MIRA INFORM REPORT
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Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GALLANTT METAL LIMITED |
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Registered Office : |
11, Crooked Lane, Second Floor, Kolkata 700069, West |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.02.2005 |
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Com. Reg. No.: |
101553 |
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CIN No.: [Company
Identification No.] |
L27109WB2005PLC101553 |
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IEC No.: |
0205004733 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTG00912C |
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PAN No.: [Permanent
Account No.] |
AACCG2934J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
Stock exchange. |
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Line of Business : |
Manufacturers of Sponge
Iron, M. S. Billets and Re-Rolled Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6530000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
11, Crooked Lane, Second Floor, Kolkata 700069, West |
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Tel. No.: |
91-33-22312429 |
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E-Mail : |
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Website : |
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Factory 1: |
Survey # 175/1, Near Toll Gate, Samakhiyali, Tal Bhachau, |
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Factory 2 : |
Near Toll Gate,
Village Samakhyali, Taluka Bhachau, Kutch, |
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Tel. No.: |
91-2387-283555/ 238557 |
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Fax No.: |
91-2387-267307 /
283690 |
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E-Mail : |
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Branch Office: |
Sidhi Vinayak,
101 Ward, 10 BC, Opposite IFFCO Colony, Gandhidham – 370201, |
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Tel. No.: |
91-2836-395626 |
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Fax No.: |
91-2836-235787 |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Chandra Prakash Agarwal |
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Designation : |
Chairman cum Managing Director |
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Name : |
Mr. Dinesh R Agarwal |
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Designation : |
Whole time Director |
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Name : |
Mr. Nitin M Kandoi |
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Designation : |
Whole Time Director |
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Name : |
Mr. Maheshkumar Hukmichand Gupta |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rajesh Kumar Jain |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Manish Pukhraj Jajoo |
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Designation : |
Non-Executive Independent Director |
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Name : |
Mr. Virendra Kumar Keshari |
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Designation : |
Non-Executive Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Upaddhyaya |
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Designation : |
Company Secretary |
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Audit Committee: |
Ø
Mr. Virendra Kumar Keshari – Chairman Ø
Mr. Rajesh Kumar Jain Ø
Mr. Jyotirindra Nath Dey |
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Share Transfer and Shareholders’ / Investors Grievance Committee: |
Ø
Mr. Rajesh Kumar Jain – Chairman Ø
Mr. Virendra Kumar Keshari Ø
Mr. Jyotirindra Math Dey |
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Remuneration Committee: |
Ø
Mr. Jyotirindra Nath Dey – Chairman Ø
Mr. Virendr Kumar Keshari Ø
Mr. Rajesh Kumar Kain |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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3,552,814 |
4.37 |
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39,201,625 |
48.21 |
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42,754,439 |
52.57 |
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Total shareholding of Promoter and Promoter Group (A) |
42,754,439 |
52.57 |
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(B) Public Shareholding |
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5,000,000 |
6.15 |
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5,000,000 |
6.15 |
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23,336,504 |
28.70 |
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5,066,101 |
6.23 |
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3,802,810 |
4.68 |
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1,362,470 |
1.68 |
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511,730 |
0.63 |
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5,000 |
0.01 |
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845,740 |
1.04 |
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33,567,885 |
41.28 |
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Total Public shareholding (B) |
38,567,885 |
47.43 |
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Total (A)+(B) |
81,322,324 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
81,322,324 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Sponge Iron, M. S. Billets and Re-Rolled Products. |
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Products : |
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PRODUCTION STATUS
As on 31.03.2010
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Sponge Iron |
MT |
99000 |
86317.00 |
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M.S. Billet |
MT |
176420 |
157908.734 |
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M.S. Bar |
MT |
168300 |
81164.670 |
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Misroll Bar |
MT |
-- |
1610.335 |
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Power * (In KWH) |
MW |
25 |
168811.100 |
GENERAL INFORMATION
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Bankers : |
Ø State Bank of Ø UCO Bank, Plot No. 6-8-7, Sector 9,
Gandhidham, Kutch District - 370 201, Ø State Bank of Patiala, Vasupujya Chambers,
Near Income Tax, Ashram Road, Ahmedabad, Gujarat, India Ø State Bank of Travancore, Ground Floor,
Kaivanna, Ambavadi, Ellisbridge P. O., Ahmedabad – 380008, Gujarat, India Ø State bank of Ø State Bank of Ø State Bank of Indore, Commercial Branch,
Mittal Court, "B" Wing, Ground Floor, Nariman Point, Mumbai –
400021, Maharashtra, India Ø Bank of Baroda, CFS Branch, 2nd Floor, 57,
Shrimali Society, Navrangpura, Ahmedabad – 380006, Gujarat, India Ø ICICI Bank, Rasoi Court, 20, R. L.
