MIRA
INFORM REPORT
|
Report Date : |
03.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SLS TUBES PRIVATE LIMITED |
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Registered
Office : |
43, 1ST Carpenter Street, C. P. Tank, Mumbai – 400004, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
01.09.2007 |
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Com. Reg. No.: |
11-173724 |
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Capital
Investment / Paid-up Capital : |
Rs.22.678 Millions |
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CIN No.: [Company Identification
No.] |
U28990MH2007PTC173724 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMSS8774C |
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PAN No.: [Permanent Account No.] |
AALCS1837M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and
Exporters of Stainless Steel Pipes, Carbon Steel Pipes, Seamless / Welded
Pipes, Tubes and U-Tubes |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 503000 |
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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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Comments : |
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 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
43, 1ST Carpenter Street, C. P. Tank, Mumbai – 400004, |
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Tel. No.: |
91-22-23813552 / 23813553 |
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Fax No.: |
91-22-23895550 |
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E-Mail : |
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Website : |
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Corporate Office : |
SLS House, Plot No.
53-B, Opposite. General Co., Opposite Bank, |
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Tel. No.: |
91-79-2755 3406 / 07 |
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Fax No.: |
91-79-2755 3408 |
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E-Mail : |
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Plant : |
Survey No.: |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Shantilal Premchand Sanghvi |
|
Designation : |
Director |
|
Address : |
B-805, Vasant Vihar, |
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Date of Birth/Age : |
06.05.1958 |
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Date of Appointment : |
05.04.2008 |
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DIN No.: |
00483385 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U27104MH1994PTC162301 |
scorodite
stainless |
Director |
23-05-94 |
23-05-94 |
15-07-08 |
Active |
NO |
|
2 |
U72200GJ2000PTC037382 |
SLS INDUSTRIES
PRIVATE LIMITED |
Director |
18-02-00 |
18-02-00 |
- |
Active |
NO |
|
3 |
U27109MH1994PTC163692 |
SLS STAINLESS
PRIVATE LIMITED |
Managing
director |
21-03-07 |
21-03-07 |
- |
Active |
NO |
|
4 |
U27200GJ1994PTC021540 |
OPTIMA STAINLESS
PRIVATE LIMITED |
Director |
10-10-07 |
10-10-07 |
- |
Active |
|
|
5 |
U28990MH2007PTC173724 |
SLS TUBES
PRIVATE LIMITED |
Director |
05-04-08 |
05-04-08 |
- |
Active |
NO |
|
Name : |
Mr. Mahesh Shantilal Sanghvi |
|
Designation : |
Director |
|
Address : |
B/805, Vasant vihar, |
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Date of Birth/Age : |
23.10.1981 |
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Date of Appointment : |
01.09.2007 |
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DIN No.: |
01507210 |
Other Directorship
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72200GJ2000PTC037382 |
SLS INDUSTRIES
PRIVATE LIMITED |
Director |
18-02-00 |
18-02-00 |
- |
Active |
NO |
|
2 |
U27109MH1994PTC163692 |
SLS STAINLESS
PRIVATE LIMITED |
Director |
29-09-07 |
01-04-07 |
- |
Active |
NO |
|
3 |
U28990MH2007PTC173724 |
SLS TUBES
PRIVATE LIMITED |
Director |
01-09-07 |
01-09-07 |
- |
Active |
NO |
|
4 |
U27200GJ1994PTC021540 |
OPTIMA STAINLESS
PRIVATE LIMITED |
Director |
10-10-07 |
10-10-07 |
- |
Active |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mahesh Shantilal Sanghvi |
|
45000 |
|
Manjulaben Shantilal Shanghvi |
|
56000 |
|
Shantilal Premchand Sanghvi |
|
218000 |
|
Pradeep Shantilal Shanghvi |
|
54000 |
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Optima Stainless Private Limited, |
|
1997760 |
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Mangalya Soft-Tech Limited, |
|
942000 |
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Total |
|
3312760 |
List of Allottees
As on 30.03.2011
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Shantilal Premchand Sanghvi |
|
508667 |
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Mahesh Shantilal Sanghvi |
|
105000 |
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Manjulaben Shantilal Shanghvi |
|
130667 |
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Pradeep Shantilal Shanghvi |
|
126000 |
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Optima Stainless Private Limited, |
|
4661440 |
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Mangalya Soft-Tech Limited, |
|
2198000 |
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|
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Total |
|
7729774 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
|
|
Bodies corporate |
88.74 |
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Directors or relatives of Directors |
11.26 |
