MIRA INFORM REPORT

Report Date :

18.10.2011

IDENTIFICATION DETAILS

Name :	UNITED SEAMLESS TUBULAAR PRIVATE LIMITED (w.e.f. 10.11.2006)
Formerly Known As :	UNITED SEAMLESS TUBULAR LIMITED
Registered Office :	“Kamineni”, 2^nd Floor, King Koti, Hyderabad – 500001, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.09.1997
Com. Reg. No.:	01-027909
Capital Investment/ Paid-up Capital:	Rs.1061.020 Millions
CIN No.: [Company Identification No.]	U26922AP1997PTC027909
TAN No.: [Tax Deduction & Collection Account No.]	HYDU01033E
PAN No.: [Permanent Account No.]	AAACU4346E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Seamless Steel Pipes.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 6000000
Status :	Yet to Commence Commercial Business
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Though the company was incorporated in 1997, it is yet to commence its commercial business activities. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings with some caution, initially. The Profit and Loss of the company is not available.

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)
India	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 :	“Kamineni”, 2^nd Floor, King Koti, Hyderabad – 500001, Andhra Pradesh, India
Tel. No.:	91-40-24785566
Fax No.:	91-40-24758999
E-Mail :	accounts@unitedseamless.com info@unitedseamless.com

DIRECTORS

As on 28.05.2011

Name :	Kamineni Suryanarayana
Designation :	Chairman Cum Managing Director
Address :	Kamineni House, King Koti, Hyderabad-500001, Andhra Pradesh, India.
Date of Birth/Age :	15.06.1936
Date of Appointment :	18.08.2005
DIN No:	00078950

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	U27107AP1989PTC009803	United Steel Allied Industries Private Limited	Director	30-03-89	30-03-89	-	Active	NO
2	U85110AP1998PTC028936	Kamineni Oncology Centre Private Limited	Director	20-02-98	20-02-98	-	Active	NO
3	L26932AP1985PLC005329	Oil Country Tubular Limited	Whole-time director	20-01-11	20-10-04	-	Active	NO
4	U26922AP1997PTC027909	United Seamless Tubulaar Private Limited	Managing director	20-10-09	18-08-05	-	Active	NO
5	U27200AP2007PTC053563	Usai Forge Private Limited	Director	12-04-07	12-04-07	-	Active	NO
6	U45200AP2007PTC056264	Titanium Constructions Private Limited	Director	08-11-07	08-11-07	-	Strike off	NO
7	U45200AP2008PTC058531	Kamineni Infrastructure Private Limited	Director	04-04-08	04-04-08	-	Active	NO
8	U27100AP2008PTC061482	Kamineni Steel and Power India Private Limited	Director	04-04-11	20-10-08	-	Active	NO
9	U85110AP1989PTC009802	Kamineni Hospitals Private Limited	Director	30-09-09	24-05-09	-	Active	NO

Name :	Kamineni Shashidhar
Designation :	Director
Address :	Kamineni House, King Koti, Hyderabad-500001, Andhra Pradesh, India
Date of Birth/Age :	27.12.1958
Date of Appointment :	01.09.2006
DIN No:	00332223

