MIRA
INFORM REPORT
|
Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNIPRODUCTS (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
|
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|
|
Country : |
India |
|
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|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
02.12.1982 |
|
|
|
|
Com. Reg. No.: |
05-014785 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 96.932 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U45201HR1982PLC014785 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU0224D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive Components and Non-Woven Fabric. |
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|
|
|
No. of Employees
: |
Not Available |
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 2070000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track record. There
appears some dip in the turnover. It has also incurred a loss from its
operation during current year. However, 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating : BBB- (Revised from BBB) |
|
Rating Explanation |
Moderate credit quality it carry higher than
average credit risk. |
|
Date |
July 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating : A3 (Revised from A3+) |
|
Rating Explanation |
Moderate credit quality it carry higher
credit risk. |
|
Date |
July 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.
LOCATIONS
|
Registered Office/ Factory : |
Jarthal Village Road, 84 KM Stone, Delhi Jaipur Road, P O Sangwari,
Rewari – 123401, Haryana, India |
|
Tel. No.: |
91-1274-249348-50 |
|
Fax No.: |
91-1274-249347 |
|
E-Mail : |
|
|
Website : |
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|
|
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|
Corporate Office : |
C 15, Sector 57, Noida – 201307, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2585590/ 91/ 2587176/ 77/ 2585097 |
|
Fax No.: |
91-120-2585031 |
|
E-Mail : |
|
|
|
|
|
Bangalore Plant : |
Survey No. 25/3,
Thgachuguppe, Opposite Vivekananda Institute of Technology, Kengeri Hobli, Bangalore – 560074, Karnataka, India
|
|
|
|
|
Chennai Plant : |
Plot No. B-36 , SIPCOT Industrial Growth Centre, Oragadam,
Sriperumbudur Taluk, District Kanchipuram, Vaippur-B Village, Tamilnadu,
India |
|
|
|
|
Branch Offices
(Lifestyle Products) : |
Located at: Ø Chennai Ø Bangalore Ø Mumbai Ø Pune Ø Chandigarh |
DIRECTORS
AS ON 10.07.2012
|
Name : |
Mr. Ravinder Mehra |
|
Designation : |
Chairman |
|
Address : |
36, |
|
Date of Birth/Age : |
04.08.1941 |
|
Qualification : |
B.A. (Hons.) |
|
Date of Appointment : |
24.02.1983 |
|
DIN No.: |
00687921 |
|
|
|
|
Name : |
Mr. Ashwan Kapur |
|
Designation : |
Managing director |
|
Address : |
|
|
Date of Birth/Age : |
04.08.1955 |
|
Qualification : |
Ph. D (University of Leeds) |
|
Experience : |
28 years |
|
Date of Appointment : |
02.12.1982 |
|
PAN No.: |
AAKPK8124H |
|
DIN No.: |
00568432 |
|
|
|
|
Name : |
Mr. Bhaskar Dutta |
|
Designation : |
Director |
|
Address : |
84, Banarasi Dass Estate, |
|
Date of Birth/Age : |
10.03.1935 |
|
Qualification : |
Ph. D (University of Leeds) |
|
Experience : |
