MIRA INFORM REPORT
|
Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
EL FORGE LIMITED |
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|
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Registered
Office : |
New No.338 (Old No.247/4), |
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Country : |
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Financials (as
on) : |
30.06.2011 |
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Date of
Incorporation : |
18.07.1934 |
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Com. Reg. No.: |
18-000669 |
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Capital Investment
/ Paid-up Capital : |
Rs.86.295 Millions |
|
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|
|
CIN No.: [Company
Identification No.] |
L34103TN1934PLC000669 |
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|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
CHEE02010B / CHEE03239F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Engaged in the business of manufacturing Rough Steel
Forgings i.e. fuel injection forgings, steering rods, tie rods, engine and gear
boxes, starter items etc. for automobile industry. |
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|
|
|
No. of Employees
: |
529 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit
Limit : |
USD 888000 |
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|
Status : |
Moderate |
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Payment
Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Profitability of the company is under pressure. There appears some
accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office/ Corporate Office : |
New No.338 (Old No.247/4), |
|
Tel. No.: |
91-44-42207800 |
|
Fax No.: |
91-44-42014708 |
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E-Mail : |
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Website : |
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Factory 1 : |
Unit I 84, |
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Tel. No.: |
91-44-52009690 / 52009688 |
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Fax No.: |
91-44-52009690 |
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Factory 2 : |
Hosur Division |
|
Tel. No.: |
91-4344-22486 |
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Fax No.: |
91-4344-22841 |
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Factory 3 : |
Unit III S-104, Oggiam Thuraipakkam, Chennai – 600 096, |
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Tel. No.: |
91-44-24961398/24961469 |
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Fax No.: |
91-44-24961407 |
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Factory 4 : |
TOOL Room 65, IInd Link Road, Nehru Nagar, Off Old Mahabalipuram Road, Chennai –
600041, Tamilnadu, |
|
Tel. No.: |
91-44-24483821 |
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Factory 5 : |
Unit IV B-67, SIPCOT Industrial Complex, Gummidipoondi – 601 201, |
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Mobile No.: |
91-95411922845 |
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Factory 6 : |
Appur Division 1A, Sriperumbudur High Road, Appur Village, Singaperumal
Kovil(via), Chengelput Taluk, Kancheepuram District - 603 204 |
|
Tel. No.: |
91-44-47112500 |
|
Fax No.: |
91-44-47112523 |
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E-Mail : |
DIRECTORS
As on 30.06.2011
|
Name : |
Mr. V. Srikanth |
|
Designation : |
Executive Chairman |
|
Address : |
4/1, |
|
Date of
Birth/Age : |
19.10.1953 |
|
Date of
Appointment : |
Director from 26.08.1983. Appointed as Vice Chairman w.e.f.
05.09.1994. Appointed as Chairman w.e.f. 29.01.2001 |
|
|
|
|
Name : |
Mr. K. V. Ramachandran |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
No. 196A, |
|
Date of
Birth/Age : |
25.03.1956 |
|
Date of
Appointment : |
Director from 30.08.1991 and resigned on 05.09.1994. Rejoined on
02.11.1995. Appointed as Managing Director w.e.f. 14.03.1996 |
|
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|
|
Name : |
Mr. P. L. Reddy |
|
Designation : |
Director |
|
Address : |
Cambrey Hall, 72, Dr. P. V. Cheian Cresecent Commander in Chief Road,
Egmore, Chennai – 600105, Tamilnadu, India |
|
Date of
Birth/Age : |
21.09.1927 |
|
Date of
Appointment : |
10.12.1971 |
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Name : |
Mr. V. Ramachandran |
|
Designation : |
Director |
|
Address : |
446, 8th Cross, 5th Main, Rajmahal Vilas
Extension, HAL IInd Stage, Bangalore – 560094, Karnataka, India |
|
Date of
Birth/Age : |
26.01.1948 |
|
Date of
Appointment : |
14.03.1996 |
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|
Name : |
Mr. K. J. Ramaswmay |
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Designation : |
Director |
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Address : |
42, |
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Date of
Birth/Age : |
07.03.1946 |
|
Date of
Appointment : |
14.03.1996 |
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|
|
Name : |
Mr. Balraj Vasudevan |
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Designation : |
Director |
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|
Name : |
Mr. K Ajit Kumar |
|
Designation : |
Nominee Director [Export Import Bank of |
KEY EXECUTIVES
|
Name : |
Mrs. R Sowmithri |
|
Designation : |
Chief Financial Officer, Chief Compliance Officer, Company
Secretary |
