MIRA
INFORM REPORT
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Report Date : |
26.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ULTRATECH METALS INDIA PRIVATE LIMITED |
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Registered Office : |
A-134, Road No. 12, Vishwakarma Industrial Area, Jaipur - 302013,
Rajasthan, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.1989 |
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Com. Reg. No.: |
17-004961 |
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CIN No.: [Company
Identification No.] |
U27320RJ1989PTC004961 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRU00079C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Electrical Wiring Accessories
and Castings |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1318592 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. Business is active. General financial position is
satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mukesh Jain |
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Designation : |
Accounts Manager |
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Date : |
23.04.2008 |
LOCATIONS
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Registered Office/ Factory : |
A-134, Road No. 12, Vishwakarma Industrial Area, Jaipur -
302013, Rajasthan, India. |
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Tel. No.: |
91-141-2333670/ 2332770/ 2332833/ 2331319 |
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Fax No.: |
91-141-2331408 |
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E-Mail : |
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Area : |
26000 sq. meters |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Ashok Mittal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
05.03.1959 |
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Qualification : |
Engineer |
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Date of Appointment : |
17.05.1989 |
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Name : |
Mr. Harsha Raghvan |
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Designation : |
Director |
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Address : |
29 Gulistan Building, 2nd Floor, 13 Carmichael Road,
Malabar Hill, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
10.10.19771 |
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Date of Appointment : |
15.10.2007 |
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Name : |
Mr. S V Rohankhedkar |
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Designation : |
Director |
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Date of Birth/Age : |
55 years |
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Name : |
Mr. Rupen Mukesh Jhaveri |
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Designation : |
Director |
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Address : |
5/C, Alankar Building, B J Mehta Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
28.07.1982 |
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Date of Appointment : |
15.10.2007 |
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Name : |
Mrs. Richa Mittal |
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Designation : |
Director |
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Address : |
D-106, Yashoda Path, Shyam Nagar, Jaipur – 302019, Rajasthan, India |
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Date of Birth/Age : |
08.07.1962 |
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Date of Appointment : |
10.05.2001 |
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Name : |
Mr. Sajjan Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
12.12.1953 |
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Date of Appointment : |
18.01.1995 |
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Name : |
Mrs. Abha Mittal |
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Designation : |
Director |
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Address : |
A-66-B, Yashoda Path, Shyam Nagar, Jaipur – 302019, Rajasthan, India |
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Date of Birth/Age : |
11.07.1960 |
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Date of Appointment : |
10.05.2001 |
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Name : |
Mr. Jagdish Prasad Goyal |
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Designation : |
Director |
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Address : |
C-46, Pratap Nagar, Udaipur – 313001, Rajasthan, India |
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Date of Birth/Age : |
15.07.1927 |
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Date of Appointment : |
10.05.2001 |
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Name : |
Mr. Nitin Khare |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Manish Sharma and Associates |
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Designation : |
Company Secretary |
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Address : |
1048, Shakti Sadan, Baba Harish Chandra Marg, Chandpole Bazar, Jaipur
– 302001, Rajasthan, India |
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Tel No.: |
91-141-2312710 |
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Mobile : |
91-9414060965 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. Ashok Mittal |
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96920 |
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Mrs. Richa Mittal |
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88250 |
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Mr. Manoj Mittal |
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100 |
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Mrs. Asha Rani Agarwal |
|
100 |
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Mrs. Abha Mittal |
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58580 |
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Mr. Jagdish Prasad Goyal |
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100 |
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Mr. Sajjan Kumar Agarwal |
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1263950 |
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Total |
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1508000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Electrical Wiring Accessories
and Castings |
