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Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED HEAT TRANSFER PRIVATE LIMITED (w.e.f.13.11.2009) |
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Formerly Known
As : |
UNITED HEAT TRANSFERS PRIVATE LIMITED |
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Registered
Office : |
Plot No. F-131, MIDC Area, Ambad, Nashik – 422 010, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.01.1995 |
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Com. Reg. No.: |
11-84982 |
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Capital
Investment / Paid-up Capital : |
Rs.15.000 Millions |
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CIN No.: [Company
Identification No.] |
U29191MH1995PTC084982 |
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IEC No.: |
3196001881 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKU00244G |
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PAN No.: [Permanent
Account No.] |
AAAC43754C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Heat Exchangers and Pressure Vessels. |
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No. of Employees
: |
85 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 170000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are reported
to be usually correct and as per commitments. Company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
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
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 |
NSIC CRISIL |
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Rating |
SE2B |
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Rating Explanation |
Financial strength is moderate and financial
capability is high. |
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Date |
August, 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 PARTED BY
|
Name : |
Mr. Mohan |
|
Designation : |
Head of Accountant |
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Contact No.: |
91-253-2382484 |
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Date : |
03.01.2013 |
LOCATIONS
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Registered Office/ Factory : |
Plot No. F-131, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India |
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Tel. No.: |
91-253-2382484/ 2385051/ 2380072/ 2310893 |
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Fax No.: |
91-253-2380737 |
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E-Mail : |
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Website : |
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Area : |
5700 sq. ft. |
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Location : |
Owned |
DIRECTORS
(AS ON 30.08.2012)
|
Name : |
Mr. Yogesh Vishwanath Patil |
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Designation : |
Director |
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Address : |
Plot No.301, Rushirj Hariyali Apartment, Behind Apurvai Hotel,
Anandvali, Nasik – 422006, Maharashtra, India |
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Date of Birth/Age : |
20.01.1963 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
27.01.1995 |
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DIN No.: |
00103349 |
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|
|
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Name : |
Mr. Vivek Vishwanath Patil |
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Designation : |
Director |
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Address : |
2, Sita Sadan Apartment, Gangapuri Road, Date Nagar, Near Atharva
Karayalay, Nasik – 422007, Maharashtra, India |
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Date of Birth/Age : |
18.07.1965 |
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Qualification : |
Diploma in Automation |
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Date of Appointment : |
27.01.1995 |
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DIN No.: |
00107234 |
KEY EXECUTIVES
|
Name : |
Mr. Mohan |
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Designation : |
Head of Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.08.2012)
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Names of Shareholders |
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No. of Shares |
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Yogesh Vishwanath Patil |
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625000 |
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Vivek Vishwanath Patil |
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620000 |
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Durva Yogesh Patil |
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40000 |
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Minal Yogesh Patil |
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105000 |
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Pranita Vivek Patil |
|
110000 |
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Total |
|
1500000 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Heat Exchangers and Pressure Vessels. |
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Exports : |
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Products : |
Heat Exchanger |
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Countries : |
France |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
85 (Approximately) |
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Bankers : |
·
Axis Bank Limited Mazada Tower, GPO Road, Trimbak Naka, Nashik – 422001, Maharashtra,
India ·
State Bank of Old Agra Road, Nashik Branch, Old Agra Road, Nashik – 422001,
Maharashtra, India ·
Axis Bank Limited Sharanpur Road, Nasik Branch, Nasik – 422002, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CA Rajeev Digambar Kayde Chartered Accountant |
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Address : |
Flat No.3, Navkar Residency, Racca Colony, Sharanpur Road, Nashik –
422002, Maharashtra, India |
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Tel No. : |
91-253-2310893 |
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Fax No. : |
91-253-2310893 |
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Mobile No. : |
91-9822038658 |
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PAN No.: |
AARPK6204D |
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E-Mail : |
CAPITAL STRUCTURE
(AS ON 30.08.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
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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 |
15.000 |
11.900 |
11.900 |
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2] Share Application Money |
0.466 |
6.066 |
5.116 |
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3] Reserves & Surplus |
27.613 |
17.401 |
15.808 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
43.079 |
35.367 |
32.824 |
|
