MIRA
INFORM REPORT
|
Report Date : |
05.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHAUDHARY AND COMPANY |
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Registered Office : |
201, Kapadia Apartments, S. V Road, Vile Parle (West), Mumbai-400056,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2007 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC15048F |
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PAN No.: [Permanent
Account No.] |
AAAFC0776H |
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Legal Form : |
Partnership Concern with Unlimited Liability of Partner. |
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Line of Business : |
Manufacturer of M.S. Structures, M.S. Beam, M.S. Channel, M.S. Angle,
M.S. Round, M.S. Flat |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to Commence commercial operations.
The management claims that subject is a +20 years old concern but has been
non-operational since 1995. They claim to restart the concern with the
facility at Wada. Partners are reported as experienced, respectable and
having satisfactory means. No payment record could be made available. It would be advisable to take adequate securities while dealing with
the subject. |
INFORMATION PARTED
BY
|
Name : |
Mr. Hemant Chaudhry |
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Designation : |
Partner |
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Contact No.: |
91-9833029216 |
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Date : |
04.09.2008 |
LOCATIONS
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Registered / Administrative Office : |
201, Kapadia Apartments, S. V Road, Vile Parle (West), Mumbai-400056,
Maharashtra, India |
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Tel. No.: |
91-22-26134058 / 26134086 / 58 |
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Mobile No.: |
91-9833029216 |
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Fax No.: |
91-22-26134059 |
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E-Mail : |
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Factory : |
Gut No. 233/ 236/ 240/ 242 Village, Magathane, Post, Uchhat, Taluka,
Wada, District, Thane, Maharashtra, India |
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Mobile No.: |
91-9820066106/ 9833029216 |
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Area : |
5 Acre [Owned] |
PARTNERS
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Name : |
Mr. Hemant Chaudhry |
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Designation : |
Partner |
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Address : |
7 Kamal Kunj, Road No. 5, Friends Society, J.V.P.D. Scheme, Mumbai -
400056 |
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Date of Birth/Age : |
27 Years |
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Qualification : |
B.Com, MBA from University of Technology, Sydney |
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Name : |
Mr. Dinesh Chaudhry |
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Designation : |
Partner |
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Date of Birth/Age : |
60 Years |
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Qualification : |
B.Sc. |
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Name : |
Mr. Kunal Chaudhry |
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Designation : |
Partner |
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Date of Birth/Age : |
24 Years |
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Qualification : |
BMS From Mumbai University |
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Name : |
Mr. Mukesh Chaudhry |
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Designation : |
Partner |
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Address : |
7 Kamal Kunj, Road No. 5, Friends Society, J.V.P.D. Scheme, Mumbai -
400056 |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Int. Comm. |
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Name : |
Mrs. Sarita Chaudhry |
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Designation : |
Partner |
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Address : |
7 Kamal Kunj, Road No. 5, Friends Society, J.V.P.D. Scheme, Mumbai -
400056 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of M.S. Structures, M.S. Beam, M.S. Channel, M.S. Angle,
M.S. Round, M.S. Flat |
PRODUCTION STATUS
|
Year ending
March 31 |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
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Capacity |
36000 |
36000 |
36000 |
36000 |
36000 |
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No. of Machine |
0 |
0 |
0 |
0 |
0 |
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No of shifts of 12 hours each |
1 |
1 |
1 |
1 |
1 |
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No of months |
12 |
12 |
12 |
12 |
12 |
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Mtpa |
Mtpa |
Mtpa |
Mtpa |
Mtpa |
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Installed
Capacity / annum |
36000 |
36000 |
36000 |
36000 |
36000 |
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Installed
Capacity / annum – product wise |
Mtpa |
Mtpa |
Mtpa |
Mtpa |
Mtpa |
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Rolled items |
36000 |
36000 |
36000 |
36000 |
36000 |
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|
36000 |
36000 |
36000 |
36000 |
36000 |
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Capacity utilization |
70 % |
80 % |
90 % |
100 % |
100 % |
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Prominent
products |
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Rolled items |
25200 |
28800 |
32400 |
36000 |
36000 |
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Total |
25200 |
28800 |
32400 |
36000 |
36000 |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. T. Bhomawat and Company Chartered Accountants |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 63.253 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 63.253 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
63.253 |
0.456 |
0.713 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.039 |
0.039 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.253 |
0.495 |
0.752 |
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LOAN FUNDS |
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1] Secured Loans |
9.196 |
11.448 |
0.020 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
9.196 |
11.448 |
0.020 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
72.449 |
11.943 |
0.772 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
76.656 |
11.816 |
0.456 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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Movable Assets |
0.011 |
0.000 |
0.000 |
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INVESTMENT |
0.415 |
0.415 |
0.415 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.704
|
0.704 |
0.554 |
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Sundry Debtors |
0.720
|
3.336 |
0.561 |
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Cash & Bank Balances |
0.056
|
0.196 |
0.127 |
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Other Current Assets |
5.864
|
7.255 |
0.082 |
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Loans & Advances |
3.299
|
0.054 |
0.090 |
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Total
Current Assets |
10.643
|
11.545 |
1.414 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.276
|
11.833 |
1.513 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
15.276
|
11.833 |
1.513 |
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Net Current Assets |
[4.633]
|
[0.288] |
[0.099] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
72.449 |
11.943 |
0.772 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Other Income |
0.762 |
0.023 |
0.045 |
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Closing Stock |
0.704 |
0.704 |
0.554 |
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Total Income |
1.466 |
0.727 |
0.599 |
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Net Profit |
0.049 |
0.023 |
0.003 |
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Expenditures : |
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Opening Stock |
0.704 |
0.554 |
0.554 |
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Salaries and Staff Expenses |
0.572 |
0.090 |
0.000 |
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Administrative Expenses |
0.079 |
0.058 |
0.042 |
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Financial Expenses |
0.056 |
0.001 |
0.000 |
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Other Expenses |
0.005 |
0.001 |
0.000 |
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Total Expenditure |
1.416 |
0.704 |
0.596 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
3.34
|
3.16 |
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.06
|
0.10 |
0.16 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.05 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
47.03 |
1.91 |
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Current Ratio (Current Asset/Current Liability) |
|
0.70
|
0.98 |
0.93 |
LOCAL AGENCY
FURTHER INFORMATION
The registered office of the company has been shifted from 32, Quay
Street, New Darukhana, Mumbai to the present address w.e.f. 24.07.2007
|
Partners’
Profile: |
The project is promoted by Mr. Mukesh Chaudhry and Mr. Hemant
Chaudhry, nephew of the former. They are assisted by Mr. Dinesh Chaudhry and
Mr. Kunal Chaudhry, elder brother and son respectively of Mr. Mukesh
Chaudhry. Mr. Chaudhry, Age 58, Interest Commission, joined family business of
ship breaking by taking over responsibilities at Alang in Gujarat. He is
working in the capacity of the Karta of M/s. Trlokchand Chaudhry and Sons
HUF. M/s. Trilokchand Chaudhry and Sons HUF is one of the Partners in the
Firm Mr. Hemant Chaudhry, Age 27, B.Com, MBA from University of Technology,
Sydney, had decided to groom himself in the family business after returning
from Australia. Mr. Dinesh Chaudhry, age 602, B.Sc., joined family business of ship
breaking, in Mumbai, in 1969 after completing his graduation. Mr. Kunal Chaudhry, age 24, BMS from Mumbai University, has also
recently joined the firm as its Principal Officer and is assisting the
Partners in his capacity as a professional. |
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Brief
description of the Industrial Activity |
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|
Existing: |
The Partnership Firm was promoted with a view to manufacture steel
based items. Earlier the Firm had set up manufacturing facilities at Thane,
but later had to discontinue the activities there due to the continuation of
Octroi Duty. The Firm manufactured Structural steel in the form of MS Angles,
Channels and Beams for a very long time. In fact Chaudhry and Company at
their unit at Thane was one of the first Rolling Mills in the Western region to
manufacture Beams. In 2007-08, the Partnership Firm disposed off the land at Thane where
the earlier factory was set up and used the funds for its new project at
Wada. |
|
Proposed: |
With their earlier exposure to, and familiarity with the activity, and
on the confidence gained by the success of M/s. Kunal Ispat and Allied
Industries Limited’s newly setup facilities for manufacturing T.M.T. bars,
they decided to consolidate their foothold in the industry offered by the
growing economy, which is expected to sustain this growth for long time. The Firm has accordingly set up new facilities, at Village Magatyhane,
Taluka Wada, District Thane, Maharashtra, nearly 80 kms. Form Mumbai for
manufacturing rolled steel items. These facilities, costing over Rs. 80.000
Millions, have a capacity, on one shift basis, to roll 36000 MT steel p.a. The firm is expected to benefit from experience, expertise and
contacts of the Patners; so also, from low capital costs of the plant. |
|
How the activity was financed so far (To be filled up in case of
existing unit only.): |
Earlier activities of the Firm were, and the cost of setting up of the
project was financed by the Partners. The erection of the factory was
possible because of the sale proceeds of the Factory Land at Thane. |
Past Performance (
in case of existing units)
|
Particulars |
Last Year |
Last but one
year |
Last but two
years |
|
Turnover |
Nil |
0.03 |
0.03 |
|
Net Profit |
Nil |
0.02 |
0.01 |
|
Retained Profit |
Nil |
0.02 |
0.01 |
|
Monthly Turnover for the last twelve months: |
In the last couple of years, the Firm had kept its activities on low
key considering that manufacturing and marketing steel/ scrap was not a
viable proposition. It therefore decided to wait for change in the fortunes
of the industry. At present, there was no other activity carried on by the
Firm except setting up the new projects. |
|
Management: |
Mr. Mukesh Chaudhry, as its Principal and active Partner, is looking
after overall management of the Firm. He is assisted by Mr. Hemant Chaudhry,
his nephew, also a partner in the Firm and Mr. Kunal, his son. At present,
the latter are associated with setting up of the plant and are stationed at
Wada. Both Hemant and Kunal would be in-charge of commercial operations,
looking after marketing, sales and purchases. A well-qualified team of technicians is already identified by the
promoters. These professionals are extending technical assistance for
erecting, commissioning the plant. They would also provide their expertise in
stabilizing production once the plant has commenced operations. The firm will
also recruit senor technicians who would be responsible for production –
both, quality and quantity. It has also formed a technical team; it would be
the responsibility of this team to commission the plant, introduce new
processes in production and develop new production items. Taking into consideration factors such as size of oprations, also
needed for self reliance, the Firm plans to strike a balance between
outsourcing and own infrastructure for providing specialized services. |
SHARE HOLDING
Please provide a
list of shareholders under the head
|
Partnership
share |
Name of partner |
% holding |
|
(Owing or controlling 5% or more of equity shares, indication the
amount owned and business relationship, if any, with the Company ) |
Mukesh Chaduhry, Karta |
40 % |
|
Hemant Chaudhry |
30 % |
|
|
Sarita Chaudhry |
30 % |
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Total |
100 % |
|
Employment |
Present |
Proposed |
|
Executives |
N.A. |
6 |
|
Supervisory |
N.A. |
4 |
|
Administrative / Office staff |
N.A. |
4 |
|
Skilled Labour |
N.A. |
12 |
|
Unskilled Labour |
N.A. |
70 |
|
Others [Specify] |
N.A. |
20 |
Eventually, the Firm plans to have / recruit : Foreman 1, Fitters 4,
Turners 6, Helpers 12, Shift Supervisor 1, Electrician 2, Welders 2, Lohar 1,
Weighing scale operator 2. There would be other like accountant, security and
menial staff.
