MIRA
INFORM REPORT
|
Report Date : |
05.07.2007 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
|
|
|
|
Registered Office : |
Uttam House, Carnac Bandar, 69, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
29.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-35806 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27104MH1985PLC035806 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMU03480B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU1710C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges |
|
|
|
|
Line of Business : |
Manufacturer of Galvanised Coils / Sheets and Cold Rolled Coils |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 13745200 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having satisfactory track. Financial position is moderate. Payments
are slow but correct. Trade relations are fair. The company can be considered normal
for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Uttam
House, Carnac Bandar, 69, |
|
Tel. No.: |
91–22–23420557/23421968/56563500/23440440/
23413192 |
|
Fax No.: |
91–22–23430765/23415025/23441383/56311949/
23434188 |
|
Telex |
11-75909
UTAM IN |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head
Office: |
Uttam
House, 69, P.D' |
|
International
Marketing: |
E-mail:export@uttamsteel.com Fax: 91-22-5631 1949 |
|
Domestic
Marketing: |
Tel: 91-22-2341 3192 Fax: 91-22-2343
4188 |
|
|
|
|
Factory 1 : |
Khopoli
- |
|
Tel. No.: |
91-2192-278053/278055/278146 |
|
Fax No.: |
91-2192-278143 |
|
|
|
|
Factory 2 : |
|
|
|
|
|
Branches : |
Located
at : - v 39, Okhla Industrial Estate, Tel. No. 91-11-26848550
/ 2630435 Fax No. 91-11-26848555 v 2, Naresh Chandra Dutta
Sarani, Sagar Estate, 4th Floor, Room No. 4, Kolkata - 700 001, Tel. No. 91-33-22201485 v # 213-214, Frutos Trade
Centre, 2nd floor, SCRB Road, Fancy Bazar, Guwahati - 781 001,
Assam Tel. No.91-361-234594 v SC-1/8, Tel. 91-20-25818695 v
Chennai |
|
|
|
|
Steel service centres |
Located
at : Ø Mumbai, Ø Kolkata, Ø Ø Ø Ø
|
DIRECTORS
|
Name : |
Mr.
Rajinder K. Miglani |
|
Designation : |
Chairman
cum Managing Director |
|
Address : |
21-B,
Embassy Apartments, 46, |
|
Date of Birth /Age |
60
Years |
|
Qualification : |
B.Sc. |
|
Experience : |
37
Years |
|
Date of Appointment : |
30.12.1998 |
|
Last Employment |
Business |
|
|
|
|
Name : |
Mr.
Praveen K. Miglani |
|
Designation : |
Director |
|
Other Directorship: |
Insco
Iron and Steels Limited |
|
Brief Resume: |
He is
an industrialist and |
|
Qualification: |
Graduate |
|
Experienced: |
32
Years |
|
Date of Appointment: |
29.03.1985 |
|
|
|
|
Name : |
Mr.
P. G. Kakodkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Shirish T. Parikh |
|
Designation : |
Director |
|
Other Directorship: |
Frontline
Rolls, Forms Limited |
|
Qualification: |
B.E.
(Civil) |
|
Experienced: |
+49 Years |
|
Date of Appointment: |
29.03.1985 |
|
|
|
|
Name : |
Dr. N.
S. Datar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Anuj Miglani |
|
Designation : |
Deputy
Managing Director |
|
|
|
|
Name : |
Ms.
