MIRA
INFORM REPORT
|
Report Date : |
12.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UTKARSH TUBES AND PIPES LIMITED |
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Registered Office : |
23-A, Netaji Subhash Road, 5th Floor, Suit No. 22, Kolkata
– 700001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.04.1995 |
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Com. Reg. No.: |
21-70893 |
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CIN No.: [Company
Identification No.] |
U51109WB1995PLC070893 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALU02757G |
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PAN No.: [Permanent
Account No.] |
AAACW4982C |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and Exporter of Pipes and Tubes |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Business is active. Payments are always correct and
as per commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
23-A, Netaji Subhash Road, 5th Floor, Suit No. 22, Kolkata –
700001, West Bengal, India |
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Tel. No.: |
91-33-22309124 |
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Mobile No.: |
91-98303 73580 / 98300 41779 |
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Fax No.: |
91-33-22305384 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Sunil Kumar Bansal |
|
Designation : |
Director |
|
Address : |
57 A, Park Street, 12/2 Park Mansion, Kolkata – 700016, West Bengal, India |
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Date of Birth/Age : |
12.09.1968 |
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Date of Appointment : |
07.02.2005 |
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Name : |
Mr. Dilip Kumar Pratiher |
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Designation : |
Director |
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Address : |
Flat No 1/5, Sector – V, Salt Lake, Kolkata – 700102, West Bengal,
India |
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Date of Birth/Age : |
13.10.1959 |
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Date of Appointment : |
16.03.2005 |
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Name : |
Mr. Harvinder Singh |
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Designation : |
Director |
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Address : |
220 Prince Anwar Shah Road, Kolkata – 700045, West Bengal, India |
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Date of Birth/Age : |
24.11.1968 |
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Date of Appointment : |
31.03.2005 |
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Name : |
Mr. Sadhuram Bansal |
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Designation : |
Director |
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Address : |
17, Moore Avenue, Regent Estate, Kolkata – 700040, West Bengal, India |
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Date of Birth/Age : |
01.10.1935 |
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Date of Appointment : |
15.01.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Prasad Shaw |
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Designation : |
Company Secretary |
|
Address : |
89/106, Bangur park, Rishra, Hooghly – 712248, West Bengal, India |
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Date of Birth/Age : |
12.05.1972 |
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Date of Appointment : |
01.02.2007 |
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Name : |
Mr. Ajit Kumar Jain |
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Designation : |
Company Secretary |
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Date of Appointment : |
21.12.2005 |
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Date of Ceasing : |
15.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Utkarsh Pipes Limited |
|
468000 |
|
Sunil Bansal |
|
500000 |
|
Arpan Sales [P] Limited |
|
220000 |
|
Precot Dealcom Private Limited |
|
834000 |
|
Raj Laxmi Goods Private Limited |
|
328000 |
|
Vivek Bansal |
|
100 |
|
Pankaj Kumar Agarwal |
|
100 |
|
Suresh Kumar Kedia |
|
100 |
|
BMW Industries Limited |
|
2207000 |
|
Tarun Dutta |
|
100 |
|
Ramji Singh |
|
100 |
|
Partha Mitra |
|
100 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
69.72 |
|
Directors or relatives of directors |
|
29.06 |
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Other top fifty shareholders |
|
1.22 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pipes and Tubes |
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Products : |
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Exports : |
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Countries : |
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PRODUCTION STATUS
|
Particulars |
Unit |
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Licensed
Capacity |
Installed
Capacity |
|
Steel Pipes |
MT |
|
100000 |
60000 |
|
Steel Poles |
MT |
|
5000 |
5000 |
|
PVC Pipes |
MT |
|
10000 |
2400 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
