MIRA
INFORM REPORT
|
Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
|
|
|
|
Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai – 400009, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-035806 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1222.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104MH1985PLC035806 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03480B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1710C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturer of Galvanised Coils / Sheets and Cold Rolled Coils |
|
|
|
|
No. of Employees
: |
1600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 35000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and
a reputed company having fine track. Financial position of the company
appears to be sound. Trade relations are reported as fair. Business is
active. Payments are reported to be regular 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. Sawhney |
|
Designation : |
Chief Finance Officer |
|
Date : |
17.06.2011 |
LOCATIONS
|
Registered/ Corporate Office : |
Uttam
House, 69, |
|
Tel. No.: |
91–22–23420557/
23421968/ 66563500/ 23440440/ 23413192 |
|
Fax No.: |
91–22–23430765/
23415025/ 23441383/ 56311949/ 23434188/ 23485025/ 23481598 |
|
Telex |
11-75909
UTAM IN |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
International
Marketing: |
E-mail: export@uttamsteel.com Fax: 91-22-5631 1949 |
|
|
|
|
Domestic
Marketing: |
Tel: 91-22-2341 3192 Fax:
91-22-2343 4188 |
|
|
|
|
Factory 1 : |
Khopoli
- |
|
Tel. No.: |
91-2192-278053/278055/278146 |
|
Fax No.: |
91-2192-278143 |
|
|
|
|
Factory 2 : |
|
|
|
|
|
Branches : |
Located
at : - · Pune ·
· Kolkata · Guwahati ·
Bangalore ·
Ahmadabad |
|
|
|
|
Steel service centers : |
Located
at : ·
Mumbai, ·
Kolkata, ·
·
·
·
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr.
Rajinder K. Miglani |
|
Designation : |
Chairman
and Managing Director |
|
Address : |
21-B,
Embassy Apartments, 46, |
|
Qualification : |
Science
Graduate |
|
Experience : |
40
Years in Steel Industry |
|
Date of Appointment : |
31.12.1998 |
|
Last Employment |
Business |
|
|
|
|
Name : |
Mr.
Praveen K. Miglani |
|
Designation : |
Director |
|
Qualification: |
Commerce
Graduate |
|
Experience : |
35
Years in Steel Industry |
|
Date of Appointment: |
29.03.1985 |
|
Other Directorship: |
Insco
Iron and Steels Limited |
|
Brief Resume: |
He is
an industrialist and |
|
|
|
|
Name : |
Mr.
Pandurang. G. Kakodkar |
|
Designation : |
Director |
|
Qualification: |
MA
(Economics) |
|
Experience : |
45
Years in Banking Sector |
|
|
|
|
Name : |
Mr.
Shirish T. Parikh |
|
Designation : |
Director |
|
Qualification: |
B.E.
(Civil) |
|
Experience : |
50
Years |
|
Date of Appointment: |
29.03.1985 |
|
Other Directorship: |
Frontline
Rolls, Forms Limited |
|
|
|
|
Name : |
Dr.
Narayan. S. Datar |
|
Designation : |
Director |
|
Qualification: |
B.Sc.
(Met) |
|
Experience : |
44
Years with Steel Authority of India Limited |
|
|
|
|
Name : |
Mr.
