1. Summary Information
|
|
|
Country |
|
|
Company Name |
MAHINDRA UGINE
STEEL COMPANY LIMITED |
Principal Name 1 |
Mr. Keshub Mahindra |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Anand G. Mahindra |
|
|
|
Registration # |
11-12542 |
|
Street Address |
74, Ganesh Apartments, |
||
|
Established Date |
19.12.1962 |
SIC Code |
-- |
|
Telephone# |
91-22-24444287 |
Business Style 1 |
Manufacturers |
|
Fax # |
91-22-24458196 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Alloy Steel |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 324,825,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter and
Promoter Group - 55.47 Public Shareholding - 44.53 |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
49 years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries
|
|
Mahindra
Forgings Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,848,400,000 |
Current Liabilities |
2,393,800,000 |
|
Inventories |
1,540,800,000 |
Long-term Liabilities |
3,399,700,000 |
|
Fixed Assets |
3,046,300,000 |
Other Liabilities |
98,500,000 |
|
Deferred Assets |
0 |
Total Liabilities |
5,892,000,000 |
|
Invest& other Assets |
155,600,000 |
Retained Earnings |
1,374,300,000 |
|
|
|
Net Worth |
1,699,100,000 |
|
Total Assets |
7,591,100,000 |
Total Liab. & Equity |
7,591,100,000 |
|
Total Assets (Previous Year) |
6,911,700,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
10,867,700,000 |
Net Profit |
46,700,000 |
|
Sales(Previous yr) |
10,084,000,000 |
Net Profit(Prev.yr) |
(188,300,000) |
MIRA
INFORM REPORT
|
Report Date : |
28.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA UGINE STEEL COMPANY LIMITED |
|
|
|
|
Registered Office : |
74, Ganesh Apartments, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
19.12.1962 |
|
|
|
|
Com. Reg. No.: |
11-12542 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L99999MH1962PLC012542 |
|
|
|
|
TAN No.: [Tax
Deduction and Collection Account No.] |
MUMM20210B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM4998G |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the stock exchanges. |
|
|
|
|
Line of Business : |
Manufacturers of Alloy Steel |
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 |
|
Maximum Credit Limit : |
USD 6700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Ruikar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-2192-263070 |
|
Date : |
31.01.2011 |
LOCATIONS
|
Registered Office : |
74, Ganesh Apartments, |
|
Tel. No.: |
91-22-24444287 |
|
Telefax No.: |
91-22-24458196 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Steel Jagdishnagar, Khopoli - 410 216, District Raigad, Tel. No. :
91-2192-263318 / 263347 / 262487 / 262488 / 263589 Fax No. : 91-2192-263073
/ 263076 / 268502 Stampings ·
371, Tel. No. : 91-2114-255289 / 294 Fax No. : 91-2114-255293 ·
Plot No. D-2, MIDC, Ambad, Nashik- 422 010, Tel. No. : 91-253-6613400,6613406 Fax No. : 91-253-6613409 ·
Tel No. : 91-5944-280921 |
|
|
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Keshub Mahindra |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Anand G. Mahindra |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. K. V. Ramarathnam |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Hemant Luthra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. R. Krishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harsh Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Homi N. Sethna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. R. Ramachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Ravi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manoj Kumar Maheshwari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjiv Kapoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Saroj S Dikhale |
|
Designation : |
Nominee of LIC |
|
|
|
|
Name : |
Mr. Arun Maira |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K.B.Saha |
|
Designation : |
Director (Nominee of LIC) |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kadhao |