51 years |
|
Date of Appointment : |
07.12.1988 |
|
DIN No.: |
00715001 |
|
|
|
|
Name : |
Mr. Surrinder Lal Kapur |
|
Designation : |
Director |
|
Address : |
161, A/! |
|
Date of Birth/Age : |
07.03.1937 |
|
Qualification : |
M.A., L.L. B., I.A.S.[Retired] |
|
Date of Appointment : |
27.12.2000 |
|
DIN No.: |
00033312 |
|
|
|
|
Name : |
Mr. Avinash Parkash Gandhi |
|
Designation : |
Director |
|
Address : |
C-2/14, Safdarjung Development Area, |
|
Date of Birth/Age : |
01.10.1938 |
|
Qualification : |
B.E. [Mechanical] |
|
Date of Appointment : |
30.10.2003 |
|
DIN No.: |
00161107 |
|
|
|
|
Name : |
Mr. Prithvi Raj Khanna |
|
Designation : |
Director |
|
Address : |
House No. 70, Sunder Nagar, |
|
Date of Birth/Age : |
02.07.1933 |
|
Qualification : |
B.Com., F.C.A. |
|
Date of Appointment : |
21.11.2005 |
|
DIN No.: |
00048800 |
|
|
|
|
Name : |
Mr. Arun Kumar Seth |
|
Designation : |
Director |
|
Address : |
30A, Friends Colony West, |
|
Date of Birth/Age : |
15.01.1942 |
|
Qualification : |
M.B.A (University of Leeds) |
|
Experience : |
48 years |
|
Date of Appointment : |
05.09.2009 |
|
DIN No.: |
00794656 |
KEY EXECUTIVES
|
Name : |
Ms. Preeti Gandhi |
|
Designation : |
Secretary |
|
Address : |
23/136, Lodhi Colony, |
|
Date of Birth/Age : |
20.04.1982 |
|
Date of Appointment : |
24.07.2008 |
|
PAN No.: |
AKVPG9563F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
SHAREHOLDING DETAILS FILE ATTACHED
AS ON 10.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
71.36 |
|
Bodies
corporate |
|
4.89 |
|
Directors
or relatives of directors |
|
15.17 |
|
Other
top fifty shareholders |
|
5.01 |
|
Others
|
|
3.57 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Components and Non-Woven Fabric. |
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Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||
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||||||||||||||||||
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Bankers : |
Ø
State Bank of Hyderabad, Commercial
Branch, 74, Janpath, New Delhi – 110001, India Ø Gurgaon
Gramin Bank, 565 Railway Road, “Shiv Plaza”, Sector – 4 and 7 Crossing,
Gurgaon - 122001, Haryana, India |
||||||||||||||||||
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Facilities : |
Footnotes (A) (Term loans
are secured by way of mortgage by deposit of respective title deeds in
respect of all the Company's immovable properties, both present & future,
on a pari-passu basis.) (Term Loans from banks carries interest @ 13.50% to
16 %) Repayment of term loans are as under: 2012-13 - Rs. 106.682 Millions
2013-14 - Rs. 121.794 Millions 2014-15 - Rs. 86.500 Millions Beyond 2014-15 -
Rs. 173.500 Millions (B) Repayable as
annual royalty/ lumpsum payment @26% of the monies disbursed by DSIR for a
period of five years (i.e. a total 1.3 times of the money disbursed by DSIR)
from the start of captive use of product by Company, if any and /or commercial
sale of the "Product" produced in their Pilot / Commercial or a new
producing plant installed on the basis of result of the Technology
Development and Demonstration Programme (TDDP) project, whichever is earlier.
