MIRA INFORM REPORT

 

 

Report No. :

322026

Report Date :

18.05.2015

 

IDENTIFICATION DETAILS

 

Name :

GLOBAL TUBE AND STEEL SOLUTIONS PRIVATE LIMITED (w.e.f 28.03.2013)

 

 

Formerly known as :

Global Tube And Steel Solution Private Limited

 

 

Registered Office :

Flat No. 14, 4th Floor, E Wing, Hermes Drome, Housing Society, Survey No. 211, Viman Nagar, Pune – 411014, Maharashtra

Tel No :

91-20-26630144

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.01.2008

 

 

Com. Reg. No.:

11-131221

 

 

Capital Investment / Paid-up Capital :

Rs. 0.500 Million

 

 

CIN No.:

[Company Identification No.]

U29299PN2008PTC131221

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEG08207D

 

 

PAN No.:

[Permanent Account No.]

AADCG0423D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of steel, tubes etc.

 

 

No. of Employees :

10 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (12)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track.

 

Net worth of the company has been eroded due to continuous accumulated loss incurred from its operations.

 

The rating also takes note of the unfavorable gap between trade receivables and payables of the company.

 

However, Business is active. Payment terms are reported to be slow.

 

The company can be considered for business dealing on safe and secured 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.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

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 31-03-2014.

 

 

INFORMATION PARTED BY (GENERAL DETAIL)

 

Name :

Mr. Dashi

Designation :

Key Executive

Contact No.:

91-20-26630144

Date :

13.05.2015

 

 

LOCATIONS

 

Registered Office :

Flat No. 14, 4th Floor, E Wing, Hermes Drome, Housing Society, Survey No. 211, Viman Nagar, Pune – 411014, Maharashtra, India

Tel. No.:

91-20-26630144

Fax No.:

Not Available

E-Mail :

secretarial.efiling@gmail.com

ANU.MAHESHWARI@ISMT.CO.IN

Location :

Owned

Locality :

Commercial

 

 

Corporate Office :

Lunkad Towers, Viman Nagar, Pune – 411014, Maharashtra, India

Tel. No.:

91-20-26630144 / 26631461

Fax No.:

91-20-26630779

 

 

DIRECTORS

 

As on : 30.09.2014

 

Name :

Mr. Vivek Keshav Paradkar

Designation :

Director

Address :

1876, Chintamani 1st Floor, Karve D G Natubag Sadashiv Peth, Pune – 411030, Maharashtra, India

Date of Birth/Age :

01.01.1953

Date of Appointment :

30.09.2013

DIN No.:

01575277

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U65993MH1996PTC104159

ROSHVIT FINANCIAL SERVICES PRIVATE LIMITED

Director

27/11/1996

27/11/1996

-

Active

NO

2

U02006PN2005PTC020801

SAFE EARTH TECHNOLOGIES PRIVATE LIMITED

Director

31/05/2005

31/05/2005

-

Strike off

NO

3

U29220PN2010FTC136348

Blastrac India Private Limited

Alternate director

07/09/2010

07/09/2010

-

Active

NO

4

U50300TN2007PTC062038

KATRA AUTO ENGINEERING PRIVATE LIMITED

Director

27/09/2013

05/10/2012

-

Active

NO

5

U29299PN2008PTC131221

GLOBAL TUBE AND STEEL SOLUTIONS Private Limited

Director

30/09/2013

18/06/2013

-

Active

NO

6

U45203PN2007PTC129795

MARSHAL MICROWARE INFRASTRUCTURE DEVELOPMENT COMPANY PRIVATE LIMITED

Director

27/09/2014

27/01/2014

28/01/2015

Active

NO

7

U51399PN2004PTC019783

BEST EXIM PRIVATE LIMITED

Director

27/09/2014

27/01/2014

28/01/2015

Active

NO

8

U40108PN1996PTC099133

SUCCESS POWER AND INFRAPROJECTS PRIVATE LIMITED

Director

27/09/2014

27/01/2014

28/01/2015

Active

NO

9

U51220MH1987PTC045003

SEAMLESS SYNDICATION SERVICES Private Limited

Additional director

09/01/2015

09/01/2015

-

Active

NO

 

 

Name :

Mr. Dattatray Digambar Karve

Designation :

Director

Address :

5 Neera 34, Mrutyumjay Colony Kothrud, Pune – 411029, Maharashtra, India

Date of Birth/Age :

29.11.1951

Date of Appointment :

30.09.2013

DIN No.:

05272535

Other Directorship :