Particulars of existing key technical and executive staff. Two members
of Chaudhry family and a Foreman appointed by the Firm, with assistance from
the Technical Consultants, are executing the laying down norms for production,
quality, consumption, wastage, etc. the Company has identified persons for
above positions, who would join a few days before starting production.
Name of the
product [s] including by-products and its [their use
The promoters have retained services of Ranjit Desai and Associates as
consultants. They have submitted a report which covers areas such as capacity
configuration, products range, manufacturing, process, machinery combination,
layout planning utility support, etc. The Consultants would also extend
technical assistance for erecting, commissioning and stabilizing production.
Besides, the Firm would retain services of suitable technical staff for
assisting in setting up, commissioning and operating the plant – it has already
identified qualified look after various aspects of functional and operational
management. They would plan for a support system to set production standards,
deliver on quality, time schedule and price.
Name of the
products including by products and its [their use
Demand for steel rolled items is generated on a major scale in
construction activity and heavy engineering goods industry – mainly in
1.
Structural Steel is the backbone of the Fabrication industry
2.
Real estate development – hosing, industrial establishments
3.
Infrastructure development – roads, railways, ports, airports, power and
telecommunication
4.
Raw Material for other Industries – Like Automobile Industries,
Mechanical industries
Name of the
products including by – products and its [their] use
To start with the Firm plans to manufacture M.S. Beams, M.S. Angles, M.
S. Rounds, M. S. Flats.
Manufacturing
Process
The Manufacturer
process is as under
Raw Material
[ingots and billets]
|
Cut length wise as
per requirements
|
Pushed in furnace
|
Heated up to 12000
C
|
Roughing Mills
|
Intermediate Mill
|
Finishing Mill
|
Cooling bed
|
Cutting on heavy
presses as per required length
|
Stacking in
straight length
|
Lot size wise and
dispatch
- Ingot / Billet is heated at 1100 cg in furnace
- It is transferred / moved through a 12’ length conveyor t stand No.
1
- Ingot is reduced by passing through four passes to the required
size / elongation
- The process is repeated on stand no. 2,3,4 and 5
- stand No. 6 and 7 are controlled by double drive motor @ 280 rpm
along with support of chilled alloy steel rolls.
- final shape and finishing is attained in stand No. 6 and 7. At this
juncture, shape is given to the rolled material through pre heated die –
angles, channels, bars and flats.
Cooling bed – next conveyor takes the
material to cutting stand for cutting it into different lengths
No. of working days in the month : 25 days –
i.e.300 days p.a.
No. of shifts in a day One
shift of 10 hours.
- Transporting raw materials is not considered a difficulty as the
unit is located close to ingot supplying units.
- The place is well connected by road to major user centers like
Mumbai, New Mumbai, Nashik, Pune, etc and other parts of Western
Maharashtra and Gujarat
- Necessary infrastructure facilities like power, water are available
at the plant etc.
- Skilled, semi – skilled and unskilled labour would be available
without much difficulty.
Note : The factory land is located in D zone backward
are. As such, availability of power would be at a reasonable rate.
|
|
Existing |
Proposed |
||
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|
Area |
Value |
Area |
Value |
|
Factory Land |
5.5 acres |
0.35 |
-- |
-- |
|
Factory Building |
-- |
-- |
40560 sq.ft. |
0.50 |
|
Ancillary Building |
-- |
-- |
-- |
N.A. |
|
Open Storage Space |
-- |
-- |
-- |
-- |
Arrangements made for erection and commissioning of the plant
Erection work is nearing completion. Most of
the erection has been completed, only some of the electrical work which has to
be generally done at the final leg is being done now. The plant will be fully
ready for production by mid May 2008. The internal team of technicians and he
technical consultants are working together for completing the erection and
commencing production by the scheduled date.
Necessity and purpose for the proposed investment addition to factory
premises / machinery for achievement of the anticipated turnover
The company can generate a turnover of more
than Rs. 10.000 Millions p.a. at present price, on single shift basis, at its
maximum capacity unitization.
RAW MATERIALS AND COMPONENTS
Name Brief Description of the items
|
|
Annual qty. |
Cost per MT |
|
Indigenous ISI 2830 standard |
Given Below |
Rs. 28000 + Excise |
Raw Material would be available from local
ingots manufacturers; so also, from manufacturers at Silvassa, Wada, Khopoli
and Murbad i.e. at close distance from the plant. MS Billet will be procured
from manufacturers from Raipur, Jharsugda [Orissa] and from other main
producers like TATA, SAIL, RINL
There are no restrictions either on manufacturing, distribution or price
of rolled steel items.
|
Domestic raw material price |
||||
|
Ingot |
Rs. Pmt |
28000 |
|
|
|
|
||||
|
Local raw material cost |
|
2008-09 |
2009-10 |
2010-11 |
|
Ingot cost |
28000 |
77.60 |
83.10 |
93.37 |
Imported raw material : It is not envisaged to use imported raw material
UTILITIES
Power
The Firm has applied for a 1700 KVA
connection.
A main power line is very close to the site
and a MSEB sub 0 station is located nearby. Power supply is continuous and
quality of supply is also good. It is therefore not considered necessary to
have a generation se for emergency supply in case of breakdown, load shedding,
etc.
Water
Requirement of water for manufacturing –
cooling, drinking, hygienic purpose and humidification would be met from tube
well dug at site. There is no need to treat water for manufacturing process.
|
|
No of upmt |
No of days |
Cost per |
Total |
|
|
|
|
|
|
Unit / ltr Rs. |
Cost |
|
|
|
Electricity [Units] |
90 |
|
|
2268000 |
2316600 |
2548260 |
|
Unit cost |
6 |
|
|
1.36 |
1.39 |
1.53 |
|
|
|
|
|
|
|
|
|
Fuel oil. No of liters |
12 |
Liters |
|
302400 |
308880 |
339768 |
|
|
27 |
|
|
0.82 |
0.83 |
0.92 |
|
|
|
|
|
|
|
|
|
Coal |
85 |
|
|
2142000 |
2187900 |
2106690 |
|
|
|
|
|
1.01 |
1.03 |
1.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
3.18 |
3.25 |
3.58 |
|
|
|
|
|
|
|
|
|
Wages |
200 |
|
|
0.47 |
0.55 |
0.62 |
|
|
|
|
|
|
|
|
|
Salary |
80 |
|
|
0.21 |
0.24 |
0.28 |
|
|
|
|
|
|
|
|
|
Maintenance |
100 |
|
|
0.48 |
0.55 |
0.62 |
QUALITY CONTROL
The Firm would keep constant check on
production for physical / manual, mostly online, quality control. Moreover, the
machines have built in quality control checks. It is necessary to ensure carbon
percentage and tensile strength is at acceptable level; this has to be done on
hourly basis by physical checking at ‘in-house’ laboratory. Provision of laboratory
equipment measuring stencil strength and monitoring carbon is made.
Particulars of R & D activity proposed
To begin with, it is proposed to set up a
quality control dept. this would be eventually expanded, in scope, to attend to
R & D functions.
ECONOMIC FEASIBILITY
The products is not reserved exclusively for
SSI sector.
There is a ready, wide, and expanding market
for the products. Products are generally marketed through middlemen or directly
to heavy engineering goods industry, construction contractors, wholesalers and
retailers.
Demand for the products is growing; but,
demand for individual manufacturer depends on the consideration of quality and
prices. The end customers would be dealers and heavy engineering goods
industries, all types of fabricators, construction contractors.