|
Designation : |
Company Secretary |
|
E-mail : |
relationinvestors@mahindra.com |
|
|
|
|
Name : |
Mr. A. Venkat Krishnan |
|
Designation : |
Vice President (I T S and SAP Co-Ordinator) |
|
Address : |
Khopoli – 410216, District – Raigad, |
|
Tel. No. : |
91-2192-269858 |
|
Mobile No. : |
91-9922935706 |
|
PABX : |
91-2192-263347 (extn.) 617 |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Pankaj Jain |
|
Designation : |
Vice President (Marketing) |
|
Tel. No. : |
91-2192-263781 |
|
Fax No. : |
91-2192-268502 |
|
PABX : |
91-2192-262488/263070 (extn.) 640 |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Ramchandra Rane |
|
Designation : |
General Manager (Marketing) |
|
Tel. No. : |
91-2192-263069 |
|
Fax No. : |
91-2192-268502 |
|
PABX : |
91-2192-262488 / 263070 (extn.) 640 |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Narayan Rane |
|
Designation : |
Deputy General Manager (Marketing) |
|
Tel. No. : |
91-2114-255294 Extn. 356 |
|
E-mail : |
|
|
|
|
|
Audit Committee: |
·
Mr. M R Ramchandran
(Chairman) ·
Dr. Homi N Sethna ·
Mr. R R Kirshnan ·
Mr. ·
Mr. Manoj Kumar Maheshwari ·
Mr. Sanjiv Kapoor |
|
|
|
|
Remuneration Committee: |
·
Dr. Homi N Sethna
(Chairman) ·
Mr. Hemand Luthra ·
Mr. M R Ramachandran ·
Mr. Sanjiv Kapoor |
|
|
|
|
Investor’s Grievance Committee: |
·
Mr. M R Ramachandran
(Chairman) ·
Mr. K V Ramarathnam ·
Mr. Hemanf Lutrha ·
Mr. S Ravi |
|
|
|
|
Name : |
Mr. Uday Gupta |
|
Designation : |
Chief Executive Officer – Steel
Division |
|
|
|
|
Name : |
Mr. Arjit Das |
|
Designation : |
Chief Executive Officer –
Stampings Division |
|
|
|
|
Name : |
Mr. Partha Sarathi Roy |
|
Designation : |
Chief Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18,019,489 |
55.47 |
|
|
18,019,489 |
55.47 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
18,019,489 |
55.47 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
9,716 |
0.03 |
|
|
5,584 |
0.02 |
|
|
1,777,770 |
5.47 |
|
|
18,450 |
0.06 |
|
|
1,811,520 |
5.58 |
|
|
|
|
|
|
1,534,749 |
4.72 |
|
|
|
|
|
|
7,623,522 |
23.47 |
|
|
3,277,346 |
10.09 |
|
|
215,903 |
0.66 |
|
|
214,672 |
0.66 |
|
|
231 |
- |
|
|
1,000 |
- |
|
|
12,651,520 |
38.95 |
|
Total
Public shareholding (B) |
14,463,040 |
44.53 |
|
Total
(A)+(B) |
32,482,529 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
32,482,529 |
- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Alloy Steel |
||||||||||
|
|
|
||||||||||
|
Products : |
v
Alloy, Tool and Die Steels v
Plastic Mould Steels v
Engineering Alloy C v
Constructional Steels v
Ball Bearing Steels v
Air Craft Quality Steels v
Offshore Oil Field Steels v
Austenitic / Ferritic / Martensitic / Duplex /
Precipitation Hardening Stainless Steels v
Case Carburising Steels v
Nitriding Steels v
Boron Steels v
Automotive Valve Steels |
PRODUCTION STATUS
(As on 31.03.2009)
|
Particulars |
Unit |
Licensed
Capacity Per Annum |
Installed
Capacity Per
Annum |
Actual
Production |
|
Tool, alloy and Special steel |
M/T |
180000 |
180000 |
111594 |
|
Pressed Sheet metal components and assemblies |
M/T |
40800 |
40800 |
34481 |
GENERAL INFORMATION
|
Customers : |
·
Tata ·
Ashok Leyland ·
Maruti Suzuki ·
Flender ·
Silvertech Engineering LLC ·
BHEL ·
Siemens ·
Energy Alloys ·
Cummins ·
Suzlon ·
John Deere ·
Kran Rader Private Limited ·
Mahindra ·
Ingersoll Rand ·
Tata Steel ·
Ferromatik Milacron ·
·
SKF ·
Timken ·
Shanthi ·
Komatsu ·
NEI ·
FAG ·
Sandvik ·
WFI ·
Indian Railway ·
Supreme Rolls ·
Tata Bearings ·
Suzlon ·
PSL ·
Toyota Kirloskar Private Limited ·
TRW |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not divulged by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Dena Bank ·
Bank of ·
Bank of ·
ING Vysya Bank Limited ·
Standard Chartered Bank ·
DBS Bank Limited ·
Yes Bank Limited ·
IDBI Bank Limited |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
The above loans include interest accrued and due of Rs.13.200
millions; (2007-08 - Rs.7.000 millions).
