MIRA
INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
TOPWORTH URJA AND METALS LIMITED (w.e.f. 29.06.2010) |
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Formerly Known
As : |
SHREE VIRANGANA STEELS LIMITED |
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Registered
Office : |
4, Ground Floor, Raheja Centre, 214, Free Press J, Ournal Marg,
Nariman Point, Mumbai-400021, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
05.11.1993 |
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Com. Reg. No.: |
11-074950 |
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Capital
Investment / Paid-up Capital : |
Rs.175.099
Millions |
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CIN No.: [Company Identification
No.] |
U27109MH1993PLC074950 |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Supplier of Sponge Iron, Ms Billets and Power. |
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No. of Employees
: |
More than 1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually 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
usually correct and as per commitments. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sajan Thomas |
|
Designation : |
Manager |
|
Contact No.: |
91-9552556677 |
|
Date : |
17.06.2011 |
LOCATIONS
|
Registered Office : |
4, Ground Floor, Raheja Centre, 214, Free Press J, Ournal Marg,
Nariman Point, Mumbai-400021, |
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Mobile No.: |
91-9552556677 (Mr. Sajan Thomas) |
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E-Mail : |
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Area : |
Owned |
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Factory : |
Mauza Ukkerwadi Near |
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Tel. No.: |
91-7116-305063 |
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Fax No.: |
91-7116-305055 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Surendra Champalal Lodha |
|
Designation : |
Whole Time Director |
|
Address : |
Narayandevi Shopping Complex, Pushpalata Bendale Chowk,
Jalgaon-425001, |
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Date of Birth/Age : |
05.05.1965 |
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Date of Appointment : |
14.03.2006 |
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Din No.: |
00044782 |
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Name : |
Mr. Abhay Narendra Lodha |
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Designation : |
Director |
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Address : |
603, Vaitarna, |
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Date of Birth/Age : |
01.06.1971 |
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Date of Appointment : |
26.04.2008 |
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Din No.: |
00052194 |
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Name : |
Mr. Narendra Champalal Lodha |
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Designation : |
Director |
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Address : |
Flat No. 4, |
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Date of Birth/Age : |
29.12.1947 |
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Date of Appointment : |
30.09.2006 |
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Din No.: |
00164574 |
KEY EXECUTIVES
|
Name : |
Mr. Sajan Thomas |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Crest Steel and Power Private Limited, |
|
1750993 |
|
Abhay Narendra Lodha |
|
1 |
|
Ashwin Lodha |
|
1 |
|
Sheela Lodha |
|
1 |
|
Moona Lodha |
|
1 |
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Surendra Lodha |
|
1 |
|
Rajesh Kumar Jain |
|
1 |
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Total |
|
1750999 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
99.99 |
|
Directors
or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Sponge Iron, Ms Billets and Power. |
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Products : |
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Terms : |
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Purchasing : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Installed Capacity |
60000 |
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Particulars |
Unit |
Actual
Production |
|
Sponge Iron |
Qty. (M.T) |
23802.06* |
|
Dolochar |
Qty. (M.T) |
8630.74 |
|
|
Qty. (M.T) |
0 |
GENERAL INFORMATION
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Customers : |
OEM’s and Others |
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No. of Employees : |
More than 1800 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jain and Chhoriya Chartered Accountant |
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Address : |
59, |
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Holding Company: |
Crest Steel and Power Private Limited, |
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Associates: |
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CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.100/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1750999 |
Equity Shares |
Rs.100/- each |
Rs.175.099
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
175.099 |
64.683 |
64.683 |
|
|
2] Share Application Money |
257.800 |
466.272 |
0.000 |
|
|
3] Reserves & Surplus |
765.768 |
109.246 |
77.815 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1198.667 |
640.201 |
142.498 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1923.423 |
125.377 |
141.710 |
|
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2] Unsecured Loans |
436.863 |
11.709 |
489.640 |
|
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TOTAL BORROWING |
