MIRA INFORM REPORT

 

 

Report Date :

25.05.2012

 

IDENTIFICATION DETAILS

 

Name :

UGEN FERRO ALLOYS PVT. LTD.

 

 

Registered Office :

Dekilingkha Apartments, 1st Floor, Room No. 202, Pelhil Lam, Post Box No. 126

 

 

Country :

Bhutan

 

 

Financials (as on) :

15.07.2010

 

 

Date of Incorporation :

24.05.2006

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer of Ferro silicon

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Bhutan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

Company Name

 

Ugen Ferro Alloys Pvt. Ltd.

Country: Bhutan

 

Company Address

 

Ugen Ferro Alloys Private Limited
Dekilingkha Apartments,
1st Floor, Room No. 202,
Pelhil Lam,
Post Box No. 126,
Ph:                   +975 05 253971, 251698
Fax:                  +975 05 253970

Mobile No.:        0097517111898 / 9609884100 (Mr. Nikhil Goyal)

E-mail: ufal@druknet.bt

Location:           Owned

 

Plant:

Plot No. L4,
Pasanka Industrial Estate,
Pasakha,
Ph: +975 05 261231

 

 

History

 

It is a private limited company incorporated at Thimpu, Bhutan under Govt.  B3725 of 24th May 2006

 

 

Directors

 

·         Dasho Ugen Tsechup Dorji (M.D.)   

Mr. Thinley Penjor

Nikhil Goyal

B.K. Darji

 

 

Bankers

           

1.       Bank of Bhutan, Bhutan

2.       Bhutan National Bank

Shareholding Pattern

                                                                                   

Shareholders Name

No. of Equity Shares

Dasho Ugen Tsechup Dorji (M.D.)   
30 %

Mr. Thinley Penjor
30 %

Nikhil Goyal
20 %

B.K. Darji
20 %

Total
100 %

 

 

Auditors    

 

B. Agarwal & Co. Thimpu, Bhutan

 

 

Business

 

The main product is Ferro silicon.


Ugen Ferro Alloy produces Ferro silicon of 70-75% grade. And as per the customer demand UFAL also produces high grade Ferro silicon.75-80%.


Silica fumes is the product obtained from cleaning of OFF gas from chimney having Sio2 grade above 85%.
The company is also conducting researches on production of value added silicon alloys mainly FeSiMg.

 

Specification

% Si

70-75

% Al

1.5 max

% C

0.15 max

% P

0.05 max

% S

0.05 max

Size (mm)

as per requirement

 

 

 

 

 

 

 

 

 

 

Ugen Ferro alloys exports to the customer in steel & foundry industries foreign traders and importers. This is only possible after serving the huge market of India. Ugen Ferro alloys Sales Office is located in Phuentsholing Bhutan.

 

Infrastructure

  • Stable and consistent availability of the power, being a major input is reasonable in Bhutan compared to other countries. It is utilizing environmentally friendly hydro power.
  • The availability of abundant quartzite in Bhutan, the major raw material for production of Ferro-Silicon has also contributed to the growth of the company.
  • The factory is guided by competent supervisors and Managers, each a master in their own field who provide timely help and guidance to the juniors. A total no. of 140 staffs who caters to the plant 24 hours.
  • It is also facilitated for auto control of emission by gas cleaning plant. PLC based control panels for managing the operations of material handling system and furnace operations
  • The distance of the raw materials and the proximity to India from the plant is also of prime importance as the transportation cost of raw materials to the plant site directly influences the cost of the Ferro Silicon production.

Export To                     Europe, South East Asia, Africa

Export Products           Ferro Silicon

 

Import From                 India, U.K.

Import Products           Raw Material

 

Trading Terms

Terms of Purchase       L/C, Cash, Credit

Terms of Sale              L/C, Cash, Credit

 

Customer Types           Retailers

Wholesalers

 

No. of employee          250

 

 

Capitalization Structure

 

Authorized Share Capital

:             

10,000,000/- (1,000,000 Equity Shares of Nu 100/- each)

Issued, Subscribed & Paid Up Capital

:

7,500,000/- (75,000 of Nu 100/- each)

Face Value

:

Nu. 100/-each.

Last AGM

:

July 15, 2009

 

 

Information Parted By:

 

Name               : Mr. Nikhil Goyal

Designation     : Director

Mobile No.       : 0097517111898

Date                 : 21.05.2012

 

 

 

Financial data

 

Authorised Capital : 10,000,000/- (1,000,000 Equity Shares of Nu 100/- each)

Paidup : 7,500,000/- (75,000 of Nu 100/- each)

 

 

 

 

 

 

BALANCE SHEET AS AT July 15, 2010

 

 

 

 

 

Liabilities

Amount (Nu)

 

Assets

Amount (Nu)

 

 

 

 

 

Paid up Capital

7,500,000

 

Fixed Assets

22,746,627

Reserve & Surplus

3,893,729

 

Capital Work in Progress

569,380

Secured Loan

24,127,815

 

Inventories

5,844,414

Unsecured Loan

25,918,695

 

Sundry Debtors

19,928,556

Deffered Tax

2,976,081

 

Cash & Bank

4,090,746

Current Liabilities & Prov.

11,496,077

 

Loans & Advances

2,716,474

 

 

 

Miscellaneous Expenses

16,200

 

 

 

Investments

20,000,000

Total

75,912,397

 

 

75,912,397

 

 

 

 

 

 

Nu.

 

 

 

Sales

78,994,396

 

 

 

Profit Before Tax

614,266

 

 

 

Profit After Tax

191,795

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET AS AT July 15, 2009

 

 

 

 

 

Liabilities

Amount (Nu)

 

Assets

Amount (Nu)

 

 

 

 

 

Paid up Capital

7,500,000

 

Fixed Assets

15,747,987

Reserve & Surplus

4,085,524

 

Inventories

19,564,866

Secured Loan

13,944,761

 

Sundry Debtors

21,288,392

Unsecured Loan

23,025,310

 

Cash & Bank

2,936,484

Deferred Tax

2,323,462

 

Loans & Advances

1,863,471

Current Liabilities & Prov.

10,546,443

 

Miscellaneous Expenses

24,300

 

 

 

 

 

 

 

 

 

 

Total

61,425,500

 

Total

61,425,500

 

 Nu

 

 

 

Sales

47,029,273

 

 

 

Profit Before Tax

1,182,580

 

 

 

Profit After Tax

653,077

 

 

 

 

 

 

 

 

 

           

Remarks :         Payments are reported to be correct and regular as per commitments.  Trade relations are fair. Consider good for normal business Engagement as usual trade terms & condition.

.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.29

UK Pound

1

Rs.88.26

Euro

1

Rs.70.82

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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 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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.