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|
Name : |
Mr. T. K Ramachandra |
|
Designation : |
President, Technical Division |
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Name : |
Mr. Jeev Nandan |
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Designation : |
Quality Manager |
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|
Name : |
Mr. Deb Nathan |
|
Designation : |
Human Resource Manager |
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|
Name : |
Mr. V. Srikanth |
|
Designation : |
Executive Chairman of the Board |
MAJOR SHAREHOLDERS
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Grou |
|
|
|
1) Indian |
|
|
|
a) Individuals / Hindu Undivided Family |
1270852 |
6.25 |
|
b) Bodies corporate |
7115006 |
35.01 |
|
Sub Total (A) |
|
|
|
(B) Public Shareholdings |
|
|
|
1) Institutions |
|
|
|
a) Mutual Funds |
1605 |
0.01 |
|
b) Financial Institutions/Banks |
990 |
- |
|
Sub Total (B) (1) |
2595 |
0.01 |
|
2) Non – Institution |
|
|
|
a) Bodies corporate |
2250398 |
11.07 |
|
|
|
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b) Individuals |
|
|
|
i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
3920430 |
19.29 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
5663724 |
27.87 |
|
|
|
|
|
c) Any other [Specify] |
101299 |
0.50 |
|
i) Clearing Member |
43450 |
0.21 |
|
ii) Trusts |
7520 |
0.04 |
|
iii) NRI – Repatriable |
50329 |
0.25 |
|
Sub Total (B) (2) |
11935851 |
58.73 |
|
Sub Total (B) =
(B) (1) + (B) (2) |
11938446 |
58.74 |
|
Total (A) + (B) |
20324304 |
100.00 |
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
- |
- |
|
|
|
|
|
Total (A) + (B) +(C) |
20324304 |
- |
BUSINESS DETAILS
|
Line of Business
: |
Engaged in the business of manufacturing Rough Steel
Forgings i.e. fuel injection forgings, steering rods, tie rods, engine and
gear boxes, starter items etc. for automobile industry. |
||||
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||||
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Products : |
v Engine Parts v Transmission
Parts v Steering And
Suspension Parts v Brake Assembly
Parts v Chassis Parts v Drive Line v
Electrical |
PRODUCTION STATUS (As on 30.06.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Rough Steel Forgings |
MT |
NA |
--- |
9131 |
Installed Capacity: Most of the Plant and Machinery being common for different types of forgings manufactured by the Company and Installed Capacity being dependent on product mix, which in turn is decided by the actual demand for various forgings from time to time, and also on availing of sub-contracting facilities. It is not feasible for the Company to indicate the exact installed capacity.
GENERAL INFORMATION
|
Customers : |
v v Meritor, v Rane Trw v Sundaram Clayton v v IL Jin v Lucas TVS |
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No. of Employees
: |
529 [Approximately] |
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Bankers : |
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Facilities : |
1) The Cash Credit Including Packing Credit accounts are secured by a paripasu first charge on current assets by hypothecation of Raw-Materials, Stores and Spares, Finished Goods and Book Debts that are not factored and also secured by a pari passu second charge on immovable and movable properties and in addition, Guaranteed by the Executive Chairman and Vice Chairman and Managing Director of the Company. 2) Terms Loans from Banks:- The Term Loans from Axis Bank, State Bank of a) All movable fixed assets of the company excluding those movable fixed assets exclusively charged to The Royal Bank of Scotland N.V b) All immovable Properties of the Company other than Land at sulagiri. c) Pari Passu second charge on the company's entire stock of raw materials, stores and spares, finished goods and book debts that are not factored. 3) The Term Loan from IndusInd Bank is secured by an exclusive charge on the Land at sulagiri. 4) The Company has obtained SBLC facility from Royal Bank of Scotland N.V for GBP 250000 (included in Cash Credit / Buyers Credit Liability) and this is secured by exclusive charge on specific machinery the original cost of which is Rs.16.300 millions
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Banking
Relations : |
Satisfactory |
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Financial
Institutions and Factors : |
|
|
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|
Auditors : |
P. Rajagopalan and Company Chartered Accountants |
|
Address : |
Chennai, |
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|
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|
Collaborations : |
v v Arvin Meritor, v v v v Il v |
|
|
|
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Memberships : |
Confederation of Indian Industry |
|
|
|
|
Subsidiary : |
Shakespeare Forgings Limited, |
CAPITAL STRUCTURE
As on 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26,000,000 |
Equity Shares |
Rs.10/- each |
Rs.260.000
millions |
|
300,000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs. 30.000 millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 290.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,629,524 |
Equity Shares |
Rs.10/- each |
Rs.86.295
millions |
|
|
|
|
|
(Of the above
shares:
·
1299800 Shares were
allotted as fully paid up by way of bonus paid by capitalization of General
Reserve, Share Premium and acquisition compensation.
