MIRA
INFORM REPORT
|
Report Date : |
29.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
REAL STRIPS LIMITED |
|
|
|
|
Registered
Office : |
401-402, “Florance”, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
19.09.1990 |
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|
Com. Reg. No.: |
04-014383 |
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|
Paid-up Capital
: |
Rs. 49.748 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1990PLC014383 |
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|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
Line of Business
: |
Manufacturer of Rolled Stainless Steel Strips, Stainless Steel Coil
and Cold Rolled SS Coils |
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|
|
|
No. of Employees
: |
1000 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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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 a well 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 DECLINED BY
The Management non cooperative
LOCATIONS
|
Registered Office : |
401-402, “Florance”, Opposite Ashram Road Post Office, Ashram Road,
Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26580455/26588788/26581833 |
|
Fax No.: |
91-79-26581073/40068261 |
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E-Mail : |
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Website : |
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Area : |
10000 sq.ft |
|
Location : |
Owned |
|
|
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|
Factory 1 : |
Survey No. 245, Village Sari, |
|
Tel. No.: |
91-2714-233096/233097 |
|
Fax No.: |
91-2714-232746 |
|
E-Mail : |
DIRECTORS
As On 25.09.2010
|
Name : |
Mr. Amritlal Kisandas Kataria |
|
Designation : |
Chairman |
|
Address : |
C-102, Tulip, Opposite Essic Staff Quarter, Shreyastekra, Ambawadi,
Ahmedabad – 380015, |
|
Date of Birth/Age : |
15.06.1942 |
|
Date of Appointment : |
19.09.1990 |
|
DIN No. : |
00435496 |
|
|
|
|
Name : |
Mr. Arvindkumar Dalichand Sanghvi |
|
Designation : |
Managing Director |
|
Address : |
15, Shantinikentan Scoeity, Near Gujarat Collage Road, Ellis Bridge, Ahmedabad
– 380006, Gujarat, India |
|
Date of Birth/Age : |
30.03.1957 |
|
Date of Appointment : |
22.11.1990 |
|
DIN No. : |
00435340 |
|
|
|
|
Name : |
Mr. Ugamraj Mishrimal Hundia |
|
Designation : |
Managing Director |
|
Address : |
32-B, Sthanakwashi Jain Society, Usmanpura, Ahmedabad – 380013, |
|
Date of Birth/Age : |
07.10.1954 |
|
Date of Appointment : |
19.09.1990 |
|
DIN No. : |
00435229 |
|
|
|
|
Name : |
Mr. Prakashraj Sheshmalji Jain |
|
Designation : |
Managing Director |
|
Address : |
R No 33, Third Floor Thakorbhai Tower, Near Law Garden, Ellisbridge,
Ahmedabad – 380006, Gujarat, India |
|
Date of Birth/Age : |
07.07.1956 |
|
Date of Appointment : |
22.03.2007 |
|
DIN No. : |
00435076 |
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|
|
|
Name : |
Mr. Ashwin Amritlal Kataria |
|
Designation : |
Whole Time Director |
|
Address : |
C-102, Tulip Citadel Flats, Opposite Essic Staff Quarter, Near
Shreyastekra, Ambawadi, Ahmedabad – 380015, |
|
Date of Birth/Age : |
13.02.1970 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No. : |
00434823 |
|
|
|
|
Name : |
Mr. Babulal Sheshmalji Jain |
|
Designation : |
Director |
|
Address : |
302, Adeshwar Apartments, |
|
Date of Birth/Age : |
03.10.1941 |
|
Date of Appointment : |
19.09.1990 |
|
DIN No. : |
02380989 |
|
|
|
|
Name : |
Mr. Chandresh Vrajlal Shah |
|
Designation : |
Director |
|
Address : |
4, Anand Plot No 1051, Devi Dalal Road, Mulund (West), Mumbai –
400080, |
|
Date of Birth/Age : |
05.02.1957 |
|
Date of Appointment : |
05.12.1990 |
|
DIN No. : |
00434710 |
|
|
|
|
Name : |
Mr. Pawankumar Ridhkaran Murarka |
|
Designation : |
Director |
|
Address : |
G-12, Alaknandamandakini Society, B/H Civil Hosiptal Governement B
Colony Road, Shahi Baug, Ahmedabad – 380004, Gujarat, India |
|
Date of Birth/Age : |
19.12.1959 |
|
Date of Appointment : |
30.10.2003 |
|
DIN No. : |
00123602 |
|
|
|
|
Name : |
Mr. Amol Rohitbahi Dalal |
|
Designation : |
Director |
|
Address : |
C-11/12, Prarthana Flats, |
|
Date of Birth/Age : |
13.04.1956 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No. : |
00458885 |
KEY EXECUTIVES
|
Name : |