Anuj Miglani |
|
Designation : |
Deputy
Managing Director |
|
Qualification : |
Mechanical Engineer from |
|
Date of Appointment : |
01.02.1995 |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director (Commercial) |
|
Qualification : |
Graduate in Economics from |
|
Date of Appointment : |
29.01.2003 |
|
|
|
|
Name : |
Mr. A K Mahendru |
|
Designation : |
Director (Sales and Marketing) |
|
Qualification: |
B. Tech, FIE and MIMA |
|
Tel No. : |
91-22-66563500 |
|
Fax No. : |
91-22-23415025 |
|
E-mail : |
|
|
Date of Appointment: |
01.04.1999 |
|
|
|
|
Name : |
Mr. Sharad G Tudekar |
|
Designation : |
Director (Works) |
|
Tel No. : |
91-22-23436930 |
|
Qualification: |
Graduate Engineer in Metallurgy |
|
Experience : |
48 Years in Steel Industry |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. S P Talwar |
|
Designation : |
Director |
|
Qualification: |
BA, LLB |
|
Experience : |
40 Years in Commercial and
Central Banking |
|
|
|
|
Name : |
Mr. G S Sawhney |
|
Designation : |
Executive Director (Finance) and
CFO |
|
Tel No. : |
91-22-23440393 |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. S G Tudekar |
|
Designation : |
Director (Works) |
|
Tel No. : |
91-2192-278143 |
|
Qualification: |
Graduate Engineer in Metallurgy |
|
Experience : |
48 Years in Steel Industry |
|
E-mail : |
|
|
|
|
|
Name : |
Mrs. Swarna Prabha Sukumar |
|
Designation : |
Director (Nominee of LIC) |
|
Qualification: |
Science Graduate |
|
Experience : |
32 Years in LIC |
|
|
|
|
Name : |
Mrs. Lalita Sharma |
|
Designation : |
Director (Nominee of IDBI Bank
Limited) |
|
Qualification: |
BA (Economics) |
|
Experience : |
30 Years in IDBI |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Vice President and Company Secretary |
|
Tel No. : |
91-22-23437831 |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Gursi Aran |
|
Designation : |
Executive Director (Finance) and Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of
Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5940201 |
4.86 |
|
|
39304520 |
32.15 |
|
|
45244721 |
37.01 |
|
|
|
|
|
|
|
|
|
|
41327931 |
33.80 |
|
|
41327931 |
33.80 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
86572652 |
70.81 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
208539 |
0.17 |
|
|
12080 |
0.01 |
|
|
19013405 |
15.55 |
|
|
19234024 |
15.73 |
|
|
|
|
|
|
|
|
|
|
2406143 |
1.97 |
|
|
|
|
|
|
|
|
|
|
7686058 |
6.29 |
|
|
1936188 |
1.58 |
|
|
|
|
|
|
4425038 |
3.62 |
|
|
233606 |
0.19 |
|
|
500 |
-- |
|
|
4190932 |
3.43 |
|
|
16453427 |
13.46 |
|
|
|
|
|
Total Public
shareholding (B) |
35687451 |
29.19 |
|
|
|
|
|
Total (A)+(B) |
122260103 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
122260103 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 MillionsBUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Galvanised Coils/Sheets and Cold Rolled Coils. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Galvanised
Coils / Sheets/ Slit Coils |
M.T |
750000 |
605814 |
|
Colour
Coated Coils/Sheets/Slit Coils |
M.T |
90000 |
70497 |
|
Cold
Rolled Coils/Sheets/ Slit Coils |
M.T |
960000 |
741588 |
|
Less:
Captive Consumption |
M.T |
-- |
542562 |
|
Less:
Captive Consumption |
M.T |
-- |
71080 |
GENERAL INFORMATION
|
No. of Employees : |
1600 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
Canara Bank ·
Punjab National Bank ·
Union Bank of India ·
IDBI Bank Limited. ·
Bank of Baroda ·
Indian Overseas Bank ·
ICICI Bank Limited. ·
Punjab and Maharashtra Co-Operative Bank Limited. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes : Serial number of
Notes correspond to serial numbers of Loans mentioned earlier. (1)
a) Term Loans availed from ICICI, IDBI, LIC,
IFCI, Kotak Mahindra Bank (originally from IIBI), UII, GIC, Canara Bank, IOB,
OBC, Corporation Bank, Union Bank, Allahabad Bank, Dena Bank, Syndicate Bank
and Axis Bank, ranking pari passu inter-se are secured by mortgage of all
immoveable properties and hypothecation of all moveable properties including
moveable machineries, machinery spares, tools and accessories, both present
and future except Packing Machine supplied by PESMEL, Finland and Captive
Power Plants Equipments. The previous Rupee Term Loan of Rs. 3343.100 millions (Rs. 4155.200
millions) are secured by personal guarantee of two Directors, and Rs.