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Other top fifty shareholders |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Stainless Steel Pipes, Carbon Steel Pipes, Seamless / Welded
Pipes, Tubes and U-Tubes |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Welded S.S. Tubes and Pipes |
MT |
NA |
NA |
3600 |
|
Seamless Tubes S.S. |
MT |
NA |
NA |
1800 |
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Seamless Tubes C.S. |
MT |
NA |
NA |
7200 |
GENERAL INFORMATION
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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 : |
R.R.S. and Associates Chartered Accountant |
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Address : |
211, Kamal Complex, Opp.Sbs, Nr. Stadium Circul, |
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PAN.: |
AAFFR0472A |
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Associates : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
2267760 |
Equity Shares |
Rs.10/- each |
Rs.22.678 Millions |
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After 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11042534 |
Equity Shares |
Rs.10/- each |
Rs.110.425 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
22.678 |
2.680 |
0.100 |
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2] Share Application Money |
9.400 |
50.788 |
0.000 |
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3] Reserves & Surplus |
93.879 |
12.713 |
0.721 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
125.957 |
66.181 |
0.821 |
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LOAN FUNDS |
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1] Secured Loans |
61.043 |
0.000 |
0.000 |
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2] Unsecured Loans |
14.667 |
58.397 |
2.565 |
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TOTAL BORROWING |
75.710 |
58.397 |
2.565 |
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DEFERRED TAX LIABILITIES |
0.827 |
0.065 |
0.009 |
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|
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TOTAL |
202.494 |
124.643 |
3.395 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.315 |
5.302 |
0.116 |
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Capital work-in-progress |
67.864 |
67.231 |
0.000 |
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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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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
56.175
|
35.296 |
53.958 |
|
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Sundry Debtors |
136.733
|
109.002 |
73.891 |
|
|
Cash & Bank Balances |
11.544
|
2.551 |
4.754 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
22.687
|
5.341 |
4.383 |
|
Total
Current Assets |
227.139
|
152.190 |
136.986 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
130.691
|
102.393 |
133.227 |
|
|
Other Current Liabilities |
39.552
|
0.788 |
0.000 |
|
|
Provisions |
2.985
|
1.851 |
0.494 |
|
Total
Current Liabilities |
173.228
|
105.032 |
133.721 |
|
|
Net Current Assets |
53.911
|
47.158 |
3.265 |
|
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|
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|
MISCELLANEOUS EXPENSES |
4.404 |
4.952 |
0.014 |
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|
|
|
|
|
|
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TOTAL |
202.494 |
124.643 |
3.395 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
|
Income |
255.231 |
257.266 |
|
|
|
|
Other Income |
0.688S |
0.048 |
|
|
|
|
TOTAL (A) |
255.919 |
257.314 |
84.439 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods |
238.431 |
251.091 |
|
|
|
|
Direct Expenses |
1.795 |
0.000 |
|
|
|
|
Administration, Selling and Other Expenses |
2.860 |
3.031 |
|
|
|
|
Personnel Expenses |
3.925 |
0.473 |
|
|
|
|
Preliminary Expenses Written Off |
0.004 |
0.004 |
|
|
|
|
TOTAL (B) |
247.015 |
254.599 |
83.351 |
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8.904 |
2.715 |
1.088 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.484 |
0.065 |
0.000 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.420 |
2.650 |
1.088 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.972 |
0.082 |
0.004 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
2.448 |
2.568 |
1.084 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.272 |
0.896 |
0.363 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
1.176 |
1.672 |
0.721 |
|
|
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|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.393 |
0.721 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.569 |
2.393 |
NA |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.67 |
6.24 |
72.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.46
|
0.65 |
0.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.96
|
1.00 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.81
|
1.63 |
0.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.04 |
1.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
2.47 |
166.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.45 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
The total income of the Company during the current year was Rs.255.919 Millions
as against total income of Rs.257.314 Millions in the previous year, The
Company has earned net profit of Rs.1.175 Millions during the year. With a view
to conserve reserves, The Directors do not recommend any dividend.
