MIRA INFORM REPORT

 

 

Report No. :

336765

Report Date :

14.08.2015

 

IDENTIFICATION DETAILS

 

Name :

UNIFAB ENGINEERING PROJECT PRIVATE LIMITED

 

 

Registered Office :

626, 6th Floor, Avior Nirmal Galaxy, L.B.S. Marg, Opposite Johson, Mulund (West), Mumbai, Maharashtra

Tel. No.:

91-22-25665991

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

23.03.2006

 

 

Com. Reg. No.:

11-160654

 

 

Capital Investment / Paid-up Capital :

Rs. 7.500 Million

 

 

CIN No.:

[Company Identification No.]

U28900MH2006PTC160654

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMU04875D

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the designing and manufacturing of specialty equipments, pressure vessel, heat exchangers, agitator reactor, columns and storage tanks, oil fired heaters, M.S. rubber linked tanks, air receivers, furnace equipments and other related equipments, which finds its application in chemicals, paints and other processing industries.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company incorporated during the year 2006. It has a satisfactory track record.

 

For the financial year 2014, the company has reported healthy operational activity marked by fine sales turnover along with good profit earnings.

 

Further, the rating takes into account the improvement in the capital structure and debt coverage indicators. In Addition it has the experiences management along with financial support from the promoters in the past and established relationship with reputed clientele.

 

Trade relations reported as fair. Business is active. Payments terms are slow but correct.

 

The company could consider for business dealings at usual trade terms and conditions. 

 

 

Note: Partial financial information for FY 2014 taken from indirect source i.e. CARE. During FY14, company reported a total income of Rs.167.300 Million (up by 4.08% vis-à-vis FY13) .

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CARE

Rating

Long term Bank Facilities = BB

Rating Explanation

Inadequate credit quality and high credit risk.

Date

24.12.2015

 

Rating Agency Name

CARE

Rating

Short term Bank Facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk

Date

24.12.2015

 

 

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Ms. Jaya

Designation :

Company Secretary

Contact No.:

91-22-66113700

Date :

12.08.2015

 

 

LOCATIONS

 

Registered Office  / Head Office :

626, 6th Floor, Avior Nirmal Galaxy, L.B.S. Marg, Opposite Johson, Mulund (West), Mumbai, Maharashtra

Tel. No.:

91-22-25665991

Fax No.:

Not Available 

E-Mail :

info@unifabengg.com

unifabengg@hotmail.com 

Website :

http://www.unifabengg.com

 

 

Head Office:

628, Nirmal Galaxy, “Avior” 6th Floor, LBS Marg, Opposite Jhonson and Jhoson, Mulund (West), Mumbai - 400080, Maharashtra, India

Tel No.:

91-22-66113700/1/2

 

 

Workshop :

F-63/64, Additional Ambernath, MIDC, Anand Nagar, Amberbnath (East), District Thane – 421506, Maharashtra, India

Tel. No.:

91-251-3262473

Fax No.:

91-22-25914898

 

 

DIRECTORS

 

As on 29.09.2014

 

Name :

Mr. Rameshchandra Santlal Dumir

Designation :

Director

Address :

B-1504/05, Kalinga, Nirmal Nagar, Mulund Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

13.03.1940

Date of Appointment :

23.03.2006

DIN No.:

00400156

 

Name :

Mr. Amit Rameshchandra Dumir

Designation :

Director

Address :

B-1504/05, Kalinga, Nirmal Nagar, Mulund Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

03.04.1974

Date of Appointment :

23.03.2006

DIN No.:

00400211

 

 

Name :

Mrs. Sudarshana Rameshchandra Dumir

Designation :

Director

Address :

B-1504/05, Kalinga, Nirmal Nagar, Mulund Goregaon Link Road, Mulund (West), Mumbai – 400080, Maharashtra, India

Date of Birth/Age :

02.05.1945

Date of Appointment :

23.03.2006

DIN No.:

01317983

 

KEY EXECUTIVES

 

Name :

Ms. Jaya

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2014

 

 

Names of Shareholders

 

No. of Shares

%age holding

 

 

 

Rameshchandra Santlal Dumir

28600

38.13

Amit Rameshchandra Dumir

40000

53.33

Sudarshana Rameshchandra Dumir

6400

8.53

Total

75000

100.00

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 29.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the designing and manufacturing of specialty equipments, pressure vessel, heat exchangers, agitator reactor, columns and storage tanks, oil fired heaters, M.S. rubber linked tanks, air receivers, furnace equipments and other related equipments, which finds its application in chemicals, paints and other processing industries.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Bank Name

Oriental Bank of Commerce

Branch

Air Auto House, P.K. Road, Mulund (West), Mumbai - 400080, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Term Loans

 

 

From Bank

 

 

OBC Cash Credit

6.797

14.013

OBC-Term Loan

7.535

10.183

Letter of Credit

3.993

7.600

 

 

 

SHORT TERM BORROWING

 

 

From Bank

 

 