·
1890000 Equity Shares
were allotted as fully paid up by way of bonus paid Pursuant to
Amalgamation of Chendur Forge Exports Limited with the company
·
700000 Equity Shares were
allotted as fully paid up by way of bonus paid Pursuant to Conversion of FCD
·
1265329 Equity Shares
were allotted out of which 50329 equity share have been allotted for
consideration other than cash. These shares allotted to foreign nationals as
part consideration of acquisition of the shares of SFL Limited UK
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 [15 Months] |
31.03.2010 [12 Months] |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
86.295 |
86.295 |
86.295 |
|
|
2] Equity Share Advance |
50.000 |
15.000 |
6.500 |
|
|
3] Reserves & Surplus |
255.683 |
376.866 |
376.885 |
|
|
4] (Accumulated Losses) |
[169.890] |
[192.425] |
(164.960) |
|
|
NETWORTH |
222.088 |
285.736 |
304.720 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1425.631 |
1432.280 |
1109.548 |
|
|
2] Unsecured Loans |
27.424 |
19.430 |
50.687 |
|
|
TOTAL BORROWING |
1453.055 |
1451.710 |
1160.235 |
|
|
DEFERRED TAX LIABILITIES |
0.733 |
1.767 |
2.679 |
|
|
|
|
|
|
|
|
TOTAL |
1675.876 |
1739.213 |
1467.634 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1187.926 |
1190.731 |
1256.973 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
47.105 |
47.105 |
47.105 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
171.627 |
247.281 |
266.749 |
|
|
Sundry Debtors |
255.154 |
267.654 |
140.652 |
|
|
Cash & Bank Balances |
18.553 |
19.682 |
7.175 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
269.705 |
212.851 |
151.927 |
|
Total
Current Assets |
715.039 |
747.468 |
566.503 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
266.060 |
231.871 |
337.771 |
|
|
Other Current Liabilities |
42.747 |
45.030 |
86.351 |
|
|
Provisions |
0.768 |
2.465 |
12.100 |
|
Total
Current Liabilities |
309.575 |
279.366 |
436.222 |
|
|
Net Current Assets |
405.464 |
468.102 |
130.281 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
35.381 |
33.275 |
33.275 |
|
|
|
|
|
|
|
|
TOTAL |
1675.876 |
1739.213 |
1467.634 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 [15 Months] |
31.03.2010 [12 Months] |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1042.050 |
700.280 |
868.783 |
|
|
|
Other Income |
35.264 |
96.354 |
10.003 |
|
|
|
TOTAL (A) |
1077.314 |
796.634 |
878.786 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed, Manufacturing, Administration |
497.042 |
339.543 |
491.862 |
|
|
|
Selling and Other Expenses |
431.680 |
309.068 |
352.024 |
|
|
|
Change-In-Stock |
75.676 |
33.489 |
[0.810] |
|
|
|
TOTAL (B) |
1004.398 |
682.100 |
843.076 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
72.916 |
114.534 |
35.710 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
78.835 |
72.041 |
157.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.919 |
42.493 |
[122.028] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
91.846 |
69.415 |
57.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
[97.765] |
[26.922] |
[179.038] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.543 |
1.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
[97.765] |
[27.465] |
[180.538] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[192.425] |
[164.960] |
15.578 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer from General Reserve |
120.300 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
[169.890] |
[192.425] |
[164.960] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
250.579 |
247.772 |
211.390 |
|
|
TOTAL EARNINGS |
250.579 |
247.772 |
211.390 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spares |
1.135 |
0.738 |
0.905 |
|
|
|
Raw Materials |
0.000 |
0.000 |
123.398 |
|
|
|
Machinery |
0.000 |
0.000 |
1.239 |
|
|
TOTAL IMPORTS |
1.135 |
0.738 |
125.542 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
|
30.09.2011 |
|
Type |
|
|
|
1st
Quarter |
|
Sales Turnover |
|
|
|
200.640 |
|
Total Expenditure |
|
|
|
195.310 |
|
PBIDT (Excl
OI) |
|
|
|
5.330 |
|
Other Income |
|
|
|
33.000 |
|
Operating
Profit |
|
|
|
38.330 |
|
Interest |
|
|
|
26.460 |
|
Exceptional
Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
11.870 |
|
Depreciation |
|
|
|
20.730 |
|
Profit
Before Tax |
|
|
|
[8.850] |
|
Tax |
|
|
|
0.000 |
|
Reported PAT |
|
|
|
[8.850] |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
[8.850] |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 [15 Months] |
31.03.2010 [12 Months] |
31.03.2009 |
|
PAT / Total Income |
(%) |
[9.07]
|
[3.45] |
[20.54] |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
[9.38]
|
[3.84] |
[20.61] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[5.14]
|
[1.39] |
[9.82] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.44]
|
[0.09] |
[0.59] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.94
|
6.06 |
5.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31
|
2.67 |
1.30 |
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 18th July, 1934 at Chennai in
Tamilnadu having Company Registration Number 669.
