MIRA INFORM REPORT

Report Date :

09.04.2014

IDENTIFICATION DETAILS

Name :	ULTRATECH INDIA LIMITED (w.e.f. 21.06.2004)
Formerly Known As :	ULTRA-TECH SPECIALITY CHEMICALS LIMITED
Registered Office :	113 J K Chambers, Sector 17,  Vashi, Navi Mumbai – 400705,  Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	20.07.1992
Com. Reg. No.:	11-067786
Capital Investment / Paid-up Capital :	Rs.103.311 Millions
CIN No.: [Company Identification No.]	U24110MH1992PLC067786
TAN No.: [Tax Deduction & Collection Account No.]	PNEU05882A
PAN No.: [Permanent Account No.]	AAACU3593K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers of Pharmaceuticals Formulations, A.P.I.’s and Drug Intermediates.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 460000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Profitability and reserves of the company is low. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DENIED BY

Name :	Ms. Ruchi Bigaria
Designation :	Accounts Manager
Contact No.:	91-22-66444000 / 39334600
Date :	05.04.2014

LOCATIONS

Registered Office :	113 J K Chambers, Sector 17,  Vashi, Navi Mumbai – 400705,  Maharashtra, India
Tel. No.:	91-22-66444000 / 39334600
Fax No.:	91-22-27892734
E-Mail :	accounts@ultratechindia.com sales@ultratechindia.com
Website :	www.ultratechindia.com
Manufacturing Unit :	Located At : Talija, MIDC, Navi Mumbai, Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Rishi Vedprakash Bhatia

Designation :

Managing Director

Address :

G-17, Rh – 5, Sector 6, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Appointment :

22.07.1992

DIN No.:

00281820

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24110MH1992PLC067786	ULTRATECH INDIA LIMITED	Managing director	22/07/1992	22/07/1992	-	Active	NO
2	U35110MH2003PTC139008	INDAUST IMW SHIPYARD PRIVATE LIMITED	Additional director	21/07/2007	21/07/2007	-	Strike off	NO
3	U74120MH2011PLC224759	PROLIFE PRODUCTS LIMITED	Director	09/12/2011	09/12/2011	-	Active	NO

Name :

Mrs. Meena Rishi Bhatia

Designation :

Director

Address :

G-17, Rh – 5, Sector 6, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Appointment :

29.09.2011

DIN No.:

00281929

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U35110MH2003PTC139008	INDAUST IMW SHIPYARD PRIVATE LIMITED	Additional director	21/07/2007	21/07/2007	-	Strike off	NO
2	U24110MH1992PLC067786	ULTRATECH INDIA LIMITED	Director	29/09/2011	01/03/2011	-	Active	NO

Name :

Mr. Vedprakash Mangaldas Bhatia

Designation :

Director

Address :

G-17, Rh – 5, Sector 6, Vashi, Navi Mumbai – 400703, Maharashtra, India

Date of Appointment :

03.02.2004

DIN No.:

00281995

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Rishi V. Bhatia	7289689
Rajlv V. Bhatia	114
Ravi V. Bhatia	114
Meena R. Bhatia	2006239
Ved Prakash Bhatia	27654
Santosh Bhatia	114
Geeta Bhatia	114
Rishl Bhatia HUF	351135
Sanjay Taturari	295201
J. T. Marine	66885
Dinesh Mohan Bansal	15606
Sanjeev Khanna	248039
Bouy Sail Trading	13492
Manoj Thakur	5323
Rajwant Kaur	7982
Swapnali Patll	1762
Santosh Galkwad	156
Rajesh Korgaonkar	1464
Total	10331083

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	6.04
Directors or relatives of Directors	93.65
Other top fifty shareholders	0.31
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers of Pharmaceuticals Formulations, A.P.I.’s and Drug Intermediates.

GENERAL INFORMATION

No. of Employees :

Oriental Bank of Commerce, Khar Branch, Satkartar Building, Flat No. 001, Plot No. 101, S.V. Road, Khar (West), Mumbai - 400052, Maharashtra, India

Bankers :

Information denied by management

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	0.706	0.893
Short Term Borrowings
Rupee term loans from banks	60.090	39.739
Total	60.796	40.632

Banking Relations :	--
Auditors :
Name :	RAR and Associates Chartered Accountants
Address :	B-314, Yashwant Shopping Centre, Carter Road No.: 7, Borivali (East), Mumbai-400066, Maharashtra, India
PAN No.:	AAJFR8990D

