Uni Abex Alloy Products Limited
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Briefing
Uni Abex Alloy Products Limited — the brief
Forensic posture: Material flags. The auditor's report is clean, but the company carries ₹384 Cr in contingent liabilities (27% of net worth), with a 246% spike in bank guarantees and material unsecured inter-corporate deposits to non-group finance companies, while earnings quality is weak due to accrual-heavy accounting and cash trailing profit.
Auditor’s report (CARO 2020)
Auditor’s assessment Clean. Auditor: Walker Chandiok and Co LLP. Fiscal year FY24-25.
Related-party transactions
Assessment Notable. Disclosed volume of ₹15 Cr across 27 related parties. Fiscal year FY24-25.
- Large unsecured ICDs to non-group finance companies: The Company placed ₹2,850 lakhs (₹28.50 Cr) in new inter-corporate deposits during FY25, with closing balances of ₹730.53 lakhs to Vincent Commercial Company Limited and ₹2,152.23 lakhs to Ratnaafin Business Solutions Private Limited — both
- Large business support fees to common-control entities: Business support services paid to Chemicals and Ferro Alloys Private Limited (a promoter-group entity holding 21.85% of shares) surged 97% YoY to ₹840.87 lakhs (₹8.41 Cr), and total business support services to common-control entities reach
- ICD counterparty concentration and full rollover pattern: Ratnaafin Capital Private Limited received ₹2,150 lakhs in FY24, was fully repaid via a ₹2,361.87 lakh repayment in FY25, and simultaneously a new ₹2,150 lakh ICD was placed with Ratnaafin Business Solutions Private Limited — suggesting a r
Contingent liabilities
Assessment Concerning. Total disclosed: ₹384 Cr (27.1% of net worth). Fiscal year FY24-25.
- Sales tax demands under dispute at Commissioner of Sales Tax (Appeals) and Deputy Commissioner (₹563.47L vs ₹576.35L prior year)
- Guarantees excluding financial guarantees (₹2,155.05L vs ₹622.54L prior year — 246% increase)
- Open letter of credit (₹886.61L vs ₹397.02L prior year — 123% increase)
“These inter corporate deposits are unsecured and have been given to earn interest income.”
What retail misses·The contingent liability schedule buried in the footnotes reveals a ₹215.5 Cr bank guarantee exposure that has tripled in one year — this won't show in profit announcements or Twitter commentary, but it could crystallize into actual cash outflows if the underlying projects or counterparties face stress.
Strengths noted in disclosures: Altman Z-score of 8.83 places the company in the safe zone with low bankruptcy risk. · The auditor signed off with no high or material flags in the audit report itself.
Forensic signal
From the company's own filingsStrong: Momentum · 52-Week · Valuation · Weak: Yield · Size