The loan has been granted under DSIR programme named "Technology
Development and Demonstration Programme of Technology Promotion, Development
and Utilization (TPDU) Scheme to partially fund the activities of Indian
industry for research and development and up gradation of technology. |
||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S. N. Dhawan and Company Chartered Accountants |
|
Address : |
C 37, Connaught
Place, New Delhi – 110001, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAQFS0580H |
|
|
|
|
Associate : |
Ø Unicel Impex
Private Limited [U51396DL1994PTC059081] Ø Universal Paper
Export Company Limited |
|
|
|
|
Holding company |
Uniproucts
(Mauritius) Limited |
|
|
|
|
Joint venture : |
Juken
Uniproducts Private Limited [U25206DL2005PTC143671] |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
Ø A.K. Family
Trust Ø Darrameks Hotels
and Developers Private Limited [U55101DL2007PTC170719] Ø Ex-hinudities
Trust Ø Metore Mining
Private Limited [U74899DL1990PTC039170] |
CAPITAL STRUCTURE
AS ON 10.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,693,180 |
Equity Shares |
Rs. 10/- each |
Rs. 96.932
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,693,180 |
Equity Shares |
Rs. 10/- each |
Rs. 96.932
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
96.932 |
87.432 |
87.432 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
420.369 |
443.741 |
430.824 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
517.301 |
531.173 |
518.256 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
527.565 |
526.698 |
556.377 |
|
|
2] Unsecured Loans |
234.800 |
84.200 |
106.200 |
|
|
TOTAL BORROWING |
762.365 |
610.898 |
662.577 |
|
|
DEFERRED TAX LIABILITIES |
72.910 |
99.171 |
96.343 |
|
|
|
|
|
|
|
|
TOTAL |
1352.576 |
1241.242 |
1277.176 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1204.280 |
1054.295 |
999.329 |
|
|
Capital work-in-progress |
15.224 |
41.200 |
33.557 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.340 |
11.340 |
11.340 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
276.325
|
250.549 |
188.871
|
|
|
Sundry Debtors |
222.835
|
218.610 |
226.761
|
|
|
Cash & Bank Balances |
12.387
|
5.644 |
12.197
|
|
|
Other Current Assets |
0.315
|
0.264 |
0.000
|
|
|
Loans & Advances |
91.221
|
88.882 |
84.745
|
|
Total
Current Assets |
603.083
|
563.949 |
512.574
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
258.435
|
226.323 |
176.383
|
|
|
Other Current Liabilities |
206.152
|
174.963 |
72.882
|
|
|
Provisions |
16.764
|
28.256 |
30.359
|
|
Total
Current Liabilities |
481.351
|
429.542 |
279.624
|
|
|
Net Current Assets |
121.732
|
134.407 |
232.950
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1352.576 |
1241.242 |
1277.176 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1526.279 |
1763.169 |
1559.504 |
|
|
|
Other Income |
11.325 |
7.135 |
25.074 |
|
|
|
TOTAL (A) |
1537.604 |
1770.304 |
1584.578 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
793.065 |
953.771 |
|
|
|
|
Purchases of stock-in-trade |
162.590 |
106.754 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(46.602) |
(27.724) |
|
|
|
|
Employee benefit
expense |
204.601 |
209.901 |
|
|
|
|
Other expenses |
311.463 |
338.792 |
|
|
|
|
TOTAL (B) |
1425.117 |
1581.494 |
1379.539 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
112.487 |
188.810 |
205.039 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
97.688 |
69.549 |
68.059 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14.799 |
119.261 |
136.980 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
90.935 |
87.833 |
77.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(76.136) |
31.428 |
59.281 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(26.260) |
8.128 |
12.853 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(49.876) |
23.300 |
46.428 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
113.634 |
99.276 |
73.661 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.786 |
4.446 |
|
|
|
Proposed Dividend |
0.000 |
6.994 |
13.989 |
|
|
|
Tax on Dividend |
0.000 |
1.162 |
2.378 |
|
|
|
|
|
8.942 |
20.813 |
|
|
BALANCE CARRIED
TO THE B/S |
63.758 |
113.634 |
99.276 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission |
1.764 |
0.889 |
0.713 |
|
|
|
Special Discount |
0.294 |
0.000 |
0.010 |
|
|
TOTAL EARNINGS |
2.058 |
0.889 |
0.723 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
55.709 |
84.727 |
86.962 |
|
|
|
Stores & Spares |
10.844 |
9.111 |
16.401 |
|
|
|
Capital Goods |
86.401 |
24.139 |
5.348 |
|
|
|
Trading Goods |
111.494 |
73.095 |
42.338 |
|
|
TOTAL IMPORTS |
264.448 |
191.072 |
151.049 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.45) |
2.66 |
5.31 |
|
%20LIMITED%20-%20211943%2028-Feb-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(3.24)
|
1.32 |
2.93
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.99)
|
1.78 |
3.80
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.21)
|
1.94 |
3.92
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15)
|
0.06 |
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47
|
1.15 |
1.28
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.31 |
1.83
|
LOCAL AGENCY FURTHER INFORMATION
|
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
three years |
Yes |
|
12] |
Profitability for last
three years |
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 |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Borrowing from government semi-government bodies |
7.500 |
0.000 |
|
Loans and advances from related parties |
140.000 |
0.000 |
|
Working capital loans from banks |
87.300 |
84.200 |
|
Total |
234.800 |
84.200 |
CORPORATE INFORMATION
Unipdoucts (India)
Limited is a public limited company domiciled in India and incorporated under the
provisions of Companies Act, 1956. The Company is engaged in the business of
manufacture of wall to wall carpets, interlinings, moulded carpets, noise,
vibration and hashness (NVH) insulation parts, roof liner fabrics and heat
shields. It also trades in laminated floorings, carpet tiles, engineered wood,
loop pile carpets, decorative grass, fluff pulp and similar products.