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
|
|
|
Fellow Subsidiaries : |
·
Mahindra Forgings Limited ·
Mahindra Intertrade Limited ·
Mahindra Navistar Automotives Limited ·
Bristlecone India Limited ·
Mahindra Gujarat Tractors Limited ·
Mahindra Renault Private Limited ·
Mahindra Sona Limited ·
Mahindra logistics Limited ·
Tech Mahindra Limited ·
Mahindra Hinoday Limited ·
Mahindra Foundation |
|
|
|
|
Holding Company : |
·
Mahindra and Mahindra Limited (M and M) from 11th
August 2008. ·
Mahindra Holdings and Finance Limited (MHFL) upto
11th August 2008. (MHFL was merged with the ultimate Holding
Company M and M on 11th August 2008.) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
119000000 |
Equity Shares |
Rs.10/- each |
Rs. 1190.000 millions |
|
3100000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 310.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32482529 |
Equity Shares |
Rs.10/- each |
Rs. 324.825
millions |
(16466789 equity shares
are held by Mahindra and Mahindra Limited (M and M), the Holding Company. As at
31st March 2008, the holding company was
Mahindra Holdings and Finance Limited (MHFL) and held the same number of equity
shares. MHFL was merged with the ultimate Holding Company M and M during
2008-09).
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 |
324.800 |
324.800 |
324.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Employees Stock Options Outstanding |
0.000 |
13.000 |
11.600 |
|
|
4] Reserves & Surplus |
1374.300 |
1365.600 |
1553.900 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1699.100 |
1703.400 |
1890.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2071.300 |
2184.800 |
1784.900 |
|
|
2] Unsecured Loans |
1328.400 |
1174.300 |
1379.700 |
|
|
TOTAL BORROWING |
3399.700 |
3359.100 |
3164.600 |
|
|
DEFERRED TAX LIABILITIES |
98.500 |
68.900 |
170.200 |
|
|
|
|
|
|
|
|
TOTAL |
5197.300 |
5131.400 |
5225.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3046.300 |
2222.400 |
2014.900 |
|
|
Capital work-in-progress |
14.700 |
1037.800 |
909.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
140.900 |
140.900 |
4.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1540.800
|
1243.100
|
1435.300 |
|
|
Sundry Debtors |
2319.500
|
1752.300
|
2037.900 |
|
|
Cash & Bank Balances |
50.400
|
162.500
|
254.700 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
478.500
|
352.700
|
439.300 |
|
Total
Current Assets |
4389.200
|
3510.600
|
4167.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
98.200
|
87.200
|
172.800 |
|
Total
Current Liabilities |
2393.800
|
1780.300
|
1870.600 |
|
|
Net Current Assets |
1995.400
|
1730.300
|
2296.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.300 |
|
|
|
|
|
|
|
|
TOTAL |
5197.300 |
5131.400 |
5225.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10867.700 |
10084.000 |
8225.800 |
|
|
|
Other Income |
14.600 |
667.800 |
1023.600 |
|
|
|
TOTAL (A) |
10882.300 |
10751.800 |
9249.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Expenses |
|
10318.300 |
8462.900 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
110.600 |
(208.800) |
|
|
|
TOTAL (B) |
10079.000 |
10428.900 |
8254.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
803.300 |
322.900 |
995.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREDST (D) |
408.300 |
360.600 |
286.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
395.000 |
[37.700] |
709.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
308.700 |
247.400 |
267.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
86.300 |
(285.100) |
441.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.600 |
(96.800) |
147.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
46.700 |
(188.300) |
294.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
75.700 |
50.200 |
|
|
|
Freight and insurance |
NA |
1.700 |
3.200 |
|
|
TOTAL EARNINGS |
NA |
77.400 |
53.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2151.200 |
1904.500 |
|
|
|
Stores & Spares |
NA |
52.300 |
61.400 |
|
|
|
Capital Goods |
NA |
8.500 |
12.700 |
|
|
TOTAL IMPORTS |
NA |
2212.000 |
1978.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.27 |
[5.80] |
9.08 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
3037.560 |
3295.600 |
3397.830 |
|
Total Expenditure |
2812.060 |
3056.220 |
3296.680 |
|
PBIDT (Excl
OI) |
225.500 |
239.380 |
101.150 |
