MIRA
INFORM REPORT
|
Report Date : |
24.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM STRIPS LIMITED [w.e.f. 22.06.2011] |
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Formerly Known
As : |
UTTAM STRIPS PRIVATE LIMITED |
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Registered Office
: |
39, Okhla Industrial Area, Phase – III, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.10.2006 |
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Com. Reg. No.: |
55-154866 |
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Capital Investment
/ Paid-up Capital : |
Rs.66.000 Millions |
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CIN No.: [Company Identification
No.] |
U27310DL2006PLC154866 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELU03248A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company is engaged in manufacturing of CRCA Steel and Precision
Tubes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B [30] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
USD 2420000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Subject is an
established company having moderate track. Profitability of the company appears
to be low. However, Trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can
be considered for business dealings with some cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate / Head Office : |
39, Okhla Industrial Area, Phase – III, |
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Tel. No.: |
91-11-41003055 / 41003056 / 41003057 |
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Fax No.: |
91-11-41003058 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 496 [A and C], Phase – I, RIICO Industrial Area, BHiwadi,
District – Alwar, |
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Tel. No.: |
91-1493-220323 – 26 |
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Fax No.: |
91-1493-220327 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Vimal Kaul |
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Designation : |
Director |
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Address : |
Pocket- C, Flat No. 42B, Gangotri Enclave, G K-II, Alaknanda, |
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Date of Birth : |
12.04.1965 |
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Date of Appointment : |
15.11.2010 |
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01750000 |
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Other
Directorship : |
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Name : |
Mr. Ramesh Kumar Miglani |
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Designation : |
Director |
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Address : |
W – 55, Great Kailash Part- I, |
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Date of Birth/Age : |
14.04.1940 |
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Date of Appointment : |
18.10.2006 |
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DIN : |
00272755 |
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Other Directorship : |
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Name : |
Mr. Rishi Miglani |
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Designation : |
Director |
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Address : |
W – 55, Great Kailash Part- I, |
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Date of Birth/Age : |
08.12.1977 |
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Date of Appointment : |
18.10.2006 |
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DIN : |
00272138 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rajat Miglani |
|
12500 |
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Ramesh Kumar Miglani |
|
53500 |
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Rishi Miglani |
|
329500 |
|
ArchishaI
nvestments Private Limited |
|
604500 |
|
Rajinder Miglani |
|
1672500 |
|
Kredence Multi
Trading Limited |
|
200000 |
|
Sai Nath Trading
Company Private Limited |
|
200000 |
|
lshita Metal and
Trading Private Limited |
|
1000000 |
|
Palak Agency
Private Limited |
|
1000000 |
|
Uttam Exports
Private Limited |
|
427500 |
|
Arjun Ispat India
Private Limited |
|
1100000 |
|
Total |
|
6600000 |
As on 29.09.2010
|
Equity Share
Break Up Category |
Percentage |
|
|
|
|
Bodies corporate |
31.33 |
|
Directors or relatives of Directors |
68.67 |
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|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing of CRCA Steel and Precision
Tubes. |
PRODUCTION STATUS [As on 31.03.2010]
|
Particulars |
Units |
Qty. |
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|
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Licensed
Capacity |
Tonnes |
150000 |
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Installed
Capacity |
Tonnes |
75000 |
PRODUCTION STATUS [As on 31.03.2010]
|
Particulars |
Actual
Production |
|
CR Coils |
3834025.00 |
|
CR Sheets |
4139435.00 |
|
CR Strip |
21227921.00 |
|
H.R. Coil / Sheet in Coil |
1087780.00 |
|
H. R. Slit |
353655.00 |
|
HROP Sheet |
1165170.00 |
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MS Steel Tubes |
3494809.00 |
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MS Wire |
10950.00 |
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Scrap |
910330.00 |
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Sheet and Coil 2nd Grade |
1071880.00 |
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Steel Tube 2nd Grade |
98505.00 |
GENERAL INFORMATION
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Customers : |
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No. of Employees
: |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jatinder Arora and Associates Chartered Accountants |
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Address : |
M-1, Kirti House, 1/6, Kirti Nagar Industrial Area, |
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Tel. No.: |
91-11-25911464 |
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Mobile No.: |
91-9810018083 |
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E-Mail : |
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PAN : |
ADHPA7136P |
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Associates : |
Arjun Ispat ( |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,500,000 |
Equity Shares |
Rs.10/- each |
Rs.75.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,600,000 |
Equity Shares |
Rs.10/- each |
Rs.66.000
millions |
As on 29.09.2010
Authorised Capital : Rs.125.000 millions
Issued, Subscribed & Paid-up Capital : Rs.103.289
millions