OPERATIONS
The Company has
recorded a decline in sales in the financial year 2011-12. Overall sales declined
by 14% as compared with the previous year, whereas sales of the lifestyle
division increased by 29%.
The pre-tax loss
incurred by the Company during 2011-12 is Rs.76.137 millions as compared to the
pre-tax profit of Rs. 31.427 millions recorded during 2010-11. The loss after
tax is Rs.49.876 millions as compared with the profit after tax of Rs. 23.300
millions recorded during 2010-11. The Company’s performance was adversely
affected by several external events that took place during 2011-12. Due to the
tsunami in Japan early last year, the supply chains of Honda Motors and Toyota
Motors in India were badly affected, and as a result the vehicle production of
these companies was very low in the first quarter. Further, some car
manufacturers like Hyundai Motors, and specially Maruti, were affected by labor
unrest which took a heavy toll on their production and sales. To make matters
worse, the production at Honda Motors was halted once again during the year due
to the floods in Thailand resulting in non availability of components.
Uniproducts is a supplier of various parts to all these car manufactures, and
consequently, their Company’s sales were impacted during the financial year
2011-12. As a result of this turmoil, some of the car launches scheduled for
2011 were postponed for 2012, which further affected their sales. During this
entire period, the Company had to maintain manpower for the anticipated
capacity and bear the salary cost, as these circumstances could not be
anticipated or foreseen. Furthermore, high interest costs due to an increase in
interest rates also contributed to the decline in profitability.
The Company is
taking steps to reduce costs and improve efficiencies, tap new business
opportunities, diversify its product portfolio, enhance value addition to its
customer base and maximize capacity utilization with least cost to improve
profitability. With these efforts the Company hopes to generate higher revenues
and profitability.
The Company has
also invested in new technology and assets for product diversification and to
make available adequate manufacturing capacities for the growth that it expects
in the forthcoming years. A high technology line has been imported during the
year for manufacture of technical textiles in the non-woven category.
The Company
believes that the set back of the financial year 2011-12 can be reversed only
through strenuous efforts in achieving “customer delight” through manufacture
of world class products at competitive prices. The Company intends to strengthen
its resolve to follow the paradigm of “Customer is King”, and to achieve this
end, the Company has continued its efforts in implementing Total Productivity
Management (TPM) techniques in production. It aims to pursue lean manufacturing
diligently for improving efficiencies, productivity and yield. Product
diversification and new product development have been identified as thrust
areas and several greener, recyclable and lighter products have been launched
over the years which now contribute steadily to the Company’s turnover and
profits. They continue to lay emphasis on safety, health, quality systems at
all their plants and other cost reductions through VA/VE. Institution of energy
audits and implementation of the recommendations to optimize energy consumption,
as well as strict control over overhead costs is also given due importance.