2989.000 millions (2444.700 millions) are secured by the personal guarantee
on one Director. The Fresh Rupee Term Loan of Rs. 3150.000 millions sanctioned and
disbursed during the year are secured by personal guarantee of one Director.
The Power Plant Equipments are exclusively charged to IDBI, IDFC and State
Bank of Mysore for Term Loan sanctioned of Rs. 2210.000 millions and
disbursed Rs. 1764.200 millions (Rs.1142.000 millions). The Rupee Term Loan for Captive Power Plant is secured by personal
guarantee of one Director. b) i) ECB Loan
of USD 1.25 million (USD 3.75 million) equivalent to Rs. 57.000 millions
(Rs.192.900 millions) from Bank of India; USD 0.937
million (USD 2.1875 million) equivalent to Rs.42.700 millions (Rs.112.500
millions) from Syndicate Bank; USD 42.50
million (USD 47.50 million) equivalent to Rs.1937.100 millions (Rs.2443.900
millions) syndicated by ICICI Bank, (as Facility Agent) are secured by
mortgage of all immovable properties and hypothecation of all movable
properties including movable machineries, machinery spares, tools and
accessories both present and future except Packing Machine supplied by
PESMEL, Finland and Captive Power Plant Equipments. The above
mentioned ECB Loans are secured by personal guarantee of two Directors. ii) ECA of USD
2.501 million (USD 2.9185 million) equivalent to Rs.114.000 millions
(Rs.150.200 millions) is secured by hypothecation of Packing Machine supplied
by PESMEL, Finland. (2)
During the year 2009-10, the Company has issued
2000, 11.25% Redeemable Non Convertible Debentures of Rs 1.000 million each,
secured by first pari pasu mortgage and charge on all movable properties
including movable machines, machine spares, tools and accessories, both
present and future except Packing Machine supplied by PESMEL Finland, and
Captive Power Plant Equipments. Redemption: 4 Semi Annual Installments of 25% each, starting from
Sept-2013. The said Redeemable Non Convertible Debentures are Listed on the
Wholesale Debt Market (WDM) Segment of the Bombay Stock Exchange. Axis Trustee
Services Limited has been appointed as Debenture Trustees for the said
Debentures. (3)
Optionally Fully Convertible / Redeemable Bonds
(OFCRB) are Debt Instruments convertible into Equity /Preference Shares in
the event non payment, at the option of the holder at a future date and are
secured by: (a)
first mortgage and charge on the movable and
immovable assets present and futures ranking Pari-passu subject to the prior
charges on specific movables created/ to be created in favour of company’s
bankers for working capital borrowings. (b)
Personal Unconditional Irrevocable Guarantee of
two directors. Redemption: Redemption is at predetermined premium of Rs. 88.800
millions in five annual installments commencing from 15th June, 2010 to 15th
June, 2014. (4)
Loans from banks on cash credit accounts are
secured by hypothecation of all tangible, moveable properties such as raw
material, Work-in-Progress, finished goods, stock in transit and book debts
etc. and the second charge on fixed assets of the company except Packing
machine supplied by PESMEL, Finland and Captive Power Plant Equipments. (5)
25,02,700 equity shares (2,12,24,700) held by the
promoters are pledged by them against term loan of Rs.410.400 millions
(Rs.422.400 millions) availed by the company.
