MIRA
INFORM REPORT
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Report Date : |
15.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SUJANA METAL PRODUCTS LIMITED |
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Formerly Known
As : |
SUJANA STEEL PRIVATE LIMITED |
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Registered
Office : |
8-2-248/1/7/18, Nagarjuna Hills, Punjagutta, Hyderabad – 500082,
Andhra Pradesh |
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Country : |
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Financials (as
on) : |
30.03.2011 |
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Date of
Incorporation : |
02.05.1988 |
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Com. Reg. No.: |
01-008610 |
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Capital
Investment / Paid-up Capital : |
Rs.1071.091 Millions |
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CIN No.: [Company Identification
No.] |
L28120AP1988PLC008610 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS00083G |
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PAN No.: [Permanent Account No.] |
AACCS8614H |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is engaged in producing Re-Rolled products, Mild Steel Ingots
and others. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 28000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Registered/Corporate Office : |
8-2-248/1/7/18, Nagarjuna Hills,
Panjagutta, Hyderabad - 500 082, Andhra Pradesh, India |
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Tel. No.: |
91-40-23351882/ 5/ 7/ 23351887 |
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Fax No.: |
91-40-2335 0766 / 23351882 / 23351887/ 23358499 |
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E-Mail : |
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Websites : |
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Hyderabad Division : |
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Plot No. 4, Survey No.296/7/7, 8 and 11 |
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Survey Nos. 296/7/9 |
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Survey Nos 296/7/7, I.D.A. Bollaram, Jinnaram Mandal,
Medak-502325, |
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Survey No.197 and 197, Parigi Road, Elakatta Gram Panchayat, Farooq Nagar Mandall, Mahaboob Nagar District-509216, Andhra Pradesh, India |
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Survey No.296/7/7, 296/7/8, 396/7/11 |
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Cut and Bend Division : Survey No.204, 205, and 206, Elakatta
Gram Panchayat, Farooq Nagar Mandall, Mahaboob Nagar District-509216, Andhra
Pradesh, India |
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Trading Division : Plot No.4, Survey No.296/7/7A, IDA Bollaram, Jinnaram Mandal, Medak District - 502325, Andhra Pradesh |
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Chennai Division: |
Survey No. 204/3B, Manjakarnal Village, Uthukottai Taluk, Periyapalayam Road, Thiruvalluvar District, Chennai-601102, Tamilnadu, India |
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Plot No. B-20E, SIPCOT Industrial Complex, Gummidi Pondi, Chennai, Tamilnadu, India |
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150, Vichur Village, Ponneri Taluq, Tiruvellure District, Tamilnadu,India |
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Visakhapatnam : |
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DIRECTORS
As on 30.09.2009
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Name : |
Mr. Y.S. Chowdhary |
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Designation : |
Chairman Cum Managing Director |
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Address: |
Plot No. 29, Sagar Co-Operative Housing Society, Banjara Hills,
Hyderabad-500033, |
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Date of Birth/ Age: |
02.06.1961 |
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Qualification : |
Mechanical Engineering |
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Experience : |
20 Years |
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Date of Appointment: |
13.02.1992 |
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Name : |
Mr. R.K. Birla |
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Designation : |
Managing Director |
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Address: |
120, Gunrock Enclave, Secunderabad, Hyderabad-500020, |
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Date of Birth/ Age: |
20.01.1952 |
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Qualification : |
MBA, B Art |
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Date of Appointment: |
05.05.1992 |
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Name : |
Mr. G. Srinivasa Raju |
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Designation : |
Director |
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Address: |
Flat No. 405, White House- 8-2-6—74/ 2/ 2 A Roadl No. 13, Banjara
Hills, Hyderabad-500033, |
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Date of Birth/ Age: |
20.10.1963 |
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Date of Appointment: |
18.08.1999 |
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Name : |
Mr. S. Hanumantha Rao |
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Designation : |
Director |
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Address: |
8-3-720/85, Salivahana Nagar, |
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Date of Birth/ Age: |
18.07.1951 |
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Qualification : |
PHD M Science B Civill Engineering |
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Date of Appointment: |
19.07.1999 |
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Name : |
Mr. J. Ramakrishnan |
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Designation : |
Independent Director |
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Address: |
Jasmin Cottage, H
