MIRA
INFORM REPORT
|
Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
UIC CORPORATION PRIVATE LIMITED |
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Registered
Office : |
A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar - 364002, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.08.2010 |
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Com. Reg. No.: |
04-061974 |
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Capital Investment
/ Paid-up Capital : |
Rs.40.000 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
U24110GJ2010PTC061974 |
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|
PAN No.: [Permanent Account No.] |
AABCU3079P |
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|
Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Plastic Granules.
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 220000 |
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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 was established as a partnership concern during 2002 as ‘UIC
Corporation’ and during 2010 it got converted into a private limited company.
It is having moderate track. It has achieved better sales turnover and
profits from operations during its first year. However, reserves appears to be low. Trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
13.04.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
13.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Bharat Harilal Valia |
|
Designation : |
Director |
|
Contact No.: |
91-9820036595 |
|
Date : |
24.11.2012 |
LOCATIONS
|
Registered Office : |
A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar - 364002, Gujarat,
India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9820036595 (Mr. Bharat Harilal Valia) |
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Fax No.: |
Not Available |
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E-Mail : |
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|
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Factory : |
Survey No. 285, Main Khanvel Kherdi, Silvassa - 396230, Dadra and
Nagar Haveli, India |
DIRECTORS
As on 31.09.2011
|
Name : |
Mr. Pankajbhai Harilal Valia |
|
Designation : |
Director |
|
Address : |
55, Vrindavan, Nutun Laxmi Society, Road No. 9, Juhu Scheme, Vile
Parle (West), Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1955 |
|
Date of Appointment : |
12.08.2010 |
|
PAN No.: [Permanent Account No.] |
AAHPV1633R |
|
Din No.: |
02047350 |
|
|
|
|
Name : |
Mr. Hardik Bharat Valia |
|
Designation : |
Director |
|
Address : |
3, Vakharia House, Presidency Society, N.S. Road 9, Juhu,
Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1982 |
|
Date of Appointment : |
17.08.2010 |
|
PAN No.: [Permanent Account No.] |
ABWPV4826C |
|
Din No.: |
03068026 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Pankajbhai Harilal Valia |
|
600000 |
|
Pankajbhai Harilal Valia |
|
1000000 |
|
Hardik Bharat Valia |
|
400000 |
|
Bhushan Pankaj Valia |
|
1000000 |
|
Daksha Pankaj Valia |
|
400000 |
|
Ila Bharat Valia |
|
400000 |
|
Rachna Hardik Valia |
|
200000 |
|
Total |
|
4000000 |
As on 27.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pankajbhai Harilal Valia |
|
550000 |
|
Bharat Harilal Valia |
|
250000 |
|
Hardik Bharat Valia |
|
1300000 |
|
Bhushan Pankaj Valia |
|
950000 |
|
Daksha Pankaj Valia |
|
375000 |
|
Ila Bharat Valia |
|
325000 |
|
Gujarat Packaging |
|
250000 |
|
Total |
|
4000000 |
As on 31.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Granules.
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Reprocessed Plastic Granules |
MT |
20125 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||||||||||||||
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Bankers : |
State Bank of India, Sir P.M. Road Branch, Fort, Mumbai - 400001,
Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sarda Soni Associates Chartered Accountants |
|
Address : |
13/16, Kapadia Chembers,599 JSS Road, Chirabazar, Mumbai-
400002, Maharashtra, India |
|
PAN No.: [Permanent Account No.] |
AADFS5674D |
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|
|
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Related Party : |
· Api Industries Private Limited · Gujarat Packaging |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000
Millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
40.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
15.113 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
55.113 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
16.988 |
|
|
2] Unsecured Loans |
|
|
40.325 |
|
|
TOTAL BORROWING |
|
|
57.313 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
112.426 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
26.795 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.180 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
59.522 |
|
|
Sundry Debtors |
|
|
563.666 |
|
|
Cash & Bank Balances |
|
|
128.949 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
84.699 |
|
Total
Current Assets |
|
|
836.836 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
716.678 |
|
|
Other Current Liabilities |
|
|
35.205 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
751.883 |
|
|
Net Current Assets |
|
|
84.953 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.498 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
112.426 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
1352.386 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
|
1352.386 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
1318.869 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
1318.869 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
33.517 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
9.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
24.473 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
6.12 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
1.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
3.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
14.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.11 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs.
In Millions
|
PARTICULARS |
31.03.2011 |
|
Creditors due others |
716.678 |
|
Total |
716.678 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last one year |
Yes |
|
12] |
Profitability for last one year |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24110GJ2010PTC061974 |
|
Name of the
company |
UIC CORPORATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar - 364002, Gujarat,
India |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10266034 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
State Bank of India, Sir P.M. Road Branch, Fort, Mumbai-400001,
Maharashtra, India |
|
Nature of instrument
creating charge |
No instrument. Memorandum of deposit for creation of charge for term loan / overall Limit |
|
Date of
instrument Creating the charge |
20.07.2012 |
|
Amount secured by
the charge |
Rs.420.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of Repayment As per sanction
terms Margin As per sanction
terms Extent and Operation of the charge As per sanction
terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All present and future goods, book-debts and all other movable assets of the borrower including documents of title to the goods, outstanding moneys, receivables including receivables by way of cash assistance and/or cash incentives under the cash incentive scheme or any other scheme claims including claims by way of refund of customs/ excise duties under the duty drawback credit scheme or any other scheme, bills, invoices, documents, contracts, insurance policies, guarantees, engagements, securities, investments and rights and the present machinery listed in the schedule hereunto and all future machinery belonging to or in the possession of the borrower or of the bank or of any third party whether in India or elsewhere throughout the world. |
|
Particulars of
the present modification |
Now by the present Modfn. Date. 20.07.2012 the company offered collateral security by way of an E.M. by dated. Over the immov. Prop. By fixing the mort. At Rs. 420.000 Millions. The details of the immov. Prop. Situated at: all that p/p of land bearing S.No.285, Lying, being and Situated At Village Kherdi of the U.T. of Dadra and Nagar Haveli. and bearing P.No.68 of Town Planning Scheme-Vi, Lying, Being and Situate At Village Vile Parle (West),Taluka. Andheri in the regn. District and sub- District of Mumbai city and Mumbai suburban |
FIXED ASSETS
· Land Improvements
· Office Building
· Factory Building
· Plant Machinery
· Office Equipments
· Computer Equipments
· Other Equipments
· Furniture Fixtures
· 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 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.55.34 |
|
|
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.