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	U85110AP1989PTC009802	Kamineni Hospitals Private Limited	Managing director	30-03-89	30-03-89	-	Active	NO
2	U27107AP1989PTC009803	United Steel Allied Industries Private Limited	Director	03-03-93	03-03-93	-	Active	NO
3	U85110AP1995PTC019146	Kamineni Health Services Private Limited	Director	06-01-95	06-01-95	-	Active	NO
4	U85110AP1998PTC028936	Kamineni Oncology Centre Private Limited	Director	20-02-98	20-02-98	-	Active	NO
5	U26922AP1997PTC027909	United Seamless Tubulaar Private Limited	Director	28-08-06	28-08-06	-	Active	NO
6	U85110AP2006PTC051488	Kamineni Life Sciences Private Limited	Director	30-10-06	30-10-06	-	Active	NO
7	U27200AP2007PTC053563	USAI Forge Private Limited	Director	12-04-07	12-04-07	-	Active	NO
8	U45400AP2007PTC055981	Kamineni Estates Private Limited	Director	17-10-07	17-10-07	-	Active	NO
9	U45209AP2007PTC056664	Kamineni Infraventures Private Limited	Director	13-12-07	13-12-07	-	Active	NO
10	U80221AP2008PTC058045	Winning Edge Careers Private Limited	Director	07-03-08	07-03-08	-	Active	NO
11	U45200AP2008PTC058531	Kamineni Infrastructure Private Limited	Director	04-04-08	04-04-08	-	Active	NO
12	U27100AP2008PTC061482	Kamineni Steel and Power India Private Limited	Managing director	01-02-11	20-10-08	-	Active	NO
13	U51103AP2010PTC068609	Kamineni Marketing Services Private Limited	Director	26-05-10	26-05-10	-	Active	NO
14	U28910AP2010PTC071892	USAI Steels Private Limited	Director	27-12-10	27-12-10	-	Active	NO

Name :	Kamineni Sridhar
Designation :	Director
Address :	Kamineni House, King Koti, Hyderabad-500001, Andhra Pradesh, India
Date of Birth/Age :	06.02.1966
Date of Appointment :	24.04.2009
DIN No:	00078815

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	U27107AP1989PTC009803	United Steel Allied Industries Private Limited	Director	30-03-89	30-03-89	-	Active	NO
2	U65993AP1989PLC009885	Guardian Leasing and Finance Limited	Director	24-04-89	24-04-89	31-03-10	Strike off	NO
3	L26932AP1985PLC005329	Oil Country Tubular Limited	Managing director	01-10-09	01-10-04	-	Active	NO
4	U26922AP1997PTC027909	United Seamless Tubulaar Private Limited	Director	08-07-09	18-08-05	-	Active	NO
5	U70102AP2007PTC052658	Kamineni Landmarks Private Limited	Director	07-02-07	07-02-07	25-10-07	Active	NO
6	U27200AP2007PTC053563	USAI Forge Private Limited	Director	12-04-07	12-04-07	-	Active	NO
7	U45400AP2007PTC056216	Kalpavruksha Buildings Private Limited	Director	06-11-07	06-11-07	-	Strike off	NO
8	U45200AP2008PTC058531	Kamineni Infrastructure Private Limited	Director	04-04-08	04-04-08	-	Active	NO
9	U85110AP1995PTC019146	Kamineni Health Services Private Limited	Director	02-05-08	02-05-08	14-09-09	Active	NO
10	U27100AP2008PTC061482	Kamineni Steel and Power India Private Limited	Director	20-10-08	20-10-08	-	Active	NO
11	U51103AP2010PTC068609	Kamineni Marketing Services Private Limited	Director	26-05-10	26-05-10	-	Active	NO
12	U28910AP2010PTC071892	USAI Steels Private Limited	Director	27-12-10	27-12-10	-	Active	NO

Name :	Muthukumar Ayarpadde
Designation :	Director
Address :	No. 66, Jalan Setiajaya, Bukit Darmasara, Kualalumpur-50490
Date of Birth/Age :	13.07.1972
Date of Appointment :	23.08.2007
DIN No:	01799039

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	U67120TN2007PTC062493	A-Rank Holdings Private Limited	Director	23-02-07	23-02-07	-	Active	YES
2	U24221WB2006PTC112168	Multicoat Coating Technologies Private Limited	Director	06-04-07	06-04-07	-	Active	NO
3	U50101TN2005PTC056529	Sathya Auto Private Limited	Director	11-04-07	11-04-07	-	Active	NO
4	U29299TN2005PTC058228	Castwel Auto Parts Private Limited	Director	06-05-07	06-05-07	-	Active	NO
5	U29255PN2007PTC133046	UMW Dongshin Motech Private Limited	Additional director	27-07-07	27-07-07	-	Active	NO
6	U26922AP1997PTC027909	United Seamless Tubulaar Private Limited	Director	23-08-07	23-08-07	-	Active	NO
7	U14108AS1990PTC003429	Jaybee Drilling Private Limited	Director	30-09-09	19-03-09	-	Active	NO
8	U28910TN2009PTC073165	Acme Fab - Con India Private Limited	Director	12-10-09	12-10-09	-	Active	NO