FUTURE PROSPECTS
Although the
automotive sector may continue to witness sluggish growth during 2012-13, the
long term outlook continues to be bullish with the cars to be manufactured in
India estimated to be around 5 million by the year 2015-16 and 7.5 million by
the year 2020-21. India has become a hub for small cars, as well as for
outsourcing of auto components as almost all major global car manufacturers
have set up manufacturing facilities in India. Their Company is well
established to participate in this growth story through its existing wide range
of products which it supplies to most car manufacturers in India. The Company
anticipates cost pressures, but plans to maintain its margins through improved
productivity, cost reductions, VA/VE measures and focus on high value added
products. Further the Company intends to increase sales of its lifestyle
division during 2012-13 by adding new products and new and improved varieties
to its existing product portfolio.
JOINT VENTURE WITH JUKEN TECHNOLOGY LIMITED,
SINGAPORE
The Company had
incorporated a joint venture company namely “Juken Uniproducts Private Limited”
under the shareholder’s agreement entered into with Juken Technology Limited, a
Singapore based company in the year 2005-06. This Company commenced commercial
production on July 31, 2006. During the financial year ended March 31, 2012, it
has achieved gross sales of Rs. 147.522 millions and profit before tax of Rs.
18.258 millions on the basis of unaudited results. The Company’s products have
been well received by the customers in the Indian and overseas markets, and the
Directors are confident that this joint venture will achieve higher sales and
profits in the coming financial year. Mr. David Wong, Chairman of Juken Group,
informed the management of the Company that there is a proposal for acquisition
of the Juken Group by the “Frencken Group Limited” of Singapore. Subsequent to
the proposed acquisition, Juken Uniproducts Private Limited will continue to
remain a subsidiary of Juken Technology Limited, which is also the current
situation. Mr. David Wong, the current Chairman of Juken Uniproducts Private
Limited will continue to be so, and will head the Plastics Division of Frencken
Group Limited. The high precision moulded plastics business in India will
continue to be routed through Juken Uniproducts Private Limited, but for other
businesses of the Frencken group, any Indian operations may be commenced
independently. The above project is subject to successful due diligence and
regulatory approvals from various authorities at Singapore.
MANAGEMENT DISCUSSIONS AND ANALYSIS
INDUSTRY
STRUCTURE, DEVELOPMENT AND SEGMENT-WISE PERFORMANCE
The Company’s business
is distributed between OEM products which comprise moulded carpets, trims, roof
liner fabric, NVH parts, and lifestyle division products consisting of needle
punch and tufted wall to wall carpets, interlinings, laminate floorings, carpet
tiles and wall paper. During the year 2011-12 OEM products continued to
contribute a significant part of the Company’s business. All products sale for
the year was Rs. 1665.236 millions, registering a decrease of 14% against the
previous year. Given below is the segment-wise performance of the above product
categories:
OEM Products:
These recorded a
sale of Rs.1430.252 millions during the year, registering a decrease of 18%
against the previous year. During this period, the passenger car segment, to
which the company supplies all its products, grew by 2%. The company continues
to retain its leadership position in the market for its product range in the
car interiors. It has also maintained its dominant share of business in its
products range with the various OEMs. Significant developments taking place in
their product ranges that are likely to benefit them are:
Their innovative
products, which provide superior acoustic and insulation properties are
preferred by the vehicle manufacturers.
The Company has
launched greener, lighter and recyclable products into the market as well as
products having better fire retardant properties.
Lifestyle Division Products:
Sale of these
products was Rs. 234.984 millions during the year, registering a healthy
increase of 29% over the previous year. The Company continues to focus its
growth efforts on marketing of its wall to wall carpets, tufted carpets, carpet
tiles and laminate floorings, and has diversified its product range by adding
engineered wood, decorative grass and wall paper to its portfolio.
Simultaneously, it has strengthened its distribution network, focused on
promoting its indigenously produced needle punch carpets, and added a projects
division which aims to provide institutional customers with one-stop-solutions
for their flooring requirements.