|
Other Income |
3.820 |
3.340 |
5.270 |
|
Operating
Profit |
229.310 |
242.720 |
106.420 |
|
Interest |
100.330 |
100.470 |
108.910 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
128.980 |
142.250 |
(2.490) |
|
Depreciation |
80.550 |
78.180 |
77.480 |
|
Profit
Before Tax |
48.430 |
64.070 |
(79.970) |
|
Tax |
20.020 |
26.760 |
(29.380) |
|
Reported PAT |
28.410 |
37.310 |
(50.590) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
28.410 |
37.310 |
(50.590) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.43
|
(1.75)
|
3.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.79
|
(2.83)
|
5.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.16
|
(4.97)
|
7.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
(0.17)
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.41
|
3.02
|
2.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84
|
1.97
|
2.23 |
LOCAL AGENCY FURTHER INFORMATION
History
Incorporated in Dec.'62, Subject commenced business in May
'63. It was promoted by Mahindra and Mahindra with 49% stake, along with
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2010
(Rs. in millions)
|
Particulars |
Quarter Ended |
|
30.06.2010 |
|
|
|
(Unaudited) |
|
Gross
Sales/Income from Operations |
3308.751 |
|
Less: Excise duty |
276.759 |
|
1. a. Net Sales/Income from Operations |
3031.992 |
|
b. Other Operating Income |
5.563 |
|
Total Income (1a+1b) |
3037.555 |
|
|
|
|
2. Expenditure |
|
|
a. (Increase)/Decrease in stock in trade and work in progress |
(86.071) |
|
b. Consumption of raw materials (including processing charges) |
2041.532 |
|
c. Employees cost |
196.202 |
|
d. Depreciation |
80.554 |
|
e. Power and Fuel |
357.190 |
|
f. Other expenditure |
303.209 |
|
Total |
2892.616 |
|
|
|
|
3. Profit (+)/Loss (-) from Operations before Other Income and Interest
(1-2) |
144.939 |
|
4. Other Income |
3.819 |
|
5. Profit (+)/Loss (-) before Interest & Exceptional Items (3+4) |
148.758 |
|
6. Interest |
100.332 |
|
7. Profit/ Loss After Interest but Before Exceptional Items (5-6) |
48.426 |
|
8. Exceptional Item |
-- |
|
9. Profit/ Loss from ordinary Activities before Tax (7+8) |
48.426 |
|
10. Tax expense |
|
|
a. Current Tax Charge |
9.939 |
|
b. Deferred Tax Charge/ Credit |
10.102 |
|
Total |
20.021 |
|
11. Net Profit/ loss from Ordinary Activities After tax (9-10) |
28.405 |
|
12. Extraordinary Item |
-- |
|
13. Net Profit/ Loss for the period (11-12) |
28.405 |
|
14. Paid-up Equity share Capital (Face value of the share Rs. 10 each) |
324.825 |
|
15. Reserve excluding Revaluation Reserve as per balances sheet of
previous accounting year |
-- |
|
16. Earnings Per Share (EPS) (in Rs.) |
|
|
a. -Basic (not annualised) |
0.87 |
|
b. -Diluted (not annualised) |
0.87 |
|
17. Public shareholding |
|
|
-Number of
shares |
14465740 |
|
-Percentage of
shareholding |
44.53 |
|
18. Promoters
and promoter group shareholding |
|
|
a.
Pledged/Encumbered |
|
|
Number of shares |
-- |
|
Percentage of
Shares (as a %of the total shareholding of promoter and promoter group) |
-- |
|
Percentage of
Shares (as a % of the total share capital of the company) |
-- |
|
b.
Non-encumbered |
|
|
Number of shares |
18016799 |
|
Percentage of Shares
(as a %of the total shareholding of promoter and promoter group) |
100 |
|
Percentage of
Shares (as a % of the total share capital of the company) |
55.47 |
|
Earning before
Other Income, interest, depreciation and tax (1-2+2(d)) |
225.493 |
Notes:
1. During the quarter ended June 30, 2010, 1 investor complaints were
received, which was promptly attended to by the company. No complaints were
pending either at the beginning or at the end of the period.
2. Figure for the previous periods have been
regrouped wherever necessary.
3. The above financial results were reviewed
by the Audit Committee and approved by the Board of Directors of the company at
the Board Meeting held on July 27, 2010.
SEGMENT - WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Particulars |
Quarter Ended |
|
30.06.2010 |
|
|
|
(Unaudited) |
|
Segment Revenue |
|
|
a) Steel |
1827.113 |
|
b) Stamping |
1210.442 |
|
Total |
3037.555 |
|
Less: Inter
Segment revenue |
-- |
|
Total Income |
3037.555 |
|
Segment Results (Profit(+)/Loss(-)
before interest and tax from each segment) |
|
|
a) Steel |
83.654 |
|
b) Stamping |
74.404 |
|
Total |
158.058 |
|
Less: 1.