Mr. Ramcharan Beriwala |
|
Designation : |
Finance Head |
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 |
|
|
|
|
|
|
|
|
2,102,050 |
35.15 |
|
|
831,691 |
13.91 |
|
|
2,933,741 |
49.06 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2,933,741 |
49.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1,254,215 |
20.97 |
|
|
|
|
|
|
674,978 |
11.29 |
|
|
1,101,119 |
18.41 |
|
|
15,947 |
0.27 |
|
|
15,947 |
0.27 |
|
|
3,046,259 |
50.94 |
|
Total Public shareholding (B) |
3,046,259 |
50.94 |
|
Total (A)+(B) |
5,980,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
5,980,000 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rolled Stainless Steel Strips, Stainless Steel Coil
and Cold Rolled SS Coils |
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Products : |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (As on
31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
|
|
|
|
|
Cold Rolled S.S. Coils/ S.S. Strips |
MT |
30000 |
|
Particulars |
Unit |
Net
Production |
|
|
|
|
|
Cold Rolled S.S. Coils/ S.S. Strips |
|
|
|
Own |
Kgs. |
23987440 |
|
Job Work |
Kgs. |
449503 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1000 (approximately) |
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Bankers : |
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Facilities : |
Notes 1) a.Term Loan from Industrial Development Bank of India and State Bank of India are secured by way of First Paripassu charge on Fixed Assets of the company, movable and/or immovable, present or future situated at Survey No.244, 245 and 247 at : Village : Sari, Taluka : Sanand, District : Ahmedabad (Gujarat) and office situated at 401-402, “Florence” Opp.Ashram Road P.O., Ashram Road, Ahmedabad – 380 009 and Wind Mill situtated at Ukhrala (Dist.Bhavnagar), Gujarat and further said loans are also secured by personal guarantees of some of the Directors of the Company. b. Corporate
Loan from Union Bank of 2) Working Capital facilities from Union Bank of 3) Hire purchase finance is secured by Hypothecation of
Vehicles financed and personal guarantees of some of the Directors of the
Company.
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Banking
Relations : |
- |
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Auditors : |
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|
Name : |
Mehta Lodha and Company Chartered Accountant |
|
Address : |
1st Floor, Sakar – 1, Near Gandhigram Railway Station, Ashram
Road, Ahmedabad – 380009, Gujarat, India |
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Pan No. : |
AACFM6805H |
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|
Associates |
Address: 401-402, “Florance”,
Address: 401-402, “Florance”, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
|
500000 |
Preference Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
|
|
Total |
|
Rs. 85.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4980000 |
Equity Shares |
Rs. 10/- each |
Rs. 49.800 Millions |
|
|
(Less) Call in Arrears-Other than Directors |
|
Rs. 0.052
Millions |
|
|
Total |
|
Rs. 49.748 Millions |
After 25.09.2010
Authorised Capital : Rs. 85.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 59.800 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 |
49.748 |
37.748 |
37.747 |
|
|
2] Equity Share Warrants |
12.750 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
235.456 |
129.307 |
151.429 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
297.954 |
167.055 |
189.176 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
424.782 |
355.290 |
402.014 |
|
|
2] Unsecured Loans |
174.373 |
142.915 |
115.636 |
|
|
TOTAL BORROWING |
599.155 |
498.205 |
517.650 |
|
|
DEFERRED TAX LIABILITIES |
32.259 |
35.988 |
40.826 |
|
|
|
|
|
|
|
|
TOTAL |
929.368 |
701.248 |
747.652 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
362.597 |
393.975 |
297.673 |
|
|
Capital work-in-progress |
3.631 |
7.723 |
92.438 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.322 |
0.311 |
0.311 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
436.659
|
174.934
|
131.081 |
|
|
Sundry Debtors |
443.318
|
215.389
|
273.531 |
|
|
Cash & Bank Balances |
25.391
|
25.693
|
14.302 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
43.656
|
27.750
|
40.239 |
|
Total
Current Assets |
949.024
|
443.766
|
