|
Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
ULTIMATE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
E-260Greater Kailash, Part-Ii, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.03.1995 |
|
|
|
|
Com. Reg. No.: |
55 – 066132 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.30.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15490DL1995PLC066132 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELU02140F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAPPG1503K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exports of Floor covering of Plastic – Flexible PVC
Articles |
|
|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 741000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is established company having satisfactory track. The
profitability of the company appears to be low. However, financial position
of the company is good. Trade relations are reported as fair. Business is
active. Payments are reported to be
usually correct and as per commitments The company can be considered normal for business dealings at usual
trade terms and conditions |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
E-260Greater Kailash, Part-Ii, |
|
Tel. No.: |
91-11-29217749/29222244/29229643/29213958 |
|
Fax No.: |
91-11-29229699 |
|
E-Mail : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Arun Gupta |
|
Designation : |
Director |
|
Address : |
E-260Greater Kailash, Part-Ii, |
|
Date of Birth/Age : |
06.01.1970 |
|
Date of Appointment : |
13.10.2006 |
|
DIN No.: |
00566475 |
|
|
|
|
Name : |
Mr. Varun Gupta |
|
Designation : |
Director |
|
Address : |
E-260Greater Kailash, Part-Ii, |
|
Date of Birth/Age : |
06.07.1970 |
|
Date of Appointment : |
13.10.2006 |
|
DIN No.: |
00566515 |
|
|
|
|
Name : |
Manju Gupta |
|
Designation : |
Director |
|
Address : |
E-260Greater Kailash, Part-Ii, |
|
Date of Birth/Age : |
02.02.1945 |
|
Date of Appointment : |
02.02.2006 |
|
DIN No.: |
00566545 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Arun Gupta |
|
1056700 |
|
Varun Gupta |
|
691870 |
|
Monila Gupta |
|
251250 |
|
Manju Gupta |
|
999900 |
|
Prakash Gupta |
|
100 |
|
Dwarka Nath Kaul |
|
100 |
|
Ashna Gupta |
|
80 |
|
Total |
|
3000000 |
As on 30.09.2011
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
99.99 |
|
Other top fifty shareholders |
|
0.01 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exports of Floor covering of Plastic – Flexible PVC
Articles |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
|
31.03.2011 |
31.03.2010 |
|
Licensed
Capacity |
SFT |
|
6000000 |
6000000 |
|
Installed
Capacity |
SFT |
|
3000000 |
3000000 |
|
|
|
|
|
|
GENERAL INFORMATION
|
|
|
||||||||||||||||||||||||||||||||||||
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No. of Employees : |
Not Available |
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Bankers : |
Bank Of |
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|
Rs.
In Millions |
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vinod Krishna and Associates Chartered Accountant |
|
Address : |
211, Anarkali Complex, Jhandewalan Complex New DelhIi -110055, |
|
Tel No.: |
91-11-23510033 |
|
Fax No.: |
91-11-23554244 |
|
Pan Number: |
AAHFV1670Q |
|
E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Share |
Rs.10/- each |
Rs.30.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
23.910 |
23.910 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
155.336 |
158.299 |
14.376 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
185.336 |
182.209 |
38.286 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
19.039 |
22.302 |
25.686 |
|
|
2] Unsecured Loans |
9.029 |
9.368 |
7.973 |
|
|
TOTAL BORROWING |
28.068 |
31.670 |
33.659 |
|
|
DEFERRED TAX LIABILITIES |
4.417 |
2.975 |
3.643 |
|
|
OTHER |
0.000 |
0.000 |
142.765 |
|
|
|
|
|
|
|
|
TOTAL |
217.821 |
216.854 |
218.353 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
188.105 |
191.958 |
192.079 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0..802 |
0.802 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
23.657
|
17.522 |
15.341 |
|
|
Sundry Debtors |
10.964
|
9.786 |
11.570 |
|
|
Cash & Bank Balances |
4.909
|
3.331 |
3.463 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.452
|
5.137 |
7.509 |
|
Total
Current Assets |
45.982
|
35.776 |
37.883 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
9.886
|
4.658 |
4.938 |
|
|
Other Current Liabilities |
3.675
|
3.855 |
0.735 |
|
|
Provisions |
2.705
|
3.318 |
6.738 |
|
Total
Current Liabilities |
16.266
|
11.682 |
12.411 |
|
|