No. 8-2-6088 Road No. 10, Banjara Hills, Hyderabad-500034, Andhra, |
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Date of Birth/ age: |
20.08.1936 |
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Date of Appointment: |
24.07.1995 |
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Name : |
Dr. V Malakonda Reddy |
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Designation : |
Independent Director |
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Address: |
Plot No. 268 27 Minhvla Nagar, Banjara Hills,
Hyderbad-500034, |
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Date of Birth/ Age: |
23.08.1932 |
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Qualification : |
PHD M Science B Civill Engineering |
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Date of Appointment: |
05.05.1992 |
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Name : |
Dr. K Srinivasa Rao |
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Designation : |
Independent, Non – Executive Director |
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Address: |
17/1-38 8/47 (II) Srivakshmi Nagar Colony,
Hyderabad-500659, |
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Name : |
Dr. K. Srinivasa Rao |
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Designation : |
Independent Director |
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Qualification : |
PHD Economics MA Mathematics |
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Name : |
Mr. Ashok Kumar De |
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Designation : |
Independent, Non – Executive Director |
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Qualification : |
M Engineering |
KEY EXECUTIVES
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Management Committee: |
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Audit Committee: |
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Share Transfer Committee: |
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Shareholders Grievances Committee: |
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Remuneration Committee: |
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Name : |
Shri. Sahik Ibraheem |
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Designation : |
Company Secretary |
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Name : |
Mr. V. R. Chary |
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Designation : |
Chief Financial Officer |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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6154423 |
3.44 |
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76547747 |
42.76 |
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12405076 |
6.93 |
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7 |
-- |
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12405069 |
6.93 |
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95107246 |
53.13 |
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Total shareholding of Promoter and Promoter Group (A) |
95107246 |
53.13 |
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(B) Public Shareholding |
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14436204 |
8.06 |
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Foreign
Institutional Investors |
9600000 |
5.36 |
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24036204 |
13.43 |
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25644766 |
14.33 |
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22546813 |
12.59 |
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10840140 |
6.06 |
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844212 |
0.47 |
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213064 |
0.12 |
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631148 |
0.35 |
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59875931 |
33.45 |
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Total Public shareholding (B) |
83912135 |
46.87 |
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Total (A)+(B) |
179019381 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
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(1)
Promoter and Promoter Group |
-- |
-- |
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(2)
Public |
17331500 |
-- |
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Sub Total |
17331500 |
-- |
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Total
(A)+(B)+(C) |
196350881 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
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Line of Business : |
Subject is engaged in producing Re-Rolled products, Mild Steel Ingots
and others. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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M. S. Casting products |
MT |
NA |
114600 |
23753 |
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M. S. Rerolling products |
MT |
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907500 |
246456 |
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Ready Made Steel |
MT |
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90000 |
9615 |
*Excludes 28176 MT (2008 -09 : 38925 MT) job
work done on behalf of others
Notes :
1. Licensed capacity is not applicable in terms
of the Government of India Notification No.477 (E) dated 25th July
1991
2. As certified by the management and this
information is relied upon by the auditors
3. The production of 23753 Mts of casting
products (M.S. Ingots) is transferred to Rerolling Mill Division
GENERAL INFORMATION
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No. of Employees : |
About 2000 |
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Bankers : |
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Facilities : |
i) Term loans availed
from banks and financial institution are secured by first charge on all the
immovable and movable fixed assets of the Company both present and future,
second charge on the current assets of the Company. ii) Short term
loan availed from bank is secured by subsequent and subservient charge on