Mostly South Gujarat, Western Maharashtra and
Goa.
|
In price and quality, how does he unit’s
product compare with those of its competitors |
Price is generally determined by market
forces. |
|
|
|
|
Is the unit selling direct to its customers?
If so, please furnish details like sales force showrooms, depots, etc. |
The Promoters were earlier in manufacturing
and marketing. This experience, coupled with sustainable booming market, is
expected to help the Firm in marketing its products. |
|
|
|
|
If a selling distributing agency has been
appointed It’s name, period of contract, commission payable, period by which
he bills will be paid by it, etc. |
The Firm plans to also avail services of
middlemen in the market. They are free lancers and make available there
services to reliable suppliers. In this trade, for the reasons given above,
there is no practice of entering into contract for marketing products. |
|
|
|
|
Nature and volume of orders / enquiries on
hand |
There is a ready and growing market for the
product. |
COST OF PROJECT
|
Cost of project |
Already spent |
To be spent |
Total [Rs in Millions] |
|
Fixed Assets |
4875.600 |
2500 |
7375.600 |
|
Current Assets |
1849.000 |
00.0 |
1849.000 |
|
Investments |
41.500 |
|
41.500 |
|
Pre-operative Expenses |
130.900 |
00.0 |
130.900 |
|
Margin money for WC |
00.000 |
3527.800 |
3527.800 |
|
Total |
6897.000 |
6027.800 |
12924.800 |
MEANS OF FINANCING
|
Cost of project |
Already spent |
To be spent |
Total [Rs in Millions] |
|
Capital |
6594.600 |
3777.800 |
10372.400 |
|
Current Liabilities |
[632.000] |
0.000 |
[632.000] |
|
Loans [Liabilities] |
934.400 |
1250.000 |
2184.400 |
|
Term Loan from Bank |
0.000 |
1000.000 |
1000.000 |
|
Total |
6897.000 |
6027.800 |
12924.800 |
Indicate sources form which expenditure already incurred has been
financed
The project is implemented from the funds made
available b he promoters after selling the property of the Firm located at
Thane MIDC.
Promoter’s contribution to the project as % of
the total cost : 100 %
Primary
Cash Credit : Hypothecation of Firm’s
entire current assets consisting of stock of raw materials, stock in process,
finished goods, and other inventories, book debts / receivable etc.
|
Cash Credit |
Proposed % |
|
Raw Material |
25.00 |
|
Stock in Process |
40.00 |
|
Finished Goods |
33.33 |
|
Receivable / Book debts Cover period for Book Debts – 60 days |
50.00 |
Collateral [Full details]
A first charge, by way of Hypothecation charge
over the Plant and Machinery of the Firm – Present value around more than Rs.
62.000 Millions
A first charge by way of deposit of title deeds
of the land and factory building of the Firm at Village Magathane, Tal. Thane,
Maharashtra – present value more than Rs. 12.500 Millions
Details of guarantor
Name : Net
worth
Mr. Mukesh Chaudhry Rs.
39.800 Millions
Mrs. Sarita Chaudhry Rs.
13.200 Millions
Mr. Hemant Chaudhry Rs.
18.000 Millions
|
Details of any similar guarantee, if any,
give to other institutions |
Mr. Mukesh Chaudhry has given guarantees to
the bankers of Trilok Shipbreakers Limited, Chaudhry and Chaudhry Steel
and Alloys Limited, who have sanctioned limits to these sister concerns. Mr. Hemant Chaudhry has given guarantees to
the bankers of Chaudhry Steel and
Alloys Limited These are sister concerns and enjoy
facilities from their bankers. |
|
|
|
|
Details of pending litigation, if any,
against and by the concerns. |
There are no legal proceeding against the
concern which would have any material impact on the fortunes of the Firm |
ASSUMPTIONS FOR THE PROJECT
- Installed capacity of quality 26000 per year
- Utilised capacity is taken 70 % for the first year and after that it
would increase by 10 %
- Working is based on Single Shift for 25 working days.
- Power calculated at 90 units per ton @ Rs. 6/- i.e. Rs. 540/-
- Fuel is calculated as follows
Coal = 85 Kgs / MT
Multiplied by Rs. 4700/- per MT i.e. Rs.
400 per MT
Furnace Oil = 12
Liters / MT @ 27/Ton i.e. Rs.
324 per MT
---------------------
724
per MT
- Labour Contractor payments includes wages. It as fixed at Rs. 190/-
per MT
- Administrative Expenses is the Salary paid to the managerial level
staff o the Firm
- Administrative Expenses calculated @ 85/- per ton
- The brokerage is calculated Rs. 100/-
- Purchases includes Local Purchases 50 % and OMS Purchases 50 %
- Burning Loss is calculated @ 2 %. It is not shown separately as an
additional cost
- It is adjusted in the quantity purchased.
- Rolls of Approximately 2 Crore purchased not include. To be
considered as margin against Working Capital
- Sales is calculated by multiplication of Cost of Finished Goods per
MT by annual Quantity of Goods manufactured.
- Salary includes PF @ 12 %
- Staff salary includes Remuneration to Managing and Executive
Directors, Administrative and Financial Managers, Personnel Managers and
Assistant and other Staff’.
- Factory staff includes Workers, Supervisors, Administrative and
Quality Control Staff
- The provision for tax is made at 30 %
- The Costing of Direct Costs and the Administrative Expenses is done
on the Quality manufactured.
Details of Associate Concerns of Choudhry and Company
|
Name of the Unit |
Kunal Ispat and Allied Industries Limited |
|
|
|
|
Constitution |
A closely held Company |
|
|
|
|
Address Registered address / factory |
32, Quay Street, New Darukhana, Mumbai –
400010 |
|
|
|
|
Corporate office Work site |
201, Kapadia Apartments, S. V. Road, Vile
Parle [West], Mumbai – 400056 |
|
|
|
|
Name of Directors / partners /
proprietor |
Mr. Dinesh Chaudhry Mrs. Uma Chaudhry Mr. Kunal Chaudhry |
|
|
|
|
Nature of association with the Applicant
unit |
An associate concern |
|
|
|
|
Date of establishment / Incorporation |
25th July, 1986 |
|
|
|
|
Nature of activity |
Manufacturing TMT bars |
|
|
|
|
Assets classification |
Standard |
Financial position as obtained from financial statements as on a recent
date :
Rs in millions
|
As on March 31 |
31.03.2008 [Provisional] |
31.03.2007 |
|
Sales / Income |
619.373 |
71.838 |
|
Profit [after tax] / [Loss] |
4.129 |
[0.714] |
|
Tangible Net Worth |
9.593 |
9.593 |
|
Deferred Liabilities |
1.842 |
1.842 |
|
Total Outside Liabilities |
89.349 |
95.216 |
|
Investments |
1.050 |
1.040 |
|
Block Assets [Net] |
38.784 |
42.302 |
Details of borrowing arrangement with Banks and Financial Institutions
|
Name and Address of Banks |
Corporation Bank, Khar Branch, Mumbai |
|
|
|
|
Details of credits facilities |
CC Limit Rs. 53.000 Millions Utilised : Rs. 53.000 Millions |
|
|
|
|
Conducts of Account |
Satisfactory |
|
|
|
|
When last renewed [If with the bank] |
January 2008 |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
Details of Associate Concerns of Choudhry and Company
|
Name of the Unit |
Chaudhry and Chaudhry Shipbreakers Private Limited |
|
|
|
|
Constitution |
A closely held Company |
|
|
|
|
Address Registered address / factory |
201, Kapadia Apartments, S. V. Road, Vile
Parle [West], Mumbai – 400056 |
|
|
|
|
Corporate office Work site |
201, Kapadia Apartments, S. V. Road, Vile
Parle [West], Mumbai – 400056 |
|
|
|
|
Name of Directors / partners /
proprietor |
Mr. Mukesh Chaudhry Mrs. Sarita Chaudhry |
|
|
|
|