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U29299PN2008PTC131221

GLOBAL TUBE AND STEEL SOLUTIONS Private Limited

Director

30/09/2013

18/06/2013

-

Active

NO

2

U51220MH1987PTC045003

SEAMLESS SYNDICATION SERVICES Private Limited

Additional director

09/01/2015

09/01/2015

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Dashi

Designation :

Key Executive

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on : 30.09.2014

 

Names of Shareholders

No. of Shares

%age

Integrated Syndication Services Limited

13320

26.66

Seamless Syndication Services Private Limited

18320

36.67

M M Infoproc Services Private Limited

18320

36.67

 

 

As on : 30.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Trading of steel, tubes etc.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

 

Selling :

Cheque

 

 

Purchasing :

Cheque

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

Customers :

 

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Experience :

Not Available

Maximum Limit Dealt :

Not Available

 

 

No. of Employees :

10 (Approximately)

 

 

Bankers :

Banker Name

Not Available

Branch Address

Not Available

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

 

Auditors :

 

Name :

S.B. Parasnis and Company

Chartered Accountants

Address :

Gopur, Laxmi Co-operative Housing Plot No. 15, Senapati Bapat Road, Pune – 411016, Maharashtra, India

Tel. No.:

91-20-5654748

PAN No.:

AATPP5539R

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on : 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs.0.500 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

0.500

0.500

0.500

(b) Reserves & Surplus

(9.642)

(9.481)

(7.553)

(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)

(9.142)

(8.981)

(7.053)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(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

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

20.000

(b) Trade payables

70.340

0.000

59.612

(c) Other current liabilities

0.777

30.543

49.142

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

71.117

30.543

128.754

 

 

 

 

TOTAL

61.975

21.562

121.701

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

0.000

0.000

0.000

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

4.900

9.500

9.500

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4.900

9.500

9.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

0.000

0.000

1.556

(c) Trade receivables

9.534

0.000

6.913

(d) Cash and cash equivalents

1.286

0.576

2.934

(e) Short-term loans and advances

43.817

9.075

80.755

(f) Other current assets

2.438

2.411

20.043

Total Current Assets

57.075

12.062

112.201

 

 

 

 

TOTAL

61.975

21.562

121.701

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

88.160

1.406

108.474

 

Other Income

0.269

5.206

16.714

 

TOTAL

88.429

6.612

125.188

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

87.392

1.556

107.262

 

Other expenses

0.804

0.216

1.219

 

TOTAL

88.196

1.772

108.481

 

 

 

 

 

Less

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

0.233

4.840

16.707

 

 

 

 

 

Less

FINANCIAL EXPENSES

0.394

6.768

20.449

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(0.161)

(1.928)

(3.742)

 

 

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(0.161)

(1.928)

(3.742)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(3.22)

(38.56)

(74.84)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

(0.70)

(137.13)

(3.45)

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

0.26

344.24

15.40

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(1.08)

(15.98)

(3.34)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.07

0.21

0.53

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

(2.84)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.80

0.39

0.87

 

 

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

0.500

0.500

0.500

Reserves & Surplus

(7.553)

(9.481)

(9.642)

Net worth

(7.053)

(8.981)

(9.142)

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

20.000

0.000

0.000

Total borrowings

20.000

0.000

0.000

Debt/Equity ratio

(2.836)

0.000

0.000

 

 

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

108.474

1.406

88.160

 

 

(98.704)

6,170.270

 

 

 

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

108.474

1.406

88.160

Profit

(3.742)

(1.928)

(0.616)

 

()3.45%)

(137.13%)

(0.70%)

 

 

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

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

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

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

 

 

Note:

 

The registered address of the company has been shifted from 305, Eden Park, C wing, Viman Nagar, Pune – 411014, Maharashtra, India to the present address w.e.f 28.04.2012

 

 

FINANCIAL RESULTS:

 

During the year remove, the Company generated revenue of Rs. 8.815 Million from trading activities as against Rs. 0.141 Million of previous year. The Company has incurred a loss of Rs. 0.161 Million against loss of Rs. 1.929 Million for the previous year.

 

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

 

 

 

 

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.63.57

UK Pound

1

Rs.100.29

Euro

1

Rs.72.37

 

 

INFORMATION DETAILS

 

Information Gathered by :

MNJ

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

1

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILITY 

1~10

1

--LIQUIDITY

1~10

1

--LEVERAGE

1~10

1

--RESERVES

1~10

1

--CREDIT LINES

1~10

1

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

12

 

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.