MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
MAXIM TUBES COMPANY PRIVATE LIMITED |
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Registered Office : |
Ghanshyam, Kamania Paru, Near Gumkhana, Unjha-384170, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.10.2006 |
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Com. Reg. No.: |
04-049217 |
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CIN No.: [Company
Identification No.] |
U217106GJ2006PTC049217 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMM07600F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Stainless Steel Seamless, Welded Tubes, Pipes and
U-Tubes |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company in its field. It has yet to establish track.
Trade relations are fair. No payments are available. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Ghanshyam, Kamania Paru, Near Gumkhana, Unjha-384170, Gujarat, India |
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E-Mail : |
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Website : |
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Head Office : |
307, 3rd Floor, Ashwamegh Avenue, Opposite Municipal Garden,
Near Helmet House, Mithakhali Six Road, Navrangapura, Ahmedabad-380009,
Gujarat, India |
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Tel. No.: |
91-79-26426577 |
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Fax No.: |
91-79-40048447 |
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Corporate Office : |
309, PavanPlaza, Near Sardar Patel Colony, Naranpura, Ahmedabad-380013,
Gujarat, India |
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Fax No.: |
91-79-27680143 |
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E-Mail : |
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Factory : |
Plot No. 317, Phase – I, G.I.D.C Estate Chhatral, Ahmedabad- Mehsana Highway,
Chhatral-382729, Ta-Kalol, District-Gandhinagar, Gujarat, India |
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Tel. No.: |
91-2764-234377 |
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Fax No.: |
91-2764-234477 |
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E-Mail : |
DIRECTORS
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Name : |
Yogesh Satishbhai Patel |
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Designation : |
Director |
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Address : |
Ghanshyam’ Kamniya Para, Near Gymkhana Ground, Unjha-384170, India |
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Date of Birth/Age : |
01.04.1983 |
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Date of Appointment : |
10.10.2006 |
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Name : |
Mr. Shaileshkumar Otambhai Patel |
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Designation : |
Director |
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Address : |
38, Vidhya Nagar Society, Near Daroi Colony, Vinsnagar-384315, India |
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Date of Birth/Age : |
24.04.1977 |
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Date of Appointment : |
10.10.2006 |
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Name : |
Mr. Krunal Kuberbhai Patel |
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Designation : |
Director |
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Address : |
Vrundavan Society, Unjha-384170, Gujarat, India |
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Date of Birth/Age : |
17.01.1984 |
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Date of Appointment : |
10.10.2006 |
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Name : |
Mr. Maheshkumar Jagjivan Patel |
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Designation : |
Director |
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Address : |
A-01, Shivanand Appartment, Behind Mandakini Society, K.K. Nagar Road,
Ghaatlodiya, Ahmedabad-61, Gujarat, India |
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Date of Appointment : |
10.10.2006 |
KEY EXECUTIVES
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Name : |
Shah and Santoki Associates |
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Designation : |
Company Secretary |
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Address : |
203, Abhishek Complex, Behind Navujarat College, Ahmedabad-380014,
Gujarat, India |
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Tel No.: |
91-79-27541156 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2007
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Names of Shareholders |
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No. of Shares |
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Satishbhai Yogesh Patel |
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110740 |
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Otambhai Shaileshkumar Patel |
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62980 |
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Kuberbhai Krunal Patel |
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80960 |
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Jagjivan Maheshkumar Patel |
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45000 |
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Nagardas Shankarbhai Patel |
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100 |
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Kantilal Babaldas Patel |
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100 |
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H Purshottam and Company |
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50 |
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Others |
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70 |
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Total |
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300000 |
Equity Share Breakup (Percentage of Total Equity)
As on 15.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Stainless Steel Seamless, Welded Tubes, Pipes and
U-Tubes |
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Products : |
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Stainless Steel Seamless Tubes and Pipes ·
Stainless Steel Welded Tubes and Pipes ·
U-Tubes |
GENERAL INFORMATION
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Bankers : |
Bank of Baroda, Chhatral Branch, Near Hotel Amiras, Chhatral,
District, Gandhinagar-382729, Gujarat, India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Babubhai Patel and Associates Chartered Accountant |
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Address : |
A-11, 2nd Floor, Ajanta Commercial Centre, Ashram Road,
Ahmedabad-380001, Gujarat, India |
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Tel. No.: |
91-79-27540268 |
CAPITAL STRUCTURE
As on 15.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Note:
The Company was under implementation stage and construction of factory
building and erection and installation of machineries were in progress during the
period October 10. 2006 to March 31, 2007. Hence, P and L not available
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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[0.003] |
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NETWORTH |
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2.997 |
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LOAN FUNDS |
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1] Secured Loans |
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5.736 |
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2] Unsecured Loans |
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7.932 |
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TOTAL BORROWING |
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13.668 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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16.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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14.016 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.199 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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2.964 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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1.678 |
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Total
Current Assets |
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6.841 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.276 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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4.276 |
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Net Current Assets |
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2.565 |
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MISCELLANEOUS EXPENSES |
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0.084 |
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TOTAL |
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16.665 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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0.000 |
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Other Income |
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0.000 |
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Total Income |
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0.000 |
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Profit/(Loss) Before Tax |
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[0.003] |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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[0.003] |
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Total Expenditure |
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0.003 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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0.00 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.04] |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.98 |
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Current Ratio (Current Asset/Current Liability) |
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1.59 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
10046978 |
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Corporate
identity number of the company |
U217106GJ2006PTC049217 |
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Name of the
company |
MAXIM TUBES COMPANY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Ghanshyam, Kamania Paru, Near Gumkhana, Unjha-384170, Gujarat, India |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Bank of Baroda, Chhatral Branch, Near Hotel Amiras, Chhatral,
District, Gandhinagar-382729, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
1.