Nature of association with the Applicant
unit |
An associate concern |
|
|
|
|
Date of establishment / Incorporation |
25th February, 1984 |
|
|
|
|
Nature of activity |
Shipbreaking |
|
|
|
|
Assets classification |
Standard |
Financial position as obtained from financial statements as on a recent
date :
Rs in millions
|
As on March 31 |
31.03.2004 |
31.03.2005 |
|
Sales / Income |
30.310 |
0.858 |
|
Profit [after tax] / [Loss] |
0.205 |
[1.137] |
|
Tangible Net Worth |
26.332 |
25.195 |
|
Deferred Liabilities |
2.709 |
2.814 |
|
Total Outside Liabilities |
3.375 |
3.159 |
|
Block Assets [Net] |
4.829 |
4.744 |
|
Current Ratio |
2.833 |
6.831 |
|
TOL/TNW ratio |
0.013 |
0.013 |
Details of borrowing arrangement with Banks and Financial Institutions
|
Name and Address of Banks |
Corporation Bank, Bhavnagar Branch, Mumbai |
|
|
|
|
Details of credits facilities |
CC Limit Rs. 180.000 Millions |
|
|
|
|
Conducts of Account |
Satisfactory |
|
|
|
|
When last renewed [If with the bank] |
July 2006 |
Details of Associate Concerns of Choudhry and Company
|
Name of the Unit |
Chaudhry Steel and Alloys Limited |
|
|
|
|
Constitution |
A closely held Company |
|
|
|
|
Address Registered address / factory |
201, Kapadia Apartments, S. V. Road, Vile
Parle [West], Mumbai – 400056 |
|
|
|
|
Corporate office Work site |
Mamsa Industrial Estate, Mamsa, Bhavnagar,
Gujarat |
|
|
|
|
Name of Directors / partners /
proprietor |
Mr. Mukesh Chaudhry Mrs. Sarita Chaudhry Mr. Hemant Chaudhry |
|
|
|
|
Nature of association with the Applicant
unit |
An associate concern |
|
|
|
|
Date of establishment / Incorporation |
7th September 1981 |
|
|
|
|
Nature of activity |
Onion dehydration |
|
|
|
|
Assets classification |
Standard |
Financial position as obtained from financial statements as on a recent
date :
Rs in millions
|
As on March 31 |
31.03.2008 [Provisional] |
31.03.2007 |
|
Sales / Income |
1.058 |
19.177 |
|
Profit [after tax] / [Loss] |
[0.549] |
0.029 |
|
Tangible Net Worth |
12.249 |
12.279 |
|
Deferred Liabilities |
9.323 |
19.910 |
|
Total Outside Liabilities |
11.295 |
20.735 |
|
Block Assets [Net] |
6.238 |
8.335 |
|
Current Ratio |
2.917 |
0.847 |
|
TOL/TNW ratio |
0.092 |
0.168 |
Details of borrowing arrangement with Banks and Financial Institutions
|
Name and Address of Banks |
Corporation Bank, Bhavnagar Branch, Mumbai |
|
|
|
|
Details of credits facilities |
CC Limit Rs. 7.500 Millions |
|
|
|
|
Conducts of Account |
Satisfactory |
|
|
|
|
When last renewed [If with the bank] |
2005-2006 |
Corporation Bank
STATEMENT OF ASSETS AND LIABILITIES
Details of Assets Owned : Mr. Hemant Chaudhry
Investment in Business Capital :
|
Name of the company, firm, concern in which investment is made |
Amount invested [Rs in Millions] |
|
Chjaudhry and Chjaudhry Shipbreakers |
0.200 |
|
Chjaudhry Steel and Alloys Limited |
1.355 |
|
Trilok Shipbreakers Limited |
0.247 |
|
Others Share Investment |
0.383 |
|
Total |
2.185 |
Deposits held with Banks
|
Name of the Bank |
Nature of
deposit |
Amount of
deposits [Rs in Millions] |
|
Canara Bank, Mazgaon Branch |
Savings Account |
0.023 |
Deposits held with Companies / Others
|
Name of the company |
Nature of
deposit |
Amount of
deposits |
|
Chawla Steel Rolling Mill |
Unsecured Deposit |
0.460 |
|
Dinesh Chaudhry |
Do |
2.930 |
|
Indu Kejriwal |
Do |
0.060 |
|
Kamladevi Chaudhry Family Trust |
Do |
0.008 |
|
Kunal Ispat and Allied Industries Limited |
Do |
0.325 |
|
Prerna Chaudhry |
Do |
0.006 |
|
Total |
|
3.789 |
Life Insurance Policies
|
Date of Policy |
Policy No. |
Sum assured |
Surrender Value |
|
27.03.2008 |
893592129 |
0.050 |
27.03.2021 |
|
24.03.2008 |
893592097 |
0.100 |
24.03.2021 |
Immovable Properties
|
Name of the owner |
Description of property |
Location, address |
Extent of land |
|
Joint owner with Mr. Kunal Chaudhry |
Open plot – Purchase value Rs. 3.032 Millions MV Rs. 50.000 Millions 50 % share of Rs. 50.000 Millions = Rs.
25.000 Millions |
Varaccha Road, Surat |
About 1600 mtrs |
Other Assets
|
Description of security |
Market value as on 31.03.2006 |
|
Jewellery |
Rs. 0.668 Millions |
|
Cash |
Rs. 0.018 Millions |
Total Assets : Rs. 31.833 Millions
LIABILITIES
Borrowing from others
|
Name of lender Amount borrowed |
Details of
securities furnished present market |
Detail of
encumbrances, if any, on the property |
|
Chaudhry Steel and Alloys Limited |
1.202 |
Unsecured |
|
Kamladevi Chaudhry |
0.050 |
Unsecured |
|
Kunal Chaudhry |
0.014 |
Unsecured |
|
Sarita Chaudhry |
0.101 |
Unsecured |
|
Trilok Shipbreakers Limited |
0.447 |
Unsecured |
|
Trilokchand Chaudhry Family Trust |
0.685 |
Unsecured |
|
Uma Chaudhry |
0.115 |
Unsecured |
|
GD Sons Credit and Investment |
0.050 |
Unsecured |
|
Total |
2.664 |
|
Total Liabilities : Rs. 2.664 Millions
Net Worth : Rs. 29.169 Millions
|
Name of he principal debtors on whose behalf guarantee is furnished. |
Extent to which guarantee is furnished [Rs in Millions] |
Name of the creditor |
|
Chaudhry Steel and Alloys Limited |
Corporation Bank, Bhavnagar Branch,
Gujarat |
CC Limit Rs. 7.500 millions Utilised : Nil MTL Rs. 0.700 Millions |
Corporation Bank
STATEMENT OF ASSETS AND LIABILITIES
Details of Assets Owned : Mrs. Sarita Chaudhry
Investment in Business Capital :
|
Name of the company, firm, concern in which investment is made |
Amount invested [Rs in Millions] |
|
Investment in listed, tradable shares |
2.087 |
|
Total |
2.087 |
Deposits held with Banks
|
Name of the Bank |
Nature of deposit |
Amount of deposits [Rs in Millions] |
|
Canara Bank, Mazgaon Branch |
Savings Account |
0.014 |
|
HDFC Bank, Juhu Scheme |
Savings Account |
0.007 |
|
Total |
|
0.021 |
Deposits held with Companies / Others
|
Name of the company |
Nature of
deposit |
Amount of deposits [Rs in Millions] |
|
Hemant Chaudhry |
Unsecured Deposit |
0.101 |
|
Chaudhry and Chaudhry Shipbreakers |
Do |
1.570 |
|
Chawla Steel Rolling Mill |
Do |
0.375 |
|
Kunal Chaudhry |
Do |
0.359 |
|
Mukesh Chaudhry |
Do |
0.120 |
|
Prerna Chaudhry |
Do |
0.250 |
|
Radhika Chaudhry |
Do |
0.144 |
|
Umadevi Chaudhry |
Do |
0.380 |
|
Others |
Do |
0.246 |
|
Total |
|
3.545 |
Life Insurance Policies
|
Date of Policy |
Policy No. |
Whether Endowment policy or whole life policy |
Sum assured |
Surrender Value |
|
27.03.2008 |
893591893 |
Mutual Fund |
5000.000 |
27.02.2013 |
|
24.03.2008 |
893592096 |
Mutual Fund |
5000.000 |
24.03.2013 |
Other Assets
|
Description of security |
Market value as on 31.03.2006 |
|
Jewellery |
0.457 |
|
SBI PPF |
0.410 |
|
Cash |
0.327 |
|
Total |
1.194 |
Total Assets : Rs. 15.712 Millions
LIABILITIES
|
Name of the institution, bank |
Nature of credit facility |
Extent |
Details of securities furnished |
|
HDFC Bank |
Loan against shares |
0.248 |
Shares |
Borrowing from others
|
Name of lender Amount borrowed |
Details of securities furnished present market |
Detail of encumbrances, if any, on the property |
|
Chaudhry and Company |
0.521 |
Unsecured |
|
Dinesh Chaudhry |
0.847 |
Unsecured |
|
Others |
0.230 |
Unsecured |
|
Total |
1.598 |
|
Total Liabilities Rs 1.846 Millions
Net Worth : Rs. 13.247 Millions
Corporation Bank
STATEMENT OF ASSETS AND LIABILITIES
Details of Assets Owned : Mr. Mukesh Chaudhry