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Products : |
Electrical Wiring Accessories Castings |
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Exports : |
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Products : |
Electrical Wiring Accessories |
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Countries : |
USA |
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Imports : |
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Products : |
· Raw Materials · Non serious
Metal · Copper
Alloy · Hardware · Machineries · Screws · Nuts |
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Countries : |
· US · UK · Taiwan · Germany |
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Terms : |
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Selling : |
Credit (60-90 days), against Documents |
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Purchasing : |
Cash and Credit (60-90 days), against Documents |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Retailers |
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No. of Employees : |
180 |
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Bankers : |
· IDBI Jaipur Branch, Rajasthan, India Facilities : Loan (Total) Non funded Rs. 22.5 millions as on 15.07.2000 Loan (Proposed) : Rs. 45.0 millions Proposed : Rs. 175.0 millions Total : Rs. 100.0 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
PWC Company Chartered Accountant |
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Address : |
Pune |
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Name : |
A Bafna and Company Chartered Accountants |
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Address : |
Keshav Path, 'C' Scheme, Jaipur, Rajasthan |
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Name : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
305, Century Arcade, Narangi Baug Road, Off Boat Club Road, Pune – 411001,
Maharashtra, India |
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Memberships : |
Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1508000 |
Equity Shares |
Rs.10/- each |
Rs.15.080
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.080 |
15.080 |
15.080 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
314.568 |
259.323 |
230.153 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
329.648 |
274.403 |
245.233 |
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LOAN FUNDS |
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1] Secured Loans |
59.392 |
48.043 |
27.696 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
59.392 |
48.043 |
27.696 |
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DEFERRED TAX LIABILITIES |
10.717 |
4.095 |
4.600 |
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TOTAL |
399.757 |
326.541 |
277.529 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
165.117 |
163.315 |
101.094 |
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Capital work-in-progress |
0.905 |
0.371 |
51.810 |
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INVESTMENT |
1.000 |
1.400 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
108.571
|
69.815 |
55.578 |
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Sundry Debtors |
100.164
|
91.435 |
61.714 |
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Cash & Bank Balances |
31.293
|
7.089 |
12.172 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.187
|
14.453 |
12.247 |
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Total
Current Assets |
255.215
|
182.792 |
141.711 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.960
|
12.057 |
13.863 |
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Provisions |
5.520
|
9.280 |
3.223 |
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Total
Current Liabilities |
22.480
|
21.337 |
17.086 |
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Net Current Assets |
232.735
|
161.455 |
124.625 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
399.757 |
326.541 |
277.529 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
411.857 |
338.794 |
235.194 |
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Other Income |
0.925 |
0.796 |
0.849 |
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Total Income |
412.782 |
339.590 |
236.043 |
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Profit/(Loss) Before Tax |
80.672 |
45.121 |
21.676 |
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Provision for Taxation |
25.427 |
15.952 |
4.806 |
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Profit/(Loss) After Tax |
55.245 |
29.169 |
16.870 |
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Export Value |
403.577 |
330.047 |
230.338 |
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Imports : |
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Raw Materials |
154.278 |
94.621 |
79.611 |
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Stores &
Spares |
2.823 |
2.172 |
0.786 |
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Capital Goods |
0.422 |
1.346 |
23.442 |
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Others |
0.000 |
0.000 |
0.000 |
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Total Imports |
157.523 |
98.139 |
103.839 |
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Expenditures : |
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Financial Charge |
8.786 |
6.378 |
2.341 |
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Depreciation |
0.000 |
0.000 |
0.000 |
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Other Expenditure |
323.324 |
288.091 |
212.026 |
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Total Expenditure |
332.110 |
294.469 |
214.367 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
13.38
|
8.59 |
7.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
19.59
|
13.32 |
9.22 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
19.19
|
13.04 |
8.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.16 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.25
|
0.25 |
0.18 |
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Current Ratio (Current Asset/Current Liability) |
|
11.35
|
8.57 |
8.29 |
LOCAL AGENCY FURTHER
INFORMATION
Trade Reference:
·
Mecheng Source, Taiwan
·
Fall River, USA
·
Bafana Company, Jaipur
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 records 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.40.04 |
|
UK Pound |
1 |
Rs.79.11 |
|
Euro |
1 |
Rs.63.44 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|