MIRA INFORM REPORT
|
Report No. : |
342398 |
|
Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNITED SEAMLESS TUBULAAR PRIVATE LIMITED [w.e.f.10.11.2006] |
|
|
|
|
Formerly Known
As : |
UNITED SEAMLESS TUBULAAR LIMITED |
|
|
|
|
Registered
Office : |
"Kamineni", 2nd Floor, King Koti, Hyderabad – 500001, Telangana |
|
Tel. No.: |
91-40-24785566 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.09.1997 |
|
|
|
|
Com. Reg. No.: |
027909 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1161.020
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26922TG1997PTC027909 |
|
|
|
|
IEC No.: |
0907008089 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU4346E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Casing Pipe, Line Pipe, Drill Pipe, Coupling Stock, Mechanical Tube, Boiler Tube, Hydraulic Cylinder Tube and other Seamless Pipes. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (11) |
|
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 |
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|
|
|
Comments : |
Subject is a private limited company incorporated in the year 1997. It
is having moderate track record. The company has been incurring continuous losses from its operations
since 2012, which has eroded the networth of the company due to which the
company is more depend on huge external borrowings, which in total leading to
stretched liquidity condition. However, trade relations are fair. Business is active. Payment terms
are reported to be slow. In view of erosion of networth, the company can be considered for
business dealings with fully 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Kiran |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-9966362052 |
|
Date : |
29.09.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
"Kamineni", 2nd Floor, King Koti, Hyderabad – 500001, Telangana,
India |
|
Tel. No.: |
91-40-24785566 |
|
Mobile No.: |
91-9966362052 [Mr. Kiran] |
|
Fax No.: |
91-40-24758999 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Sreepuram, Cheruvugattu (Vi), Yellareddyguda (VI), Narketpally, Nalgonda - 508254, Telangana, India |
|
Tel. No.: |
91-8682-272146 |
|
Fax No.: |
91-8682-272505 |
DIRECTORS
AS ON 11.09.2014
|
Name : |
Kamineni Suryanarayana |
|
Designation : |
Managing director |
|
Address : |
"Kamineni House", King Koti, Hyderabad – 500001, Telangana,
India |
|
Date of Birth/Age : |
15.06.1936 |
|
Date of Appointment : |
18.08.2005 |
|
PAN No.: |
AENPK9442B |
|
DIN No.: |
00078950 |
|
|
|
|
Name : |
Kamineni Shashidhar |
|
Designation : |
Director |
|
Address : |
"Kamineni House", King Koti, Hyderabad – 500001, Telangana,
India |
|
Date of Birth/Age : |
27.12.1958 |
|
Date of Appointment : |
28.08.2006 |
|
PAN No.: |
ADOPK6015C |
|
DIN No.: |
00332223 |
|
|
|
|
Name : |
Kamineni Sridhar |
|
Designation : |
Director |
|
Address : |
"Kamineni House", King Koti, Hyderabad – 500001, Telangana,
India |
|
Date of Birth/Age : |
06.02.1966 |
|
Date of Appointment : |
24.04.2009 |
|
PAN No.: |
AERPK6663E |
|
DIN No.: |
00078815 |
|
|
|
|
Name : |
Badrul Feisal Bin Abdul Rahim |
|
Designation : |
Director |
|
Address : |
No. 29, Jalan Degang, 6/3A, Taman Degang, Ampang, Selangor Darul Ehsan
68000 |
|
Date of Birth/Age : |
06.07.1969 |
|
Date of Appointment : |
08.08.2012 |
|
DIN No.: |
03547687 |
|
|
|
|
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 |
KEY EXECUTIVES
|
Name : |
Mr. Kiran |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 11.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
United Steel Allied Industries Private Limited, India |
46440800 |
40.00 |
|
UMW India Ventures (L) Limited, Malaysia |
46440800 |
40.00 |
|
Oil Country Tubular Limited, India
|
23220400 |
20.00 |
|
|
|
|
|
Total |
116102000 |
100.00 |
AS ON 08.12.2014
|
Names of Allottee [Preference Shares] |
No. of Shares |
|
Deutsche Bank AG, Hong Kong |
309262500 |
|
|
|
|
Total |
309262500 |
AS ON 11.09.2014
|
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 Casing Pipe, Line Pipe, Drill Pipe, Coupling Stock, Mechanical Tube, Boiler Tube, Hydraulic Cylinder Tube and other Seamless Pipes. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash, L/C, Cheque, Depend and Credit |
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|
Purchasing : |
Cash, L/C, Cheque, Depend and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
· Standard Chartered Bank 6-3-1090, Raj Bhavan Road, Somajiguda,, Hyderabad - 500082, Andhra Pradesh, India · Standard Chartered Bank 19 Rajaji Salai, PO BOX1359, Chennai - 600001, Tamilnadu,
India |