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10331083	Equity Shares	Rs.10/- each	Rs.103.311 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	103.311	102.916	100.500
(b) Reserves & Surplus	10.681	9.257	7.018
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.011	0.024	0.102
Total Shareholders’ Funds (1) + (2)	114.003	112.197	107.620
(3) Non-Current Liabilities
(a) long-term borrowings	0.706	0.893	0.468
(b) Deferred tax liabilities (Net)	1.522	2.054	1.665
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.176	0.930	0.000
Total Non-current Liabilities (3)	3.404	3.877	2.133
(4) Current Liabilities
(a) Short term borrowings	60.090	39.739	0.000
(b) Trade payables	77.540	196.796	142.904
(c) Other current liabilities	7.251	4.101	4.370
(d) Short-term provisions	1.218	1.450	5.482
Total Current Liabilities (4)	146.099	242.086	152.756
TOTAL	263.506	358.160	262.509
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	65.030	68.801	65.188
(ii) Intangible Assets	0.244	0.000	0.000
(iii) Capital work-in-progress	4.069	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3.554	0.200	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.242	1.520	1.433
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	74.139	70.521	66.621
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	79.941	31.159	40.166
(c) Trade receivables	83.984	232.994	123.750
(d) Cash and cash equivalents	3.167	1.294	3.373
(e) Short-term loans and advances	11.165	18.985	28.599
(f) Other current assets	11.110	3.207	0.000
Total Current Assets	189.367	287.639	195.888
TOTAL	263.506	358.160	262.509

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2013	31.03.2012	31.03.2011
	SALES
		Income		321.448	302.239	232.102
		Other Income		1.408	1.417	(0.064)
		TOTAL (A)		322.856	303.656	232.038
Less	EXPENSES
		Cost of Materials Consumed		295.256	252.971	28.034
		Purchase of Stock-in-trade		0.000	0.000	184.481
		Changes in Inventories of finished goods, work-in-progress and stock-in-trade		(55.543)	5.262	(14.381)
		Employee Benefits Expenses		35.074	16.012	9.091
		Other Expenses		31.018	17.873	17.289
		TOTAL (B)		305.805	292.118	224.514
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			17.051	11.538	7.524
Less	FINANCIAL EXPENSES (D)			5.302	1.771	0.170
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			11.749	9.767	7.354
Less	DEPRECIATION/ AMORTISATION (F)			4.225	3.793	2.170
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			7.524	5.974	5.184
Less	TAX (H)			6.279	1.838	0.687
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			1.245	4.136	4.497
	EARNINGS IN FOREIGN CURRENCY
			Export Earnings	53.730	88.386	20.894
	TOTAL EARNINGS			53.730	88.386	20.894
	IMPORTS
			Raw Materials	2.965	5.622	NA
	TOTAL IMPORTS			2.965	5.622	NA
	Earnings Per Share (Rs.)			0.12	0.40	0.45

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.39	1.36	1.94
Net Profit Margin (PBT/Sales)	(%)	2.34	1.98	2.23
Return on Total Assets (PBT/Total Assets}	(%)	2.94	1.67	1.97
Return on Investment (ROI) (PBT/Networth)		0.07	0.05	0.05
Debt Equity Ratio (Total Debt /Networth)		0.53	0.36	0.00
Current Ratio (Current Asset/Current Liability)		1.30	1.19	1.28

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	100.500	102.916	103.311
Reserves & Surplus	7.018	9.257	10.681
Share Application money pending allotment	0.102	0.024	0.011
Net worth	107.620	112.197	114.003
long-term borrowings	0.468	0.893	0.706
Short term borrowings	0.000	39.739	60.090
Total borrowings	0.468	40.632	60.796
Debt/Equity ratio	0.004	0.362	0.533

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	232.102	302.239	321.448
		30.218	6.356

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	232.102	302.239	321.448
Profit	4.497	4.136	1.245
	1.94%	1.37%	0.39%

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	No
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	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes
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

OPERATIONAL REVIEW

Total turnover and other income in during the year of Rs.322.856 Millions as compared to previous year of Rs.303.655 Millions. Further, Directors are hopeful to better results in the currents year.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10368177	28/03/2013 *	65,500,000.00	Oriental Bank of Commerce	Khar Branch, Satkartar Building, Flat No. 001, Plot No. 101, S.V. Road, Khar (West), Mumbai, Maharashtra - 400052, India	B72632680
2	10316638	25/03/2013 *	65,500,000.00	Oriental Bank of Commerce	Khar Branch, Satkartar Building, Flat No. 001, Plot No. 101, S.V. Road, Khar (West), Mumbai, Maharashtra - 400052, India	B72632441

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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 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.59.95
UK Pound	1	Rs.99.36
Euro	1	Rs.82.15

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.