MIRA INFORM REPORT

 

 

Report No. :

333751

Report Date :

28.07.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITEX INTERNATIONAL PRIVATE LIMITED

 

 

Registered Office :

No.92, FCI Colony, Chevvapet Village, Thiruvallur- 602025, Tamilnadu

Tel. No.:

91-44-26253680

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

03.02.2006

 

 

Com. Reg. No.:

18-058743

 

 

Capital Investment / Paid-up Capital :

Rs. 40.000 Million

 

 

CIN No.:

[Company Identification No.]

U18101TN2006PTC058743

 

 

IEC No.:

0406026351

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CHEU03660G

 

 

PAN No.:

[Permanent Account No.]

AAACU8249A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Garments.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (11)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow and delayed

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established private limited company, having moderate track.

 

Management has failed to file its financials to the government department for the year 2014.

 

As per the available financials of 2013, company has incurred losses from its operations, which has eroded the networth of the company.

 

Further Mr. Pullakattu Kazhil Radhakrishnan (Director), denied to provide any information about the subject to us.

 

However, business is active as per status shown in registrar of the company. Payment terms are slow and delayed.

 

The company can be considered for business dealings with great 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 DECLINED BY

 

Name :

Mr. Pullakattu Kuzhil Radhakrishnan

Designation :

Director

Contact No.:

91-44-27620566

Date :

27.07.2015

 

 

LOCATIONS

 

Registered Office :

No.92, FCI Colony, Chevvapet Village, Thiruvallur- 602025, Tamil Nadu, India

Tel. No.:

91-44-26253680

Fax No.:

Not Available

E-Mail :

docs@unitexinternational.co.in

 

 

Factory :

Located at:

 

·         Chevapet, Thiruvallur

 

 

DIRECTORS

 

AS ON 30.09.2013

 

Name :

Mr. Pullakattu Kuzhil Radhakrishnan

Designation :

Managing director

Address :

Plot No.1382, 10th Street, 18th Main Road, Annanagar West, Chennai-600040, Tamilnadu, India

Date of Birth/Age :

15.03.1946

Date of Appointment :

03.02.2006

DIN No.:

02093961

 

 

Name :

Ms. Prabhalakshmi

Designation :

Director

Address :

No.1382, 10th Street, 18th Main Road, Annanagar West, Chennai-600040, Tamilnadu, India

Date of Birth/Age :

09.10.1956

Date of Appointment :

03.02.2006

DIN No.:

05235766

 

 

Name :

Mr. Noguchi Toshio

Designation :

Director

Address :

440-4 Ikomadaikita, Ikoma, Nara Prefecture, Ikoma-6300203, Japan

Date of Birth/Age :

24.08.1945

Date of Appointment :

03.02.2006

DIN No.:

03166296

 

 

Name :

Mr. Toshiya Suzuki

Designation :

Director

Address :

148-4 Kushimachi Higashi, Komatsu, Ishikawa-9230965, Japan

Date of Birth/Age :

14.08.1964

Date of Appointment :

03.02.2006

DIN No.:

03213943

 

 

Name :

Mr. Pullakattu  Kuzhil Nishanth

Designation :

Director

Address :

1382, 10th Street, 18th Main Road, Anna Nagar West, Chennai-600040, Tamilnadu, India

Date of Birth/Age :

04.05.1982

Date of Appointment :

25.02.2006

DIN No.:

03136354

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders (Equity Shareholders)

No. of Shares

 

Percentage of Holding

San Esu Co Limited, Japan

450000

22.50

Almundo Associates, Japan

450000

22.50

Pullakattu Kuzhil Radhakrishnan

865000

43.25

V K Prabhalakshmi

235000

11.75

Total

2000000

100.00

 

 

Names of Shareholders (Preference Shareholders)

No. of Shares

 

San Esu Co Limited, Japan

1197000

Almundo Associates- Japan

803000

Total

2000000

 

 

AS ON 30.09.2013

 

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]

45.00

Directors or relatives of directors

55.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Garments.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

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 (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

Central Bank of India

Branch:

International Business Branch, 48/49, Montieth Road, Egmore, Chennai - 600008, Tamilnadu, 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 A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Million)

31.03.2012

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

With Central Bank of India

 

 

Term Loan-I

113.981

105.518

Term Loan-II

14.800

14.825

Term Loan-FITL

11.335

11.335

Packing Credit

119.801

109.859

EBN Bills Discounted

0.000

12.172

 

 

 