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|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SBICAP Trustee Company Limited |
|
|
|
|
Auditors : |
|
|
Name : |
B S R R and Company Chartered Accountants |
|
Address : |
Reliance Humsafar, IV floor, Road No. 11, Banjara Hills, Hyderabad – 500034, Telangana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAKFB1884H |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
· United Steel Allied Industries Private Limited [U27107TG1989PTC009803] · Oil Country Tubular Limited [L26932TG1985PLC005329] · UMW India Ventures (L) Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· UMW Oilfield International (M) Sdn Bhd · V-Max Studio and Advertising · Kamineni Hospitals Private Limited · Kamineni Health Services Private Limited · Kaminenin Steel and Power India Private Limited · USAI Forge Private Limited · USAI Steels Private Limited |
CAPITAL STRUCTURE
AFTER 11.09.2014
Authorised Capital : Rs. 10000.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 5913.545
Million
AS ON 11.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5000.000 Million |
|
500,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 5000.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 10000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116,102,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1161.020
Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 4000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
116,102,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1161.020
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 |
1161.020 |
1161.020 |
1061.020 |
|
(b) Reserves & Surplus |
(5258.528) |
(3106.666) |
(2133.960) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
434.159 |
600.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(4097.508) |
(1511.487) |
(472.940) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4824.894 |
4675.113 |
4498.025 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
4757.854 |
4883.648 |
3010.185 |
|
(d)
long-term provisions |
8.770 |
8.797 |
4.857 |
|
Total
Non-current Liabilities (3) |
9591.518 |
9567.558 |
7513.067 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2641.781 |
2007.047 |
2945.853 |
|
(b)
Trade payables |
513.044 |
436.673 |
721.857 |
|
(c)
Other current liabilities |
3349.216 |
2177.818 |
2004.608 |
|
(d)
Short-term provisions |
1.617 |
0.788 |
0.495 |
|
Total
Current Liabilities (4) |
6505.658 |
4622.326 |
5672.813 |
|
|
|
|
|
|
TOTAL |
11999.668 |
12678.397 |
12712.940 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8305.026 |
8602.582 |
8858.308 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.715 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
21.056 |
44.320 |
46.677 |
|
(e)
Other Non-current assets |
3.555 |
0.000 |
600.581 |
|
Total
Non-Current Assets |
8329.637 |
8646.902 |
9506.281 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1783.712 |
2561.922 |
2374.126 |
|
(c)
Trade receivables |
1102.613 |
658.077 |
466.173 |
|
(d)
Cash and cash equivalents |
519.903 |
547.538 |
85.247 |
|
(e)
Short-term loans and advances |
171.347 |
263.958 |
281.113 |
|
(f)
Other current assets |
92.456 |
0.000 |
0.000 |
|
Total
Current Assets |
3670.031 |
4031.495 |
3206.659 |
|
|
|
|
|
|
TOTAL |
11999.668 |
12678.397 |
12712.940 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
|
|
GROSS INCOME |
3818.065 |
2884.963 |
3693.358 |
|
|
|
|
|
|
|
|
|
|
OTHER INCOME |
290.760 |
(44.187) |
781.618 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
NA
|
NA
|
NA
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(753.930) |
(583.337) |
(1159.291) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
926.838 |
799.048 |
839.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1680.768) |
(1382.385) |
(1999.112) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
471.094 |
490.319 |
471.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(2151.862) |
(1872.704) |
(2470.471) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
69.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(2151.862) |
(1872.704) |
(2540.081) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on FOB |
2877.358 |
1797.036 |
2768.432 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(18.53) |
(16.13) |
(21.88) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1658.107 |
1859.182 |
1712.120 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
759.541 |
1162.410 |
(815.930) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.93) |
(14.77) |
(19.43) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.53 |
1.24 |