Investment in Business Capital :
|
Name of the company, firm, concern in which investment is made |
Amount invested [Rs in Millions] |
|
Chjaudhry and Chjaudhry Shipbreakers Limited |
0.100 |
|
Trilok Shipbreakers Limited |
0.070 |
|
Chjaudhry Steel and Alloys Limited |
0.033 |
|
Others Share Investment |
1.809 |
|
Total |
2.012 |
Deposits held with Banks
|
Name of the Bank |
Nature of deposit |
Amount of deposits [Rs in Millions] |
|
Canara Bank, Mazgaon Branch |
Savings Account |
0.002 |
|
HDFC Bank, Juhu Scheme |
Savings Account |
0.009 |
|
Total |
|
0.011 |
Deposits held with Companies / Others
|
Name of the company |
Nature of
deposit |
Amount of deposits [Rs in Millions] |
|
Chaudhry and Company |
Unsecured Deposit |
6.602 |
|
Dinesh Chaudhry |
Do |
1.301 |
|
Trilok Shipbreakers Limited |
Do |
0.345 |
|
Trilokchand Chaudhry Family Trust |
Do |
2.927 |
|
Chaudhry and Chaudhry Shipbreakers |
Do |
1.153 |
|
Indu Kejriwal |
Do |
0.300 |
|
Others |
Do |
1.975 |
|
Total |
|
14.603 |
Life Insurance Policies
|
Date of Policy |
Policy No. |
Sum assured |
Surrender Value |
|
28.03.2008 |
893592163 |
0.100 |
28.02.2013 |
Immovable Properties
|
Name of the owner |
Description of property |
Location Address |
Extent of land |
|
Mukesh Chaudhry |
Agricultural Land MV Rs. 10.000
Millions |
Chiple, Maharashtra |
1 acre |
|
Joint owner with Shri. Dinesh Chaudhry |
Land and Building MV Rs. 20.000 Millions ½
share Rs. 10.000 Millions |
Kavi Nagar, Ghaziabad, Uttar Pradesh |
|
|
Mukesh Chaudhry |
Land at Wada, About 6 acres, MV Rs. 4.800
Millions |
Wada, Village Magathane Taluka Wada |
About 6 acres |
|
Total |
Rs. 24.800 Millions |
|
|
National Savings Certificates / shares of listed companies units of Unit
Trust of India
|
Description of security |
Market value as on 31.03.2008 |
|
State bank of India, PPF |
0.321 |
|
|
|
Other Assets
|
Description of security |
Market value as on 31.03.2008 |
|
Jewellery |
0.514 |
|
Debenture Investment |
0.024 |
|
Silverware |
0.057 |
|
Cash |
0.408 |
|
Others |
0.280 |
|
Total |
1.283 |
Total Assets : Rs. 43.130 Millions
LIABILITIES
|
Name of the institution, bank |
Nature of credit facility |
Extent |
|
HDFC Bank |
Loan against shares |
0.500 |
Borrowing from others
|
Name of lender Amount borrowed |
Details of securities furnished present market |
Detail of encumbrances, if any, on the property |
|
Chaudhry Stel and Alloys Limited |
1.368 |
Unsecured |
|
Radhika Chaudhry |
0.673 |
Unsecured |
|
Kamladevi Chaudhry |
0.268 |
Unsecured |
|
Others |
0.542 |
Unsecured |
|
Total |
2.851 |
|
Total Liabilities Rs 3.351 Millions
Net Worth : Rs. 39.779 Millions
PRODUCTION PER 8 HOURS
|
Particulars |
|
|
|
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
|
|
|
|
|
|
|
|
|
Capacity |
mtpa |
|
0 |
36000 |
36000 |
36000 |
36000 |
36000 |
|
No. of machines |
|
|
0 |
0 |
0 |
0 |
0 |
0 |
|
No. of shifts of 12 hours each |
|
|
1 |
1 |
1 |
1 |
1 |
1 |
|
No. of months |
|
|
1 |
12 |
12 |
12 |
12 |
12 |
|
|
||||||||
|
Installed Capacity / annum |
Mtrs.p.a. 0 |
0 |
Mtpa p.a. 0 |
Mtpa p.a. 36000 |
Mtpa p.a. 36000 |
Mtpa p.a. 36000 |
Mtpa p.a. 36000 |
Mtpa p.a. 36000 |
|
|
|
|
|
|
|
|
|
|
|
Installed Capacity / annum -
product |
Product Mix |
M.T.p.a. |
M.T.p.a. |
M.T.p.a. |
M.T.p.a. |
M.T.p.a. |
M.T.p.a. |
|
|
|
|
|
|
|
|
|
|
|
|
Rolled items |
100 % |
100 % |
0 |
36000 |
36000 |
36000 |
36000 |
36000 |
|
|
100 % |
|
0 |
36000 |
36000 |
36000 |
36000 |
36000 |
|
|
|
|
|
|
|
|
|
|
|
Capacity utilization |
|
|
100 % |
70 % |
80 % |
90 % |
100 % |
100 % |
|
|
|
|
|
|
|
|
|
|
|
Prominent products |
|
|
|
|
|
|
|
|
|
Rolled items |
|
|
0 |
25200 |
28800 |
32400 |
36000 |
36000 |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
0 |
25200 |
28800 |
32400 |
36000 |
36000 |
|
|
|
|
|
|
|
|
|
|
|
PARTICULARS |
|
|
|
No of months 12 |
No of months 12 |
No of months 12 |
No of months 12 |
No of months 12 |
|
|
|
|
|
|
|
|
|
|
|
Quantiry manufactured |
|
|
|
25200 |
28800 |
32400 |
36000 |
36000 |
|
Rolled items |
|
|
|
|
|
|
|
|
|
|
|
|
|
25200 |
28800 |
32400 |
36000 |
36000 |
|
Op. S. finished goods |
|
|
|
0 |
1800 |
2057 |
2314 |
2571 |
|
Cl. S. of finished goods |
|
|
|
1800 |
2057 |
2314 |
2571 |
2571 |
|
Stock available for sale |
|
|
|
25200 |
30600 |
34457 |
38314 |
38571 |
|
|
|
|
|
|
|
|
|
|
|
Quantity Sole |
|
|
|
23400 |
28543 |
32143 |
35743 |
36000 |
|
|
|
|
|
|
|
|
|
|
|
|
Rs. Pmt |
|
|
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
Sale |
31800 |
|
|
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
|
|
|
|
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
|
||||||||
|
Particulars |
Burning loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Opening Stock of Raw Material |
102.00 % |
|
|
0 |
2000 |
2286 |
2572 |
2857 |
|
Quantity Purchased |
|
|
|
27714 |
29676 |
33347 |
37020 |
36735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27714 |
31676 |
35633 |
39592 |
39592 |
|
|
|
|
|
|
|
|
|
|
|
Quantity Consumed |
|
|
|
25714 |
29390 |
33061 |
36735 |
36735 |
|
|
|
|
|
|
|
|
|
|
|
Closing Stock |
|
|
|
2000 |
2286 |
2572 |
2857 |
2857 |
|
|
|
|
|
|
|
|
|
|
|
Purchases |
Rs. Pmt |
|
|
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
28000 |
|
|
775.992 |
830.928 |
933.716 |
1036.560 |
1028.580 |
|
|
|
|
|
775.992 |
830.928 |
933.716 |
1036.560 |
1028.580 |
CONSUMPTION OF POWER AND FUEL AT MAXIMUM CAPACITY UTILIZATION
|
|
Rates |
|
|
Total Cost |
|
|
|
|
|
Electricity [Units] |
90 |
Units |
Total units |
2268000 |
2592000 |
2916000 |
3240000 |
3240000 |
|
Unit cost |
6 |
Per unit |
|
136.08 |
155.52 |
174.96 |
194.40 |
194.40 |
|
|
|
|
|
|
|
|
|
|
|
Fuel Oil No of Iiters |
12 |
Liters |
Total Liters |
302400 |
345600 |
388800 |
432000 |
432000 |
|
Rate |
27 |
Per liter |
|
81.65 |
93.31 |
104.98 |
116.64 |
116.64 |
|
|
|
|
|
|
|
|
|
|
|
Coal |
85 |
Kgs |
Total coal |
2142000 |
2448000 |
2754000 |
3060000 |
3060000 |
|
Rate |
4.7 |
Per kg |
|
100.67 |
115.06 |
129.44 |
143.82 |
143.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
318.40 |
363.89 |
409.37 |
454.86 |
454.86 |
|
|
Rate per MT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wages |
190 |
|
|
47.88 |
54.72 |
61.56 |
68.40 |
68.40 |
|
Salary |
85 |
|
|
21.42 |
24.48 |
27.54 |
30.60 |
30.60 |
|
Maintenance |
90 |
|
|
22.68 |
25.92 |
29.16 |
32.40 |
32.40 |
|
Store Rolls |
190 |
|
|
47.88 |
54.72 |
61.56 |
68.4 |
68.4 |
PROJECTED SALES
[Rs in Millions]
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
|
|
|
|
|
|
Local Sales |
|
|
|
|
|
|
Installed Capacity |
36000 |
36000 |
36000 |
36000 |
36000 |
|
Utilised Capacity |
70.00 % |
80.00 % |
90.00 % |
100.00 % |
100.00 % |
|
|
|
|
|
|
|
|
Quantity [Sold Excl. Fin Cl. Stk.] |
23400 |
28543 |
32143 |
35743 |
36000 |
|
|
|
|
|
|
|
|
Sales Value |
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
|
|
|
|
|
|
|
TOTAL SALES |
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
PROJECTED PURCHASE
[Rs in Millions]
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
Purchases |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quantity Purchased |
27714 |
29676 |
33347 |
37020 |
36735 |
|
|
|
|
|
|
|
|
Total purchases |
775.992 |
830.928 |
933.716 |
1036.560 |
1028.580 |
TOTAL COST
[Rs in Millions]
|
