MIRA INFORM REPORT
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Report No. : |
305693 |
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Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
NIPPON STEEL AND SUMIKIN PIPE INDIA PRIVATE LIMITED (w.e.f. 22.01.2014) |
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Formerly Known
As : |
NIPPON STEEL PIPE INDIA PRIVATE LIMITED (w.e.f. 12.03.2011) NIPPON PIPE INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No. SP2, 98-103, RIICO New Industrial Complex, Majrakath,
Neemrana, Alwar – 301705, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.09.2010 |
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Com. Reg. No.: |
17-041930 |
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Capital
Investment / Paid-up Capital : |
Rs.1230.000 Millions |
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CIN No.: [Company Identification
No.] |
U36100RJ2010PTC041930 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCN3937B |
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Legal Form : |
Private Limited Liabilities Company |
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Line of Business
: |
Manufactures and Distributes of steel
pipes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1950000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The rating is constrained on account of company’s moderate financial
risk profile and huge accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments are
reported to be slow. The company can be considered for business dealing with some cautions.
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ECGC Country Risk Classification List – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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India |
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 |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
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Registered Office / Factory : |
Plot No. SP2, 98-103, RIICO New Industrial Complex, Majrakath,
Neemrana, Alwar – 301705, Rajasthan, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Headquarter : |
Located At : Japan |
DIRECTORS
AS ON 08.08.2014
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Name : |
Masayuki Suzuki |
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Designation : |
Managing director |
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Address : |
14, Nijigaoka, 6 – Chome Hikari City, Yamaguchi, Japan |
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Date of Birth/Age : |
05.12.1959 |
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Date of Appointment : |
01.10.2012 |
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DIN No.: |
05359845 |
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Name : |
Naotaro Ikko |
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Designation : |
Director |
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Address : |
C-95, 2nd Floor, Anand Niketan, New Delhi – 110021, India |
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Date of Birth/Age : |
18.09.1974 |
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Date of Appointment : |
02.07.2012 |
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DIN No.: |
05304543 |
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Other Directorship :
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Name : |
Hiroshi Nishimura |
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Designation : |
Director |
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Address : |
4-1-S-2805, Yukangaoka, Japan |
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Date of Birth/Age : |
31.01.1965 |
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Date of Appointment : |
08.08.2014 |
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DIN No.: |
05302095 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.08.2014
|
Names of Shareholders |
No. of Shares |
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Siam Nippon Steel Pipe Company Limited, Thailand |
71147000 |
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Toshida Kogyo Company Limited, Japan |
1560000 |
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Nippon Steel and Sumikin Pipe Private Limited, Japan |
50293000 |
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Total |
123000000 |
AS ON 08.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
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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 |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and Distributes of steel
pipes. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Building No-10, 8th Floor, Tower-B, DLF Cyber City, Phase - I I , Gurgaon-122002, Haryana, India |
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PAN No.: |
AAIFB0630K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Fellow Subsidiary
Company : |
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Ultimate Holding
Company : |
Nippon Steel and Sumitomo Metal Corporation, Japan |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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123,000,000 |
Equity Share |
Rs. 10/- each |
Rs. 1230.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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123,000,000 |
Equity Share |
Rs. 10/- each |
Rs. 1230.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
1230.000 |
740.000 |
740.000 |
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(b) Reserves &
Surplus |
(550.205) |
(299.824) |
(70.574) |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
679.795 |
440.176 |
669.426 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
1786.282 |
1644.466 |
692.000 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
3.189 |
1.812 |
0.368 |
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Total Non-current
Liabilities (3) |
1789.471 |
1646.278 |
692.368 |
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(4) Current Liabilities |
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(a) Short term borrowings |
87.014 |
90.739 |
0.000 |
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(b) Trade payables |
37.299 |
168.160 |
180.675 |
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(c) Other current
liabilities |
242.722 |
72.954 |
123.849 |
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(d) Short-term provisions |
0.064 |
0.062 |
0.010 |
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Total Current Liabilities
(4) |
367.099 |
331.915 |
304.534 |
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TOTAL |
2836.365 |
2418.369 |
1666.328 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
1689.288 |
1704.114 |
591.153 |
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(ii) Intangible Assets |
2.306 |
3.304 |
2.140 |
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(iii) Capital
work-in-progress |
11.588 |
3.783 |
60.379 |
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(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
262.560 |
131.746 |
208.605 |
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(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
1965.742 |
1842.947 |
862.277 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
184.533 |
166.233 |
72.735 |
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(c) Trade receivables |
72.455 |
34.385 |
49.584 |
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(d) Cash and cash
equivalents |
339.703 |
168.971 |
639.754 |
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(e) Short-term loans and
advances |
272.459 |
204.687 |
38.389 |
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(f) Other current assets |
1.473 |
1.146 |
3.589 |
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Total Current Assets |
870.623 |
575.422 |
804.051 |
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TOTAL |
2836.365 |
2418.369 |
1666.328 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
NA |
NA |
NA |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(137.908) |
(185.352) |
(42.769) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
112.473 |
43.898 |
20.298 |
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PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(250.381) |
(229.250) |
(63.067) |
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Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
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PROFIT/ (LOSS) AFTER TAX
(G-I) (J) |
(250.381) |
(229.250) |
(63.067) |
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Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(299.824) |
(70.574) |
(7.507) |
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Balance Carried to the
B/S |
(550.205) |
(299.824) |
(70.574) |
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EARNINGS IN FOREIGN
CURRENCY |
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|
F.O.B. Value of Exports |
1.800 |
NIL |
NA |
|
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TOTAL EARNINGS |
1.800 |
NIL
|
NA |
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|
Earnings / (Loss) Per
Share (Rs.) |
2.04 |
1.86 |
-- |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.86) |
(9.49) |
(3.93) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.37) |
(0.52) |
(0.09) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.76 |
3.94 |
1.03 |
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Current Ratio (Current Asset/Current Liability) |
|
2.37 |
1.73 |
2.64 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
740.000 |
740.000 |
1230.000 |
|
Reserves & Surplus |
(70.574) |
(299.824) |
(550.205) |
|
Net worth |
669.426 |
440.176 |
679.795 |
|
|
|
|
|
|
long-term borrowings |
692.000 |
1644.466 |
1786.282 |
|
Short term borrowings |
0.000 |
90.739 |
87.014 |
|
Total borrowings |
692.000 |
1735.205 |
1873.296 |
|
Debt/Equity ratio |
1.034 |
3.942 |
2.756 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
12] |
Profitability
for last three 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 |
No |
|
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 |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Foreign currency term loans from banks |
1786.282 |
1644.466 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
87.014 |
90.739 |
|
|
|
|
|
Total |
1873.296 |
1735.205 |
FINANCIAL HIGHLIGHTS
During the period, the working results of the Company shows a Net Loss of Rs 550.205 Millions.
CHANGE IN NAME OF THE
COMPANY
During the year Company has changed its Name from Nippon Steel Pipe India Private Limited to Nippon Steel and Sumikin Pipe India Private Limited w.e.f January, 2014.
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
NOTE :
The registered office of the company has been
shifted B36-37 (First Floor), IDC Mehrauli- Gurgaon Road (Opp. Sector 14)
Gurgaon – 122001, Haryana, India to the present address w.e.f. 12.02.2013.
FIXED ASSETS
- Building
- Plant and Machinery
- Computer
- Office Equipment
- Furniture
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 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.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
NO |
|
--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 |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.