5.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.23) |
(5.65) |
(19.36) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.87 |
0.57 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
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 |
1061.020 |
1161.020 |
1161.020 |
|
Reserves & Surplus |
(2133.960) |
(3106.666) |
(5258.528) |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
600.000 |
434.159 |
0.000 |
|
Net
worth |
(472.940) |
(1511.487) |
(4097.508) |
|
|
|
|
|
|
Long-term borrowings |
4498.025 |
4675.113 |
4824.894 |
|
Short term borrowings |
2945.853 |
2007.047 |
2641.781 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
1712.120 |
1859.182 |
1658.107 |
|
Total
borrowings |
9155.998 |
8541.342 |
9124.782 |
|
Debt/Equity ratio |
(19.360) |
(5.651) |
(2.227) |
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) |
|
Gross Income |
3693.358 |
2884.963 |
3818.065 |
|
|
|
-21.888 |
32.344 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Gross Income |
3693.358 |
2884.963 |
3818.065 |
|
Profit/ (Loss) |
(2540.081) |
(1872.704) |
(2151.862) |
|
|
-68.77% |
-64.91% |
-56.36% |
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 |
Yes |
|
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10576586 |
30/04/2015 |
10,065,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER, 'E',
CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C53124632 |
|
2 |
10568342 |
30/04/2015 |
2,788,625,100.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C53124988 |
|
3 |
10569475 |
22/04/2015 |
1,750,000,000.00 |
INDIAN BANK |
SURABHI ARCADE,
BANK STREET, KOTI, HYDERABAD, TELANGANA - 500001, INDIA |
C53668927 |
|
4 |
10573449 |
22/04/2015 |
200,000,000.00 |
INDIAN BANK |
SURABHI ARCADE, BANK
STREET, KOTI, HYDERABAD, TELANGANA - 500001, INDIA |
C55723795 |
|
5 |
10533968 |
21/11/2014 |
1,140,000,000.00 |
DEUTSCHE BANK AG |
RAHEJA TOWERS,
26-27 M. G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
C35417799 |
|
6 |
10524525 |
12/05/2015 * |
10,065,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER TOWER,
'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C53125233 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Fully convertible debentures |
1659.900 |
1117.600 |
|
Other loans and advances |
1210.000 |
542.300 |
|
|
|
|
|
Total |
2869.900 |
1659.900 |
CHANGE OF ADDRESS:
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.
OVERVIEW
Subject carries out the business of manufacture and sale of seamless
pipes. The Company has its plant situated at Narketpally, Nalgonda District,
Andhra Pradesh, with an installed capacity of 300,000 metric tonne per annum.
The Company has commenced commercial production on 15 September 2010.
OPERATIONS:
The company has achieved a
turnover of Rs. 3764.200 Million (Rs. 3764.150 Million) inclusive Rs. 3110.500
Million (Rs. 3110.530 Million) of exports.
PROSPECTS:
The company has achieved a
turnover of Rs. 3764.200 Million during the current financial year, as against
Rs. 2838.400 Million during the previous year. The exports during the year have
been Rs. 3110.500 Million as against 1954.800 Million as against previous
financial year.
The global demand for the
seamless pipes for the oil and gas sector has slowed down during the financial
year 2012-13 and continued during the current financial year due to slowdown in
the Drilling operations in the OCTG Markets. The slowing down of the Global
Economy had severely impacted the Turnover during the current financial year.
Further, the United State International Trade Commission initiated Anti-dumping
and countervailing investigations on certain Oil Country Tubular Goods on July
02, 2013 on imports of OCTG from 9 countries including India, based on the
petitions filed by the US OCTG Manufactures. On conclusion of the AD case in
USA, the imports of the seamless pipes for the oil and gas sector is expected
to gradually recover. The company is diversifying and concentrating on the
markets where the demand is progressive and good.
The Company has initiated
production of Line Pipes and concluded the trial shipments to prospective
customers in Middle East and received positive enquiries.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipments
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipments
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. 66.08 |
|
|
1 |
Rs. 100.32 |
|
Euro |
1 |
Rs. 73.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
1 |
|
--PROFITABILIRY |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
11 |
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.