Engaged in the business of manufacturing Rough Steel Forgings
i.e. fuel injection forgings, steering rods, tie rods, engine and gear boxes,
starter items etc. for automobile industry. The company exports its products to
the
Ashok Leyland and MICO are the major clients of EL Forge.
These two companies are roughly giving around 40% of the companies total turnover.
Other customers include Hindustan Motors, Lucas TVS, Rane, Sundaram Clayton,
VST Tillers, Sahney Paris and Audio India.
In 1995-96, the installed capacity of forging was expanded from 10,200
tpa to 18,200 tpa. and during 1998-99, the company has put up an additional
state of the art machinery and software in the tool room at a cost Rs. 16.775
millions.
On Quality front, the company’s factories/plants are ISO 9000
accredited. Apart from this one of the plant is QS 9000 approved. Two more
factories have been certified for QS 9000 and it is anticipated that all the
five factories will be QS 9000 approved by March, 2002.
Year in Retrospect
The period was
witnessed by a marginal increase of around Rs.90.000 millions in Sales
(adjusted for 12 months) over the previous year. Though the order book of the
company was very healthy, they were unable to capitalize due to paucity of
working capital. To augment the working capital, they proposed the Rights Issue
in July 2010 which concluded only in the month of August 2011, depriving the
previous year the much needed working capital facility. The Company has made a
net loss of Rs.97.800 millions during the 15 months period ended 30.06.2011.
The Company is taking all steps to improve the performance levels and earn
profits in the coming year. As reported in the earlier years, the Company has
been approved by all the major multinational auto majors. This has resulted in
generation of new enquiries, which have resulted in orders and development of
components for start of regular production in the coming year. Given the order
book and approvals it is expected that the ensuing year would be rewarding They
propose to shift the Hosur facility from its present location, which has become
a residential area, to an industrial location 20 kms away in a village called
Soolagiri.
Subsidiary Company
Shakespeare
Forgings Limited achieved a turnover of Rs 18581.200 millionss for the 15
months period ended 30.06.2011 and incurred a loss of Rs.2.176 millions for the
said period. Improvement in the market condition in
MANAGEMENT DISCUSSION
AND ANALYSIS
Overview
The financial statements
have been prepared in compliance with the requirements of the Companies Act,
1956, guidelines issued by the Securities and Exchange Board of India (SEBI)
and the Generally Accepted Accounting Principles (GAAP) in
Outlook
They believe that
global opportunities for Companies like them will accrue due to the cost of
manufacture being prohibitive in the West. While they are aware of the risks,
they are confident of improving the performance through appropriate marketing
programmes. They propose to continue developing capacities and capabilities to
cater to the global supply chain.