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
66.000 |
31.725 |
31.725 |
|
|
2] Share Application Money |
258.547 |
206.780 |
112.080 |
|
|
3] Reserves & Surplus |
281.740 |
106.702 |
106.425 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
606.287 |
345.207 |
250.230 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1193.599 |
843.366 |
119.252 |
|
|
2] Unsecured Loans |
5.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1198.599 |
843.366 |
119.252 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1804.886 |
1188.573 |
369.482 |
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
966.432 |
756.258 |
52.771 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
240.254 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
219.775
|
121.633 |
0.000 |
|
|
Sundry Debtors |
455.839
|
175.270 |
0.000 |
|
|
Cash & Bank Balances |
0.920
|
1.053 |
1.138 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
303.577
|
268.088 |
100.606 |
|
Total
Current Assets |
980.111
|
566.044 |
101.744 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
45.959
|
33.904 |
33.593 |
|
|
Other Current Liabilities |
94.199
|
0.106 |
0.000 |
|
|
Provisions |
1.869
|
0.210 |
0.024 |
|
Total
Current Liabilities |
142.027
|
34.220 |
33.617 |
|
|
Net Current Assets |
838.084
|
531.824 |
68.127 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.370 |
0.491 |
0.615 |
|
|
PREOPERATIVE EXPENSES |
0.000 |
0.000 |
7.715 |
|
|
TOTAL |
1804.886 |
1288.573 |
369.482 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1538.437 |
236.034 |
- |
|
|
|
Other Income |
16.252 |
0.071 |
- |
|
|
|
TOTAL (A) |
1554.689 |
236.105 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
1192.302 |
254.412 |
- |
|
|
|
Power and Fuel Expenses |
29.847 |
8.762 |
- |
|
|
|
Manufacturing Expenses |
72.085 |
6.322 |
- |
|
|
|
Wages and other benefits |
51.130 |
11.414 |
- |
|
|
|
Excise Duty Paid |
114.431 |
20.801 |
- |
|
|
|
Administrative Expenses |
6.400 |
1.708 |
5.053 |
|
|
|
Selling and Distribution Expenses |
15.045 |
4.656 |
- |
|
|
|
Misc. Expenditure |
0.123 |
0.123 |
- |
|
|
|
Increase / [Decrease] in Stocks |
[117.301] |
[91.263] |
- |
|
|
|
TOTAL (B) |
1364.062 |
216.935 |
5.053 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
190.627 |
19.170 |
[5.053] |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
115.255 |
11.346 |
0.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.372 |
7.824 |
[5.161] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.839 |
7.337 |
0.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
5.532 |
0.487 |
[5.171] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.870 |
0.210 |
0.024 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS] AFTER
TAX (G-H) (I) |
3.663 |
0.277 |
[5.195] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.277 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.940 |
0.277 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss] Per
Share (Rs.) |
0.55 |
- |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.23
|
0.12 |
NA |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
0.36
|
0.21 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.28
|
0.04 |
[3.35] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.21
|
2.54 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.90
|
16.54 |
3.03 |
LOCAL AGENCY FURTHER INFORMATION
Working Results : the turnover of the
company during the period under consideration was at Rs.1538.400 millions as
against the turnover of Rs.236.000 millions during the year 2008-2009. CAPEX of
Rs.280.000 millions had been undertaken for capacity synchronization. The
implementation could be completed by the end of the fiscal year 2009-2010. with
a view to conserve financial resources. Directors do not recommend any
dividend.
Future Prospects : the turnover of
the company should double this financial year considering the enhanced
capacities, further the company has ventured into production of home furnishing
products for export market as well as value added production. The company has
confirmed orders in hand. The construction of factory building is in progress
and the orders for the machinery has been finalized. The home product division
would come into commercial production by the month end.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U27310DL2006PLC154866 |
|
Name of the
company |
UTTAM STRIPS LIMITED |
|
Address of the
registered office or of the principal place of business in |
39, Okhla Industrial Area, Phase-III, |
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
10073494 |
|
Type of charge |
Book Debts Movable Property Immovable
Property Others |
|
Particular of
charge holder |
Oriental Bank of Commerce, A-Block, Email : bm0179@obc.co.in |
|
Nature of
instrument creating charge |
Supplemental
Agreement of Secure Credit/Loan Facilities Dt.20.09.201and Memorandum of
Equitable Mortgage of Property Date.21.09.2011 |
|
Date of
instrument Creating the charge |
20.09.2011 |
|
Amount secured by
the charge |
Rs.1600.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- at base rate +3.5% on monthly rests, subject to change in base rate /
spread announced by the bank and subject to changes by RBI from time time,
penal @2%p.a. Terms of
Repayment - as per agreement Margin - as per
agreement Extent and
Operation of the charge – Hypothecation of stocks
of raw-material, stock in process, finished goods, spares, consumables,
stores at company works, depot, godown or otherwise and current assets. Hypothecation of
book debts and all the receivables, advances to suppliers Hypothecation of
entire fixed assets of the company |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Industrial plot
of land measuring 74450 sq. Situated at sp 496 (A and C) at RIICO Industrial
Area, Bhiwadi, |
|
Particulars of
the present modification |
Now limit of
Rs.1600.000 millions consist of cash credit (hypothecation) limit of Rs
1000.000 millions, doc usance bills of Rs.100.000 millions (with sublimit of
Rs.200.000 millions), LC (import/foreign) of Rs.400.000 millions and any
other facility forward contract of Rs.100.000 millions |
FIXED ASSETS :
§
Land
§
Building
§
Plant and Machinery
§
Furniture and Fixtures
§
Computer
§
Office Equipments
§
Electrical Installations
§
Motor Car
§
Motor Cycle
§
Air Conditioner
§
Water Systems
§
Tube Mill
§
Fuel and other Utilities
§
Laboratory Equipments
§
Misc. Equipments
§
Piping Erection of all
utilities
§
Trucks
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.52.72 |
|
|
1 |
Rs.82.70 |
|
Euro |
1 |
Rs.68.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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.