current assets of the Company. iii) Working
capital facilities availed from banks are secured by way of first charge on the current assets and
second charge on fixed assets both present and future. Further a working
capital facility availed from a bank is secured by a Corporate Guarantee of
Sujana Universal Industries Limited. All the above
loans are further secured by personal guarantee and personal properties of
certain directors. iv) Vehicle loans
availed are secured by hypothecation of respective assets financed. v) Secured loans
includes interest accrued and due of Rs.173.455 Millions (30.09.2009 : Rs.33.301
Millions). Unsecured loans
includes certain trade creditors dues to the extent of Rs.978.042 Millions
which have been converted into unsecured loans after obtaining the consent
from respective trade creditors. These unsecured loans are repayable within a
period of one and half year which carries an interest at the rate of 6% per
annum. In respect of previous year the Company has obtained Unsecured loans
from certain Companies which are repayable within one year to meet Capital
and Working Capital requirements. These loans are interest free for an
initial period of six months and thereafter carries interest @ BPLR+2 |
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Banking
Relations : |
-- |
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Financial Institution : |
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Auditors : |
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Name : |
G.V. Suryanarayana Murthi Chartered Accountant |
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Address : |
B-166, Sanjeeva Reddy Nagar, |
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Statutory Auditor |
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Name : |
Deloitte
Haskins and Sells Chartered
Accountants |
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Address : |
1-8-384 and 385, 3rd Floor, Gowra Grand, |
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Subsidiaries : |
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Associates : |
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Other Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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320000000 |
Equity Shares |
Rs.5/- each |
Rs.1600.000 Millions |
|
4000000 |
Preference Shares |
Rs.100/- each |
Rs.400.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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196350881 |
Equity Shares |
Rs.5/- each |
Rs.981.754
Millions |
|
1493365 |
Cumulative Preference Shares |
Rs.100/-
each |
Rs.149.337
Millions |
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Equity Shares
Of the above:
i) 13,140,489 equity shares of Rs.5 each were issued as fully paid up to
the shareholders of Sujana Steel Limited on its amalgamation with the Company,
for consideration other than cash
ii) 593,735 equity
shares of Rs. 5 each were issued as fully paid up to IDBI Bank Limited as part
of the restructuring of secured loans, for consideration other than cash;
iii) 2,034,285
equity shares of Rs.5 each at a premium of Rs.12.50 per share were issued as
fully paid up to Stressed Assets
Stabilization Fund(SASF) as part of restructuring of secured loans, for
consideration other than cash during
the period 2009-11;
iv) 52,631,500
equity shares of Rs.5 each at a premium of Rs.21.676 per share represents the
shares underlying GDRs. Each GDR represents ten underlying ordinary shares. The
proceeds of the GDR issue have been utilised in accordance with the purpose as
stated in the offer document;
v) 11,714,286
equity shares of Rs. 5 each allotted on preferential basis at a premium of
Rs.12.50 per shareto the promoter and promoter group and to the non-promoter
group during the period 2009-11;
vi) 50,000,000
equity shares of face value of Rs.5 per share allotted on conversion of
CompulsoryConvertible Warrants at a premium of Rs.16 per share to the promoter
and promoter group during the period 2009-11;
vii) 10,714,286 equity shares of Rs.5 each at a premium of Rs.12.50 per
share were allotted to Stressed Assets Stabilisation Fund (SASF) on redemption
of the Cumulative Redeemable Preference Share, for consideration other than
cash during the period 2009-11
Preference Shares
Of the above:
1,493,365 preference shares of Rs. 100 each were issued as fully paid up
to IDBI Bank Limited as part of the restructuring of secured loans, for
consideration other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (18 Months) |
31.09.2009 (12 Months) |
30.09.2008 (12 Months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1131.091 |
699.446 |
669.445 |
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2] Share Application Money |
0.000 |
0.000 |
1.705 |
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3] Share Warrrants |
0.000 |
0.000 |
823.200 |
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3] Reserves & Surplus |
5907.371 |
3293.276 |
2675.046 |
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4] (Accumulated Losses) |
0000 |
0.000 |
0.000 |
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NETWORTH |
7038.462 |
3992.722 |
4169.396 |
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LOAN FUNDS |
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1] Secured Loans |
8994.321 |
5546.882 |
5420.575 |
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2] Unsecured Loans |
1091.042 |
936.798 |
0.000 |
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TOTAL BORROWING |
10085.363 |
648.368 |
5420.575 |
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DEFERRED TAX LIABILITIES |
618.321 |
498.760 |
473.682 |
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TOTAL |
17742.146 |
10975.162 |
10063.653 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4323.185 |
3552.856 |
3563.966 |
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Capital work-in-progress |
2047.215 |
1141.115 |
83.957 |
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INVESTMENT |
76.111 |
68.639 |
68.215 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