Particulars |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
201-13 |
|
|
|
|
|
|
|
|
Power |
13.608 |
15.552 |
17.496 |
19.440 |
19.440 |
|
|
|
|
|
|
|
|
Fuel |
18.245 |
20.851 |
23.458 |
26.064 |
26.064 |
|
|
|
|
|
|
|
|
Labour – Contractor |
4.788 |
5.472 |
6.156 |
6.840 |
6.840 |
|
|
|
|
|
|
|
|
Administrative Expenses |
2.142 |
2.448 |
2.754 |
3.060 |
3.060 |
|
|
|
|
|
|
|
|
End Cutting @ 2.5 % |
3.150 |
3.600 |
4.050 |
4.500 |
4.500 |
|
|
|
|
|
|
|
|
Maintenance |
2.268 |
2.592 |
2.916 |
3.240 |
3.240 |
|
|
|
|
|
|
|
|
Stores Rolls |
4.788 |
5.472 |
6.156 |
6.840 |
6.840 |
|
|
|
|
|
|
|
|
Brokerage |
2.520 |
2.880 |
3.240 |
3.600 |
3.600 |
|
|
|
|
|
|
|
|
Interest |
15.013 |
16.761 |
18.503 |
20.326 |
21.162 |
[Rs in Millions]
|
PARTICULARS |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
201-13 |
|
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
|
Opening Stock |
0 |
200.000 |
228.600 |
257.200 |
285.700 |
|
|
|
|
|
|
|
|
Add : Purchase Stock |
2771.400 |
2967.600 |
3334.700 |
3702.000 |
3673.500 |
|
|
|
|
|
|
|
|
|
2771.400 |
3167.600 |
3563.300 |
3959.200 |
3959.200 |
|
|
|
|
|
|
|
|
Less : Consumed |
2571.400 |
2939.000 |
3306.100 |
3673.500 |
3673.500 |
|
|
|
|
|
|
|
|
Closing Stock [RM] |
200.000 |
228.600 |
257.200 |
285.700 |
285.700 |
|
|
|
|
|
|
|
|
Finished Goods |
|
|
|
|
|
|
Opening
Stock |
0.000 |
180.000 |
205.700 |
231400 |
257.100 |
|
|
|
|
|
|
|
|
Add : Manufactured |
2520.000 |
2880.000 |
3240.000 |
3600.000 |
3600.000 |
|
|
|
|
|
|
|
|
QTY Available for Sale |
2520.000 |
3060.000 |
3445.700 |
3831.400 |
3857.100 |
|
|
|
|
|
|
|
|
Less : Sold |
2340.000 |
2854.300 |
3214.300 |
3574.300 |
3600.000 |
|
|
|
|
|
|
|
|
Closing Stock [FG] |
180.000 |
205.700 |
231.400 |
257.100 |
257.100 |
|
COST OF THE PROJECT |
Existing |
Addition |
Total |
|
|
|
|
|
|
Fixed Assets |
48.756 |
25.000 |
73.756 |
|
|
|
|
|
|
Current Assets |
18.490 |
0.000 |
18.490 |
|
|
|
|
|
|
Investment |
0.415 |
0.000 |
0.415 |
|
|
|
|
|
|
Pre-Operative Expenses [Pending Allocation] |
1.309 |
0.000 |
1.309 |
|
|
|
|
|
|
Margin Money For W.C. |
0.000 |
35.278 |
35.278 |
|
|
|
|
|
|
TOTAL |
68.970 |
60.278 |
129.248 |
|
|
|
|
|
|
MEANS OF FINANCE |
|
|
|
|
|
|
|
|
|
CAPITAL |
65.946 |
37.778 |
103.724 |
|
|
|
|
|
|
Current Liabilities |
[6.320] |
0.000 |
[6.320] |
|
|
|
|
|
|
Loan [Liabilities] |
9.344 |
12.500 |
21.844 |
|
|
|
|
|
|
Term Loan from Bank |
0.000 |
10.000 |
10.000 |
|
|
|
|
|
|
TOTAL |
68.970 |
60.278 |
129.248 |
DEBT – SERVICES COVERAGE RATIO
Rs in Millions
|
PARTICULARS |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
|
|
|
|
|
|
PROFIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add : Interest on Term Loan |
1.259 |
1.044 |
0.797 |
0.514 |
0.193 |
|
Add : Depreciation |
10.275 |
8.767 |
7.483 |
6.388 |
5.455 |
|
Add : Dividend |
|
2.000 |
3.000 |
4.000 |
4.000 |
|
Add : Provision for Tax |
|
1.496 |
2.064 |
2.654 |
4.148 |
|
|
|
|
|
|
|
|
Total |
11.534 |
13.307 |
13.344 |
13.556 |
13.796 |
|
|
|
|
|
|
|
|
Installments |
1.503 |
1.717 |
1.964 |
2.247 |
2.570 |
|
Add : Interest |
1.259 |
1.044 |
0.797 |
0.514 |
0.193 |
|
|
|
|
|
|
|
|
Total |
2.762 |
2.761 |
2.761 |
2.761 |
2.763 |
|
|
|
|
|
|
|
|
Ratio = A/B |
4.18 |
4.82 |
4.83 |
4.91 |
4.99 |
|
Average Ratio |
4.75 |
|
|
|
|
INTEREST COVERAGE RATIO
|
PARTICULARS |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
|
|
|
|
|
|
|
|
NET PROFIT BEFORE |
14.176 |
25.399 |
30.098 |
34.997 |
43.304 |
|
INTEREST AND TAX |
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST ON LONG TERM LOAN |
1.259 |
1.044 |
0.797 |
0.514 |
0.193 |
|
|
|
|
|
|
|
|
INTEREST COVERAGE RATIO |
11.26 |
24.33 |
37.76 |
68.09 |
224.37 |
OPERATING STATEMENT
Rs in Millions
|
Particulars |
Provisional |
Projected |
|||
|
|
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
|
|
|
|
|
|
GROSS SALES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Sales |
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
Export Sales |
- |
- |
- |
- |
- |
|
Total |
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
LESS EXCISE DUTY |
|
|
|
|
|
|
Net sales |
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
% Age Rise [+]/[-] in Net sales as compared
to Previous Year |
|
2.198 |
1.261 |
1.120 |
0.072 |
|
Cost of Sales |
|
|
|
|
|
|
Raw materials [including stores and other
items used in manufacture] |
|
|
|
|
|
|
Imported |
-- |
-- |
-- |
-- |
-- |
|
Indigenous |
775.992 |
830.928 |
933.716 |
1036.580 |
1028.580 |
|
Other Spares |
|
|
|
|
|
|
Imported |
-- |
-- |
-- |
-- |
-- |
|
Indigenous |
-- |
-- |
-- |
-- |
-- |
|
Power and Fuel |
31.853 |
36.403 |
40.954 |
45.504 |
45.504 |
|
Direct Labour |
4.788 |
5.472 |
6.156 |
6.840 |
6.840 |
|
Other manufacturing Expenses |
10.206 |
11.664 |
13.122 |
14.580 |
14.580 |
|
Depreciation |
10.275 |
8.767 |
7.483 |
6.388 |
5.455 |
|
Sub Total |
833.114 |
893.234 |
1001.431 |
1109.892 |
1100.959 |
|
Add : Opening stock work in progress |
13.519 |
69.519 |
77.527 |
85.507 |
93.515 |
|
Sub Total |
846.633 |
962.753 |
1078.958 |
1195.399 |
1194.474 |
|
Deduct : Closing work in Progress |
69.519 |
77.527 |
85.507 |
93.515 |
93.515 |
|
COST OF PRODUCTION |
777.114 |
885.226 |
993.451 |
1101.884 |
1100.959 |
|
Add : Opening Stock of Finished Goods |
-- |
56.160 |
64.178 |
72.197 |
80.215 |
|
Sub Total |
777.114 |
941.386 |
1057.629 |
1171.081 |
1181.174 |
|
Less : Closing Sock of Finished Goods |
56.160 |
64.178 |
72.197 |
80.215 |
80.215 |
|
Sub Total [Cost of sales] |
720.954 |
877.208 |
985.432 |
1093.866 |
1100.959 |
|
Selling General and Administrative Expenses |
4.662 |
5.328 |
5.994 |
6.660 |
6.660 |
|
Sub Total |
725.616 |
882.536 |
991.426 |
1100.526 |
1107.619 |
|
Operating Profit Before Interest |
18.504 |
25.131 |
30.721 |
36.101 |
37.181 |
|
Interest |
15.013 |
16.714 |
18.503 |
20.326 |
21.160 |
|
Operating Profit After Interest |
3.491 |
8.417 |
12.218 |
15.775 |
16.021 |
|
Add : Other Non-Operating Income |
|
|
|
|
|
|
Licence Premium |
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Sub total [Income] |
|
|
|
|
|
|
Deduct : Other Non – Operating Expenses |
|
|
|
|
|
|
Licence Premium |
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Sub Total [Expenses] |
|
|
|
|
|
|
Net of other Non – Operating Income /
Expenses |
|
|
|
|
|
|
Profit Before Tax / Loss |
3.491 |
8.417 |
12.218 |
15.775 |
16.021 |
|
Provision for Taxes |
1.000 |
2.500 |
3.600 |
4.700 |
4.800 |
|
Net Profit / Loss |
2.491 |
5.971 |
8.618 |
11.075 |
11.221 |
|
Equity Dividend Paid – Amount |
|
|
|
|
|
|
Dividend Rate |
|
|
|
|
|
|
Retained Profit |
2.491 |
5.917 |
8.618 |
11.075 |
11.221 |
|
Retained Profit / Net Profit [%age] |
100.00 |
100.00 |
100.00 |
100.00 |
100.00 |
ANALYSIS OF BALANCE SHEET
Rs in Millions
|
Particulars |
Provisional |
Projected |
|||
|
|
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
CURRENT LIABILITIES |
|
|
|
|
|
|
01 Short – Term borrowings from banks [including bill
purchased, discounted and excess borrowings placed on repayment basis] |
|
|
|
|
|
|
From Applicant Bank |
1.503 |
1.717 |
1.964 |
2.247 |
2.547 |
|
Working Capital Borrowing |
105.800 |
120.952 |
136.140 |
152.491 |
161.286 |
|
[Of Which BP and BP] |
-- |
-- |
-- |
-- |
-- |
|
Sub Total [A] |
107.303 |
122.669 |
138.104 |