Name :	Syed Hisham Bin Syed Wazir
Designation :	Director
Address :	No. 1, Jalan USJ 18/7, UEP Subang Jaya, Selangor Darulehsan, Kualalumpur
Date of Birth/Age :	26.06.1954
Date of Appointment :	05.10.2010
DIN No:	03281121

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	U26922AP1997PTC027909	United Seamless Tubulaar Private Limited	Director	28-05-11	05-10-10	-	Active	NO
2	U29255PN2007PTC133046	UMW Dongshin Motech Private Limited	Director	06-10-10	06-10-10	-	Active	NO
3	U50101TN2005PTC056529	Sathya Auto Private Limited	Director	06-10-10	06-10-10	-	Active	NO
4	U29299TN2005PTC058228	Castwel Auto Parts Private Limited	Director	06-10-10	06-10-10	-	Active	NO
5	U14108AS1990PTC003429	Jaybee Drilling Private Limited	Additional director	06-10-10	06-10-10	-	Active	NO
6	L26932AP1985PLC005329	Oil Country Tubular Limited	Director	28-05-11	21-10-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.05.2011

Names of Shareholders	No. of Shares
United Steel Allied Industries Private Limited, India	42440800
UMW India Venture (L) Limited, Malaysia	42440800
Oil Country Tubular Limited, India	21220400
Total	106102000

As on 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	40.00
Bodies corporate	60.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Seamless Steel Pipes.

Products :

Product Description	Item Code
Seamless Steel Pipes	730431990

GENERAL INFORMATION

Bankers :

• Indian Bank, Hyderabad Main Branch, Koti, Hyderabad-500001, Andhra Pradesh, India
• Standard Chartered Bank, 6-3-1090, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India

Facilities :

Secured Loans	31.03.2010 Rs. in Millions	31.03.2009 Rs. in Millions
Term loans from Banks
In foreign currency	4323.789	2958.515
In Indian currency	1406.850	1407.555
Working capital borrowings form banks
In foreign currency	136.065	0.000
Total	5866.704	4366.070

Banking Relations :	--
Auditors :
Name :	Sriramamurthy and Company Chartered Accountants
Address :	H. No. 1-4-747, Flat No. 503, 4^th Floor, Jadala Towers, Punjab National Bank Building, Musheerabad, Hyderabad-500020, Andhra Pradesh, India.
Tel. No.:	91-40-27532022
Mobile No.:	91-9704622022
E-Mail :	srmcohyd@gmail.com
PAN No:	AAIFS3384F
Associates:	UMW India Ventures (L) Limited United Steel Allied Industries Private Limited Oil Country Tubular Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
125000000	Equity Shares	Rs.10/- each	Rs.1250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
106102000	Equity Shares	Rs.10/- each	Rs.1061.020 Millions

Note: Of the above equity shares 95000000 shares were allotted as fully paid up bonus shares by capitalization of share premium accounts.

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		1061.020	1000.000	40.000
2] Share Application Money		0.000	170.000	0.000
3] Reserves & Surplus		549.180	0.000	760.000
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1610.200	1170.000	800.000
LOAN FUNDS
1] Secured Loans		5866.704	4366.070	210.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		5866.704	4366.070	210.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		7476.904	5536.070	1010.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		307.568	195.577	194.305
Capital work-in-progress		7743.552	4913.630	732.787
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	144.025	942.467	98.884
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	98.068	9.335	5.690
Total Current Assets		242.093	951.802	104.574
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	392.046	440.935	0.926
	Other Current Liabilities	423.671	83.578	18.168
	Provisions	0.649	0.483	2.629
Total Current Liabilities		816.366	524.996	21.723
Net Current Assets		(574.273)	426.806	82.851
MISCELLANEOUS EXPENSES		0.057	0.057	0.057
TOTAL		7476.904	5536.070	1010.000

