MIRA INFORM REPORT
|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ITS INDIA PRIVATE LIMITED (w.e.f.11.09.2008.) |
|
|
|
|
Formerly Known
As : |
INTERNATIONAL TUBULAR SERVICES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Survey No.99/1A/3 and 99/1A/2 (Part), Near Taloja MIDC Village Vavanje
Taloja – 410208, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
23.12.2002 |
|
|
|
|
Com. Reg. No.: |
11-138370 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U11200MH2002PTC138370 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers, repairs and up-gradation of high quality drilling and
other equipments used in oil and gas exploration. |
|
|
|
|
No. of Employees
: |
Information denied by management |
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 280000 |
|
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of “ITS TUBULAR SERVICES (HOLDINGS) LIMITED”. It is an established company having a moderate track record. There
appears huge loss recorded by the company. The reserves seems to be
deteriorating. However, trade relations are reported to be fair. Business active.
Payments are reported to be slow but correct. 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Co-Operative (91-039152300/039152333)
LOCATIONS
|
Registered Office : |
Survey No.99/1A/3 and 99/1A/2 (Part), Near Taloja MIDC Village Vavanje
Taloja – 410208, Maharashtra, India |
|
Tel. No.: |
91-22-39152300 |
|
Fax No.: |
91-22-39152333 |
|
E-Mail : |
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|
|
|
Manufacturer Facilities : |
Located at
|
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Robert Gordon Kidd |
|
Designation : |
Director |
|
Address : |
603, Hunters Way CT, Houston, Taxas 770245527, USA |
|
Date of Birth/Age : |
08.09.1960 |
|
Date of Appointment : |
21.01.2003 |
|
DIN No.: |
01609238 |
|
|
|
|
Name : |
Mr. Scott Colin Milne |
|
Designation : |
Director |
|
Address : |
39 B Argyll Palce, Aberdeen AB252HU, United Kingdom |
|
Date of Birth/Age : |
07.03.1969 |
|
Date of Appointment : |
31.12.2010 |
|
DIN No.: |
03395691 |
|
|
|
|
Name : |
Mr. Remanan Krishna |
|
Designation : |
Alternate Director |
|
Address : |
Flat No. 603, Bldg. No. 2, Lord Srinas Paradise, Birla College Road,
Kalyan West Dist Thane – 421301, Maharashtra, India |
|
Date of Birth/Age : |
05.04.1964 |
|
Date of Appointment : |
09.10.2012 |
|
DIN no.: |
06432215 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
International Tubular Services UK |
|
1 |
|
ITS Tubular Services (Holding) Limited, UK |
|
349999 |
|
|
|
|
|
Total |
|
350000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
ITS Tubular, Services (Holding) Limited, UK |
|
450000 |
|
|
|
|
|
Total |
|
450000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, repairs and up-gradation of high quality drilling and
other equipments used in oil and gas exploration. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|
|
|
|
Bankers : |
ICICI Bank Limited, Land Mark Race Cource Circle, Alkapuri, Vadodara –
390015, Gujarat, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
|
PAN No.: |
AACFD04815A |
|
|
|
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Holding company: |
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|
|
|
|
Fellow subsidiaries; |
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|
|
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Enterprises over which
key |
|
|
|
|
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Branch of fellow
subsidiary: |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
500000 |
Preference Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000 |
Equity Shares |
Rs.10/- each |
Rs. 3.500 Millions |
|
450000 |
Preference Shares |
Rs.10/- each |
Rs. 4.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 8.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.000 |
8.000 |
8.000 |
|
|
2] Share Application Money |
21.389 |
21.388 |
21.389 |
|
|
3] Reserves & Surplus |
41.082 |
91.913 |
85.194 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
70.471 |
121.301 |
114.583 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5.773 |
|
|
2] Unsecured Loans |
|
|
90.160 |
|
|
TOTAL BORROWING |
122.455 |
125.739 |
95.933 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
7.628 |
5.7096 |
|
|
|
|
|
|
|
|
TOTAL |
192.926 |
254.678 |
216.225 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
251.397 |
293.765 |
188.700 |
|
|
Capital work-in-progress |
1.200 |
0.000 |
99.576 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.005 |
0.005 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
94.369
|
98.730 |
95.353 |
|
|
Sundry Debtors |
242.208
|
209.891 |
115.469 |
|
|
Cash & Bank Balances |
8.947
|
9.123 |
30.101 |
|
|
Other Current Assets |
1.406
|
1.260 |
3.321 |
|
|
Loans & Advances |
43.772
|
47.452 |
59.417 |
|
Total
Current Assets |
390.702
|
366.456 |
303.661 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
405.867
|
385.650 |
|
|
|
Other Current Liabilities |
38.258
|
12.653 |
371.781 |
|
|
Provisions |
6.248
|
7.255 |
4.036 |
|
Total
Current Liabilities |
450.373
|
405.558 |
375.817 |
|
|
Net Current Assets |
(59.671)
|
(39.102) |
(72.156) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
192.926 |
254.668 |
216.125 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
539.000 |
425.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
530.300 |
364.000 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
8.700 |
61.600 |
|
|
|
|
|
|
|
|
|
|
TAX |
|
2.000 |
20.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
NA |
6.800 |
41.100 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
INCOME TAX ADJUSTMENTS |
|
0.000 |
0.900 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
EXPENSE |
|
0.100 |
1.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
50.200 |
11.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
56.900 |
50.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
116.739 |
272.998 |
NA |
|
|
TOTAL EARNINGS |
116.739 |
272.998 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
43.149 |
77.727 |
NA |
|
|
|
Stores & Spares |
8.778 |
26.375 |
NA |
|
|
|
Capital Goods |
9.524 |
7.424 |
NA |
|
|
TOTAL IMPORTS |
61.451 |
111.526 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
19.20 |
112.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.26 |
9.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.02 |
0.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.06 |
0.54 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74
|
1.04 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
0.90 |
0.81 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
405.867
|
385.650 |
NA |
|
Total |
405.867
|
385.650 |
NA |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Note: Registered office of the company has been shifted
from Survey No: 99/1A/3 and 9/1A/2 (Part), Near Taloja MIDC, Village Vavanje
Taloja – 410208, Maharashtra, India to the
present address w.e.f.26.11.2009
CORPORATE
INFORMATION:
ITS India Private Limited is a company incorporated in India on 23 December
2002 under the automatic route. The company is engaged in carry on the business
of manufacturers, repairs and up-gradation of high quality drilling and other
equipments used in oil and gas exploration. The company is part of ITS group
which is active around the globe. The company started its operation from Navi
Mumbai and then expended operations to Kakinada in year 2007, the east coast
hub.
CONTINGENT
LIABILITIES AND CAPITAL COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Estimated amount of contracts remaining to
be executed on capital account and not provided for tangible assets (net of
advance |
3.188 |
FIXED ASSETS
- Plant and
Machinery
- Furniture and
Fixtures – Owned
- Vehicles –
Owned
- Office
Equipments – Owned
- Leaseholds
Improvements – Owned
- Computers –
Owned
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 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 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.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.