54.275) |
18.438 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.396 |
15.728 |
13.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.441 |
(70.003) |
4.802 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.389 |
(21.130) |
(0.069) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(0.948) |
(48.873) |
4.871 |
|
|
|
|
|
|
|
|
|
Less |
EXCESS
PROVISION WRITTEN BACK |
(0.078) |
(0.097) |
(0.308) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR
PERIOD EXPENSES |
0.398 |
(2.623) |
1.038 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(55.131) |
(8.978) |
(13.119) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(56.399) |
(55.131) |
(8.978) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.04) |
(2.31) |
0.21 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.09)
|
(4.81) |
0.71
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.25
|
(7.40) |
0.70
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.17
|
(3.98) |
0.51
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.25) |
0.01
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.80
|
5.26 |
1.51
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.94
|
2.51 |
2.94
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The total Income of the company for the year has been almost same of 2009,
but there is turn around in the profitability. Recently the company has also
successfully completed 400kV transmission line in the Haryana for Haryana
Vidyut Prasaran Nigam Limited (HVPNL). This was complete turnkey project, which
included the supply of conductors, insulators, hardware and other materials
required for construction of lines.
OUTLOOK:
The company has orders in hand as on 31 March 2010 for supply of about
67000 M.
SHARE CAPITAL:
The paid-up capital of the company has been increased from Rs. 200.000
Millions to Rs. 300.000 Millions by issuing 10.000 Millions Equity Shares Rs.
10/- each, fully paid-up to the promoter, Unitech Limited during the year.
Bankers Charges
Report as per Registry
|
Name of the company |
UNITECH POWER TRANSMISSION LIMITED |
||||||||||
|
Presented By |
Syndicate Bank, Corporate Finance Branch, Sector – 5, R K Puram, |
||||||||||
|
1) Date and description of instrument creating the change |
31.10.2005 Composite
hypothecation Agreement |
||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.212.200
millions |
||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
the following : ·
Stocks
of raw materials, semi finished goods and finished goods, on first /
exclusive charge basis stored / to be stored at the borrowers premises at
A-33, MIDC Industrial Area, Buti-Bori, Nagpur (Maharashtra) or wherever is the same may be. ·
All
the borrower’s present and future book-debts outstanding monies, receivables,
bills, claims etc. ·
Second
charge on existing fixed assets of the company valued at Rs.152.222 millions
as per valuation report dated 23.03.2005. The above is to
secure the following credit facilities granted by bank to the company.
* A sub limit of
Rs.5.000 millions out of SOD limit is permitted to be availed at RAM DASS
Peth, Nagpur Branch at the request of the company. |
||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
interest on SOD shall be charged at the rate of 11 percent per annum with
monthly rest or at such other rates as may be specified by the bank from time
to time. Margin : 25 percent on
stocks and book debts. 10 percent cash
margin on non fund based limit. SOD payable on
demand. |
||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank Corporate Finance Branch, Sector – 5, R K Puram, |
||||||||||
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74999DL1995PLC072431 |
|
Name of the
company |
UNITECH POWER
TRANSMISSION LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unitech House, 6 Community Centre, Saket, New Delhi-110017, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Oriental Bank of Commerce, Large Corporate Branch, 181-A, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Assets dated 26th July 2010 |
|
Date of
instrument Creating the charge |
26.07.2010 |
|
Amount secured by
the charge |
Rs.500.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Interest on Cash Credit
Limit - 2.50%+PLR i.e 12% =
14.50%. Commission on LC
as per schedule of charges Commission on BG
:1.25% p.a. on Performance BG and on Financial BG, as per banks Terms of
Repayment As per Agreement
of Hypothecation of Assets dated
26.07.2010 Margin Agreement of
Hypothecation of Assets dated
26.07.2010 Extent and
Operation of the charge The hypothecated
assets to secure the following credit limits sanctioned by Oriental Bank of
Commerce to M/s Unitech Power Transmission Ltd., Cash Credit : Rs. 100.000 Millions, Letter
of Credit : Rs. 100.000 Millions, Bank Guarantee : Rs. 300.000 Millions. |
|
Short particulars
of the property charged |
I)
Hypothecation
on pari-passu basis with other banks of stocks of raw materials, stock-in-process,
finished goods, Stocks and spares to be stored at anywhere in II)
Hypothecation
on pari-passu basis with other banks all borrower's present and future book
debts not more than 90 days and title to goods in case of LC on DP and DA
basis. III)
2nd
Charge on pari-passu basis with other banks on the fixed assets of the
company future and present (first charge with EXIM Bank) Stored / to be
stored at anywhere in |
FIXED ASSETS
·
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Roads
·
Computer Peripheral
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
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.56.53 |
|
|
1 |
Rs.88.09 |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.