Notes : (1)
Short Term Loans are from IDBI, BOB and Balaji
Infracture Limited. (2)
The company has issued Series ‘A’ US $ 24 Million
and Series ‘B’ US $ 20 Million 2 percent Convertible Bonds of face value of
US $ 1000 aggregating to US $ 44 Million. (i)
As per the terms of the issue , the bonds are
convertible at any time on or after September 18,2005 and up to the close of
business on July 31,2010 into newly issued, ordinary shares at an initial
conversion price of Rs.45.12 per Share with a fixed rate of exchange on
conversion of Rs.43.53 = US $ 1. The conversion price will be subject to
certain adjustment in certain circumstances. Out of this, bonds worth USD 9
Million (USD 2.5 Million from Series B and USD 6.5 Million from Series A)
have been converted into equity shares in the year 2007-08, and bonds worth
USD 2.50 have been converted into equity shares during the year 2009-10. (ii)
Further, the bonds may subject to certain
conditions be redeemed in whole at the option of the Company at any time on
or after August 10,2008 at their Early Redemption Amount. (iii)
The Series B bonds worth USD 17.50 Million
redeemed at the option of a Bondholder on August 9, 2008 at 117.25 per cent
of their principal amount. The premium paid on redemption has been charged to
Securities Premium Account. (iv)
Unless previously converted, redeemed or
repurchased and cancelled, the bonds will be redeemed on August 10, 2010 at
130.97 per cent of their principal amount.
(v)
FCCB ‘A’ Series:- The Company has opted to treat
FCCB as a debt and consequential exchange difference is accounted as
additional cost for fixed assets acquired against the same. The assets being
in the preoperative stage, exchange difference will be duly amortised over
the life span of the asset. In case the said FCCBs are converted into shares
at a later date, the same will be reversed appropriately. (vi)
The Premium accrued on FCCB Series ‘A’, to the
tune of 15.00 Millions, has been provided up to 31st March, 2010. (vii)
These bonds are listed on Singapore Stock
Exchange. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Prakkash
Muni and Associates Chartered
Accountants |
|
Address : |
Mumbai |
|
|
|
|
Internal Auditors : |
|
|
Name : |
K S
AIYAR and Company |
|
Address : |
Mumbai |
|
|
|
|
Wholly Owned Subsidiary Company : |
·
Uttam Galva Holding Limited ·
Atlantis International Service Company Limited ·
Ferro Zinc International FZE |
|
|
·
|
|
Associates / Joint Ventures : |
·
Growell Mercantile Private Limited ·
Shree Uttam Steel and Power Limited ·
Uttam Galva Metallics Limited ·
Uttam Distribution Network Limited ·
Uttam Utkal Steels Limited. ·
Texturing Technology Private Limited |
|
|
·
|
|
Other Related Parties : |
·
Arcelor Mittal Netherlands B.V. ·
Arcelor Mittal International, Brazil ·
Arcelor Mittal International, Romania ·
Arcelor Mittal Cons Reunion ·
ArcelorMittal SSC Italia ·
Arcelor Mittal South Africa |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169000000 |
Equity Shares |
Rs.10/- each |
Rs. 1690.000 Millions |
|
6000000 |
Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs. 60.000 millions |
|
|
Total |
|
Rs. 1750.000
millions |
Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122260103 |
Equity Shares |
Rs.10/- each |
Rs. 1222.600
Millions |
|
|
|
|
|
Note: NIL (58,74,760)
Equity Shares of Rs.10 each issued to the shareholders of Shree Uttam Power and
Steel Limited (SUSPL), in pursuant to the Scheme arrangement sanctioned by
Hon’ble High Court of Bombay and Hon’ble High Court of Bombay, Goa Bench, Goa,
for consideration other than cash.