SHORT TERM BORROWINGS

 

 

Interest Payable Outstanding

 

 

Term Loan-I

0.000

16.782

Term Loan-II

0.000

1.071

Term Loan-FITL

0.000

0.819

LC Devolved

2.605

2.225

EBN Bills Discounted

2.925

2.479

On Packing Credit

27.443

8.499

LG Issued

13.550

0.000

Lc Inland

3.170

0.000

Central Bank of India Current account

7.394

0.000

Total

317.004

285.584

 

Banking Relations :

--

 

 

Auditors :

 

Name :

P.V.Sreedharan

Chartered Accountants

Address :

"Sreenivas" No.4/21, Balaji Avenue, 1st Street, T.Nagar, (Opposite Vidyodaya School), Chennai-600017, Tamilnadu, India

Tel. No.:

91-44-42122412

Mobile No.:

91-9884015137

E-Mail :

pvsree@yahoo.com

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

AACPS3965L

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs. 10/- each

Rs. 20.000 Million

2000000

Preference Shares

Rs. 10/- each

Rs. 20.000 Million

 

                                                  Total

 

Rs. 40.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2000000

Equity Shares

Rs. 10/- each

Rs. 20.000 Million

2000000

Preference Shares

Rs. 10/- each

Rs. 20.000 Million

 

                                                  Total

 

Rs. 40.000 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

40.000

40.000

40.000

(b) Reserves & Surplus

(238.097)

(176.575)

(75.888)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

50.000

50.000

50.000

Total Shareholders’ Funds (1) + (2)

(148.097)

(86.575)

14.112

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

259.917

253.709

275.024

(b) Loan from Directors/ Relatives/ Friends

91.847

91.847

41.702

(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)

351.764

345.556

316.726

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

57.087

31.875

12.345

(b) Trade payables

0.000

2.878

11.862

(c) Other current liabilities

2.036

3.762

9.421

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

59.123

38.515

33.628

 

 

 

 

TOTAL

262.790

297.496

364.466

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

115.064

127.849

144.904

(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)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

115.064

127.849

144.904

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

121.531

131.232

145.379

(c) Trade receivables

23.254

33.577

59.221

(d) Cash and cash equivalents

1.392

3.193

7.902

(e) Short-term loans and advances

0.832

0.928

5.984

(f) Other current assets

0.717

0.717

1.076

Total Current Assets

147.726

169.647

219.562

 

 

 

 

TOTAL

262.790

297.496

364.466

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

GROSS TURNOVER

 

 

 

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

NA

NA

NA

 

 

 

 

 

Less

TAX                                                                 

NA

NA

NA

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(61.521)

(100.687)

(13.751)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods

NA

40.911

88.913

 

TOTAL EARNINGS

NA

40.911

88.913

 

 

 

 

 

 

Earnings/ (LOSS)  Per Share (Rs.)

(30.76)

(50.34)

(6.88)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from used in Operations

NA

NA

NA

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Debt Equity Ratio

(Total Liability/Networth)

 

(2.14)

(3.30)

20.36

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.50

4.40

6.53

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

40.000

40.000

40.000

Reserves & Surplus

(75.888)

(176.575)

(238.097)

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

50.000

50.000

50.000

Net worth

14.112

(86.575)

(148.097)

 

 

 

 

Long-term borrowings

275.024

253.709

259.917

Short term borrowings

12.345

31.875

57.087

Total borrowings

287.369

285.584

317.004

Debt/Equity ratio

20.363

(3.299)

(2.141)

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Turnover

102.422

48.860

36.233

 

 

(52.295)

(25.843)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Turnover

102.422

48.860

36.233

Profit

(13.751)

(100.687)

(61.521)

 

(13.43%)

(206.07%)

(169.79%)

 

 

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

Yes

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 three 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

No

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

10032621

25/05/2013 *

423,300,000.00

CENTRAL BANK OF INDIA

MID CORPORATE BRANCH, 48/49, MONTIETH ROAD, EGMORE,, CHENNAI- 600008, TAMIL NADU, INDIA

B77658979

 

* Date of charge modification


FIXED ASSETS:

 

Tangible Assets

 

·         Land and Development

·         Buildings Factory

·         Plant and Machinery

·         Furniture and Fittings

·         Electrical Fittings

·         Office Equipment

·         Computer and Software

 

 

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 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. 64.00

UK Pound

1

Rs. 99.43

Euro

1

Rs. 70.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

1

--PROFITABILIRY

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

 

11

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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