KEY RATIOS

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
Debt Equity Ratio (Total Liability/Networth)	4.15	4.18	0.29
Current Ratio (Current Asset/Current Liability)	0.30	1.81	4.81

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered Office of the company has been shifted from 105, Kanchanjungaking Koti Road, Hyderabad – 500001, Andhra Pradesh, India to the present address w.e.f. 01.08.2011

PROJECT UNDER IMPLEMENTATION:

The company is implementing the new project for manufacture of seamless pipes at Narketpally, Nalgonda District Andhra Pradesh. During the year, the project implementation is in a very advanced stage and all the equipment have been erected completely. The cold trials have commenced form March 2010.

The company achieved the financial closure for raising the second sub – debt facility of 10 Millions USD for part financing the project.

The company has totally incurred an expenditure of Rs.8051.100 Millions for the year ending 31^st March 2010 (Previous Year Rs.4577.500 Millions)

Bankers Charges Report as per Registry

Corporate identity number of the company	U26922AP1997PTC027909
Name of the company	UNITED SEAMLESS TUBULAAR PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	105, Kanchanjungaking Koti Road, Hyderabad – 500001, Andhra Pradesh, India Email: accounts@unitedseamless.com
This form is for	Modification of charge
Charge identification number of the charge to be modified	10214749
Type of charge	Book Debts Floating charge Others
Particular of charge holder	Standard Chartered Bank, 6-3-1090, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra Pradesh, India Email: prerana.chavan@sc.com
Nature of instrument creating charge	First supplementary hypothecation agreement of stocks/book debts
Date of instrument Creating the charge	09.02.2011
Amount secured by the charge	Rs. 2047.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As may be negotiated and agreed to by the Bank from time to time. Terms of Repayment Payment undertaking/Short term money market loan/ Pre-shipment financing under export letter of credit / Import Letter of credit / Export Bills Discounting D/A - Maximum upto 1 year Import Invoice Financing - Maximum upto 1 year Import Loan - Maximum upto 1 year Margin As may be negotiated and agreed to by the Bank from time to time. Extent and Operation of the charge First pari passu charge over current assets of the company as specifically mentioned in the First Supplementary Hypothecation Agreement of Stocs/Book-Debts. Others: Facilities 1. Payment undertaking - USD 45 million. 2. Sub-Limits up to USD 45 million for each of the following facilities: a) Pre-shipment financing under Export Letter of Credit b) Import Letter of Credit c) Export Bills Discounting D/A d) Import Invoice Financing e) Import Loan f) Bonds and Gurantees g) Short Term Loan
Short particulars of the property charged	1) Present / future book debts, outstandings, moneys receivable, claims and bills 2) Present/ future stock in trade - raw materials, finished goods, goods in process of manufacturing and other merchandise at all locations including 105, Kanchanjunga, King Koti Road, Hyderabad - 500001
Particulars of the present modification	Charge over Current Assets Enhancement from USD 40 Million to USD 45 Million

CONTINGENT LIABILITIES NOT PROVIDED FOR:

(Rs. in Millions)

Particular	2010	2009
(a) Capital Commitments
Estimated amount of contracts remaining to be executed on capital account (net of advances) and not provided for	34.144	2645.229
(b) Letter of credit	0.000	780.304
(c) Bank guarantee	0.000	27.500
(d) Customs duty on imports*	959.133	352.422
(e) Excise duty on indigenous purchases*	72.893	43.788
Total	106.617	3849.243

Note:

Payable to Central Excise and Customs Department in case the company (as a 100% EOU) fails to achieve net foreign exchange earning in stipulated time frame.

FIXED ASSETS:

• Land
• Plant and Machinery
• Computer
• Office Equipment and Furniture
• Vehicles
• Capital WIP

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 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.48.89
UK Pound	1	Rs.77.31
Euro	1	Rs.67.78

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.