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LOAN FUNDS |
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1] Secured Loans |
57.581 |
73.321 |
72.810 |
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2] Unsecured Loans |
11.858 |
12.035 |
9.920 |
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TOTAL BORROWING |
69.439 |
85.356 |
82.730 |
|
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DEFERRED TAX LIABILITIES |
7.383 |
5.289 |
3.651 |
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|
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TOTAL |
119.901 |
126.012 |
119.205 |
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APPLICATION OF FUNDS |
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|
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|
|
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FIXED ASSETS [Net Block] |
97.940 |
93.525 |
69.356 |
|
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Capital work-in-progress |
0.318 |
0.419 |
10.309 |
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|
|
|
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INVESTMENT |
1.275 |
1.275 |
1.375 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
41.631
|
34.131 |
15.343
|
|
|
Sundry Debtors |
15.242
|
17.054 |
16.675
|
|
|
Cash & Bank Balances |
6.122
|
3.991 |
0.052
|
|
|
Other Current Assets |
5.839
|
4.011 |
0.001
|
|
|
Loans & Advances |
3.287
|
0.360 |
12.658
|
|
Total
Current Assets |
72.121
|
59.547 |
44.729 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
20.697
|
21.421 |
5.019 |
|
|
Other Current Liabilities |
22.305
|
3.150 |
0.000
|
|
|
Provisions |
8.751
|
4.183 |
1.545
|
|
Total
Current Liabilities |
51.753
|
28.754 |
6.564
|
|
|
Net Current Assets |
20.368
|
30.793 |
38.165
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
119.901 |
126.012 |
119.205 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
GROSS SALES AND
LABOUR INCOME |
247.369 |
114.250 |
125.122 |
|
|
|
|
|
|
|
|
NET PROFITS |
15.138 |
4.103 |
5.534 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.13 |
0.31 |
-- |
Expected Sales (2012-13): Rs.180.000 Millions
The above information has been parted by Mr. Mohan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
2.07 |
6.81
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
3.23 |
2.72
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payable – Material |
15.998 |
17.279 |
3.469 |
|
Trade Payable – Assets |
1.091 |
2.039 |
0.000 |
|
Trade Payable – Expenses |
1.834 |
2.103 |
0.389 |
|
Trade Payable – Others |
1.774 |
0.000 |
1.161 |
|
|
|
|
|
|
Total |
20.697
|
21.421 |
5.019 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS:
The Financial year 2011-12, was year beginning of realization
of the dream nurtured over past few years. All the efforts taken on expansion,
technology, marketing, systems etc. began yielding results, and the turnover
increased substantially by over 200% to Rs. 24.737 Millions. Even the company
started doing some sizeable Export Sales. This year, the exports are nearing
Rs.10.000 Millions, and their Export order book is also quite satisfying. The
performance was exceeding the own projections for the period.
ABOUT FINANCE:-
With the growth on hand and in pipeline, company's
requirement of Working Capital Finance is ever increasing. In addition to
ploughing back 100% profits, the directors have also brought in Share Capital to
bridge the working capital gap.
In addition to our efforts, the bankers are also extending
whole hearted support to the company. During the year under report, Axis Bank
has done out of way financing to enable the company to complete its first single
largest order of Rs.35.000 Millions.
Axis bank has also supported by sanctioning additional Term
Loan and enhancements in working capital finance limits to facilitate the
company achieve higher growth day-by-day.
The directors put on record their appreciation and gratitude
for the timely financial assistance as well as overall dynamic approach of Axis
Bank Limited, without whose support the achievement of such growth would have
been very difficult.
FORM 8
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
10197422 |
|
Corporate
identity number of the company |
U29191MH1995PTC084982 |
|
Name of the
company |
UNITED HEAT
TRANSFER PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Plot No. F-131,
MIDC Area, Ambad, Nashik – 422010, Maharashtra, India |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Axis Bank Limited Mazda Tower, GPO
Road, Trimbak Naka, Nashik – 422001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry dtd 04/04/2012 Sanction letter
dtd 01/03/2012 |
|
Date of
instrument Creating the charge |
04/04/2012 |
|
Amount secured by
the charge |
Rs.96.300
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest existing term
loans are reviewed at the rundown levels at ROI of base rate + 4.50% i.e.14.5% p.a. Terms of
Repayment 1) Cash Credit:-
CC / BD on demand 2) Term Loan II
(BLAP):- 84 Equated Monthly
Instalments of Rs.0.277 Millions 3) Term Loan
III:- First 8 Monthly Installments of Rs. 0.300 Million each, next 12 monthly
installments of Rs. 0.375 Million each, 42 monthly installments of Rs.0.467
Million each and last installment of Rs.0.486 Million. The repayment
shall start after 9 months from the date of first disbursement. 4) Term Loan (IV)
:- In 50 monthly installments of Rs.0.100 Million each after moratorium of 4
months Margin 1) Cash Credit :-
DP will be calculated by applying the margins mentioned below Inventory / Stock
- 25% Book Debts - 35% 2) Letter of
credit - 10% 3) Bank Guarantee
:- 25% (100% Cash Margin in case of Disputed Liabilities) 4) Term Loan II
(BLAP) :- 32% 5) Term Loan III
:- 26.10% 6) Term Loan (IV)
:- 35.33% Extent and
Operation of the charge Exclusive charge
by way of mortgage over immovable properties, both present and future,
located at Plot No. F-130 and 131, MIDC Ambad, Nashik - 422010, Owned by the
company. |
|
Short particulars
of the property charged |
Mortgage over
immovable properties, both present and future, located at Plot No. F-130 and
131, MIDC Ambad, Nashik - 422010, owned by the company. |
|
Particulars of
the present modification |
Total credit
limits enhanced from Rs.85.700 Millions
to Rs.96.300 Millions as below, 1) Cash Credit
limit enhanced from 25.000 Millions to 30.000 Millions 2) Bank
Guarantees limit enhanced from Rs.9.000 Millions to Rs.14.000 Millions 3) New letter of
credit limit of Rs.10.000 Millions is created. 4) New LCBD Limit
(Sub limit of Cash Credit Limit) of Rs.10.000 Millions created. Total enhancement
in credit limit is Rs.20.000 Millions |
FIXED ASSETS:
Tangible Assets:
·
·
· Plant and Machinery
· Tools and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer
Intangible Assets:
· Goodwill
· Brands/ Trademarks
· Computer Software
· Licenses and Franchise
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.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.