MIRA INFORM REPORT
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Report Date : |
20.10.2012 |
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) : |
31.03.2012 |
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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.12.500
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 and Exporter of Stapler Pin, Coil Nailers, Nails etc. |
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No. of
Employees: |
100 (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 74000 |
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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. Profit and loss Account for the current year is not available |
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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
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 PARTED BY
|
Name : |
Mr. Yogesh |
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Designation : |
Vice President |
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Contact No.: |
91-9998041664 |
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Date : |
19.10.2012 |
LOCATIONS
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Registered Office/Factory : |
Plot No.179, GIDC, Waghodia, Vadodara – 391760, |
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Tel. No.: |
91-2668-263636 |
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Mobile No.: |
91-9998041664 (Mr. Yogesh) |
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Fax No.: |
91-2668-263635 |
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E-Mail : |
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Location : |
Owned |
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Branch Office : |
Survey No. 141/1 Jayaram Nagar, Near |
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Tel. No.: |
91-20-32335164 |
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Fax No.: |
91-20-27496015/33 |
DIRECTORS
As on 01.09.2012
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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 No.: |
00202421 |
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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 No.: |
00202424 |
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Other Directorship:
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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 No.: |
01925411 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Yogesh |
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Designation : |
Vice President |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.09.2012
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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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416667 |
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Arunkumar Jaswatsingh Kumat |
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10000 |
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Sunil Bhatia |
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416667 |
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Ashokkumar Jaswatsingh Kumat |
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261666 |
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Neha Abhishek Kumat |
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145000 |
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Total |
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1250000 |
Equity Share Break up (Percentage of Total Equity)
As on 01.09.2012
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Stapler Pin, Coil Nailers, Nails etc. |
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Products : |
Pneumatic Tools
Fasteners
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Exports : |
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Products : |
·
Stapler Pin ·
Coil Nailers ·
Nails |
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Countries : |
·
Gulf and
African Countries |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C Cash and Credit (30 Days) |
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Purchasing : |
L/C Cash and Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End users
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Bank of |
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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 Accountants |
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Address : |
110, Blue Diamond Complex, Fateganj, Vadodara – 390002, |
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Pan No.: |
ACCPD8815G |
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Associates/Subsidiaries : (As on 31.03.2011) |
Spring Master India Private Limited Address : Vadodara, |
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CAPITAL STRUCTURE
As on 01.09.2012
Authorised 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 |
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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 |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.500 |
7.500 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.044 |
4.997 |
3.117 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.544 |
12.497 |
6.117 |
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LOAN FUNDS |
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1] Secured Loans |
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36.625 |
8.473 |
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2] Unsecured Loans |
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20.889 |
9.106 |
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TOTAL BORROWING |
54.681 |
57.514 |
17.579 |
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DEFERRED TAX LIABILITIES |
1.712 |
1.066 |
0.658 |
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TOTAL |
74.937 |
71.077 |
24.354 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
39.197 |
28.541 |
7.311 |
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Capital work-in-progress |
0.000 |
0.000 |
1.006 |
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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 |
51.273
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29.954
|
14.708
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Sundry Debtors |
34.250
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24.608
|
15.118
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Cash & Bank Balances |
3.267
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3.592
|
0.879
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Other Current Assets |
2.410
|
0.000
|
0.000
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Loans & Advances |
7.318
|
8.318
|
3.443
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Total
Current Assets |
98.518
|
66.472 |
34.148 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
28.548
|
18.882
|
15.447
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Other Current Liabilities |
33.986
|
4.985
|
2.151
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Provisions |
0.244
|
0.248
|
0.716
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Total
Current Liabilities |
62.778
|
24.115 |
18.314 |
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Net Current Assets |
35.740
|
42.357
|
15.834
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MISCELLANEOUS EXPENSES |
0.000 |
0.179 |
0.203 |
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TOTAL |
74.937 |
71.077 |
24.354 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2012 (Approximately) |
31.03.2011 |
31.03.2010 |
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SALES |
120.000 |
108.766 |
57.953 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
NA |
NA |
NA |
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Advertising Expenses |
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TOTAL (B) |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
6.520 |
5.659 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
2.748 |
1.271 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
3.772 |
4.388 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
0.943 |
0.891 |
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PROFIT BEFORE
TAX (E-F) (G) |
NA |
2.829 |
3.497 |
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Less |
TAX (I) |
NA |
0.949 |
0.987 |
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PROFIT AFTER TAX
(G-I) (J) |
NA |
1.880 |
2.510 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value |
NA |
8.242 |
8.056 |
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TOTAL EARNINGS |
NA |
8.242 |
8.056 |
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IMPORTS |
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CIF Value |
|
- |
31.539 |
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TOTAL IMPORTS |
NA |
NA |
31.539 |
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Earnings Per
Share (Rs.) |
NA |
2.51 |
-- |
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Expected Sales (2012-2013): Rs.150.000 Millions
The above information has been parted by Mr. Yogesh (Vice President)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA |
2.60
|
6.03
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
2.98
|
8.43
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Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.23
|
0.57
|
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Debt Equity Ratio (Total Liability/Networth) |
|
6.33 |
6.53
|
5.87
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Current Ratio (Current Asset/Current Liability) |
|
1.57 |
2.76
|
1.86
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
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No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last two years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
Note : Registered Office
Address of the company has been shifted from B/204 Hemdeep Tower, B/H Fatehgunj
P O Baroda- 390002,
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 |
Plot No. 179,
GIDC, Waghodia, Vadodara – 391760, Email: baroda.utech@gmail.com |
|
This form is for |
Creation of
Charge |
|
Charge identification (ID) number of the charge to be
modified |
10250802 |
|
Type of charge |
Immovable property |
|
Particular of charge
holder |
Bank of Email: overbar@bankofbaroda.com
|
|
Nature of
instrument creating charge |
Instrument
of Extension / creation of Mortgage relating to constructive / actual Deposit
of title deeds |
|
Date of
instrument Creating the charge |
24.308.2011 |
|
Amount secured by
the charge |
Rs. 79.022 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit and Term Loans - 3.50% above Base Rate i.e.
presently 14.25% p a with monthly rest Term
of Payment: Working Capital on demand, Term Loan - I in 52 monthly
instalments of Rs.0.233 Million and
last instalment of Rs.0.253 Millions . Term Loan - II - in 60 monthly
instalments. Interest to be serviced as and when due Margin Cash Credit - 25% for RM, SIP, FG, stores and spares,
packing materials, 30% for Book debts up to 90 days, Term Loan -I 25% on machinery and equipment, 48% on
building. Inland / Foreign L/C - 25%, Term Loan - II 25% on machineries 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 Memorandum Others: Credit
facilities secured Spring Master Sleep Products ( |
|
Short particulars
of the property charged (Including location of the property) |
Various
credit facilities granted to (1) Spring Master Sleep Products (India) Private
Limited and (2) Utech Fasten Private Limited are collaterally secured by
mortgage of Immovable properties as under Industrial Plot No.179 adm. 2000
Sq. Mtrs in GIDC beaing organised and constructed in the land bearing R S
No.1383/p, 1388/p, 1393/p and 1394/p of mouje Vill: Waghodiya in the
registration sub district Waghodiya District Vadodara and belonging to Utech
Fasten Private Limited |
|
Particulars of the present modification |
By
this execution the charge extended to cover revised credit facilities from
Rs.59.639 Millions to Rs.79.022
Millions {Spring Master Sleep Products
( |
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.53.72 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.70.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
BYI |
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.