459.153 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
374.068 |
144.042 |
97.106 |
|
|
Other Current Liabilities |
0.469
|
0.498 |
0.362 |
|
|
Provisions |
11.774
|
0.047 |
4.457 |
|
Total
Current Liabilities |
386.311
|
144.587
|
101.925 |
|
|
Net Current Assets |
562.713
|
299.179
|
357.228 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.105 |
0.060 |
0.002 |
|
|
|
|
|
|
|
|
TOTAL |
929.368 |
701.248 |
747.652 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2278.068 |
1320.110 |
1115.916 |
|
|
|
Other Income |
0.127 |
0.633 |
1.001 |
|
|
|
TOTAL (A) |
2278.195 |
1320.743 |
1116.917 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
1941.835 |
1105.228 |
896.789 |
|
|
|
Conversion Charges |
0.000 |
0.000 |
7.788 |
|
|
|
Manufacturing and other Expenses |
214.518 |
109.708 |
85.135 |
|
|
|
Employees Remuneration |
35.200 |
20.627 |
16.253 |
|
|
|
Selling and Distribution Expenses |
7.260 |
6.844 |
5.093 |
|
|
|
Preliminary Expenses Written off |
0.030 |
0.017 |
0.038 |
|
|
|
Increase/(Decrease) in stocks |
(121.535) |
1.736 |
(15.511) |
|
|
|
Prior period adjustment |
0.007 |
0.568 |
(1.012) |
|
|
|
TOTAL (B) |
2077.315 |
1244.728 |
994.573 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
200.880 |
76.015 |
122.344 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
67.667 |
61.136 |
48.428 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
133.213 |
14.879 |
73.916 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.082 |
41.634 |
40.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.131 |
(26.755) |
33.071 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
8.375 |
(4.632) |
11.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
62.756 |
(22.123) |
21.890 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
74.307 |
96.430 |
83.962 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
0.000 |
5.000 |
|
|
|
Proposed dividend on equity shares |
4.980 |
0.000 |
3.780 |
|
|
|
Dividend distribution tax |
0.827 |
0.000 |
0.642 |
|
|
BALANCE CARRIED
TO THE B/S |
121.256 |
74.307 |
96.430 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4.344 |
17.974 |
18.408 |
|
|
TOTAL EARNINGS |
4.344 |
17.974 |
18.408 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12.770 |
143.856 |
79.127 |
|
|
TOTAL IMPORTS |
12.770 |
143.856 |
79.127 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
15.14 |
(5.85) |
6.24 |
|
|
|
- Diluted |
14.87 |
(5.85) |
NA |
|
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (approximately) |
|
|
2500.000 |
|
|
|
|
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
31.03.2011 (4th
Quarter) |
|
Net Sales |
663.690 |
703.530 |
600.100 |
894.090 |
|
Total Expenditure |
608.360 |
650.910 |
545.960 |
854.680 |
|
PBIDT (Excl OI) |
55.330 |
52.620 |
54.140 |
39.410 |
|
Other Income |
7.740 |
2.860 |
2.460 |
5.080 |
|
Operating Profit |
63.070 |
55.480 |
56.600 |
44.490 |
|
Interest |
25.730 |
19.180 |
23.190 |
13.690 |
|
PBDT |
37.340 |
36.300 |
33.410 |
30.800 |
|
Depreciation |
15.980 |
15.490 |
14.390 |
13.720 |
|
Profit Before Tax |
21.360 |
20.810 |
19.020 |
17.080 |
|
Tax |
2.950 |
1.940 |
6.050 |
1.820 |
|
Profit After Tax |
18.400 |
18.870 |
12.970 |
15.260 |
|
Net Profit |
18.400 |
18.870 |
12.970 |
15.260 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.75
|
(1.67)
|
1.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.12
|
(2.03)
|
2.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.42
|
(3.19)
|
4.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
(0.16)
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.31
|
3.84
|
3.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46
|
3.06
|
4.50 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
sundry creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
374.068 |
144.042 |
97.106 |
Note:
The Registered Office of the company has been shifted from 26, Mangal
Murti Complex, Near Shiv Cinema Ashram Road, Ahmedabad – 380009,
OPERATIONS:-
During the year the
turn over has gone upto Rs.2278.197 Millions an increase of 72.49% over
previous year. During the Financial year the company been able to pull itself
out of the blues of global meltdown of the previous financial year and has been
able to achieve profit before tax Rs. 71.139 millions in Under Reviewed
Financial Year against the Loss incurred in Previous Year.
