Business
information report
1. Summary Information
|
Country |
|
||
|
Company Name |
ANS STEEL TUBES
LIMITED |
Principal Name 1 |
Mr. Surendra Kumar Arya |
|
Status |
Moderate |
Principal Name 2 |
Mr. Nishant Arya |
|
Registration # |
164433 |
||
|
Street Address |
601, Hemkunt Chambers, |
||
|
Established Date |
06.06.2007 |
SIC Code |
-- |
|
Telephone# |
91-11-26427104 |
Business Style 1 |
Manufacturer of
Ordinary Steel and Stainless Steel Tubes for Automobile Component
Industry |
|
Fax # |
91-11-26427100 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
|
Product Name 2 |
-- |
|
Paid up capital |
Rs. 200,000,000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 100 % |
Banking |
Citi Bank |
|
Public Limited Corp. |
-- |
Business Period |
4 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
B (27) |
|
Related
Company |
|||
|
Relation- Holding Company |
Country
– |
Company
Name |
Neel Metal Products Limited, |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
118,964,000 |
Current Liabilities |
67,522,000 |
|
Inventories |
71,227,000 |
Long-term Liabilities |
300,916,000 |
|
Fixed Assets |
273,328,000 |
Other Liabilities |
10,363,000 |
|
Deferred Assets |
15,286,000 |
Total Liabilities |
378,801,000 |
|
Invest& other Assets |
0 |
Retained Earnings |
0 |
|
|
|
Net Worth |
100,004,000 |
|
Total Assets |
478,805,000 |
Total Liab. & Equity |
478,805,000 |
|
Total Assets (Previous Year) |
428,394,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
594,782,000 |
Net Loss |
6,607,000 |
|
Sales(Previous yr) |
390,244,000 |
Net Loss
(Prev.yr) |
64,520,000 |
MIRA INFORM REPORT
|
Report Date : |
16.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANS STEEL TUBES LIMITED |
|
|
|
|
Registered
Office : |
601, Hemkunt Chambers, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
06.06.2007 |
|
|
|
|
Com. Reg. No.: |
164433 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13203DL2007PLC164433 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Ordinary Steel and Stainless Steel Tubes for Automobile
Component Industry |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a joint venture between Neel Metal Products Limited, Nishin
Steel Company Limited and Sumitomo Corporation, It is an established company having moderate track. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
601, Hemkunt Chambers, |
|
Tel. No.: |
91-11-26427104 |
|
Fax No.: |
91-11-26427100 |
|
E-Mail : |
|
|
|
|
|
Plant : |
Plot No. 268, Sector 24, |
DIRECTORS
AS ON 28.06.2010
|
Name : |
Mr. Surendra Kumar Arya |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.11.1957 |
|
Date of Appointment : |
06.06.2007 |
|
|
|
|
Name : |
Mr. Nishant Arya |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.11.1986 |
|
Date of Appointment : |
06.06.2007 |
|
|
|
|
Name : |
Mr. Kazuhisa Togashi |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.08.1951 |
|
Date of Appointment : |
24.03.2009 |
|
|
|
|
Name : |
Mr. Kenji Minami |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.01.1951 |
|
Date of Appointment : |
10.06.2009 |
|
|
|
|
Name : |
Mr. Hiroyuki Mizumoto |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.02.1959 |
|
Date of Appointment : |
21.03.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.06.2010
|
Names of Shareholders |
No. of Shares |
|
Neel Metal Products Limited, |
10199996 |
|
Mr. Surendra Kumar Arya |
1 |
|
Mr. Nisant Arya |
1 |
|
Mrs. Neelam Arya |
1 |
|
Nisshin Steel Company Limited, |
4900000 |
|
Sumitomo Corporation, |
4900000 |
|
ANS Holding Private Limited, |
1 |
|
Total |
20000000 |
AS ON 28.06.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ordinary Steel and Stainless Steel Tubes for
Automobile Component Industry |
AS ON 31.03.2010
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tubes and Tubular Components |
MT |
30000 |
13967 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Citi Bank, |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sahni Natarajan and Bahl Chartered Accountant |
|
Address : |
303, |
|
Tel. No.: |
91-11-26224755 / 26433003 / 3004 / 3005 |
|
|
|
|
Holding Company: |
Neel Metal Products Limited, CIN No.: U74899DL1997PLC086432 |
|
|
|
|
Associates/Subsidiaries : |
Nisshin Steel Company Limited Sumitomo Corporation Neel Metal Panalca Environment Management (P) Limited |
CAPITAL STRUCTURE
AS ON 28.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10 each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares (includes 10199996 equity shares of RS. 10 each held by Neel Metal
Products Limited, the Holding Company) |
Rs. 10 each |
Rs.200.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
200.000 |
200.000 |
200.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(99.996) |
(93.388) |
(28.867) |
|
|
NETWORTH |
100.004 |
106.612 |
171.133 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
177.919 |
197.678 |
0.000 |
|
|
2] Unsecured Loans |
122.997 |
82.602 |
74.924 |
|
|
TOTAL BORROWING |
300.916 |
280.280 |
74.924 |
|
|
DEFERRED CREDITORS |
10.363 |
9.508 |
159.065 |
|
|
|
|
|
|
|
|
TOTAL |
411.283 |
396.400 |
405.122 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
273.328 |
279.606 |
289.401 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
15.286 |
0.000 |
3.634 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
71.227
|
45.486 |
57.202 |
|
|
Sundry Debtors |
93.345
|
