MIRA INFORM REPORT

 

 

Report No. :

325594

Report Date :

03.06.2015

 

IDENTIFICATION DETAILS

 

Name :

OIL STATES INDUSTRIES (INDIA) PRIVATE LIMITED (w.e.f. 25.10.2013)

 

 

Formerly Known As :

G&T OIL STATES INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

H-75/1A, Rajouri Garden, New Delhi – 110027

Tel. No.:

91-22-67354100

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

02.08.2010

 

 

Com. Reg. No.:

55-206549

 

 

Capital Investment / Paid-up Capital :

Rs.167.241 Million

 

 

CIN No.:

[Company Identification No.]

U74140DL2010PTC206549

 

 

IEC No.:

0510070817

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCG8994R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of engineering, designing, manufacturing, developing, commissioning, decommissioning and other allied services including dealing in various equipment and all kinds of cranes and line tensioning machine and other equipment used in the Oil and Gas Industry.

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company satisfactory track.

 

Subject was incorporated in 2010. Subject is a subsidiary of Oil States International, Inc. and is located in multiple countries around the world. Oil States Industries operates in four market segments: Offshore Oil and Gas, Land Oil and Gas, Defense and General Industry. These four markets are serviced by Oil States three division: the offshore construction group, the Elastomer Group and the Marine Pipelines Group.

 

As per profit and loss statement of 2014 and 2013, company has incurred operational loss.

 

However, the company has strong managerial and financial support from the group.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In the view of strong support from group, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

EXTERNAL AGENCY RATING

 

Not Available

 

 

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 31-03-2013.

 

 

INFORMATION DENIED BY

 

Name :

Ms. Kavita

Designation :

Accounts Department

Contact No.:

91-22-67354100

Date :

03.06.2015

 

 

LOCATIONS

 

Registered Office :

H-75/1A, Rajouri Garden, New Delhi – 110027, India

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

kavita.pandhe@oilstates.com

arun.arya@oilstates.com

Website :

www.oilstates.com

 

 

Factory :

Gat 11/3B and 22/1, Village Chaal, MIDC, Tajola, Ambernath Road, Navi Mumbai – 410208, Maharashtra, India

Tel. No.:

91-22-67354100

 

 

DIRECTORS

 

AS ON 15.11.2014

 

Name :

Mr. Walter Joseph Billiot Iii

Designation :

Director

Address :

260 Lake Mechant Ct, Houma, 70360, United States of America

Date of Birth/Age :

20.07.1976

Date of Appointment :

27.09.2010

DIN No.:

03110506

 

 

Name :

Mr. Robert Samuel Nelson

Designation :

Director

Address :

109 Krumbhaar Circle, Houma, 70360, United States of America

Date of Birth/Age :

25.04.1953

Date of Appointment :

04.11.2010

DIN No.:

03123608

 

 

Name :

Mr. Arun Kumar Arya

Designation :

Whole-Time Director

Address :

E-11/11, Dlf Phase-1, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

22.09.1956

Date of Appointment :

05.09.2013

DIN No.:

03202722

 

 

Name :

Mr. Brian Buchan

Designation :

Director

Address :

97, Robertson Quay, 10-09 Rivergate, Singapore, 238257, Singapore

Date of Birth/Age :

04.12.1953

Date of Appointment :

20.02.2012

DIN No.:

05247298

 

 

KEY EXECUTIVES

 

Name :

Mr. Arun Arya

Designation :

Manager

Address :

E-11/11, Dlf Phase-1, Gurgaon - 122002, Haryana, India

Date of Birth/Age :

22.09.1956

Date of Appointment :

05.09.2013

PAN No.:

ACDPA1345J

 

 

 

 

 

MAJOR SHAREHOLDERS

 

AS ON 15.11.2014

 

Names of Shareholders

 

 

No. of Shares

Oil States Industries (Asia) Pte. Limited, Singapore

 

16724066

Oil States Skagit Smatco. LLC, USA

 

1

 

 

 

Total

 

16724067

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 15.11.2014

 

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

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of engineering, designing, manufacturing, developing, commissioning, decommissioning and other allied services including dealing in various equipment and all kinds of cranes and line tensioning machine and other equipment used in the Oil and Gas Industry.

 

 

Products :
  • Cranes
  • Line Tensioning Machine
  • Equipment

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

Customers :

Company Name :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark :

Not Divulged

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :

Banker Name :

Not Divulged

Branch :

Not Divulged

Person Name (With Designation) :

Not Divulged

Contact Number :

Not Divulged

Name of Account Holder :

Not Divulged

Account Number :

Not Divulged

Account Since (Date/Year of Account Opening) :

Not Divulged

Average Balance Maintained :

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan) :

Not Divulged

Account Operation :

Not Divulged

Remark :

Not Divulged

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

Long Term Borrowings

 

 

Other loans and advances

276.729

250.142

 

 

 

Short Term Borrowings

 

 

Rupee term loans from banks

0.000

116.748

 

 

 

Total

276.729

366.890

 

 

Financial Institution :

Oil States Industries (Asia) Pte. Limited, 42-H Penjuru Road, Na, - 609158, Singapore

 

 

Auditors :

 

Name :

Lovelock and Lewes

Chartered Accountants

Address :

252, Veer Savarkar Marg Shivaji Park, Dadar (West), Mumbai, Maharashtra, India

PAN No.:

AABFL5878L

 

 

Memberships :