Supplemental
Composite Agreement of Hypothecation of Goods, Book-debts, Movable Machinery
and Vehicles 2.
Memorandum
of Entry Second Extension of Equitable Mortgage |
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Date of
instrument Creating the charge |
09.02.2008 |
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Amount secured by
the charge |
Rs. 46.555
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Additional
Term Loan: 1% over BPLR i.e. 14.25% at present per anum and subject to change
as per banks RBI Guidelines and credit rating of the company from time to
time for cash credit hypothecation and book debts : 0.50% above BPLR i.e.
13.75% at present per annum and subject to change as per banker/ RBI
Guidelines and credit rating of the company from time to time. Terms of
Repayment For additional
term loan repayable in 28 quarterly installments, 27 quarterly installments
of Rs. 0.116 Million + Interest each
and 28th (Last) installments of Rs. 0.118 Million + Interest to be
commenced after three month of First disbursement of Term Loan Margin
Extent and
Operation of the charge The whole of
movable and immovable properties to the company including book debts and
stocks. |
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Short particulars
of the property charged |
Hypothecation of
Goods/ Stocks, Book Debts, Movable Machinery and vehicle etc. of the company
both present and future: All that piece of
land bearing Plot No. 317 admeasuring 2080 sq.ft mtrs.GIDC chhatral, Phase-I,
Chhatral, Ta: Kalol, Distict: Ganadhinagar, GIDC Revenue block no. : 1191
Together with all fixed plant and machineries, construction standing thereon
both present and future. |
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Particulars of
the present modification |
Term Loan – I 9.900
Million to 9.305 Millions Term Loan – II
(Fresh) 3.250 Millions Cash Credit (
Hypothecation stock and book debts) Rs. 15.000 Milliobns to Rs.25.000
Millions sub limit : Packing Credit / FBP/ FBD Bank Guarantee
Rs. 2.000 Millions Inland / Foreign Letter
of Credit Rs. 7.000 Millions |
AS PER WEBSITE:
Profile:
Subject is located at Chhatral GIDC,
Gandhinagar. This is a prime location connected to the National Highway.
The company was established with a view to bridge the wide demand - supply gap
in tubes and pipes. They are aiming to achieve the production of 1000 M Tons /
Month within a very short period.
The company is run by young professional directors having a vast experience in
different areas of the same field and is supported by a strong financial
background.
They are committed to supply the products to the utmost satisfaction of the
clients in terms of quality and delivery.
They
aim for a continual growth of the company through Experience, Knowledge and
Capability.
Quality improvements and customer
satisfaction lies at the top of the priority list.
Management Review:
A company can grow and develop only if it
continually keeps a track of and adapts the world-leading technologies,
whatever is the field of business.
Along with increasing the sale of products and creating new customers, they
must strengthen the technological foundation, since this enables them to keep
pace with the world and launch highly differentiated products at regular
intervals and serve the industry better.
By thoroughly promoting transparency and the transfer of
know-how throughout the company, individual departments must strive to develop
and expand their respective business operations, thereby enabling the entire
company to enjoy synergetic effects.
Management Philosophy:-
• Create Value for the Customers.
• Create Opportunity for the
Staff.
• Create Wealth for the Company.
They
manufacture :
Stainless Steel Seamless Tubes and Pipes
Mother Hollow is taken. It is coated with Chemical and Soap one by one where a
thin layer of soap is formed on the outside and inside surface of the tube. The
mother hollow is then drawn with the help of Tungsten Carbide Die and Plug to
get the desired diameter and thickness. It is then annealed, straightened,
hydro-tested, pickled and passivated. The tubes then undergo a 100% visual and
dimensional inspection. Then the tubes are marked and suitably packed before
dispatch.
Stainless Steel Welded Tubes and Pipes
Stainless Steel Slitted Strip is fed from uncoiler to the tube mill with the
appropriate roll-set to get the desired diameter. The tube is formed
automatically on different stands with rolls followed by TIG welding process
without the addition of filler metal. In addition, the welding bead is polished
continuously with the help of automatic bead polishing machine. The tubes also
pass through a series if size rolls to ensure ovality, tolerance and then are
cut to length. . It is then annealed, straightened, hydro-tested, pickled and
passivated. The tubes then undergo a 100% visual and dimensional inspection.
Then the tubes are marked and suitably packed before dispatch.
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.49.79 |
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UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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 |
|