Shaila Sarpotdar |
|
Designation : |
Nominee
(ICICI) |
|
|
|
|
Name : |
Mr. S R Krishnaswamy |
|
Designation : |
Nominee (LIC) |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A K Mahendru |
|
Designation : |
Director (Sales and Marketing) |
|
Qualification: |
B. Tech, FIE and MIMA |
|
Experienced: |
39 Years |
|
Date of Appointment: |
01.04.1999 |
|
|
|
|
Name : |
Mr. S G Tudekar |
|
Designation : |
Director |
|
Qualification: |
Graduate Engineer in Metallurgy |
|
Experienced: |
46 Years |
|
Date of Appointment: |
1998 |
|
|
|
|
Name : |
Mr. V. D. Shrinde |
|
Designation : |
Nominee (IDBI) |
|
Brief Resume: |
He has tenure of 30 Years with
Industrial Development Bank of |
|
|
|
|
Name : |
Mr. G S Sawhney |
|
Designation : |
Executive Director (Finance) and
CFO |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of
Shareholders |
No. of Shares |
Percentage of Holding |
Promoters’ holdings
|
|
|
|
Indian
Promoters |
23341627 |
34.82 |
|
|
|
|
Non promoter's holdings
|
|
|
|
Mutual
Funds and UTI |
406800 |
0.61 |
|
Banks,
Financial Institutions and Insurance Companies |
18719020 |
27.92 |
|
FIIs |
38300 |
0.06 |
|
|
|
|
Others
|
|
|
|
Private
Corporate Bodies |
3167995 |
4.73 |
|
Indian
Public |
15031371 |
22.42 |
|
NRIs
/ OCBs |
6332260 |
9.45 |
|
TOTAL |
67037373 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Galvanised Coils/Sheets and Cold Rolled Coils. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Countries : |
Afghanistan,
Angola, Argentina, Bangladesh, Burundi, Cambodia, Chile, Comoros, United Arab
Emirates, Ecuador, Eritrea, Ethiopia, Gambia, Ghana, Kenya, Lebanon, Liberia,
Madagascar, Malaysia, Mauritius, Mozambique, Myanmar, Nepal, Nigeria,
Paraguay, Peru, Philippines, Portugal, South Africa, Senegal, Sri Lanka,
Sudan, Syria, Tanzania, Thailand, Togo, United Kingdom, Uganda, Uruguay and
Zimbabwe |
||||||
|
|
|
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Galvanised
Coils/Sheets / Silk Coils |
MT |
|
400000 |
336772 |
|
Colour
coated Coils / Sheets / Site Coils |
MT |
|
60000 |
20575 |
|
Cold
Rolled Coils / Sheets / Silk Coils |
MT |
|
600000 |
472451 |
GENERAL INFORMATION
|
Customers : |
Ø Hindustan Petroleum Corporation
Limited Ø Bharat Petroleum Corporation
Limited Ø
Indian Oil Corporation Limited |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
No. of Employees : |
4000 |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Bankers : |
State Bank of Canara Bank, Punjab National Bank Bank of Indian Overseas Bank ICIC Bank Limited |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Facilities : |
Notes: Serial number of Notes correspond to serial numbers of Loans mentioned
earlier. (1) a) Term Loans availed from ICICI, IDBI, LIC ,IFCI
IIBI,UII,GIC,Canara Bank,IOB,BOB, and Corporation Bank ranking pari passu inter-se are secured by mortgage of all immoveable properties and
hypothecation of all moveable properties including moveable machineries, machinery spares, tools and accessories, both present and
future, b) i) ECB Loan of USD 19.50 Millions (22.5 Millions) equivalent to Rs.
874.770 millions (Rs 989.5500 Millions) taken from Bayerische Landesbank of Germany is secured by a Bank Guarantee issued by ICICI
Bank Ltd. Bank Guarantee issued by ICICI Bank is secured by mortgage of all immovable properties and hypothecation of
all movable properties including movable machineries, machinery spares, tools and accessories both present and future, ii) Foreign Currency Loan of USD 2.45 Millions (3.54 Millions)
equivalent to Rs 110.004 millions (Rs 155.840 millions) from IDBI is secured by mortgage of all immovable properties and hypothecation of all
movable properties including movable machineries, machinery spares, tools and accessories both present and future, iii) Foreign Currency Loan of USD 1.55 Millions (1.77 Millions)
equivalent to Rs 69.670 millions (Rs 77.690 millions) from IDBI is secured by mortgage of all immovable properties and hypothecation of all
movable properties including movable machineries, machinery spares, tools and accessories both present and future, iv) ECB Loan of USD 10 Million equivalent to Rs. 448.600 millions from
Bank of India, London and USD 5 Million equivalent to Rs. 224.300 millions from Syndicate Bank, properties including movable machineries, machinery spares tools and
accessories both present and future. (2 ) Rs 39.000 millions (Rs 52.000 millions) Non Convertible
Debentures are secured by (a) first mortgage and charge on the movable & immovable assets
present and futures ranking Pari-passu subject to the prior charges on specific movables created/ to be created in favour of company's
bankers for working capital borrowings. (b) Personal Unconditional Irrevocable Guarantee of two directors. (c) Pari-Passu Joint Pledge of Promoters Shareholding with Other Term
Lenders. Redemption : Commencing from 15th April,2004 to 15th January 2009. (3) 0% Loans are a part of the loans mentioned above in (1) and
Debentures mentioned in (2) & (3) herein above. Hence their security remains as earlier. In addition the Optionally Fully Convertible Loans
carry options to applicants to convert debts into equity/preference shares at a future date. Redemption : (a) 0% loans : Commencing from 15th June,2010 to 15th June,2014. (b) 9% loans : Commencing from 15th June,2010 to 15th June,2014. (4) Loans from banks on cash credit accounts are secured by : (i) Hypothecation of all tangible, moveable properties such as raw
materials, work-in-progress, finished goods, stock in transit and book debts etc. and (ii) TTie Second. Charge on fixed assets of the company as per
Registration entries of Form no. 8 vide document Serial No.449 dated 18th
May, 2006. (5) a) All the above loans (except debentures) are secured by Personal
Guarantees of two Directors. b) All the above term loans (except debentures) are secured by Pari
Passu charge on 2,12,24,700 equity shares held by the promoters, company.