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122260103 |
Equity Shares |
Rs.10/- each |
Rs. 1222.600
Millions |
|
|
|
|
|
Note: (Out
of this, 58,74,760 Equity Shares have been issued for consideration other than
cash)
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 |
1222.600 |
1198.400 |
1154.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7755.400 |
7099.400 |
5955.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8978.000 |
8297.800 |
7110.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
17526.000 |
10776.700 |
8302.300 |
|
|
2] Unsecured Loans |
2908.900 |
3332.300 |
1764.000 |
|
|
TOTAL BORROWING |
20434.900 |
14109.000 |
10066.300 |
|
|
DEFERRED TAX LIABILITIES |
717.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30130.400 |
22406.800 |
17176.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18706.800 |
17845.200 |
13197.300 |
|
|
Capital work-in-progress |
6339.500 |
4133.000 |
2785.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
80.200 |
78.100 |
511.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6493.900
|
4939.900
|
8479.800
|
|
|
Sundry Debtors |
3919.300
|
3657.300
|
2416.500
|
|
|
Cash & Bank Balances |
1562.300
|
1530.000
|
318.800
|
|
|
Other Current Assets |
0.0000
|
0.000
|
0.000
|
|
|
Loans & Advances |
4712.900
|
5755.800
|
4377.900
|
|
Total
Current Assets |
16688.400
|
15883.000 |
15593.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2888.500
|
1261.000 |
2388.700 |
|
|
Other Current Liabilities |
8536.400
|
14151.100
|
12376.400
|
|
|
Provisions |
259.600
|
120.400
|
145.500
|
|
Total
Current Liabilities |
11684.500
|
15532.500 |
14910.600 |
|
|
Net Current Assets |
5003.900
|
350.500
|
682.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
30130.400 |
22406.800 |
17176.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44956.600 |
43716.400 |
31558.400 |
|
|
|
Other Income |
7.200 |
4.300 |
21.100 |
|
|
|
TOTAL (A) |
44963.800 |
43720.700 |
31579.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Cost |
35990.300 |
34827.700 |
26096.600 |
|
|
|
Other Manufacturing Expenses |
2146.100 |
1969.300 |
1447.100 |
|
|
|
Administrative Expenses |
325.700 |
270.200 |
212.200 |
|
|
|
Selling Distribution Expenses |
1618.500 |
1981.200 |
1501.600 |
|
|
|
Increase/(Decrease) in Stock |
(197.900) |
577.800 |
(1040.600) |
|
|
|
Salaries Wages Bonus etc. |
575.500 |
500.900 |
332.900 |
|
|
|
TOTAL (B) |
40458.200 |
40127.100 |
28549.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4505.600 |
3593.600 |
3029.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1853.900 |
1656.300 |
1138.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2651.700 |
1937.300 |
1890.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1127.000 |
923.700 |
647.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1524.700 |
1013.600 |
1243.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
500.000 |
11.900 |
4.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1024.700 |
1001.700 |
1238.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5221.700 |
4235.000 |
3011.300 |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years - Taxes |
56.100 |
0.000 |
0.000 |
|
|
Less |
Adjustments
Pertaining to Prior Years – Deferred Tax |
397.300 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
15.000 |
15.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
125.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5668.000 |
5221.700 |
4235.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13674.800 |
22278.800 |
15102.600 |
|
|
TOTAL EARNINGS |
13674.800 |
22278.800 |
15102.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
18226.800 |
15800.500 |
14930.700 |
|
|
|
Stores & Spares |
57.800 |
64.600 |
100.000 |
|
|
|
Capital Goods |
235.700 |
594.800 |
166.500 |
|
|
TOTAL IMPORTS |
18520.300 |
16459.900 |
15197.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.48 |
8.36 |
11.63 |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover |
|
|
50340.000 |
The above information has been parted by Mr. Sawhney.
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
10639.700 |
13040.200 |
10396.300 |
16271.800 |
|
Total Expenditure |
9499.500 |
11953.500 |
9414.200 |
15068.100 |
|
PBIDT (Excl OI) |
1140.200 |
1086.700 |
982.100 |
1203.700 |
|
Other Income |
0.000 |
0.100 |
0.000 |
5.400 |
|
Operating Profit |
1140.200 |
1086.800 |
982.100 |
1209.100 |
|
Interest |
417.500 |
440.200 |
528.800 |
702.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
722.700 |
646.600 |
453.300 |
506.700 |
|
Depreciation |
296.800 |
300.100 |
301.800 |
295.500 |
|
Profit Before Tax |
425.900 |
346.500 |
151.500 |
211.200 |
|
Tax |
131.500 |
115.100 |
50.400 |
70.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
294.400 |
231.400 |
101.100 |
140.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
294.400 |
231.400 |
101.100 |
140.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.28
|
2.29
|
3.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.39
|
2.32
|
3.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.31
|
3.00
|
4.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.12
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.66
|
3.57
|
3.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.02
|
1.04 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
(Rs.