FUTURE PROSPECTS
The Company has
already placed orders for 2 Nos. of Bright Annealing Finish Lines which will be
commissioned and will come into operation by the end of the financial year
2010-11, and benefits of the same will be derived in the next financial year.
By installing these lines the company will be able to get higher realization of
the final product.
GREEN ENERGY
The Company has
utilized green energy generated from its wind mills. As against the electricity
consumption of 8514916 units, the wind mill installed by the company have
generated 5767263 units.
MANAGEMENT DISCUSSION
AND ANALYSIS
A) Industry structure
and developments:
World stainless steel demand is expected to rise 4.9% per
year to 2010. Stainless Steel demand in
B) Swot Analysis:
- Strength:
Large production capacity
enables faster deliveries.
Timely upgradation
of Technology used.
Visible brand
equity for "Real" brand
- Weaknesses
Dependency on one
product
Less availability
of skilled manpower in the industry
- Opportunities
Increase in
awareness of use of Stainless Steel in
Favourable
Government policies for promotion of Stainless Steel.
- Threats
Less options
available for Raw Material Supplies.
Frequent
fluctuation in Raw Material prices.
Increasing
competitiveness in the market.
Risks, concerns and their
management
Risk is involved in all types of businesses may it be trading or manufacturing. It is just the way how one tackles it. Being a focused management we make constant efforts to lessen the same and make the best use of the resources and get the premium result out of our endeavours.
Some of the risks affecting the company are described as under:
- Strategic risk
The steel industry today faces several significant strategic issues elaborately which includes industry consolidation issues, execution of profitable growth options, raw materials linkages and scrutiny, technology and new product development, raising finance from global finance markets, protecting the environment and serving the community while creating values for its shareholders.
In today's industrial structure of metal industry it has become difficult to make future strategies of development which involves huge risk of finance, selection and execution of profitable growth opportunities which due to globalization has increased even more but the management in order to mitigate the risk of such issues does periodic review of issues relating to further development of the company. Planning and timely execution of its projects in order to create better value for its shareholders.
- Business and Operational risk
The management of company headed by the Managing Directors is responsible for managing day to day affairs of the company.
The steel industry is still highly fragmented and cyclical in nature as well as demand for steel products is generally affected by macroeconomic fluctuations in the global market. The current market scenario shows that the market is still very volatile in terms of Raw Material price which makes it difficult for the management to maintain the parity between stocks against order as there are favorable chances of customers to cancel the order due to frequent changes in rates.
- Quality risk
For a company maximum attrition of customer is due to quality but, we at Realstrips believe in the best quality product for content to our customers.
Care is taken
before selecting a new supplier for any material that is used in the company.
Company uses the best kind of material in its process and also manufactures the
best quality.
The quality of the
product is monitored by quality control department as well as the samples are
tested before supplying to the customers. Just to provide best quality material
the company has setup a new laboratory with the best equipments available.