Interest |
106.382 |
|
2. Other un-allocable
Expenditure net of un-allocable Income |
9.300 |
|
Profit(+)/
Loss(-) Before Tax |
48.426 |
|
|
|
|
Capital Employed
(Segment Assets - Segment Liabilities) |
|
|
a) Steel |
3124.352 |
|
b) Stamping |
1835.278 |
|
Total |
5009.630 |
Note: Steel
segment and stamping segment comprises of sale of alloy steel and sale and
processing of pressed metal components, respectively.
Fixed Assets
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and Machinery
·
Furniture, fixtures and office equipment
·
Vehicles
As Per Website Details:
Profile
Subject, under SYSTECH sector, belonging to the Mahindra Group is the pioneer and well known manufacturers of alloy steel in the country. Musco is the most trusted brand when alloy steel is referred to. The company also has three stampings division to manufacture pressed sheet metal components and assemblies, one at Kanhe about 1.5Km off Mumbai-Pune Highway, a major automobile manufacturing center in the country, second at Nashik catering to all auto products of M and M and Renault of France, and the third unit has successfully started commercial production from October 2007 , from the modern state-of-art new plant along with paint shop in Rudrapur (Uttarakhand State) for many new products of customers in North India.. Mr. Keshub Mahindra is the Chairman and Mr. Anand Mahindra is the Vice-Chairman of subject.
The Company was incorporated on 19th
December 1962. The Company commenced its operations in 1964 with a
licenced capacity of 24,000 tons per annum (tpa) capacity. In 1981, Subject
raised it's capacity to 75,000 tpa. Further in 1990, the Perin process which
was being used was replaced by the Ladle Metallurgy Technology. The current
capacity of the plant is 1,80,000 tpa. Subject is a subsidiary of Mahindra and
Mahindra Limited, the group boats of 92 companies and seven sectors namely,
Auto, Farm Equipment, Trade And Finance, Infrastructure, I.T. , Mahindra
Integrated Limited and Systech.
The steel plant is located at picturesque town of
Subject
has its well-defined Quality
Policy and Quality Objectives
and follows it strictly. The steel division, was first among all steel
manufacturing in the country to get ISO certification and was successfully re
certified for ISO 9001-2000 Certification in the year 2002 from RWTUV. In
August 2005, it has also been certified for ISO/TS 16949:2002. Both the
stampings division have also been certified for TS16949 certification since
June 2005.
The
steel division has implemented in May 2001, ERP system of SAP version 4.6c for
7 modules and has reaped immense benefits. The I.T. infrastructure is very
strongly built on LAN connecting 250 workstations and 80 network printers for
user online access of SAP servers, internal and external mail, file server for
shared information. A very secure VPN enables connectivity to external world
for the consulting partners, secretarial office and branch offices to access
SAP and mails.
Subject has
ushered in the new era of SAP by becoming the 1st manufacturing company in
Subject's
Steel Division located at Khopoli is a pioneer and a premier Alloy Steel
producer and also a single source supplier to a large number of multinationals
and other important customers in
Mahindra
and Mahindra Management
The Chairman - Mr.
Keshub Mahindra, and The Vice Chairman and Managing Director - Mr. Anand
Mahindra of M and M are very well known as leading industrialists in
Mr. Keshub
Mahindra, a Wharton MBA with rich management experience is on the board of
several reputed industries and organisations like Tata Steel, Tata Chemicals,
Bombay Dyeing, Infrastructure Leasing and Financial Services Limited, Housing
Development Finance Corporation Limited, United World Colleges International
Limited, to name a few.
Mr. Anand
Mahindra, a Harvard MBA is the Chairman of Kotak Mahindra Finance Limited (One of
the largest finance companies in
M and M
Profile
·
M and M, is the Largest Utility Vehicle
Manufacturer in
·
M and M, is also the Largest Tractor Manufacturer
in
·
The origins of M and M's MUV division lie in the
collaboration (in 1954) between the company and the US-based Willys Overland
Corporation.
·
Other activities of M and M include Auto
Components, Finance, Telecom, Infrastructure, International Trading, IT and
Software Consultancy, Steel Manufacturing etc.