About 200 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Salarpuria and Partners Chartered Accountants |
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Address : |
7 C R Avenue, Kolkata – 700001, West Bengal, India |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.12.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,376,500 |
Equity Shares |
Rs. 10/- each |
Rs. 103.765
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 |
54.600 |
45.576 |
0.277 |
|
|
2] Share Application Money |
0.000 |
9.422 |
7.660 |
|
|
3] Reserves & Surplus |
333.300 |
186.731 |
101.455 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
387.900 |
241.729 |
109.392 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
571.310 |
239.184 |
266.904 |
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2] Unsecured Loans |
3.415 |
14.659 |
59.752 |
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TOTAL BORROWING |
574.725 |
253.843 |
326.656 |
|
|
DEFERRED TAX LIABILITIES |
30.784 |
19.489 |
14.952 |
|
|
SHARE CAPITAL SUSPENSE A/C |
49.165 |
0.000 |
24.800 |
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|
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TOTAL |
1042.574 |
515.061 |
475.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
350.756 |
168.329 |
146.344 |
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Capital work-in-progress |
10.311 |
3.475 |
6.926 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
512.497
|
226.294 |
192.166 |
|
|
Sundry Debtors |
649.049
|
231.144 |
191.777 |
|
|
Cash & Bank Balances |
43.940
|
63.419 |
48.017 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.481 |
|
|
Loans & Advances |
138.975
|
88.188 |
47.557 |
|
Total
Current Assets |
1344.461
|
609.045 |
479.998 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
644.462
|
255.641 |
156.168 |
|
|
Provisions |
18.586
|
10.147 |
1.300 |
|
Total
Current Liabilities |
663.048
|
265.788 |
157.468 |
|
|
Net Current Assets |
681.413
|
343.257 |
322.530 |
|
|
|
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MISCELLANEOUS EXPENSES |
0.094 |
0.000 |
0.000 |
|
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|
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|
|
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TOTAL |
1042.574 |
515.061 |
475.800 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2369.846 |
1548.312 |
1189.289 |
|
|
Other Income |
5.217 |
4.657 |
5.414 |
|
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Total Income |
2375.063 |
1552.969 |
1194.703 |
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|
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Profit/(Loss) Before Tax |
55.155 |
25.786 |
11.818 |
|
|
Provision for Taxation |
18.837 |
10.785 |
2.980 |
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Profit/(Loss) After Tax |
36.318 |
15.001 |
8.838 |
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Earnings in Foreign Currency : |
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Total Earnings |
35.943 |
82.581 |
31.341 |
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Imports : |
|
|
|
|
|
|
Raw Materials and Stores & Spares |
NA |
NA |
3.088 |
|
|
Capital Goods |
NA |
NA |
0.827 |
|
Total Imports |
NA |
NA |
3.915 |
|
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Expenditures : |
|
|
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|
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Raw Material Consumed |
1594.844 |
1252.950 |
|
|
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Purchases made for re-sale |
539.469 |
27.976 |
|
|
|
Consumption of stores and spares parts |
32.772 |
27.630 |
|
|
|
Increase/(Decrease) in Finished Goods |
[81.021] |
13.642 |
|
|
|
Salaries, Wages, Bonus, etc. |
15.165 |
11.940 |
|
|
|
Managerial Remuneration |
1.542 |
1.025 |
1182.885 |
|
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Payment to Auditors |
0.110 |
0.100 |
|
|
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Interest |
45.106 |
22.147 |
|
|
|
Insurance Expenses |
0.725 |
0.561 |
|
|
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Power & Fuel |
37.962 |
33.565 |
|
|
|
Depreciation & Amortization |
10.461 |
7.554 |
|
|
|
Other Expenditure |
122.773 |
128.093 |
|
|
Total Expenditure |
2319.908 |
1527.183 |
1182.885 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.53
|
0.97 |
0.74 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.33
|
1.67 |
0.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.25
|
3.32 |
1.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.11 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.19
|
2.15 |
4.43 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.29 |
3.05 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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|
Charge identification
number of the charge to be modified |
80018285 |
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Corporate
identity number of the company |
U51109WB1995PLC070893 |
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Name of the
company |