74.193 |
84.912 |
|
|
Cash & Bank Balances |
0.537
|
8.633 |
1.248 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
25.082
|
20.476 |
19.384 |
|
Total
Current Assets |
190.191
|
148.788 |
162.746 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
59.069
|
24.097 |
43.520 |
|
|
Other Current Liabilities |
7.801
|
7.897 |
7.125 |
|
|
Provisions |
0.652
|
0.000 |
0.014 |
|
Total
Current Liabilities |
67.522
|
31.994 |
50.659 |
|
|
Net Current Assets |
122.669
|
116.794 |
112.087 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
411.283 |
396.400 |
405.122 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
594.782 |
390.244 |
202.653 |
|
|
|
Other Income |
0.529 |
0.000 |
0.018 |
|
|
|
TOTAL (A) |
595.311 |
390.244 |
202.671 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
486.342 |
314.845 |
162.710 |
|
|
|
Manufacturing Expenses |
57.583 |
53.185 |
31.914 |
|
|
|
Employees Remuneration |
28.531 |
24.040 |
14.992 |
|
|
|
Increase/(Decrease) in Finished Goods |
(11.210) |
7.283 |
1.295 |
|
|
|
TOTAL (B) |
561.246 |
399.353 |
210.911 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
34.065 |
(9.109) |
(8.240) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
32.850 |
33.645 |
13.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.215 |
(42.754) |
(21.565) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.108 |
17.588 |
10.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(21.893) |
(60.342) |
(32.247) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(15.286) |
4.178 |
(3.380) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(6.607) |
(64.520) |
(28.867) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.33) |
(3.23) |
(2.15) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(1.10)
|
(16.53) |
(14.24) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.68) |
(15.46) |
(15.91) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.72) |
(14.08) |
(7.13) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
(0.56) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.78
|
3.02 |
1.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
4.65 |
3.21 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL PERFORMANCE
During the year
ended as at March 31,2010, the Company registered Gross Sales of Rs. 644.15 Million
as against Gross Sales of Rs. 439.46 last year . The total expenditure for the
year is Rs. 628.42 Million . the company
has incurred Losses amounting to Rs. 6.61 Million (after depreciation) and
earned a bit profit Rs. 1.21 million (before depreciation). The Company is
trying to improve upon its Financial performance by keeping the Expenditure
under control and below the Budget and by adding new products viz development
of SS409L . SS 409L is high value product and its demand in the Automobile market
is on increase due to introduction of Euro IV norms . The company is trying to
over come the initial Teething problems and with the over all encouraging Auto
market scenario , the Financial performance is gradually improving and the
company hopes to put up a better performance in the coming year .
FIXED ASSETS:
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Vehicles
- Electrical
Data Processing Equipments
FORM 8
|
Corporate
identity number of the company |
U13203DL2007PLC164433 |
|
Name of the
company |
ANS STEEL TUBES LIMITED |
|
Address of the
registered office or of the principal place of business in |
601, Hemkunt Chambers, |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Others |
|
Particular of
charge holder |
Citi Bank, Email: roc@sdpa.in |
|
Nature of instrument
creating charge |
Deed of
modification for Goods Security Agreement. |
|
Date of
instrument Creating the charge |
22.03.2011 |
|
Amount secured by
the charge |
Rs. 60.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per sanction
terms and as may be decided by the bank and company mutually from time to
time. Terms of repayment Repayable on
demand, annually renewable. Margin Borrower shall at
all times during the continuance of the security maintain a sufficient amount
to provide the margin of security as may from time to time advised by the
bank. Extent and operation of the charge First exclusive
charge on the current assets (including stocks and book debts) and movable
fixed assets (including plant and machinery, office equipment, furniture
& fixtures etc.) of the borrower both present and future in favour of
Citibank N.A Delhi for the repayment of all monies in respect of the credit
facility, including outstanding balance and also all interest, costs, charges
and expenses. |
|
Short particulars
of the property charged (Including location of the property) |
Current assets
(including stocks and book debts) and movable fixed assets (including plant
and machinery, office equipment, furniture & fixtures etc.) of the
borrower both present and future. |
|
Particulars of
the present modification |
By this
modification the limit is enhanced from Rs. 30.000 millions to Rs. 60.000 millions
and the charge is secured by first exclusive charge on the current assets
(including stocks and book debts) and movable fixed assets (including plant
and machinery, office equipment, furniture & fixtures etc.) of the
borrower both present and future. |
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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.