Net Current Assets |
29.716
|
24.094 |
25.472 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
217.821 |
216.854 |
218.353 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
72.430 |
65.997 |
89.564 |
|
|
|
Other Income |
1.140 |
1.737 |
0.750 |
|
|
|
TOTAL (A) |
73.570 |
67.734 |
90.314 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase and Manufacturing Expenses |
48.272 |
38.751 |
50.941 |
|
|
|
Personnel |
4.536 |
5.211 |
6.167 |
|
|
|
Office and Administration Expenses |
5.754 |
5.352 |
6.146 |
|
|
|
Selling and Distribution Expenses |
7.052 |
5.258 |
8.595 |
|
|
|
Loss on sale of Assets |
0.000 |
0.017 |
0.000 |
|
|
|
Increase or decrease stock |
(6.135) |
(2.181) |
(0.311) |
|
|
|
TOTAL (B) |
59.479 |
52.408 |
71.538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.091 |
15.326 |
18.776 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.600 |
3.009 |
2.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.491 |
12.317 |
16.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.978 |
7.086 |
6.677 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.513 |
5.231 |
9.623 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.472 |
0.760 |
4.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.041 |
4.471 |
5.275 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18.846 |
14.375 |
9.101 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
18.887 |
18.846 |
14.376 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
42.194 |
40.189 |
63.239 |
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7.793 |
8.829 |
11.957 |
|
|
|
Capital Goods |
0.679 |
2.028 |
0.411 |
|
|
TOTAL IMPORTS |
8.472 |
10.857 |
12.368 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.02 |
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.06
|
6.60 |
5.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.50
|
7.93 |
10.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.08
|
2.30 |
4.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.03 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.09
|
0.06 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83
|
3.06 |
3.05 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
- |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U15490DL1995PLC066132 |
|
Name of the
company |
ULTIMATE INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
E-260Greater Kailash, Part-Ii, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10043201 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Bank Of |
|
Nature of
instrument creating charge |
Letter evidencing deposit of title deeds for extension of Equitable
mortgage. |
|
Date of
instrument Creating the charge |
30.01.2012 |
|
Amount secured by
the charge |
Rs. 60.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest: As per Annexure attached Terms of repayment Working Capital-Repayable on demand Margin 25% on Stocks 30% on Book Debts 15% on EPC 10% on LC 15% on Bank Guarantees Extent and
operation of the charge The Company's immovable properties as mentioned hereunder (As per column No.15) are mortgaged to secure various credit facilities aggregating to Rs.60.000 Millions granted by the Bank to the Borrower. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Equitable mortgaged by deposit of title deeds of Company's immovable
properties situated at Plot No.32, Fatehpur, |
|
Date of last
modification prior to the present modification |
07.03.2011 |
|
Particulars of the present modification |
The aggregate amount of various credit facilities granted by the Bank
has now been enhanced to Rs. 60.000 Millions Therefore, total amount of charge secured
against equitable mortgage of immovable properties as per details mentioned
in column No.15 above has now been enhanced to Rs. 60.000 Millions |
FUTURE OUTLOOK
The company added new customers and innovative
matting products. Both domestic and international demand is rising and results of
these efforts will show in the full year ahead
FINANCIAL RESULTS:
The company recorded a total income of
Rs.72.43 Millions (Rs.65.99 Millions) earnings before interest deprecation and
taxes of Rs.14.09 million (Rs.15.33 Million) and a net profit of Rs.0.040
Million (4.47 Million)
FIXED ASSETS:
·
Land
·
·
·
Rented Property
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computers
·
Loose Tools
·
Vehicles
·
Electrical Installation
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 51.99 |
|
|
1 |
Rs. 83.54 |
|
Euro |
1 |
Rs. 68.40 |
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 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.