MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ULTRA DRYTECH ENGINEERING LIMITED |
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Registered Office : |
504, 5th Floor, A Wing, Kailash Tower, Behind STC Colony, Western
Express Highway, Andheri [East], Mumbai – 400069, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.09.1986 |
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Com. Reg. No.: |
11-40875 |
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CIN No.: [Company
Identification No.] |
U28920MH1986PLC040875 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU04547E |
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PAN No.: [Permanent
Account No.] |
AAACU1230B |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of Low
Temperature Rotary Vacuum Drying Systems |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 230000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company
has some accumulated losses but it is expected to wipe-off soon. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office / Head Office / Sales & Marketing Office :
|
504, 5th Floor, A Wing, Kailash Tower, Behind STC Colony,
Western Express Highway, Andheri [East], Mumbai – 400069, Maharashtra, India |
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Tel. No.: |
91-22-65701116/7/8/9 |
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Mobile No.: |
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Fax No.: |
91-22-26844239 |
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E-Mail : |
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Website : |
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Factory : |
Village Tivre, Khopoli Pali Road, Taluka -
Sudhagadh, District - Raigad 410205, Maharashtra |
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Tel. No.: |
91-02142-43164 |
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Fax No.: |
91-02142-43087 |
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E-Mail : |
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Branch Office : |
D-301, True Friends Apts, Plot No. 29, Sector 6, Dwarka, New Delhi
110075 |
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Tel. No.: |
91-11-25089112 |
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Mobile No.: |
91- 981077044 |
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E-Mail : |
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Branch Office : |
201, Olive Grove, 23 Gover Road, COX Town, Bangalore - 560005 |
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Tel. No.: |
91 080 25803506/41270902 |
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Fax No.: |
91 22 25556608 |
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Mobile No.: |
91-9845145050/09900144175 |
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E-Mail : |
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Branch Office : |
7-1-55/1, F-202, Dharamkaran Road, Ameerpet, Hyderabad - 500 016 |
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Tel. No.: |
91-40-23750705/30602027 |
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Fax No.: |
91-40-23732920 |
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E-Mail : |
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Overseas Office : |
A2 - 1503, 15/F, Sunshine Plaza, 68 - Anli Road, Chaoyang Dist,,
Beijing - 100 101, China |
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Tel. No.: |
0861064976259 |
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Fax No.: |
0861064973057 |
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Mobile No.: |
008613701015897 |
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E-Mail : |
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Overseas Office : |
P. O. Box No. 43916, Dubai, U.
A. E. |
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Tel. No.: |
0097143511963/4 |
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Fax No.: |
0097143511964 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Rajiv Prasad |
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Designation : |
Managing Director |
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Name : |
Mr. Sanjive Prasad |
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Designation : |
Director |
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Name : |
Ms. Snehlata Prasad |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
42.30 |
|
Directors or relatives of directors |
|
44.19 |
|
Other top fifty shareholders |
|
13.51 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Low Temperature Rotary Vacuum Drying
Systems |
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Exports : |
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Products : |
Filtration & Drying equipments |
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Countries : |
USA, China, New Zealand, Saudi Arabia, Thailand and Taiwan |
GENERAL
INFORMATION
|
Customers : |
PHARMACEUTICALS
DYES & INTERMEDIATES
|
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Bankers : |
Canara Bank, J V P D Scheme Branch, N. S. Road No. 5, J V P D, Mumbai – 400056 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K.C. Khanna and Company Chartered Accountants |
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Address : |
1st Floor, 12, Zone II, M P Nagar, Bhopal – 462011, Madhya
Pradesh, India |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2750000 |
Equity Shares |
Rs. 10/- each |
Rs. 27.500 Millions |
|
1500000 |
Preference Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
|
|
Total |
|
Rs. 42.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2625000 |
Equity Shares |
Rs. 10/- each |
Rs. 26.250
Millions |
|
1500000 |
Preference Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
|
|
|
|
Rs. 41.250 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
41.250 |
41.250 |
41.250 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
20.175 |
20.175 |
20.175 |
|
|
4] (Accumulated Losses) |
[15.981] |
[18.341] |
[30.116] |
|
|
NETWORTH |
45.444 |
43.084 |
31.309 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
24.442 |
27.598 |
31.615 |
|
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2] Unsecured Loans |
47.022 |
52.430 |
15.418 |
|
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TOTAL BORROWING |
71.464 |
80.028 |
47.033 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
116.908 |
123.112 |
78.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.554 |
40.497 |
33.894 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.055 |
0.055 |
0.055 |
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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 |
94.632
|
74.226 |
71.296 |