NOTE
Registered office of the company has been shifted from “9,
FORM 8
|
Corporate
identity number of the company |
U28990MH2007PTC173724 |
|
Name of the
company |
SLS TUBES PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
43, 1ST Carpenter Street, C. P. Tank, Mumbai – 400004, E-mail Id : slsscorodite@rediffmail.com
|
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
IDBI Bank
Limited, Opposite. Municipal Staff Quarters, Near Lal Bunglow, Off. |
|
Nature of
instrument creating charge |
Mortgage
agreement for property located at Industrial Plot at survey no
1221,1222,1224/3, 1224/4, 1226 nandasan village, ahmedabad-mehsana highway,
Taluka -Kadi, District- Mehsana in the name of SLS Stainless Private.
Limited, SLS Tubes Private Limited and SLS |
|
Date of
instrument Creating the charge |
30.06.2010 |
|
Amount secured by
the charge |
Rs.167.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate
of interest Cash credit -
BPLR - 0.50% i.e 12.25% p.a ( Present BPLR is 12.75%) / EPC/ FBD - BPLR - 2.5
% ( Presently 10.25%) , Letter of credit - commission of 1.5% p.a with 15% cash
margin, BG- 1% commission Terms
of repayment All limits to be
renewed every year. Margin Cash .credit :
25% on stocks and Book debts not older than 90 days Letter of credit
- 15% cash margin. Bank Guarantee -
15 % cash margin Extent
and operation of the charge Over the entire
value of the property mortgaged |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Collateral
security - Industrial Plot at survey
no 1221,1222,1224/3, 1224/4, 1226 nandasan village, ahmedabad-mehsana
highway, Taluka -Kadi, District- Mehsana |
FIXED ASSETS
- Land and land Development
- Plant and Machinery
- Electrical Fittings and Fixtures
- Computer
- Camera
- Furniture and Fixtures
- Office Equipments
- Freeze
- Vehicles
WEBSITE DETAILS
PROFILE
Established in the year 1994, Subject is a Mumbai based
manufacturers, suppliers and exporters of seamless and welded pipes, tubes including
U-Tubes, flanges and fittings that are available in Stainless Steel, Carbon
Steel, Titanium and Hastelloy. The complete product range we deal in includes
Duplex Steel Pipes, Super Duplex Steel Pipes, Titanium Pipes and Tubes,
Titanium Flanges, Titanium Fittings, Hastelloy Pipes and Tubes, Hastelloy
Flanges, Hastelloy Fittings and Stainless Steel Fittings. Further, we also
offer Welded / ERW Pipes and Tubes, Seamless Pipes and Tubes, U Bend Tubes and
Carbon Steel/Alloy Steel Seamless Pipes.
Their business operations are led by Mr. Mahesh Sanghvi, who holds with him
extensive experience in this industry. His dedicated support and visionary
guidance has helped us in emerging as a leading player in this industry.
Further, the service support of experienced industry professionals also allow
us to deliver stainless steel and carbon steel pipes and tubes in a wide range
of finishes as demanded by their customers.
Operating from their registered office located at
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.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
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 |
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.