UTKARSH TUBES AND PIPES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
23-A, Netaji Subhash Road, 5th Floor, Suit No. 22, Kolkata
– 700001, West Bengal |
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Type of charge |
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Particular of
charge holder |
Oriental Bank of
Commerce Overseas Branch 7/1, Lord Sinha
Road, Kolkata – 700071, West Bengal, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental agreement
to secure credit / loan facilities [Original charge
dated 21.02.2006 for Rs. 480 Millions subsequently modified on 23.10.2006 for
Rs. 769.500 Millions] |
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|
Date of
instrument Creating the charge |
22.08.2007 |
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|
Amount secured by
the charge |
Rs. 909.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: interest as may be fixed by the bank from time to time Terms of
repayment : As per sanction
terms Margin : As per sanction
terms Extent and
operation of the charge : As per sanction
terms |
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Short particulars
of the property charged |
Hypothecation by
way of first charge all the company’s movable fixed assets, plant and machinery,
stock of raw materials, stores and spares, work in process, finished goods,
receivables, book debts and other current assets |
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Date of latest
modification prior to the present modification |
23.10.2006 |
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|
Particulars of
the present modification |
By this
modification the overall limit has been enhanced from Rs. 769.500 Millions to
Rs. 909.500 Millions as follows : Rs in Millions
Other terms and
conditions remain unchanged. |
Fixed Assets
- Land and Building
- Factory
- Computer and Printer
- Plant and Machinery
- Vehicles
- Furniture and Fixture
AS PER WEBSITE
Profile
The company was earlier working under the banner of BMW
Industries Limited but due to de-merging it has now been identified as ‘Utkarsh
Tubes & Pipes Limited’ since 2005.
The group has a vast experience of over 30 years in various
dimensions and has diversified interests. This has ultimately given the birth
of multiple product units-from Steel Pipes to PVC & SWR or Poles and High
Masts to Structural. In fact, UTPL may claim as the only unit in India who has
such a wide range of products basket. With such fast changed scenario
globalization and industrial developments Utkarsh emerges as the market leader
with competitive edge.
Utkarsh believes in quality, whether it is with product,
personnel or price. Its’ product qualities are unmatched, prices are
competitive and the team of marketing and works personnel are the real strength
and resources to the organization.
These factors have helped the company to reach such height today as a
front-runner in such a short span.
Product
and Services
In the world of Steel pipes, PVC or Poles and High Mast,
Utkarsh’s a name to reckon with. Now identified as Utkarsh Tubes & Pipes
Limited, the group has vast experience over 30 years in various dimensions and
diversified interests.
With multiple products from Steel Pipes, PVC and SWR or Poles and High Mast to
Structural. Subject can claim to be the only unit in India who has such a wide
range of product basket. Benchmarked as an organization of ultimate customer
care and business relationships with high integrity, subejct is forging and
enduring a profitable relationship with stake holders.
Exports:
Global Aspect
With raw materials sourced from India’s top Steel plants,
they are exporting to European, African, Middle-Eastern, SAARC, Far-Eastern and
Asian countries.
Port connectivity through Kolkata and Haldia is a major
logistic advantage over other cities in Eastern India.
Their focus always stays client-centric as they strive to deliver what he wants
to terms of value, quality and delivery.
Financials
Subject has successfully achieved the turnover of almost US$
50 Million during the Financial year 2005-2006. During the year 2006-07 the
turnover would be US$ 75 Million and they target to achieve US$ 100 Million by
2007-08 i.e. during the current fiscal year.
This might be too ambitious but the competent team of
Utkarsh Tubes & Pipes Limited is confident to achieve the same as they are
watching the fast changing market trend from close vicinity and determined to
bridge the gap between demand and supply.
The knowledge of create and deliver value. To offer
sustained and sustainable customer satisfaction at a competitive price. To use
appropriate technologies, economics of scale, high capacity, utilization and
cost effective manufacturing processes.
Bansal Utkarsh is the emergence of a new leader with proven
competence, trustworthiness and range of products. Theirs is a Brand Customer
Relationship with users and trade associates throughout the country and beyond.
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.39.29 |
|
UK Pound |
1 |
Rs.77.05 |
|
Euro |
1 |
Rs.58.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|