CONTINGENT
LIABILITIES
Rs. in millions
|
Particulars |
30.06.2011 [15 Months] |
31.03.2010 [12 Months] |
|
Claims not accepted by the Company E.S.I, under appeal |
0.208 |
0.286 |
|
Guaranty given by bank (Foreign Bank) for subsidiary |
18.363 |
18.363 |
|
Demands raised by SIPCOT for the |
1.301 |
1.301 |
|
Sales Bill Factoring with SBI SBI GLOBAL FACTORS LIMITED. This-facility is secured by a charge on receivables factored |
6.896 |
7.248 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for |
10.000 |
10.000 |
|
Demand from Income Tax under appeal |
7.560 |
6.602 |
|
Demand from Central Excise and Service Tax under appeal |
4.424 |
7.285 |
|
Guarantee given to a bank for a company against the loan taken by a company |
65.000 |
65.000 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2011
Rs. in millions
|
Particulars |
Quarter Ended 30.09.2011 Unaudited |
|
Operating Income |
|
|
Gross sales / Income from Operations |
220.742 |
|
Less: Excise Duty / Sale Tax recovered |
20.098 |
|
a) Net Sales / Income from Operations |
200.644 |
|
b) Other Operating Income |
0.000 |
|
Total Operating Income |
200.644 |
|
Expenditure |
|
|
(a) (Increase)/decrease in Stock in Trade |
13.877 |
|
(b) Consumption of Raw Materials |
93.438 |
|
(c) Employees Cost |
28.479 |
|
(d) Depreciation |
20.733 |
|
(e) Other Expenditure |
59.507 |
|
Total Expenditure |
216.034 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
[15.390] |
|
Other Income |
33.001 |
|
Profit/(Loss) before Interest and Exceptional items |
17.611 |
|
Interest |
26.464 |
|
Profit / (Loss) after interest before Exceptional items |
[8.853] |
|
Deferred Interest |
0.000 |
|
Net Profit/(Loss) after exceptional item |
[8.853] |
|
Tax Expenses |
0.000 |
|
Net Profit/(Loss) after tax |
[8.853] |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
203.243 |
|
Reserves excluding revaluation reserves as per balance sheet |
- |
|
Earning per share – Basic and Diluted |
[0.70] |
|
Public Share
Holding |
|
|
Number of Shares |
11938446 |
|
Percentage of Shareholding |
58.7398 |
|
Promoters and Promoter group share holding |
8385858 |
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
2676824 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
31.92 |
|
- Percentage of shares(as a % of the total share capital of the company) |
13.17 |
|
b) Non-encumbered |
|
|
- Number of Shares |
5709034 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
68.08 |
|
- Percentage of Share (as a % of the total share capital of the company) |
28.09 |
Notes:
- The above results for the quarter ended 30th September 2011, which have been subjected to a "Limited Review" by the statutory auditors of the company, as per the listing agreements with the stock exchanges have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 11.11.2011.
- The Company has only one business segment of manufacture and sale of steel forgings.
- Number of complaints from share holders received during the quarter 1 and disposed off during the quarter 1. There were no pending complaints at the beginning or end of the quarter.
- Unaudited consolidated financial results for the Quarter ended 30.09.2011.
Rs.in millions
|
Particulars |
Quarter Ended 30.09.2011 |
|
Revenue |
250.062 |
|
Net Loss |
[8.381] |
|
Earning per Share |
|
|
Basic [in Rs.] |
[0.66] |
|
Diluted [in Rs.] |
[0.66] |
The above consolidated results for the Quarter ended 30.09.2011 have been approved by the board at its meeting held on 11.11.2011
- Figures have been regrouped / rearranged wherever necessary.
- Provision for Taxation will be made in the year end.
WEBSITE DETAILS
Business Description
Subject is an
India-based company. The Company is engaged in the manufacture and sale of
steel forgings. Its product includes rough steel forgings. It manufactures various
forged and semi machined parts for both automotive and non-automotive sectors.
The Company serves the vehicle and automotive component manufacturers and
process industries, both domestic and overseas. The Company’s other products
include closed die forgings, light duty crankshafts, connecting rods, rocker
arms, transmission parts, wheel hubs, valve parts, claw holes, brake parts and
sockets for ball joint. During the fiscal year ended March 31, 2010 (fiscal
2010), the Company produced 6,252 million tons of rough steel forgings. The
Company’s customers are located in Europe,
Board of Directors
V.Srikanth
Shri. V.Srikanth
serves as Executive Chairman of the Board of Subject
K.J.Ramaswamy
Shri. K.J.Ramaswamy
serves as Non-Executive Independent Director of Subject He served for 4 Decades
in Shipping and Customs House Agent. He is a Director of Siddship Private
Limited. D.A.Logistrics and Farming Private Limited.
P. L. Reddy
Shri. P. L. Reddy serves
as Non-Executive Independent Director of Subject
Balraj Vasudevan
Shri. Balraj
Vasudevan serves as Non-Executive Independent Director of Subject
Awards and Rewards
- Effective implementation of TPM pillars by ABK-AOTS-DOKAI Tamilnadu
centre.
- 5S Merit award by AOTS – CUMIN
- BOSCH Award for Excellence in Performance.
- BOSCH quality awards for consistently good quality of supplies.
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.52.10 |
|
|
1 |
Rs.81.30 |
|
Euro |
1 |
Rs.70.07 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
30 |
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.