in millions)
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
i)
Micro, Small and Medium
Enterprises |
3.600 |
2.300 |
809.000 |
|
ii) Subsidiary Companies |
1669.300 |
0.000 |
1579.700 |
|
iii) Other Creditors |
1215.600 |
1258.700 |
0.000 |
|
Total |
2888.500 |
1261.000 |
2388.700 |
OPERATIONS:
The
Company has achieved a turnover of Rs. 46738.700 millions as against Rs.
45097.500 millions in the previous year. The Company has recorded Profit before
Tax of Rs. 1524.700 millions as against Rs. 1013.600 millions in the previous
year. Owing to expansions and importance of timely execution of projects, the
Board is of the opinion that cash flow should be conserved and hence has
decided to plough back earnings for the time being and not to recommend
dividend payout.
EXPORTS:
The
Company has exported to 142 countries across the Globe and continues to expand
its reach. This year, the Company has serviced 330 export customers across the
World, of which 78 are new recipients of Uttam products.
The
Global Economic crisis has adversely affected the International business
showing negative growth to the tune of 23%. Even in these odd times it is the
great achievement of the Company to maintain the share of 14% out of
total
Indian Exports. More emphasis has been given to export of value added products
and segments like white goods, building and construction segments,
Pre-Engineering Buildings.
The
Company has been awarded for 13th consecutive year by EEPC for its
outstanding exports performance.
DOMESTIC
MARKET:
In the
domestic market the volume increase in sales has been 111% compared to sales in
the same period last year. The growth in OEM segment is 110% and sale to trade
has also grown by 112%.
The Company
has been fully successful with the white goods industry during the year and is
now the regular supplier to Value Industries (Videocon), Whirlpool, LG
Electronics, Voltas, Haier Appliances, Western Refrigeration etc and the
vendors to customers like GE Appliances, Bajaj Electricals, LG etc. The Company
also
continues
to supply the vendors of TATA Motors, General Motors, Piaggio, Volkswagen,
Fiat, Suzuki, etc.
During
the year, the Company successfully continued supply of Galvanised roofing
sheets and thicker gauge GI coils to all segments including Construction
segment in Structural Grade, Panel Grade and Auto Grade Galvanized Steel.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Pursuant
to Clause 49 (IV) (B) and (F) of the Listing Agreement your Directors wish to
report as follows:
Industry
Structure and Development
The
steel demand in India is predicted to grow at 13.5% per Annum keeping the pace
with vibrant GDP growth and strong demand from the construction and automotive
sector. Thus the Company’s overall sales have shown growth of 35% contrary to
World wide reduction in Steel consumption by 6.7% in 2009.
Segment
– wise Performance
Since
the Company operates only in one Segment, segment-wise or product wise analysis
or performance is not applicable.
Outlook
The
industry outlook is promising with revival of economy due to stimulus packages
offered by various governments to overcome the economic crisis. Indian steel
consumption is expected to grow @ 13.9% in 2010 & 13.7% in 2011. As per
World Steel Association apparent steel use will increase by 10.7% in year 2010.