|
|
Sundry Debtors |
40.039
|
22.981 |
46.564 |
|
|
Cash & Bank Balances |
1.457
|
2.243 |
9.329 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
32.396
|
32.416 |
22.986 |
|
Total
Current Assets |
168.524
|
131.866 |
150.175 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
86.052
|
48.026 |
105.782 |
|
|
Provisions |
3.173
|
1.280 |
0.000 |
|
Total
Current Liabilities |
89.225
|
49.306 |
105.782 |
|
|
Net Current Assets |
79.299
|
82.560 |
44.393 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
116.908 |
123.112 |
78.342 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
105.943 |
129.077 |
103.137 |
|
|
Other Income |
3.496 |
5.185 |
10.110 |
|
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Total Income |
109.439 |
134.262 |
113.247 |
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Profit/(Loss) Before Tax |
3.876 |
13.615 |
17.867 |
|
|
Provision for Taxation |
1.892 |
1.280 |
0.000 |
|
|
Profit/(Loss) After Tax |
1.984 |
12.335 |
17.867 |
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Expenditures : |
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|
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Raw Material Consumed |
88.810 |
81.346 |
74.522 |
|
|
Increase/(Decrease) in Finished Goods |
[22.563] |
[0.797] |
[18.654] |
|
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Salaries, Wages, Bonus, etc. |
11.301 |
10.224 |
10.797 |
|
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Interest |
9.151 |
8.461 |
6.693 |
|
|
Insurance Expenses |
0.421 |
0.482 |
0.395 |
|
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Power & Fuel |
6.985 |
9.146 |
10.562 |
|
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Depreciation & Amortization |
3.080 |
2.846 |
2.643 |
|
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Other Expenditure |
8.379 |
8.939 |
8.421 |
|
Total Expenditure |
105.564 |
120.647 |
95.379 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.81
|
9.19 |
15.78 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.66
|
10.55 |
17.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.88
|
7.90 |
9.71 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.32 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.54
|
3.00 |
4.88 |
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Current Ratio (Current Asset/Current Liability) |
|
1.89
|
2.67 |
1.42 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ULTRA DRYTECH
ENGINEERING LIMITED |
|
Presented By |
Canara Bank, J V
P D Branch, Mumbai |
|
1) Date and description of instrument creating the change |
Hypothecation
Agreement for Packing Credit Advances Dated 02.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.250
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all the goods and commodities, purchased, acquired, received under the said
Credit Facilities particulars of whereof will be furnished from time to time,
now lying or hereafter stored at the godowns, yards and premises in Village
Tiware, District Raigad. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 10.00
% p.a. shall be charged at Quarterly rest Limits covered Packing Credit Advance
Rs. 2.250 Millions |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank, J V P D Scheme Branch, N. S. Road No. 5, J V P D, Mumbai – 400056 |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
AS PER WEBSITE
PROFILE
Over the past 20 years, it has
achieved various milestones in this field.
A vast database collected through
pilot plant trials, product experiments, numerous commissionings & customer
feedback make it a safe company to deal with regard to the problems related to
filtration & drying.
An accredited company, UDE has
highly skilled manpower, quality conscious work force and dedicated
commissioning and service department.
Ultra Drytech was
founded by the late Mr. Ashoka Prasad,
a pioneer in low temperature drying technology and a stalwart in design and
manufacture of chemical process, plants & equipment.
He was a highly decorated
technocrat who had made a name for himself in the chemical process industry.
Rajive
Prasad & Sanjive Prasad, both graduates of the Indian Institute of Technology, Bombay with subsequent post graduation degrees and specialization
from US universities are at the helm of activities.
The company considers its client base as its
partners in progress.
This has resulted in repeat orders
from major clients, who have reposed faith & confidence in UDE to
fulfill its commitments. UDE's operations are backed up with highly qualified &
experienced staff. Each department is headed by professional managers who hold
independent control over their line of activities. UDE prides itself on account of
repeated orders obtained from major customers.
Research in the development of
specialized filtration and drying systems has gone hand in hand with the
manufacturing activities right from day one at UDE.
A full scale pilot plant system
for trials & a matching chemical laboratory have enabled UDE design
plants for every client's specific needs.
Research continues to hold the
pride of place in the scheme of things here at UDE.
Pilot Plants - UDE has an extensive R & D facility
with pilot plants, to undertake studies of various materials & their
characteristics. Product selections are made after these pilot plant studies
& a complete solution is offered. The work is taken on a turnkey basis, right
from the selection of suitable systems up to the commissioning of these plants.
Very recently the Reactors cum Filters cum Dryers have been developed. Now it
is possible to have all these operations to be done in a single system without
any manual handling, atmospheric contamination etc. The Tumbling Dryers with
Pulverizers developed by UDE prevent powders from granulating, while drying, thereby
improving drying efficiencies.
Work
Under Development - Pilot Plants - Slurry Dryers for drying of
water soluble powders can be undertaken, without resorting to Spray Drying.
Pilot trials of such a system is in progress.
Company's Progress - Since
inception in 1987, the number of specialised Filters & Dryers produced by UDE compare very well with those
of the leading manufactuturers in Europe and the U.S.A.
Exports:
Export orders for Filtration & Drying equipments to countries
like USA, China, New Zealand, Saudi Arabia, Thailand, Taiwan are an indication
of UDE's
export efforts.
UDE's design, manufacturing capability & quality are at par with the best internationally known products.
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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
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 |
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 |
|