Mukharjee Road, Kolkata – 700001, West Bengal, India Ø HDFC Bank, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A K Meharaja and Associates Chartered Accountant |
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Associates : |
Ø
Gallant Udyog Limited Address: Bargadwa – Vikas Marg, Gorakhpur-273007, Tel No.: 91-551-2260244 Fax No.: 91-551-2261154 E Mail;’ gil@gallantt.com Ø
Gallang Ispat Limited Address: Gallant Estate, AL-5, Sector -23, GIDA, Sahjanwa, Gorekhpur, Tel No: 91-551-2700300 E mail: gil@gallantt.com Ø
Ganesh Laxmi Processors Private Limited Ø
Hipoline Commerce Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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83000000 |
Equity Shares |
Rs. 10/- each |
Rs. 830.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
81322324 |
Equity Shares |
Rs. 10/-
each |
Rs. 813.223
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
813.223 |
813.223 |
763.223 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
819.613 |
584.125 |
337.775 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1632.836 |
1397.348 |
1100.998 |
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LOAN FUNDS |
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1] Secured Loans |
1415.217 |
1389.158 |
1515.181 |
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2] Unsecured Loans |
191.709 |
122.436 |
85.000 |
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TOTAL BORROWING |
1606.926 |
1511.594 |
1600.181 |
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DEFERRED TAX LIABILITIES |
166.713 |
104.067 |
64.207 |
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TOTAL |
3406.475 |
3013.009 |
2765.386 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2264.835 |
2293.400 |
2068.686 |
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Capital work-in-progress |
7.744 |
105.699 |
271.923 |
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INVESTMENT |
86.519 |
86.519 |
0.000 |
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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 |
435.635
|
359.434
|
291.266 |
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Sundry Debtors |
181.532
|
104.430
|
236.382 |
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Cash & Bank Balances |
78.583
|
110.381
|
110.662 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
788.909
|
428.201
|
267.569 |
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Total
Current Assets |
1484.659
|
1002.446
|
905.879 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
248.837
|
353.533
|
391.661 |
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Current Liabilities |
41.209
|
43.893
|
37.810 |
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Provisions |
152.152
|
87.402
|
66.110 |
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Total
Current Liabilities |
442.198
|
484.828
|
495.581 |
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Net Current Assets |
1042.461
|
517.618
|
410.298 |
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MISCELLANEOUS EXPENSES |
4.916 |
9.773 |
14.479 |
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TOTAL |
3406.475 |
3013.009 |
2765.386 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
4331.159 |
4411.122 |
3866.887 |
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Other Income |
11.612 |
23.679 |
14.055 |
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TOTAL (A) |
4342.771 |
4434.801 |
3880.942 |
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Less |
EXPENSES |
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|
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Employee Cost |
50.498 |
45.916 |
37.223 |
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Manufacturing Expenses |
218.318 |
291.215 |
260.368 |
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Administrative Expenses |
154.060 |
197.536 |
118.264 |
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Raw Material Consumed |
3302.426 |
3390.323 |
2821.419 |
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|
Increase/(Decrease) in Finished Goods |
(39.788) |
(2.508) |
[14.214] |
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Preliminary Expenses written off |
4.856 |
4.856 |
4.826 |
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|
Excise duty and cess on stock |
5.119 |
(4.033) |
0.000 |
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TOTAL (B) |
3695.489 |
3923.305 |
3227.886 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
647.282 |
511.496 |
653.056 |
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Less |
FINANCIAL
EXPENSES (D) |
140.062 |
181.696 |
169.139 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
