MIRA INFORM REPORT

 

 

Report Date :

26.11.2012

 

IDENTIFICATION DETAILS

 

Name :

ULTRASEAL (INDIA) PRIVATE LIMITED (w.e.f. 1986)

 

 

Formerly Known As :

STERLING MARKETING PRIVATE LIMITED

 

 

Registered Office :

43/1, D II Block, MIDC Telco Road, Chichwad, Pune-411019, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

19.12.1978

 

 

Com. Reg. No.:

11-020858

 

 

Capital Investment / Paid-up Capital :

Rs. 4.000 Millions

 

 

CIN No.:

[Company Identification No.]

U27104MH1978PTC020858

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacture and Trader of Impregnation Plant and Chemicals

 

 

No. of Employees :

45 (Approximately)

 

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 97000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. The latest financial is missing from the government department. However, from the previous year record company appears to be satisfactory. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown.

 

The company can be considered for business dealings with slight caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

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 31-03-2012.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Gorakshanath

Designation :

Accounts Head

Contact No.:

91-20-27472432

Date :

24.11.2012

 

 

LOCATIONS

 

Registered Office/ Factory :

43/1, D II Block, MIDC Telco Road, Chichwad, Pune-411019, Maharashtra, India

Tel. No.:

91-20-27472432

Fax No.:

91-20-27477390 / 27470045

E-Mail :

useal@vsnl.com

Website :

www.ultrasealindia.com

Location :

Owned

 

 

Branch Office :

Atampas S-3, Altamount Road, Grant Road, Mumbai-400206, Maharashtra, India

Tel. No.:

91-22-23534225

Fax No.:

91-22-23519762

 

 

DIRECTORS

 

AS ON 30.09.2011

 

Name :

Mr. Sharat Devemdra Nath

Designation :

Director

Address :

G-7, Fergister Apartment, 3 Boat Club Road, Pune-411001, Maharashtra, India

Date of Birth/Age :

07.10.1961

Date of Appointment :

01.09.1992

DIN No.:

00433900

 

 

Name :

Mr. Ganeshan Natarajan Iyer

Designation :

Director

Address :

7 and 8, Asopalav Apartments, Baner Road, Aundh, Pune-411008, Maharashtra, India

Date of Birth/Age :

23.04.1937

Date of Appointment :

01.09.1992

DIN No.:

00648910

 

 

Name :

Mr. Devindra Ghanshamdas Nath

Designation :

Director

Address :

136/15, Phase-I, Forest Park Nagar Road, Pune-411014, Maharashtra, India

Date of Birth/Age :

31.10.1929

Date of Appointment :

10.02.1992

DIN No.:

00680107

 

 

Name :

Mr. Gary Roy Lloyd

Designation :

Director

Address :

26, Joeberry Drives Old Wine, Ford, Stoa Bridge, England

Date of Birth/Age :

23.04.1937

Date of Appointment :

20.07.1999

DIN No.:

02507170

 

 

Name :

Ms Shanta Devindra Nath

Designation :

Director

Address :

136/15, Phase-I, Forest Park Nagar Road, Pune-411014, Maharashtra, India

Date of Birth/Age :

23.04.1937

Date of Appointment :

01.09.1992

DIN No.:

02515983

 

 

KEY EXECUTIVES

 

Name :

Mr. Gorakshanath

Designation :

Accounts Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2011

 

Names of Shareholders

No. of Shares

Devindra Ghanshamdas Nath J/W Shanta Devindra Nath

20201

Shanta Devindra Nath J/W Devindra Ghanshamdas Nath

3000

Sharat Devemdra Nath J/W Devindra Ghanshamdas Nath

4250

Surface Technologies PLC, United Kingdom

12000

Devindra Ghanshamdas Nath

402

Shanta D Nath

146

Devindra Ghanshamdas Nath (HUF)

01

TOTAL

40000

 

AS ON 30.09.2011

 

Equity Shares Break Up

Percentage of Holding

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

30.00

Directors or relatives of Directors

70.00

TOTAL

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture and Trader of Impregnation Plant and Chemicals

 

 

Terms :

 

Selling :

Cash, Credit

 

 

Purchasing :

Cash, Credit

 

 

PRODUCTION STATUS (AS ON : 31.03.2011)

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Job Work Impregnation

MT

2000

2000

 

 

GENERAL INFORMATION

 

Customers :

·         Wholesalers

·         Retailers

 

 

No. of Employees :

45 (Approximately)

 

 

Bankers :

·         The Shamrao Vithal Co-Operative Bank Limited, Maker Towers, ‘E’, 1st Floor, Cuffe Parade, Mumbai-400005, Maharashtra, India

 

 

Facilities :

Secured Loan

 

Rs. In Millions

31.03.2011

Rs. In Millions

31.03.2010

Cash Credit with Shamral Vithal co-operative Bank Limited (Secured by hypothecation of stock and book debts, both present and future, guaranteed by directors)

7.640

11.216

Car Loan No.0000 from SVC Bank

2.165

3.712

Term Loan No.2330 From SVC Bank

(Term Loan Secured by hypothecation of Computers, Xerox Machine, Generator, guaranteed by Directors)

0.664

1.494

 

 

 

TOTAL

10.469

16.422

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2011

Rs. In Millions

31.03.2010

Mr. D Nath Loan Account (Share Holder)