OUTLOOK ON OPPORTUNITIES
The Indian economy
grew at 7% in the fiscal 2011-12 and consequently, there was an all round
increase in industrial activity in most sectors. The automotive sector is
expected to continue to witness steady growth during the coming years, although
a temporary slowdown may be witnessed due to the prevailing high interest costs
and the uncertainty in the global markets. Most overseas automobile companies
have set up manufacturing facilities in India to tap the huge domestic market
and to take advantage of the low cost of production in the country. They have
made India an outsourcing hub for procuring high quality components at
competitive prices. With the car manufacturers intending to use the strategy of
launching several new models of cars in various price segments, the automobile
sector will witness robust growth, and the long term outlook for the sector
remains bullish. Uniproducts expects to be a part of this growth by availing
these opportunities.
The Company sees
continuing growth opportunities in the flooring products being sold by it, and
is adding several varieties to the existing product range to achieve higher
market penetration.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U45201HR1982PLC014785 |
|
Name of the
company |
UNIPRODUCTS
(INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in |
Jarthal Village Road, 84 KM Stone, Delhi Jaipur Road, P O Sangwari,
Rewari – 123401, Haryana, India Email: preeti@unitexindia.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of Hyderabad, Commercial Branch, 74, Janpath,
New Delhi – 110001, India Email: sbhkgmarg@yahoo.co.in
|
|
Nature of description
of the instrument creating or modifying the charge |
1. Agreement of
hypothecation of goods and assets dated November 26, 2012 (Form C2)’ 2. Letter
regarding the grant of individual limits within the overall limits dated
November 26, 2012 (Form C5) |
|
Date of
instrument Creating the charge |
26.11.2012 |
|
Amount secured by
the charge |
Rs. 100.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 4.75% above base rate
present effective rate 15.00% p.a. (floating) with monthly rests with reset
after two years from the date of first disbursement. Terms of Repayment Repayable in 11
quarterly instalments of Rs. 8.500 Millions and 12th instalment of Rs. 6.500
Millions after a moratorium of 2 years
from the date of first disbursement or w.e.f. October 2014 whichever is
earlier Margin NIL Extent and Operation of the charge First parri passu
charge on entire fixed assets (moveable and immoveable) of the company (both
present and future) including equitable mortgage on seven properties of the
company Second parri
passu charge on entire current assets (both present and future) of the
company Others Other terms and
conditions as mentioned in sanctioned letter no. F/adv/ UIL/ 1413 dated
October 29 2012 |
|
Short particulars
of the property charged |
First parri passu
charge on entire fixed assets (moveable & immoveable) of the company
(both present and future) including equitable mortgage on seven properties of
the company Second parri
passu charge on entire current assets (both present and future) of the
company |
Contingent Liabilities incurred in relation to
interest in joint venture are as follows:
The Company has given
guarantee on behalf of Juken Uniproducts Private Limited (a Joint Venture
Company) in favour of:
(a) Dy.
Commissioner of Customs of Rs. 1.600 Millions (Previous Year Rs. 1.600
Millions)
(b) State Bank of Patiala against credit facilities of Rs. 83.500
Millions (Previous Year Rs. 83.500 Millions)
(Rs.
in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
(i) Letters of Credit |
140.611 |
123.017 |
|
(ii) Bank Guarantees |
86.796 |
88.871 |
|
(iii) Local Area Development Tax |
9.683 |
7.096 |
|
(iv) Excise duty |
198.183 |
197.025 |
|
(iv) Sales Tax |
1.421 |
34.182 |
|
(v) Passenger Goods Tax |
0.000 |
2.528 |
|
(vi) Income Tax |
1.422 |
1.422 |
FIXED ASSETS:
Tangible
Assets
Ø Land Freehold
Ø Leasehold
Ø Buildings
Ø Plant and
Machinery
Ø Office Equipments
Ø Furniture and
Fixture
Ø Computer
Intangible Assets
Ø Software
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 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. 53.84 |
|
|
1 |
Rs. 81.24 |
|
Euro |
1 |
Rs. 70.39 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.