·
FORD started manufacturing cars in
·
The group turnover increased during F2003 by 13 %
to Rs.61949.800 millions from Rs.54726.800 millions in the previous year. The
consolidated profit after tax during F2003 at Rs.2161.800 millions recorded a
growth of 75 % over the previous year level of Rs.1233.100 millions.
Milestone
·
Company incorporated - 19th December 1962
·
Production commenced - 1967.
·
Capacity extended with addition of 45 T Electric
Arc Furnace and Blooming Mill in 1980.
·
Company received Letter of Intent from Government of
India, to increase licensed capacity from 60,000 MT per annum to 1,50,000 MT
per annum
·
Continuous Casting Machine and LF - VD - VOD
Facilities added in 1991 with automatic ferro alloys and core wire feeding.
·
Slide gate tapping in EAF added in 1996.
·
·
Got ISO/TS 16949:2002 certificate in August 2005.
·
Second Ladle Furnace and 20 ton/hour Walking Beam
Furnace commissioned in 2006.
·
50 t/40 MVA EBT Electric Arc Furnace commissioned
in 2007 with new Fume Extraction System (FES).
·
Implementation of world class ERP, mySAPERP 2005
(ECC 6.0) which is the latest version of ERP application with 8 functional
modules in 2007.The "GO-LIVE" was on 2nd April'07. Subject has become
the 1st manufacturing company in
PRESS RELEASE:
MUSCO ANNOUNCES
UNAUDITED FINANCIAL RESULTS OF Q1-FY 2010-11
Mumbai, July, 27, 2010: The Board of Directors of Mahindra Ugine Steel
Company Limited (MUSCO) announced the unaudited financial results for the
quarter ended 30th June, 2010 at its meeting held today.
Highlights
(Rs.
In Millions)
|
Particulars |
Q1 (2010-11) |
Q1 (2009-10) |
2009-10 |
|
Revenue |
3007.600 |
2249.700 |
10878.800 |
|
EBIDTA |
225.500 |
103.300 |
788.600 |
|
PBT |
48.400 |
(69.900) |
86.300 |
Highlights – Q1
Year 2010-11
·
The Company posted a PBT
of Rs 48.400 Millions (PAT-Rs 28.400 Millions), against a loss of Rs.69.900
Millions (PBT) of the corresponding
quarter of the previous year.
·
Quarterly Total Revenue
Rs 3037.600 Millions - up by 35% from the same quarter in the previous year
·
EBIDTA up by 118% as
against same quarter of the previous year
·
Quarterly diluted EPS is
Rs 0.87 as against Rs (-1.40) per share of Rs 10 of the corresponding quarter
in the previous year.
Other Highlights
Steel Division:
·
Demand for high value
products led to higher realisation.
·
Higher input costs
contracted the operating margin
·
Rise in demand of alloy
steel products from automotive, forging and bearing segments witnessed.
·
Demand from energy and
engineering sectors in April-June’10 quarter was buoyant.
Stampings Division:
·
Strong demand from auto
segment enhanced capacity utilization and market share.
·
Overall improvement in
profitability
·
Awarded as the best
supplier by an auto Company
Ongoing Activities
Steel Division
·
Concentrating in the new
areas of growth: Oil, Energy, Mining and Power segments in the domestic and
export markets.
·
Power supply from Wardha
Power Co Limited (WPCPL) will improve operating cost.
Stampings Division:
- New plant activities at Pantnagar, near Rudrapur, Uttarakhand is
at full swing
- Capacity expansion at Kanhe, near Chakan, hub of the auto sector
in
- Improvement in productivity yielding growth as component supplier
in auto sector
- Focusing on value added products
Q2 (FY 2010-11)
OUTLOOK
The increased demand from automobile sector, one of the key consumers of
alloy steel, is a positive sign for growth both in the Steel and Stamping
division of your Company.
The Steel division is poised to return higher volume and profitability
in Q2 F 11 while meeting the growing demand in its served segments.
The Stamping Division is expected to continue to perform well in Q2-FY11
since the growth in the automobile industry is expected to remain robust.
ABOUT MAHINDRA
UGINE STEEL COMPANYLIMITED (MUSCO)
Mahindra Ugine Steel Company Limited is the one of the leading
manufacturers of alloy steel and special steel products in
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 :
The market
survey revealed that the amount of compensation sought by the subject is fair
an
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.
The 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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
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.