During the year , the company has issued Series 'A' US $ 24 Million and
Series 'B' US $ 20 Million 2 percent Convertible Bonds of face value of US $ 1000 aggregating to US $ 44 Million. (i) As per the terms of the issue , the bonds are convertible at any
time on or after September 18,2005 and upto the close of business on July 31,2010 into newly issued, ordinary shares at an
initial conversion price of Rs.64.46 per Share with a fixed rate of exchange on conversion of Rs.43.53 = US $ 1. The
conversion price will be subject to certain adjustment in certain circumstances, (ii) Further, the bonds may subject to certain conditions be redeemed
in whole at the option of the Company at any time on or after August 10,2008 at their Early Redemption Amount, (iii) The Series B bonds may be redeemed, in whole or in part at the
option of a Bondholder on August 9,2008 subject to satisfaction of certain conditions, at 117.25 per cent of their
principal amount, (iv) Unless previously converted, redeemed or repurchased and
cancelled, the bonds will be redeemed on August 10, 2010 at 130.97 per cent of their principal amount. (v) In view of the uncertainty of redemption, premium on redemption of
FCCB has not been provided in this accounts, (vi) Issue expenses of Rs.46.740 millions relating to FCCB has been
treated as capital work in progess. (vii) These bonds are listed on Singapore Stock Exchange. |
|
|
|
|
Banking
Relations : |
Unknown |
|
|
|
|
Auditors : |
|
|
Name : |
Mr.
Yogesh B. Mehta Chartered
Accountant |
|
Address : |
401/402, Nand Prem Shopping Centre, Junction of
Nehru Road & M G Road, Vileparle (East), Mumbai - 400 057, Maharashtra |
|
|
|
|
Memberships: |
EEPC,
WTC, COSRMA |
|
|
|
|
Associates/Subsidiaries : |
v Uttam Agro Foods ( v Uttam Flour Mills Limited v Frontline Roll Forms Limited v Golden Greens Golf & Resorts
Limited v Uttam Exports Private Limited A-40, Mohan Co-operative Industrial Area, v Uttam Investments Private
Limited Mulji House, Ground Floor, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
119000000 |
Equity Shares |
Rs.10/- each |
Rs.1190.000 millions |
|
6000000 |
preferences Shares |
Rs.10/- each |
Rs.60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
83432673 |
Equity Shares |
Rs.10/- each |
Rs.834.326
millions |
|
5368469 |
Preferences Shares |
Rs.10/- each |
Rs.53.684
millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
879.300 |
853.300 |
749.000 |
|
|
2] Share Application Money |
0.000 |
07.000 |
0.000 |
|
|
3] Reserves & Surplus |
2557.000 |
1778.800 |
783.3000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3436.300 |
2639.100 |
1532.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6080.300 |
4986.200 |
3775.300 |
|
|
2] Unsecured Loans |
2489.900 |
65.600 |
224.400 |
|
|
TOTAL BORROWING |
8570.200 |
5051.800 |
3999.700 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12006.500 |
7690.900 |
5532.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6967.900 |
4434.000 |
4324.600 |
|
|
Capital work-in-progress |
1393.200 |
1901.200 |
297.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
01.100 |
00.600 |
1.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3305.500
|
3302.500 |
3628.800 |
|
|
Sundry Debtors |
1170.300
|
564.500 |
555.000 |
|
|
Cash & Bank Balances |
52.900
|
591.800 |
66.900 |
|
|
Other Current Assets |
1953.300
|
0.000 |
0.000 |
|
|
Loans & Advances |
3677.400
|
2117.800 |
870.500 |
|
Total
Current Assets |
10159.400
|
6576.600 |
5121.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
6441.800
|
5141.000 |
4196.400 |
|
|
Provisions |
73.300
|
80.500 |
15.600 |
|
Total
Current Liabilities |
6515.100
|
5221.500 |
4212.000 |
|
|
Net Current Assets |
3644.300
|
1355.100 |
909.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12006.500 |