The company
follows the stringent quality measures across raw material procurement,
production, despatch,
distribution and
sales benchmarked to the ISO 9001:2000,
- Volatility Price Risk
Price has become
the major factor in the steel industry today. Too much of speculation is
observed in the market because of which it becomes difficult to predict the
future of the industry and the demand. Company always tries to find out various
options available in the market to get the best quality at a cheaper rate.
Also, the company with its credit has well bargaining power so is able to cope
in the volatile market of stainless steel.
Product wise
performance:
The company deals
in a single product, i.e. cold rolled stainless steel coils. The production of
the company in
2009 - 2010 was
24437 MT which is more than 200% over the previous year.
Outlook:
(i) Steel division:
(ii) Wind mill
division:
You will feel
proud to know that the company is the only one which uses 100% Green power
generated from wind for the manufacturing of stainless steel. Company has four
windmills with the capacity of 1.25MW, 0.35MW and 0.60MW (2 mills), to help the
drive of alternative energies and save power cost to us as well as the nation
which makes us an eco-friendly citizen of our country.
Internal control
system and their adequacy:
The company is ISO 9001:2000 certified and this is the 6th consecutive year in which the company has been awarded the certificate for its excellence in controlling the internal system of quality. The company maintains its own internal control systems and procedures to commensurate with its size and nature of business so as to have a better and clear working. The internal control systems are supported by internal audit carried out by a professional audit firm at the Registered office as well as at works. The firm carries out extensive audit throughout the year covering almost all the areas of operation. The adequacy and effectiveness of the internal control, as well as compliance with the laid down systems and policies are comprehensively monitored by the internal auditors. The management reviews the findings of internal auditors on regular basis by the way of having monthly review meetings.
UNAUDITED
FINANCIAL RESULTS FOR THE YEAR QUARTER ENDED 31.03.2011
Rs. In Millions
|
Particulars |
Quarter ended (Unaudited)
31.03.2011 |
Half year ended (Unaudited) 31.03.2011 |
|
a) Net Sales / Income from Operations |
894.094 |
2861.413 |
|
b) Other Operating Income |
0.000 |
0.000 |
|
Total |
894.094 |
2861.413 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
120.624 |
(37.605) |
|
(b) Consumption of Raw Materials |
657.292 |
2428.307 |
|
(c) Purchase of traded goods |
0.000 |
0.000 |
|
(d) Employees Cost |
10.841 |
39.807 |
|
(e) Depreciation |
13.722 |
59.587 |
|
(f) Other Expenditure |
65.932 |
229.395 |
|
Total Expenditure |
868.411 |
2719.491 |
|
Profit From Operations before other Income Interest & Exceptional Items |
25.683 |
141.922 |
|
Other Income |
5.079 |
18.134 |
|
Profit before Interest and Exceptional items |
30.762 |
160.056 |
|
Interest |
13.688 |
81.792 |
|
Profit after interest before Exceptional items |
17.074 |
78.264 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
17.074 |
78.264 |
|
Tax Expenses |
|
|
|
- Current (including fringe benefit and wealth tax) |
6.925 |
19.404 |
|
- Differed |
(5.112) |
(6.643) |
|
Net Profit/(Loss) From Ordinary activities after Tax |
15.261 |
65.503 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
15.261 |
65.503 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
59.749 |
59.749 |
|
Reserves (Excluding Revaluation Reserves) |
0.000 |
335.051 |
|
Public Share Holding |
|
|
|
Earning Per Share
Before Extraordinary Items (not to be annualized) |
|
|
|
-Basic |
3.18 |
13.13 |
|
-Diluted |
3.18 |
13.13 |
|
Earning Per Share After Extraordinary Items (not to be annualized) |
|
|
|
-Basic |
3.18 |
13.13 |
|
-Diluted |
3.18 |
13.13 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
3046259 |
3046259 |
|
- Percentage of shareholding |
50.94% |
50.94% |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
500000 |
500000 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
17.04% |
17.04% |
|
- Percentage of shares(as a % of the total share capital of the company) |
8.36% |
8.36% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
2433741 |
2433741 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
82.96% |
82.96% |
|
- Percentage of Share (as a % of the total share capital of the company) |
40.70% |
40.70% |
Statement
of Assets and Liabilities
Rs.