507.220 |
329.802 |
483.917 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
147.956 |
124.796 |
116.307 |
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PROFIT BEFORE
TAX (E-F) (G) |
359.264 |
205.006 |
367.610 |
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Less |
TAX (H) |
123.776 |
63.656 |
59.720 |
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PROFIT AFTER TAX
(G-H) (I) |
235.488 |
141.350 |
307.890 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
479.125 |
337.775 |
29.885 |
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BALANCE CARRIED
TO THE B/S |
714.613 |
479.125 |
337.775 |
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Earnings Per
Share (Rs.) |
2.90 |
1.74 |
4.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1286.080 |
1307.280 |
1469.540 |
|
Total Expenditure |
1165.200 |
1197.630 |
1372.720 |
|
PBIDT (Excl OI) |
120.880 |
109.650 |
96.820 |
|
Other Income |
7.850 |
12.960 |
9.830 |
|
Operating Profit |
128.720 |
122.600 |
106.650 |
|
Interest |
31.240 |
34.680 |
26.770 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
97.480 |
87.920 |
79.880 |
|
Depreciation |
38.690 |
39.310 |
39.180 |
|
Profit Before Tax |
58.790 |
48.610 |
40.710 |
|
Tax |
11.720 |
9.690 |
8.110 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
47.080 |
38.920 |
32.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
47.080 |
38.920 |
32.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.42
|
3.19
|
7.93 |
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.29
|
4.65
|
9.51 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.58
|
6.22
|
12.36 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.15
|
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.35
|
1.43
|
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.35
|
2.04
|
1.83 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE REVIEW
During the year
the Company has reported a turnover of Rs. 4331.159 millions. The operating
profit stood at Rs. 652.138 millions. The Profit before Tax (PBT) stood at Rs.
359.264 millions and Profit after Tax (PAT) remains Rs. 235.489 millions which
is respectively high by 75% and 67% in comparison to the PBT and PAT of last
fiscal year 2008-09. During the current Financial year, the Company took
various strategic initiatives to improve its volumes and profitability, which
helped the Company to post an impressive performance for the year. The
Directors are pleased to report an excellent performance of the Company in
terms of both financial and operational performance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Business
Environment
The world economy
has been through a severe recession, the worst in the last 70 years, marked by
financial turmoil, large scale destruction of wealth, and declines in global
output and trade. Fiscal 2009-10 witnessed the turbulence pain and panic from
the unprecedented Economic and Financial Crisis adversely impacting the Global
Economic growth. Global economic conditions appear to have improved on the back
of co-ordinated fiscal and monetary policy measures taken by governments and
central banks across the world. Even though the outlook for global growth has
improved, the world is wary of a double dip, given the several risks and
uncertainties that still persist and possibility of sovereign defaults continue
to haunt the world in the near term. The IMF estimates suggest a positive
economic rebound in 2010 with the Global economy registering a 4.2% growth;
Advanced economies and the Emerging world growing by 2.3% & 6.3%
respectively. Further, the WTO projects world trade to expand by 9.5% with the
Advanced world growing by 7.5% and the Emerging world by 11%. Today,
Industry Outlook
The Global as well
as Indian Steel Industry witnessed an unprecedented downturn in 2009. Advanced
economies
buckled under
pressure of large inventories coupled with stand still demand; the rest of the
world (excluding
The Company is
engaged in the production of steel and steel products. (TMT Bars, Billets,
Ingots etc.). There is good potential for the Company, as in the western region
there is substantial gap between demand and supply of finished steel and the
Company has also expanded its market to sell production within the state of
Gujarat,
Future Outlook
Steel Industry in
Fixed Assets:
Ø Land
Ø Building
Ø Plant and Machinery
Ø Miscellaneous Fixed Assets
Ø Computer
Ø Furniture and Fixture
Ø Office Equipments
Ø Vehicles
Ø C.I. Mould
Ø Rolls
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 records 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.44.20 |
|
|
1 |
Rs.72.26 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.