7690.900 |
5532.000 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
18970.600 |
21561.100 |
|
|
|
Other Income |
96.000 |
53.800 |
|
|
|
Total Income |
19066.600 |
21614.900 |
12771.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
816.600 |
1027.200 |
254.300 |
|
|
Provision for Taxation |
|
80.500 |
15.600 |
|
|
Profit/(Loss) After Tax |
743.300 |
946.700 |
238.700 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
|
|
|
|
Commission Earnings |
9896.800 |
13154.400 |
6323.510 |
|
|
Other Earnings |
|
|
|
|
Total Earnings |
|
|
|
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
|
7620.600 |
3038.410 |
|
|
Stores & Spares |
|
|
|
|
|
Capital Goods |
|
|
|
|
|
Others |
|
|
|
|
Total Imports |
|
|
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
13788.800 |
16456.100 |
|
|
|
Manufacturing Expenses |
923.100 |
886.700 |
|
|
|
Administrative Expenses |
129.800 |
107.200 |
|
|
|
Selling Distribution Expenses |
1057.900 |
1306.000 |
12517.500 |
|
|
Increase/(Decrease) in Finished Goods |
(127.900) |
50.600 |
|
|
|
Salaries, Wages, Bonus, etc. |
235.300 |
170.300 |
|
|
|
Interest |
774.400 |
644.800 |
|
|
|
Depreciation & Amortization |
379.900 |
322.000 |
|
|
Total Expenditure |
17161.300 |
19943.700 |
|
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 Full Year |
|
Sales Turnover |
|
|
25673.800 |
|
Other Income |
|
|
44.000 |
|
Total Income |
|
|
25717.800 |
|
Total Expenditure |
|
|
22996.900 |
|
Operating Profit |
|
|
2720.900 |
|
Interest |
|
|
1089.300 |
|
Gross Profit |
|
|
1631.600 |
|
Depreciation |
|
|
490.200 |
|
Tax |
|
|
133.000 |
|
Reported PAT |
|
|
1008.400 |
|
Dividend (%) |
|
|
0.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt
Equity Ratio |
|
2.24 |
2.17 |
2.75 |
|
Long
Term Debt Equity Ratio |
|
1.80 |
1.69 |
2.18 |
|
Current
Ratio |
|
1.16 |
1.02 |
0.99 |
|
TURNOVER
RATIOS |
|
|
|
|
|
Fixed
Assets |
|
2.29 |
3.26 |
1.96 |
|
Inventory
|
|
5.74 |
6.22 |
4.37 |
|
Debtors |
|
21.87 |
38.52 |
23.50 |
|
Interest
Cover Ratio |
|
1.96 |
2.33 |
1.99 |
|
Operating
Profit Margin (%) |
|
10.79 |
9.83 |
10.62 |
|
Profit
Before Interest and Tax Margin (%) |
|
8.79 |
8.33 |
8.13 |
|
Cash
Profit Margin (%) |
|
5.92 |
5.88 |
6.28 |
|
Adjusted
Net Profit Margin (%) |
|
3.92 |
4.39 |
3.79 |
|
Return
on Capital Employed (%) |
|
16.93 |
27.19 |
18.80 |
|
Return
on Net Worth (%) |
|
24.90 |
46.66 |
33.23 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
High |
Rs.36.65 |
|
Low |
Rs.36.05 |
LOCAL AGENCY FURTHER INFORMATION
History:
Incorporated as Uttam Galva
Steels in Mar.'85, the company commenced operations in Apr.'85. Its name was
changed to Uttam Steel (VSL) in May '93
In technical collaboration with John Lysaght,
In Oct.'93, USL came out with a public issue to part-finance the Rs 1015.000
Millions expansion plan to expand
capacity for CR coils from the present 50,000 tpa to 1,00,000 tpa. This went on
stream in Mar.'95. Around 70% of the company's production is used in industrial
sheds in rural areas, and the rest by the engineering industry.
The company has received a Certificate of Approval under ISO 9002 for quality
management for its continuous Galvanising Line at Khalapur. Company also
received Regional Export Excellence Award from Dept. of Commerce & Trade.
The company has diluted its investment during december 2004 in Uttam
Galva Exports Ltd and by the virtue of this dilution of shareholding below 50%
of the total equity,Uttam Galva Exports Ltd is no longer a subsidairy of Uttam
Galva Steels Ltd.
Director Report -
OPERATIONS:
The Company has achieved turnover of Rs. 18970.600 millions as against
Rs.21561.100 millions during the previous year. The Company has recorded Profit
before Tax of Rs. 816.600 millions as against Rs. 1027.200 millions during the
previous year.