This will lead to more optimistic future outlook for the Company. The Company
will concentrate more on Domestic Marketing opportunities with enhanced
capacity, without reducing its presence in International markets.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
MARCH 2011
(RS. IN MILLIONS)
|
Particular |
For 3 Months ended 31.03.2011 |
Current Accounting Year Ended 31.03.2011 |
|
|
Audited |
Audited |
|
|
|
|
|
Net Sales/ Income
form operation |
16271.800 |
50348.000 |
|
Other Operating
Income |
0.000 |
0.000 |
|
Total Income |
16271.800 |
50348.000 |
|
|
|
|
|
Expenditure |
|
|
|
(Increase) /
Decrease in stock |
(906.900) |
(2972.900) |
|
Consumption of
raw material / purchase |
10675.400 |
36502.500 |
|
Purchase of
traded goods |
4077.500 |
7578.600 |
|
Staff cost |
168.000 |
618.000 |
|
Depreciation |
295.500 |
1194.100 |
|
Other expenditure
|
1054.200 |
4209.000 |
|
Total expenditure |
15363.600 |
47129.300 |
|
|
|
|
|
Profit from
operation before other income, interest and exceptional items |
908.200 |
3218.700 |
|
Other income |
5.400 |
5.600 |
|
Profit before
interest and exceptional items |
913.600 |
3224.300 |
|
Interest |
702.400 |
2089.000 |
|
Profit after
interest but before exceptional items |
211.200 |
1135.300 |
|
Exceptional items |
0.000 |
0.000 |
|
Profit / Loss
from ordinary activities before tax |
211.200 |
1135.300 |
|
Tax expenses |
|
|
|
- Current Tax |
26.200 |
215.900 |
|
- Deferred Tax |
44.400 |
151.700 |
|
Net profit/ Loss
from ordinary activities after tax |
140.600 |
767.700 |
|
Extra ordinary
items |
0.000 |
0.000 |
|
Net profit / Loss
for the period |
140.600 |
767.700 |
|
Paid up equity share
capital (face value of equity shares of Rs. 10/- each) |
1222.600 |
1222.600 |
|
Reserves
excluding revaluation reserves |
0.000 |
8247.800 |
|
|
|
|
|
Earning per
shares (in Rs) Basic |
1.15 |
6.28 |
|
Earning per
shares (in Rs) Diluted |
1.15 |
6.28 |
|
|
|
|
|
Public shareholding |
|
|
|
Number
of Shares |
35687451 |
35687451 |
|
% of
Shareholding |
29.19% |
29.19% |
|
|
|
|
|
Promoters and Promoter Group
Shareholding |
86572652 |
86572652 |
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
2502500 |
2502500 |
|
-
Percentage of Shares (as a % of the Total Shareholding of |
2.89% |
2.89% |
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
2.05% |
2.05% |
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
84070152 |
84070152 |
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
97.11% |
97.11% |
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
68.76% |
68.76% |
STATEMENT IF ASSETS AND LIABILITY
(RS. IN MILLIONS)
|
Particular |
As
at 31.03.2011 |
|
|
Audited
|
|
|
|
|
Shareholders Funds |
1222.600 |
|
a. Capital |
8247.900 |
|
b. Reserve and
Surplus |
|
|
|
|
|
Loan Funds |
21307.900 |
|
|
|
|
Deferred Tax
Liability |
869.200 |
|
|
|
|
Total Sources |
31647.600 |
|
|
|
|
Fixed Assets
(Net) |
27868.400 |
|
|
|
|
Investment |
88.900 |
|
|
|
|
Current Assets, Loan and Advance |
|
|
a. Inventories |
13659.900 |
|
b. Sundry
Creditors |
7236.000 |
|
c. Cash and Bank
Balance |
675.900 |
|
d. Other Current
Assets |
0.000 |
|
e. Loans and
Advances |
4789.700 |
|
|
|
|
Less: Current Liabilities and Provisions |
|
|
a. Current
Liabilities |
22455.200 |
|
b. Provisions |
215.900 |
|
|
|
|
Miscellaneous
Expenditure not Written off |
0.000 |
|
|
|
|
Profit and Loss
A/c |
0.000 |
|
|
|
|
Total Applications |
31647.600 |
Notes:
1. The above financial results were approved at the Meetings of the Audit Committee
of Directors and the board of directors held on 30th May, 2011.
2. Previous years figures have been regrouped / rearranged wherever
necessary.
3. The company operates only in one business segment reporting as defined in
Accounting Standard 17 is considered not applicable.
4. Number of complaints for the quarter ended 31.03.2011. beginning- Nil,
Received-2, Disposed Off-2 and Pending – Nil.
FIXED
ASSETS:
·
Land
·
Building AND Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex.
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.72.42 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.