154.738 |
163.833 |
|
|
|
|
|
|
|
|
02 Short Term Borrowings from others |
|
|
|
|
|
|
03 Sundry creditors [Trade] |
|
|
|
|
|
|
04 Advance payments from customers / Deposits from
dealers |
|
|
|
|
|
|
05 Provision for tax [net of Tax paid] |
|
1.728 |
2.319 |
2.934 |
4.428 |
|
06 Dividend and Dividend Tax payable |
|
|
|
|
|
|
07 other statutory liabilities [due within one year] |
|
|
|
|
|
|
08 Deposits / Installments of term loans / DPGs /
debentures, etc [due within one year] |
|
|
|
|
|
|
09 Other current liabilities and provisions [due within
one year] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub
– Total [B] |
|
1.728 |
2.319 |
2.934 |
4.428 |
|
Total Current Liabilities |
107.303 |
124.397 |
140.423 |
157.672 |
168.261 |
|
|
|
|
|
|
|
|
10 TERM LIABILITIES [Total of 1 to 9] |
|
|
|
|
|
|
|
|
|
|
|
|
|
11 Debentures [not maturing within one year] |
|
|
|
|
|
|
12 Preference Shares [Redeemable after 1 year] |
|
|
|
|
|
|
13 Term loans [excluding installments payable within
one year] |
6.995 |
5.064 |
2.852 |
0.322 |
-- |
|
14 Deferred Sales Tax / Deferred Loan Deferred Payment
Credit [Excluding installments due within one year] |
|
|
|
|
|
|
15 Term deposit [repayable after one year] |
|
|
|
|
|
|
16 other Term Liabilities |
61.836 |
61.836 |
61.836 |
61.836 |
61.836 |
|
17 TOTAL TERM LIABILITIES [Total of 11 to 16] |
68.831 |
66.900 |
64.688 |
62.158 |
61.836 |
|
18 TOTAL OUTSIDE LIABILITIES [10 + 17] |
176.134 |
191.297 |
205.111 |
219.860 |
230.097 |
|
|
|
|
|
|
|
|
NET WORTH |
|
|
|
|
|
|
19 Partner’s Capital Account |
65.946 |
63.732 |
63.732 |
63.732 |
63.732 |
|
20 General Reserve |
|
|
|
|
|
|
21 Revaluation Reserve |
|
|
|
|
|
|
22 Other Reserves [Excluding provisions] |
|
|
|
|
|
|
23 Surplus [+] or deficit [-] in Profit and Loss Account |
2.491 |
8.408 |
17.026 |
28.101 |
39.322 |
|
|
|
|
|
|
|
|
Less : Drawings |
|
|
|
|
|
|
|
|
|
|
|
|
|
24 NET WORTH [19+23] |
66.223 |
72.140 |
80.758 |
91.833 |
103.054 |
|
25 TOTAL LIABILITIES [18+24] |
242.357 |
263.437 |
285.869 |
311.663 |
333.151 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
26 Cash and Bank Balance |
37.060 |
47.474 |
59.005 |
72.776 |
99.549 |
|
27 Investments [Other than long term investments]
Government and other Trustee securities |
|
|
|
|
|
|
I] Fixed deposit with bank |
0.415 |
0.415 |
0.415 |
0.415 |
0.415 |
|
II] Share with Co-operative Bank |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
28 I] Receivables other than deferred and exports
[Including bills purchased and discounted by banks] |
15.503 |
18.910 |
21.295 |
23.680 |
23.850 |
|
II] Export receivables [Including bills purchased /
discounted by banks] |
|
|
|
|
|
|
29 Instalments of Deferred receivables [due within
one year] |
|
|
|
|
|
|
30 Inventory |
|
|
|
|
|
|
I] Raw materials [Including stores and other items used in
the process of manufacture] |
|
|
|
|
|
|
Imported |
|
|
|
|
|
|
Indigenous |
|
|
|
|
|
|
II] Stock – in – process |
69.519 |
77.527 |
85.507 |
93.515 |
93.515 |
|
II] Finished Goods |
56.160 |
64.178 |
72.197 |
80.215 |
80.215 |
|
IV] Other consumable spares |
|
|
|
|
|
|
Imported |
|
|
|
|
|
|
Indigenous |
|
|
|
|
|
|
31 Advances recordable in Cash or kind |
|
|
|
|
|
|
32 Advance payment of taxes [NET] |
|
|
|
|
|
|
33 Excise and Sales Tax Refund |
|
|
|
|
|
|
Other current assets |
0.219 |
0.219 |
0.219 |
0.219 |
0.219 |
|
34 TOTAL CURRENT ASSETS [Total of 26 to 33] |
178.876 |
208.723 |
238.638 |
270.820 |
297.763 |
|
FIXED ASSETS |
|
|
|
|
|
|
35 Gross Block |
73.756 |
73.756 |
73.756 |
73.756 |
73.756 |
|
36. Depreciation to date |
10.275 |
19.042 |
26.525 |
32.913 |
38.368 |
|
|
|
|
|
|
|
|
37 NET BLOCK [35-36] |
63.481 |
54.714 |
47.231 |
40.843 |
35.388 |
|
|
|
|
|
|
|
|
OTHER NON – CURRENT ASSETS |
|
|
|
|
|
|
38 Investments / book / debts / advances / deposits which
are not Current Assts |
|
|
|
|
|
|
I] [a] Others Investments in Subsidiary |
|
|
|
|
|
|
[b] Others companies / affiliates |
|
|
|
|
|
|
II] Advances to suppliers of capital goods and contractors
|
|
|
|
|
|
|
III} Deferred receivables [maturity exceeding one year] |
|
|
|
|
|
|
IV] Others |
|
|
|
|
|
|
39 Non consumables Stores and Spares |
|
|
|
|
|
|
40 Other non – current assets including dues from
directors |
|
|
|
|
|
|
|
|
|
|
|
|
|
41 TOTAL OTHER NON – CURRENT ASSETS [total of 38 to 40] |
|
|
|
|
|
|
42 Intangible assets [Patents, goodwill, prelim, expenses,
bad / doubtful debts Not provided for etc.] |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS [Total of 34, 37, 41 and 42] |
242.357 |
263.437 |
285.869 |
311.663 |
333.151 |
|
TANGIBLE NET WORTH [24-42] |
42.349 |
48.266 |
56.884 |
67.959 |
79.180 |
|
NET WORKING CAPITAL [(17+24)-(37+41+42)] |
71.573 |
84.326 |
98.215 |
113.148 |
129.502 |
|
Current Ratio [34/10] |
0.167 |
0.168 |
0.170 |
0.172 |
0.177 |
|
Total Outside Liability / Tangible Net Worth [18/44] |
0.472 |
0.446 |
0.403 |
0.359 |
0.321 |
|
Additional Information |
|
|
|
|
|
MINIMUM PERMISSIBLE BANK FINANCE
Rs in Millions
|
Particulars |
Provisional |
Projected |
|||
|
|
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
|
|
|
|
|
|
1. Total Current Assets |
178.876 |
208.723 |
238.638 |
270.820 |
297.763 |
|
2. Other Current Liabilities [Other Than Bank Borrowing] |
-- |
1.728 |
2.319 |
2.934 |
4.428 |
|
3. Working Capital Gap |
178.876 |
206.995 |
236.319 |
267.886 |
293.335 |
|
4. Minimum Stipulated Net Working Capital [25 % of Total
Current Assets Excluding Export Receivables] |
44.719 |
52.181 |
59.660 |
67.705 |
74.441 |
|
5. Actual / Projected Net Working Capital |
71.573 |
84.326 |
98.215 |
113.148 |
129.502 |
|
6. [Item3- Item4] |
134.157 |
154.814 |
176.659 |
200.181 |
218.894 |
|
7. [Item3- Item5] |
107.303 |
122.669 |
138.104 |
154.738 |
163.833 |
|
8. Maximum Permission Bank Finance [Lower of 6 to 7] |
107.303 |
122.669 |
138.104 |
154.738 |
163.833 |
|
|
|
|
|
|
|
|
AS PER NAYAK COMMITTEE |
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Projected Turnover |
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
2. Net Working Capital Assets |
178.876 |
208.723 |
238.638 |
270.820 |
297.763 |
|
3. Acceptable Sale |
744.120 |
907.667 |
1022.147 |
1136.627 |
1144.800 |
|
4. 25 % of Acceptable Sale |
186.030 |
226.917 |
255.537 |
284.157 |
286.200 |
|
5. Margin 5 % of Sale
|
37.206 |
45.383 |
51.107 |
56.831 |
57.240 |
|
6. Available Margin [2-5] |
141.670 |
163.340 |
187.531 |
213.989 |
240.523 |
|
7. 4-5 |
148.824 |
181.534 |
204.430 |
227.326 |
228.960 |
|
8. 4-6 |
44.360 |
63.577 |
68.006 |
70.168 |
45.677 |
|
9. MPBF [7 or 8 whichever is higher] |
147.724 |
181.534 |
204.430 |
227.326 |
228.960 |
|
|
|
|
|
|
|
|
Calculation of Drawing Power at 31.03.2009 |
Bank Finance |
|
|
|
|
|
|
|
|
|
|
|
|
1. Raw Material |
|
|
|
|
|
|
Stock in Process |
69.519 |
-- |
-- |
-- |
-- |
|
Finished Goods |
56.160 |
-- |
-- |
-- |
-- |
|
Other Consumable Spares |
-- |
|
|
|
|
|
Receivables |
15.503 |
-- |
-- |
-- |
-- |
|
Total |
141.182 |
-- |
-- |
-- |
-- |
|
2. Creditor for Purchases |
-- |
|
|
|
|
|
3. Paid Stock (1[Cost] -2) |
141.182 |
-- |
-- |
-- |
-- |
|
4. Advance Value [1 (Cost after Margin)-2] |
141.182 |
-- |
-- |
-- |
-- |
|
5. Limit Sanctioned |
-- |
|
|
|
|