2360.286 |
137.086 |
631.350 |
|
|
DEFERRED TAX LIABILITIES |
34.046 |
38.007 |
38.353 |
|
|
SALES TAX DEFERRAL |
103.986 |
90.681 |
0.000 |
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|
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TOTAL |
3696.985 |
905.975 |
812.201 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
395.518 |
218.850 |
213.200 |
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Capital work-in-progress |
2509.969 |
301.685 |
5.619 |
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INVESTMENT |
0.205 |
0.200 |
29.397 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
367.961
|
375.662 |
362.638 |
|
|
Sundry Debtors |
2224.229
|
1310.343 |
483.434 |
|
|
Cash & Bank Balances |
354.999
|
138.730 |
1.141 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1034.219
|
143.284 |
319.026 |
|
Total
Current Assets |
3981.408
|
1968.019 |
1166.239 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2917.942
|
1455.985 |
294.515 |
|
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Other Current Liabilities |
266.235
|
126.704 |
304.361 |
|
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Provisions |
52.017
|
5.013 |
3.463 |
|
Total
Current Liabilities |
3236.194
|
1587.702 |
602.339 |
|
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Net Current Assets |
745.214
|
380.317 |
563.900 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.046 |
0.085 |
|
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PRE OPERATIVE |
46.079 |
4.877 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3696.985 |
905.975 |
812.201 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
4581.937 |
3410.340 |
1337.702 |
|
|
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Other Income |
81.694 |
11.504 |
6.778 |
|
|
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TOTAL (A) |
4663.631 |
3421.844 |
1344.480 |
|
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|
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|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
4297.956 |
3228.991 |
1152.960 |
|
|
|
Stores and spares consumed |
14.314 |
19.376 |
23.882 |
|
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|
Power and fuel consumed |
13.873 |
20.673 |
15.019 |
|
|
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Manufacturing expenses |
4.785 |
7.206 |
6.447 |
|
|
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Payment and benefits to employees |
6.855 |
8.319 |
7.142 |
|
|
|
Excise duty |
0.000 |
0.000 |
66.715 |
|
|
|
Administrative and selling expenses |
23.297 |
28.886 |
11.510 |
|
|
|
Preliminary expenses |
0.046 |
0.039 |
0.039 |
|
|
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Increase or decrease in stocks |
28.868 |
(27.947) |
(14.745) |
|
|
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TOTAL (B) |
4389.994 |
3285.543 |
1268.969 |
|
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|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
273.637 |
136.301 |
75.511 |
|
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|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
107.502 |
87.933 |
52.243 |
|
|
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
166.135 |
48.368 |
23.268 |
|
|
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|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.621 |
13.090 |
12.466 |
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
152.514 |
35.278 |
10.802 |
|
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|
|
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|
|
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|
Less |
TAX (H) |
48.077 |
3.847 |
4.726 |
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PROFIT AFTER TAX
(G-H) (I) |
104.437 |
31.431 |
6.076 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.197 |
45.766 |
39.690 |
|
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|
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|
|
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|
|
BALANCE CARRIED
TO THE B/S |
181.634 |
77.197 |
45.766 |
|
|
|
|
|
|
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|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
267.098 |
0.000 |
|
|
|
|
Components and Spares Part |
0.000 |
0.000 |
NA |
|
|
|
Capital Goods |
2.050 |
131.906 |
|
|
|
TOTAL IMPORTS |
269.148 |
131.906 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
59.64 |
48.59 |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
5800.000 More than |
Expected Sales (2011-12): Rs.7000.000 Millions, more than
The above information has been parted by Mr. Sajan Thomas.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.23
|
0.92 |
0.45 |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.33
|
1.03 |
0.81 |
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.48
|
1.61 |
0.78 |
|
|
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|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.05 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.67
|
2.69 |
8.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23
|
1.23 |
1.94 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors For
Goods |
93.569 |
1418.472 |
238.904 |
|
Sundry Creditors
For Expenses |
45.199 |
37.513 |
55.611 |
|
Sundry Creditors
For Capital Goods |
594.029 |
0.000 |
0.000 |
|
Sundry Creditors
Covered by LC |
2185.145 |
0.000 |
0.000 |
|
Total |
2917.942 |
1455.985 |
294.515 |
Fixed Assets:
- Land
- Office Buildings
- Plant and Machinery
- Electric Installation
- Furniture and Fixtures
- Computer
- Vehicle
- Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.93 |
|
|
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.