In Millions
|
|
Particulars |
31.03.2011
(Audited) |
|
|
SOURCES OF FUNDS |
|
|
|
SHARE HOLDER'S FUND |
|
|
|
Share Capital |
59.749 |
|
|
Equity Share Warrant |
0.000 |
|
|
Reserve and Surplus |
335.051 |
|
|
LOAN FUND |
756.338 |
|
|
DEFERRED TAX LIABILITY (Net) |
25.616 |
|
|
TOTAL |
1176.754 |
|
|
APPLICATION OF FUNDS |
|
|
|
FIXED ASSETS |
469.929 |
|
|
INVESTMENTS |
0.330 |
|
|
CURRENT ASSETS LOANS AND ADVANCES |
|
|
|
Inventories |
371.596 |
|
|
Sundry Debtors |
772.448 |
|
|
Cash nd Bank Balances |
44.710 |
|
|
Loans and Advances |
25.424 |
|
|
Less: Current Liabilities and Provisions |
|
|
|
Liabilities |
495.284 |
|
|
Provisions |
12.594 |
|
|
MISCELLANEOUS EXPENDITURE (Not Written Off Or Adjusted) |
0.195 |
|
|
TOTAL |
1176.754 |
Notes:
1. The above financial results have been approved by Audit Committee and Board of Directors in their meeting held on 28.05.2011.
2. The Company has only one segment of activity namely manufacturing of Cold Rolled Stainless Steel Strips/Coil.
3. Figures has been regrouped/rearranged wherever necessary.
4. The Board of Directors have recommended a dividend of Rs. 1/-(ONE) i.e. 10% Per Equity Shares for the Financial Year 2010-11, subject to approval of Shareholders of the Company.
5. Pursuant to resolution passed by Board of Directors in their meeting held on 28.03.2011 and 30.03.2011, 10,00,000 convertible warrants have been converted into 10,00,000 equity shares of Rs. 10/- each at a premium of Rs. 41/- per share.
6. Status of the investor's Complaints / Queries : No investor complaints were received.
Bankers Charges
Report as per Registry
|
Name of the company |
Real Strips Limited |
|
Presented By |
-- |
|
1) Date and description of instrument creating the change |
Dated 24.01.2004,
Agreement for hypothecation of Goods and Assets. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 37.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
entire Plant and Machineries of the company situated Survey No.245 (paiki),
244, 247 (paiki) at Mouje Sari, laluka Sanand. District Ahmedabad and Block
No.23/paiki. (old Survey No.46/p), Village Ukharla, Tal. Ghogha, District |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of
Interest — SBMTLR-3 (effective 13%) with monthly rests 2. Repayment -
Repayable in 16 quarterly installments to start from July 2004. 3. Charge in pan
passu with IDBJ for its term loans. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial
Branch. Paramsiddhi Complex, |
|
6) Date and brief description of instrument modifying the charge |
24.10.2005.