Not Divulged

 

 

Collaborators :

Not Divulged

 

 

Ultimate Holding company :

Oil States International, Inc. USA (From 2nd September 2013)

 

 

Holding company :

·         Oil States Industries Asia (Pte) Limited, Singapore (From 2nd September 2013)

·         G&T Oilfield and Offshore Services Private Limited (Upto 2nd September 2013)

 

 

Fellow Subsidiaries :

·         Oil States Skagit Smatco LLC. USA

·         Oil States Industries (Thailand) Limited, Thailand

 

 

Enterprise over which persons mentioned above can exercise significant Influence :

·         G&T Resources (Europe) Limited, UK (Upto 2nd September 2013)

·         G&T Total Energy Services Private Limited (Upto 2nd September 2013)

 

 

CAPITAL STRUCTURE

 

AS ON 15.11.2014

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

17000000

Equity Shares

Rs.10/- each

Rs.170.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

16724067

Equity Shares

Rs.10/- each

Rs.167.241 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

167.241

166.841

166.841

(b) Reserves & Surplus

58.618

10.084

(95.209)

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

225.859

176.925

71.632

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

276.729

250.142

148.823

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

2.437

5.649

3.568

Total Non-current Liabilities (3)

279.166

255.791

152.391

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

116.748

9.000

(b) Trade payables

102.551

84.618

28.924

(c) Other current liabilities

101.345

108.768

136.634

(d) Short-term provisions

4.372

5.063

0.880

Total Current Liabilities (4)

208.268

315.197

175.438

 

 

 

 

TOTAL

713.293

747.913

399.461

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

452.688

517.826

83.931

(ii) Intangible Assets

0.956

1.053

0.919

(iii) Capital work-in-progress

0.000

0.000

150.115

(iv) Intangible assets under development

0.000

0.000

0.990

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

48.263

0.000

(d)  Long-term Loan and Advances

40.078

41.465

24.676

(e) Other Non-current assets

3.000

4.170

0.000

Total Non-Current Assets

496.722

612.777

260.631

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

32.549

19.260

8.891

(c) Trade receivables

25.933

20.975

5.725

(d) Cash and cash equivalents

33.978

9.751

6.661

(e) Short-term loans and advances

11.462

22.797

40.047

(f) Other current assets

112.649

62.353

77.506

Total Current Assets

216.571

135.136

138.830

 

 

 

 

TOTAL

713.293

747.913

399.461

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

TOTAL INCOME

134.464

352.660

122.160

 

 

 

 

Less

EXPENSES

299.728

404.790

175.060

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

[Including financial & depreciation expenses]

(52.130

(52.900

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

 

11.040

0.480

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

(63.170)

(53.380)

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                    

 

2.490

1.430

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX     

(165.264)

(65.660)

(54.810)

 

 

 

 

 

Less

TAX                                                                 

48.263

(48.260)

0.000

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX

(213.527)

(17.400)

(54.810)

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Contract material consumed

73.229

174.910

 

 

Purchases of spares

7.243

0.000

 

 

 

Repair & Maintenance - Machinery

0.077

0.000

 

 

 

Tangible Assets

2.000

0.000

 

 

TOTAL IMPORTS

82.549

174.910

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(12.79)

(1.04)

(3.29)

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.282

0.341

Cash generated from operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Total Income)

(%)

(158.80)

(4.93)

(44.87)

 

 

 

 

 

Operating Profit Margin

(PBDIT/ Total Income)

(%)

NA

(14.78)

(43.30)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets)

(%)

(23.17)

(9.38)

(22.07)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.73)

(0.37)

(0.77)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.23

2.08

2.21

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.04

0.43

0.79

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

166.841

166.841

167.241

Reserves & Surplus

(95.209)

10.084

58.618

Net worth

71.632

176.925

225.859

 

 

 

 

long-term borrowings

148.823

250.142

276.729

Short term borrowings

9.000

116.748

0.000

Current Maturities of Long term debt

0.341

0.282

0.000

Total borrowings

158.164

367.172

276.729

Debt/Equity ratio

2.208

2.075

1.225

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

122.160

352.660

134.464

 

 

188.687

(61.871)

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Sales

122.160

352.660

134.464

Profit

(54.810)

(17.400)

(213.527)

 

(44.87%)

(4.93%)

(158.80%)

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

BACKGROUND:

 

Subject is part of Oil States group, USA and is engaged in the business of engineering, designing, manufacturing, developing, commissioning, decommissioning and other allied services including dealing in various equipment and all kinds of cranes and line tensioning machine and other equipment used in the Oil and Gas Industry. The Company has manufacturing plant in Taloja MIDC, Navi Mumbai and sells its product globally.

 

During the year, there is change in ownership and management of the Company, whereby the Company has become wholly owned subsidiary of Oil States Industries (Asia) Pte. Limited from 2nd September 2013 and it has also changed its name from G&T Oil States Industries Private Limited to Oil States Industries (India) Private Limited.

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10278749

24/08/2012 *

228,600,000.00

Oil States Industries (Asia) Pte. Limited

42-H Penjuru Road, Na, - 609158, Singapore

B56860000

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Furniture and Fixture

·         Office Equipment

·         Computer

·         Vehicles

 

 

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.63.83

UK Pound

1

Rs.97.10

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

NKT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

5

--RESERVES

1~10

4

--CREDIT LINES

1~10

5

--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

 

42

 

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

 

 

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.