3.150

3.150

M/S Ultraseal International Loan A/c (Shareholder)

1.350

1.350

 

 

 

TOTAL

4.500

4.500

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R M Khalidkar and Company

Chartered Accountant

Address :

Plot No J/Sei 12/10, MIDC, Indrayani Nagar Colony, Bhosari, Pune-411026, Maharashtra, India

PAN No.:

ACEPK2699B

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2011

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

40000

Equity Shares

Rs.100/- each

Rs. 4.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

40000

Equity Shares

Rs.100/- each

Rs. 4.000 Millions

 

 

 

 

 

 

AS ON 24.09.2012

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

Rs.100/- each

Rs. 10.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

 

 

 

 

40000

Equity Shares

Rs.100/- each

Rs. 4.000 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

4.000

4.000

4.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

20.403

14.251

11.934

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

24.403

18.251

15.934

LOAN FUNDS

 

 

 

1] Secured Loans

10.469

16.422

18.528

2] Unsecured Loans

4.500

4.500

4.500

TOTAL BORROWING

14.969

20.922

23.028

DEFERRED TAX LIABILITIES

0.000

0.236

0.951

 

 

 

 

TOTAL

39.372

39.409

39.913

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

11.518

13.162

15.018

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

1.348

1.350

1.350

DEFERREX TAX ASSETS

0.248

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
13.622

9.945

7.974

 

Sundry Debtors
31.272

24.954

20.161

 

Cash & Bank Balances
1.192

0.531

1.487

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
3.777

2.858

3.744

Total Current Assets
49.863

38.288

33.366

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

14.873

7.924

2.624

 

Other Current Liabilities
0.256

0.417

0.210

 

Provisions
8.476

5.050

6.987

Total Current Liabilities
23.605

13.391

9.821

Net Current Assets
26.258

24.897

23.545

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

39.372

39.409

39.913

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

116.575

70.972

93.391

 

 

Other Income

 

 

 

 

 

TOTAL                                    

116.575

70.972

93.391

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Office Expenses

NA

65.298

83.333

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

NA

65.298

83.333

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

12.681

[Including

Financial

[Including

Financial

 

 

 

Expenses]

Expenses]

 

FINANCIAL EXPENSES                        

2.534

 

 

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

NA

5.674

10.058

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION                    

2.038

2.500

2.849

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

8.167

3.174

7.209

 

 

 

 

 

 

TAX                                                                 

2.015

0.857

2.436

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

6.152

2.317

4.773

 

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

0.000

0.300

0.300

 

BALANCE CARRIED TO THE B/S

NA

2.017

4.473

 

 

 

 

 

 

Earnings Per Share (Rs.)

153.80

--

--

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

137.400

 

 

 

 

 

Expected Sales (2012-2013) : Rs.200.000 Millions

 

The above information has been parted by Mr. Gorakshanath.

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
5.28

3.26

5.11

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
13.25

6.17

14.90

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.33

0.17

0.45

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.58

1.89

2.12

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.11

2.86

3.40

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

No

21]

Market information

-----

22]

Litigations that the firm / promoter involved in

-----

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

-----

26]

Buyer visit details

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

No

 

 

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars

 

31.03.2011

31.03.2010

31.03.2009

Sundry Creditors

14.873

7.924

2.624

 

 

 

 

TOTAL

14.873

7.924

2.624

 

 

REVIEW OF OPERATIONS

 

The Company has achieved a gross turnover of Rs. 115.600 Millions which highly satisfactory as compared to previous year figures of Rs. 70.500 Millions generating a net profit of Rs. 6.151 Millions compared to previous year figures of Rs. 2.317 Millions. The Company is confident of performing with higher consistency and at a higher pace of growth in the current financial year.

 

 

FORM 8

 

Corporate identity number of the company

U27104MH1978PTC020858

Name of the company

ULTRASEAL (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

43/1, D II Block, MIDC Telco Road, Chichwad, Pune-411019, Maharashtra

This form is for

Creation of charge

Type of charge

·         Movable property (not being pledge)

Particular of charge holder

The Shamrao Vithal Co-Operative Bank Limited, Maker Towers, ‘E’, 1st Floor, Cuffe Parade, Mumbai-400005, Maharashtra, India

Nature of instrument creating charge

Hypothecation Agreement of Vehicles

Date of instrument Creating the charge

20.04.2012

Amount secured by the charge

Rs. 2.300 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest

12% p.a.

 

Terms of repayment

Loan will be repaid by EMI of Rs.51157/- through CC127

 

Margin

NA

 

Extent and operation of the charge

Advance is secured by way of Hypothecation of the Vehicle.

Short particulars of the property charged (Including location of the property)

Motor Vehicle as a hypothecated property

 

 

FIXED ASSETS

 

·         Land

·         Building

·         Plant and Machinery

·         Electrical Installation

·         Air Conditioner

·         Refrigerator

·         Office Equipments

·         Furniture and Fixtures

·         Vehicles

·         Lab Equipments

·         Fax Machine

·         Computer System

·         Water Tank

·         Dies and Moulds

·         Gen Set

·         UPS System

·         Transformer

·         Weigh Scale

·         Motor Car

 

 

 

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. 55.69

UK Pound

1

Rs. 89.19

Euro

1

Rs. 72.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

DPT


 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--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

 

31

 

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.