Memorandum of Entry. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
An extension of
Joint Mortgage was done by deposit of title deeds by constructive delivery
with Industrial Development Bank Ltd. (1DBI), IDBI acting for itself and as
an agent of State Bank of India (SBI) and Union Bank of India (UBI) in
respect of immovable properties of the company situated at (i) Survey No(s)
244 (part), 244 (part). 245 and 247 (part) at Mouje Sari. raluka Sanand,
District Ahmedahad and (ii) Block No.23/paiki, (old Survey No.46/p). Village
Ukharla. Tal. Ghogha. District |
|
Corporate
identity number of the company |
L27100GJ1990PLC014383 |
||||||
|
Name of the
company |
REAL STRIPS
LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
401 - 402,
"Florance", |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property Movable Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
1. Supplemental
Agreement of Hypothection of Goods And Assets for Increase in the over all
limit in form C.2.A. 2. Letter Regarding
the grant of Individual Limits within the overall limit in Form C.5 3. Memorandum of
Entry for Creation of Further Charge for overall Limit. |
||||||
|
Date of
instrument Creating the charge |
04.10.2010 |
||||||
|
Amount secured by
the charge |
Rs. 172.500 Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- 4.75% above Base rate i.e. 12.25% p.a. with monthly rest. Terms of Repayment
- Term loan of Rs. 90.000 millions :- To be repaid in 20 quarterly
installment of Rs. 4.500 millions each commencing from 3rd quarter of
2011-2012 and existing term loan to be repaid as per form C.5 attached
herewith. Margin - 33.33% Extent and
Operation of the charge - First charge over the entire movable assets of the
company situated at 1) Survey No.244(Part), 245 and 247 (Part), Village Sari,
Taluka Sanand, District Ahmedabad, Gujarat, (2) 1.25 MW windmill situated at
Revenue Block No. 23/paiki (Old Survey No. 46/p) Village Ukharla, Taluka
Ghogha, District Bhavnagar 2 (Ruva),
Gujarat (3) 350 KW windmill plant situated at Kalyanpur, Dist. Jamnagar,
Gujarat, more particularly described as per Annexure "A" attached
herewith. |
||||||
|
Particulars of the
property charged |
Entire movable
assets of the company present and future
situated at Survey No.244(Part), 245 and 247 (Part), Village Sari,
Taluka Sanand, District Ahmedabad, Entire movable
assets present and future of 1.25 MW Windmill situated at Revenue
Block No. 23/paiki (Old Survey No. 46/p) Village Ukharla, Taluka Ghogha,
District Bhavnagar 2 (Ruva, Gujarat. Entire movable
assets present and future of 350 KW windmill plant situated at
Kalyanpur, Dist. Jamnagar, Entire movable
assets present and future Two Nos of
windmills of 600 KW each situated at Moti Sindholi, Dist. Kutch, Entire Current
assets of the company present and future situated at Survey No.244(Part), 245
and 247 (Part), Village Sari, Taluka Sanand, District Ahmedabad, Immovable
Properties of the company present and future situated at Survey No.244(Part),
245 and 247 (Part), Village Sari, Taluka Sanand, District Ahmedabad, Immovable Properties
of the company present and future situated at Revenue Block No. 23/paiki (Old
Survey No. 46/p) Village Ukharla, Taluka Ghogha, District Bhavnagar 2 (Ruva),
Gujarat. Immovable
Properties of the company present and future situated at Unit No.401 and 402 on
fourth floor, at |
||||||
|
Date of
instrument modifying the charge |
07.04.2010 |
||||||
|
Particulars of
the present modification |
Charge extended
by way of Hypothecation over entire movable assets on First charge basis and over entire
current assets on Second charge basis of the company present and future for
agreegate credit facilties of Rs. 172.500 millionss AND Charge created by way of creation of an
extenssion of equitable mortgage over the immovable properties of the company
present and future for addtional term
loan of Rs. 90.000 millions aggregate to Rs. 172.500 millions and description
of properties as per Annexure -A attached. |
Fixed Assets
- Building
- Plant and machinery
- Furniture and
Fixture
- Computer
- Vehicles
AS PER WEB SITE DETAILS:
PROFILE:
Subject, AN ISO 9001 : 2000 Accredited
Company came in to existence in 1994 to cater the demand of cold
rolled flat products of stainless steel, for quality conscious manufacturer.
Subject is situated on out skirt of hub city of
Stainless steel strips, Stainless steel coils
produced by Subject are used in Automobiles, Food and Dairy Industries, Sugar
Industries, Watch Industries, Pipes and Tubes Industries,
Utensils, Furniture, Architectural Utilities, Thermowares, Chemical process
Industries, Electronic Industries, Surgical industries, etc for very
specialized application.
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.45.05 |
|
|
1 |
Rs.71.92 |
|
Euro |
1 |
Rs.64.34 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
|
- |
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.