Kotak Mahindra - Elios Car

0.169

0.274

HDFC Innova Car

0.510

0.683

Loan and Advance from Related Parties

 

 

Amit Loan A/c

6.781

6.088

Puja Dumir

0.265

0.443

Ramesh Dumir Loan A/c

7.659

7.322

Sundarshana Dumir Loan A/c

0.318

0.474

Unifab Engineers and Contractors

1.235

1.271

Varsha Dumir

0.029

0.029

Total

35.290

48.380

 

Auditors :

 

Name :

CA Kiran Nandu

Chartered Accountants

Address :

8, MID Town Plaza, Shivaji Nager, Wagle Estate, Thane - 400604, Maharashtra, India

Tel. No.:

91-22-25824282

Mobile No.:

91-9821471603

E-Mail :

fcakiran@gmail.com

PAN N Income-tax PAN of auditor or auditor's firm :

AAHPN7514M

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

After 29.09.2014

 

Authorised Capital : Rs.10.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. Million10.000 Million

 

 

As on 29.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs. 10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

75000

Equity Shares

Rs.100/- each

Rs. 7.500 Million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

7.500

7.500

5.000

(b) Reserves & Surplus

14.347

11.675

9.421

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

21.847

19.175

14.421

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

35.291

48.380

43.470

(b) Deferred tax liabilities (Net)

0.000

0.621

0.443

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

35.291

49.001

43.913

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

88.966

100.529

47.963

(c) Other current liabilities

13.304

19.037

19.999

(d) Short-term provisions

1.878

0.738

1.054

Total Current Liabilities (4)

104.148

120.304

69.016

 

 

 

 

TOTAL

161.286

188.480

127.350

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

44.420

47.046

41.829

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.022

0.000

0.000

(d)  Long-term Loan and Advances

1.118

1.158

3.376

(e) Other Non-current assets

 

 

 

Total Non-Current Assets

45.560

48.204

45.205

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

47.702

45.866

32.462

(c) Trade receivables

52.415

80.227

26.397

(d) Cash and cash equivalents

7.836

8.524

6.990

(e) Short-term loans and advances

1.957

0.769

0.137

(f) Other current assets

5.816

4.890

16.159

Total Current Assets

115.726

140.276

82.145

 

 

 

 

TOTAL

161.286

188.480

127.350

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

TOTAL SALES

167.300

(From Other Sources i.e CARE)

160.748

144.917

 

 

 

 

 

Less

TOTAL EXPENSES

 N.A

157.505

140.555

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

N.A

3.243

4.362

 

 

 

 

 

Less

TAX

 N.A

0.845

1.063

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

2.521

2.398

3.299

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

33.61

31.397

43.98

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

3.037

4.048

3.519

Cash generated from operations

N.A

N.A

N.A

Net cash flow from operating activity

N.A

N.A

N.A

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.51

 

1.49

2.28

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

N.A

2.02

3.01

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

N.A

1.72

3.43

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

N.A

0.17

0.30

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.75

2.73

3.26

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.11

1.17

1.19

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

5.000

7.500

7.500

Reserves & Surplus

9.421

11.675

14.347

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

14.421

19.175

21.847

 

 

 

 

long-term borrowings

43.470

48.380

35.291

Short term borrowings

0.000

0.000

0.000

Current maturities of long-term debts

3.519

4.048

3.037

Total borrowings

46.989

52.428

38.328

Debt/Equity ratio

3.258

2.734

1.754

 

 

YEAR ON YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

144.917

160.748

167.300

 

 

10.924

4.076

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

144.917

160.748

167.300

Profit

3.299

2.398

2.521

 

2.28%

1.49%

1.51%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last two years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

-

 

INDEX OF CHARGES:

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10286183

05/05/2011

16,000,000.00

ORIENTAL BANK OF COMMERCE

MULUND (W) BRANCH, AIR AUTO HOUSE, P. K ROAD,, MULUND (W), MUMBAI - 400080, MAHARASHTRA, INDIA

B12536520

2

10217855

03/10/2011 *

29,600,000.00

ORIENTAL BANK OF COMMERCE

MULUND (W) BRANCH, AIR AUTO HOUSE, P. K ROAD,, MULUND (W), MUMBAI - 400080, MAHARASHTRA, INDIA

B23781826

3

10086911

07/01/2013 *

65,500,000.00

ORIENTAL BANK OF COMMERCE

AIR AUTO HOUSE, P.K. ROAD,, MULUND (W), MUMBAI- 400080, 
MAHARASHTRA, INDIA

B67238378

 

 

 

FIXED ASSETS

  • Computer
  • Transformer
  • Plant and Machinery
  • Vehicle
  • Motor Cycle
  • Furniture and Fixture
  • Air conditioner
  • Factory Building

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.64.92

UK Pound

1

Rs.101.43

Euro

1

Rs.72.25

 

 

INFORMATION DETAILS

 

Information Gathered by :

TRI

 

 

Analysis Done by :

NYA

 

 

Report Prepared by :

RKI

 

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

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

 

--

 

 

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