FUND FLOW STATEMENT
Rs in millions
|
Particulars |
Provisional |
Projected |
|||
|
|
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
|
|
|
|
|
|
SOURCES |
|
|
|
|
|
|
[a] Net Profit [after tax] |
2.491 |
5.917 |
8.618 |
11.075 |
11.221 |
|
[b] Depreciation |
10.275 |
8.767 |
7.483 |
6.388 |
5.455 |
|
[c] Increase in [i] Partner’s Capital |
37.778 |
-- |
-- |
-- |
-- |
|
[d] Increase in Term Liabilities, Including in Public Depositors |
83.361 |
-- |
-- |
-- |
-- |
|
[e] Decrease in |
|
|
|
|
|
|
[i] Fixed Assets |
|
|
|
|
|
|
[ii]Other Non-Current Assets |
1.39 |
-- |
-- |
-- |
-- |
|
Others |
-- |
-- |
11.111 |
12.231 |
12.860 |
|
Total |
135.214 |
14.684 |
27.212 |
29.694 |
50.536 |
|
|
|
|
|
|
|
|
2 USES [a] Net Loss |
|
|
|
|
|
|
[b] Decrease in Term Liabilities [Including A Closely Held Public
Limited Liability Company Deposits] |
|
1.931 |
2.212 |
2.530 |
0.322 |
|
[c] Increase in |
|
|
|
|
|
|
Other Non Current Assets |
|
|
|
|
|
|
Fixed Assets [Net] |
25.00 |
25.000 |
-- |
-- |
-- |
|
[d] Dividend |
-- |
-- |
-- |
-- |
-- |
|
[e] Others |
42.808 |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
[f] Total |
67.808 |
26.931 |
2.212 |
2.530 |
0.322 |
|
|
|
|
|
|
|
|
3 Long – Term Surplus [+] / Deficit [-] [Item 1 minus Item
2] |
67.406 |
[12.247] |
25.000 |
27.164 |
50.214 |
|
|
|
|
|
|
|
|
4 Increase / Decrease in Current Assets [As per details
given below] |
159.971 |
29.847 |
29.915 |
32.182 |
26.943 |
|
|
|
|
|
|
|
|
5 Increase / Decrease in Current Liabilities other than
bank borrowings. |
6.320 |
1.728 |
0.591 |
0.615 |
1.494 |
|
|
|
|
|
|
|
|
6 Increase / Decrease in Working Capital Gap |
153.651 |
28.119 |
29.324 |
31.567 |
25.449 |
|
|
|
|
|
|
|
|
7 Net Surplus [+] / Deficit [-] [Difference of 3 & 6] |
[86.245] |
[40.366] |
[4.324] |
[4.403] |
24.765 |
|
|
|
|
|
|
|
|
8 Increase / Decrease in Bank Borrowings |
107.303 |
15.366 |
15.435 |
16.634 |
9.095 |
|
|
|
|
|
|
|
|
9 INCREASE / DECREASE IN NET SALES |
744.120 |
163.547 |
114.480 |
114.480 |
8.173 |
|
|
|
|
|
|
|
|
BREAK UP OF [4] |
|
|
|
|
|
|
[i] Increase / Decrease in raw Materials |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
[ii] Increase / Decrease stock – in – process |
56.000 |
8.008 |
7.980 |
8.008 |
-- |
|
|
|
|
|
|
|
|
[iii] Increase / Decrease in Finished goods |
56.160 |
8.018 |
8.019 |
8.018 |
|
|
|
|
|
|
|
|
|
[i] Increase / Decrease in Receivables |
|
|
|
|
|
|
[a] Domestic |
15.583 |
3.407 |
2.385 |
2.385 |
0.170 |
|
[b] Exports |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
[v] Increase / Decrease in Store and Spares |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
[vi] Increase / Decrease in other Current Assets |
32.228 |
10.414 |
11.531 |
13.771 |
26.773 |
|
|
|
|
|
|
|
|
Total |
159.971 |
29.847 |
29.915 |
32.182 |
26.943 |
RATIO
|
Particulars |
Provisional |
Projected |
|||
|
|
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
|
|
|
|
|
|
Performance
/ Financial Ratio |
|
|
|
|
|
|
Liquidity
Ratios |
|
|
|
|
|
|
a)
Current Ratio |
1.67 |
1.68 |
1.70 |
1.72 |
1.77 |
|
b)
Quick Ratio |
0.50 |
0.54 |
0.58 |
0.62 |
0.74 |
|
c)
Quick Ratio [CL – Short Term Bank Loan] |
-- |
38.78 |
34.90 |
33.09 |
28.01 |
|
d)
Net Working Capital |
715.73 |
843.26 |
982.15 |
1131.48 |
1295.02 |
|
Efficiency
Ratios |
|
|
|
|
|
|
a)
Assets Turnover Ratio |
|
|
|
|
|
|
b)
Inventory Turnover Ratio [in Days] |
3.07 |
3.45 |
3.58 |
3.65 |
3.44 |
|
c)
Debtors Turnover [in Days] |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
|
d)
Creditors Turnover [In Days] |
|
|
|
|
|
|
Solvency
Ratio |
|
|
|
|
|
|
a)
Debt – Equity Ratio |
2.19 |
1.88 |
1.56 |
1.27 |
1.08 |
|
b)
Total Ineptness Ratio |
4.72 |
4.46 |
4.03 |
3.59 |
3.21 |
|
c)
Insolvency Ratio |
|
|
|
|
|
|
Coverage
Ratios |
|
|
|
|
|
|
a)
Debt – services Coverage Ratio |
5.08 |
5.70 |
6.12 |
6.51 |
6.11 |
|
b)
Interest Coverage Ratio |
14.70 |
24.07 |
38.55 |
70.24 |
192.65 |
|
c)
Fixed Assets Coverage Ratio |
0.29 |
0.46 |
0.65 |
0.88 |
1.05 |
|
d)
Liquidity Coverage Ratio [in Days] |
-- |
-- |
-- |
-- |
|
|
e)
Commitment Ratio |
|
|
|
|
|
|
Profitability
Ratio |
|
|
|
|
|
|
a)
Profit Margin [Before Tax] |
0.47 |
0.93 |
1.20 |
1.39 |
1.40 |
|
b)
Profit Margin [After Tax] |
0.33 |
0.65 |
0.84 |
0.97 |
0.98 |
|
c)
Operating Profit Ratio |
2.49 |
2.77 |
3.01 |
3.18 |
3.25 |
|
d)
Return on Share Holder Fund [Before Tax] |
8.24 |
17.44 |
21.48 |
23.21 |
20.23 |
|
e)
Return of Share Holder Fund [After Tax] |
5.88 |
12.26 |
15.15 |
16.30 |
14.17 |
|
f)
Earning Per Share |
|
|
|
|
|
|
g)
Price Earning Ratio |
|
|
|
|
|
|
h)
Return on Investment |
3.52 |
6.80 |
8.95 |
10.58 |
9.83 |
|
i)
Return on Capital Employed |
5.88 |
12.26 |
15.15 |
16.30 |
14.17 |
|
j)
Dividend Yield |
|
|
|
|
|
|
k)
Pay Out Ratio |
|
|
|
|
|
|
Other
Ratios |
|
|
|
|
|
|
a)
Capital Employed per Employee |
|
|
|
|
|
|
b)
Credit Gering Ratio |
-- |
-- |
-- |
-- |
-- |
|
c)
Debt Quasi Equity Ratio |
1.34 |
1.42 |
1.44 |
1.43 |
1.38 |
|
d)
Gross Profit Ratio |
3.11 |
3.36 |
3.59 |
3.76 |
3.83 |
|
e)
Intt./ Cost of Production |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
|
f)
Total Current Assets / Sales [in Time] |
0.24 |
0.23 |
0.23 |
0.24 |
0.26 |
KUNAL ISPAT AND ALLIED INDUSTRIES LIMITED
BALANCE SHEET
Rs in Millions
|
SOURCES OF FUNDS |
|
|
31.03.2008 [Provisional] |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
9.593 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
5.381 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
14.974 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
58.663 |
|
|
2] Unsecured Loans |
|
|
55.715 |
|
|
TOTAL BORROWING |
|
|
114.378 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1.842 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
131.194 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
40.457 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1.099 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
63.979 |
|
|
Sundry Debtors |
|
|
26.060 |
|
|
Cash & Bank Balances |
|
|
0.757 |
|
|
Other Current Assets |
|
|
0.383 |
|
|
Loans & Advances |
|
|
2.501 |
|
Total
Current Assets |
|
|
93.680 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
4.042 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
4.042 |
|
|
Net Current Assets |
|
|
89.638 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
131.194 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2008 [Provisional] |
|
|
|
|
|
|
|
|
Sales Turnover |
|
|
619.373 |
|
|
Total Income |
|
|
619.373 |
|
|
|
|
|
|
|
|
Net Profit |
|
|
5.382 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
563.073 |
|
|
Directors Remuneration |
|
|
0.480 |
|
|
Interest |
|
|
1.315 |
|
|
Bank Interest |
|
|
4.075 |
|
|
Insurance Expenses |
|
|
0.542 |
|
|
Depreciation & Amortization |
|
|
5.559 |
|
|
Other Expenditure |
|
|
38.947 |
|
Total Expenditure |
|
|
613.991 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 [Provisional] |
|
PAT / Total Income |
(%) |
|
|
0.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
4.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
7.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
23.18 |
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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|