Sales Turnover during the year is lower, mainly due to drastic fall in the
prices of HR Coils. To large extent Company has been able to make up for the
price reduction by changing the product mix and improving its share in high
value added steel products.
Production of CR Coil during the
year has been higher by more than 10% over the last year.
The Company is pursuing very ambitious growth plans to increase its capacity
and diversify product base. This will significantly improve the profitability
in coming years and will enable the Company to thrive in any downturn in Steel
cycle due to better product mix and lower long term costs.
Owing to expansions and importance of timely executions of projects, the
Board is of opinion that cash flow should not be disturbed and hence has
decided to plough back earnings for the time being and not to recommend the
dividend payout.
EXPORTS:
The gross export turnover has gone down by 27% i.e. to Rs.
10539.400 millions compared to Rs.14421.700 millions during the previous year
mainly due to steep fall in HR Coil prices in the International Markets
consequently reduction in selling price of CR & GP/GC. Further the Company
took a conscious decision to sell more in domestic market due to better sales
realization,
The Company foresees volatile demand for steel worldwide and will
therefore continue to focus both on exports and domestic market and dynamically
shift focus depending on market conditions in order to maximize profitability.
MANAGEMENT DISCUSSION AND
ANALYSIS:
Pursuant to Clause 49(IV)(B) & (F) of the Listing Agreement the
Directors wish to report as follows:
a. Industry Structure and Development:
The market dynamics are in constant flux and global outlook in
short term is unpredictable. However, dynamic planning, value added product mix
and continuous efforts to control costs will ensure our progress in years to
come.
b. Opportunities and Threats:
Opportunities exist with the increase in higher value added steel
consumption on a steady growth path in the country and the expectation of
strengthening of the Indian economy. However, the Indian Steel Industry is a
still primarily export based.
c. Segment-wise Performance:
Since the Company operates only in one Segment, Segment wise or product
wise analysis or performance is not applicable.
d. Outlook:
The long term outlook for the industry and consequently for the Company
is stable and reasonably good. Demand for our products will grow continuously
as infrastructure, construction, Automobiles and White Goods Industries are
doing well globally.
Fixed Assets:
Ø Land
Ø Building & Site Development
Ø Flat & Office Premises
Ø Plant & Machinery
Ø Furniture & Fixture
Ø Office Equipments
Ø Vehicles
Ø Computers
Ø Housing Complex.
As per website
With
a modest beginning in the year 1988 with a Wet-Flux Galvanizing line in
technical collaboration with M/s John Lysaght of B.H.P. Australia, today Uttam
Galva Steels Ltd. has three modern galvanizing lines with a total capacity of
350,000 tons/year. UGSL has its own cold rolling facility with a capacity of
500,000 tons/year. Balance of CR are converted to value added grades in CRCA
coils, cut to length sheets and also sold as Full Hard CR in overseas markets.
UGSL
is today, one of the largest producers of CR & GP/GC products, in the
Western part of
In the Indian market,
UGSL is an established player for the supply of CRCA to most of the
manufacturers of automobiles, white goods, general engineering, Drums &
Barrels segments of the Industry. It is also a large supplier of Galvanized
coils and sheets to the construction industries. UGSL is working towards being
a ONE STOP SHOP for all steel flat products, tailor made as per customer
requirements.
UGSL
is commited to TOTAL CUSTOMER SATISFACTION and believes in business at
supersonic speed 24 hours a day and 365 days a year
Vision
Become the world's favoured
flat steel products brand.
To consistently provide quality steel products ensuring customer delight
Values
Integrity
Honouring all commitments.
Value for time
Business at supersonic speed.
Ethics
Ethical Business Practices with all stakeholders
FUTURE PLANS
The
company are pleased to inform you that their exports have by now spread to over
a hundread countries of the World.
I)
The company can supply Minimized / Zero Spangles from October 2004.
II) The company will start supplying Galvanised in widths upto
49.21"(1250mm) from December 2004, which presently is restricted to
48.03" (1220mm).
III) The company are already supplying Structural Grades of Galvanised as per
JIS G 3302 SGC 570 and ASTM A653 Grade 80 and also as per ASTM A653 Grade 33,
37 & 40. Supply of other Structural Grades of Galvanised will start from
December 2004.
IV) The company will be in a position to supply of widths upto (1640 MM)
64.56" February 2005.
V) The company will be able to supply prepainted CR / GP from February 2005.
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.40.46 |
|
|
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.55.09 |
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 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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/normal. |
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 |
|