1018.520
|
2296.535 |
2194.777 |
|
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Sundry Debtors |
8630.293
|
5838.120 |
3018.246 |
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Cash & Bank Balances |
717.759
|
370.637 |
230.200 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
5450.682
|
1977.886 |
2068.074 |
|
Total
Current Assets |
15817.254
|
10483.178 |
7511.297 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
4025.688
|
3694.861 |
1021.130 |
|
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Other Current Liabilities |
200.840
|
324.878 |
0.000 |
|
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Provisions |
295.091
|
250.887 |
142.652 |
|
Total
Current Liabilities |
4521.619
|
4270.626 |
1163.782 |
|
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Net Current Assets |
11295.635
|
6212.552 |
6347.515 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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TOTAL |
17742.146 |
10975.162 |
10063.653 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (18 Months) |
30.09.2009 (12 Months) |
30.09.2008 (12 Months) |
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SALES |
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Income |
42540.018 |
19298.570 |
18921.480 |
|
|
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Other Income |
89.865 |
82.013 |
34.844 |
|
|
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TOTAL (A) |
42629.883 |
19380.583 |
18956.324 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Reduction in Stocks of – Finished Goods and Stock in Process |
366.379 |
512.458 |
0.000 |
|
|
|
Raw Materials Consumed |
6612.682 |
4103.889 |
17230.570 |
|
|
|
Manufacturing and Other Operating Expenses |
938.944 |
530.710 |
|
|
|
|
Administration and Selling Expenses |
718.370 |
432.278 |
|
|
|
|
Goods for Resale |
30689.645 |
12261.165 |
0.000 |
|
|
|
(Accretion)/Depletion to Stocks |
0.000 |
0.000 |
(644.684) |
|
|
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TOTAL (B) |
39326.020 |
17840.500 |
17731.785 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3303.863 |
1540.083 |
1224.539 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1943.077 |
888.242 |
456.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1360.786 |
651.841 |
768.385 |
|
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|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
706.995 |
276.619 |
220.282 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX AND EXTRA ORDINARY ITEMS |
|
|
548.103 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXTRA ORDINARY
ITEM |
0.000 |
0.000 |
74.071 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
653.791 |
375.222 |
622.174 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
266.922 |
123.540 |
239.922 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
386.869 |
251.682 |
382.252 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1149.799 |
952.617 |
625.985 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Cumulative Redeemable Preference Shares
Redemption Reserve |
0.000 |
50.368 |
50.368 |
|
|
|
Proposed Dividend on Cumulative Redeemable
Preference Shares |
2.508 |
3.532 |
4.414 |
|
|
|
Tax on Dividend |
0.416 |
0.600 |
0.838 |
|
|
BALANCE CARRIED
TO THE B/S |
1533.744 |
1149.799 |
952.617 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
5089.484 |
2228.675 |
0.000 |
|
|
|
Other Earnings |
72.674 |
0.000 |
581.396 |
|
|
TOTAL EARNINGS |
5162.158 |
2228.675 |
581.396 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4987.578 |
2870.658 |
422.421 |
|
|
|
Capital Goods |
0.259 |
0.000 |
0.000 |
|
|
|
Others |
63.335 |
0.000 |
580.568 |
|
|
TOTAL IMPORTS |
5051.172 |
2870.658 |
1002.989 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 1st
Quater |
|
Net Sales |
|
|
6550.010 |
|
Total Expenditure |
|
|
5955.640 |
|
PBIDT |
|
|
594.370 |
|
Other Income |
|
|
8.380 |
|
Operating Profit |
|
|
602.740 |
|
Interest |
|
|
407.840 |
|
PBDT |
|
|
194.910 |
|
Depreciation |
|
|
87.580 |
|
Profit Before Tax |
|
|
107.320 |
|
Tax |
|
|
34.870 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
72.460 |
|
Extra Ordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
72.460 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
30.09.2009 |
30.09.2008 |
|
PAT / Total Income |
(%) |
0.91
|
1.29 |
2.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.57
|
1.94 |
3.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.25
|
2.67 |
5.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.07
|
1.23 |
1.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.50
|
2.45 |
6.45 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY’S PERFORMANCE:
The Directors hereby report that the Company has achieved a turnover of Rs.42540.018
Millions upto 31.03.2011 consisting of Eighteen (18) Months, as against the
turnover of Rs.19298.570 Millions during the previous financial year ended
30.09.2009 consisting of Twelve (12) months.
Review of Operations:
Growth in Revenue
and Profit during the period .Their Company record a total income of Rs.
42629.883 Millions (annualised total income Rs. 28419.922), compared to Rs.
19380.583 Millions in the previous financial year, which represents a 119.96%
growth (annualised growth 46.64%). The net profit for the period stands at Rs.
386.869 Millions (annualised net profit Rs. 257.913) as compared to the net
profit of Rs.251.682 Millions in the previous year, which represents a 53.70%
(annualised 2.48%) increase over the previous year.
Scheme of Amalgamation
Board of Directors
of the Company at their meeting held on 12th November, 2010 approved the Scheme
of amalgamation between (1) M/s Lakshmi Gayatri Industries Private Limited, (2)
M/s Glade Steel Private Limited, (3) M/s Sri Ganga Steel Enterprises Private
Limited and (4) M/s Topaz Steel India Limited with M/s Sujana Metal Products
Limited w.e.f: 01.10.2009. The Amalgamation would result in synergy of
operations and also reduce the overhead and administrative costs substantially,
by combining these units it will meet the competition in the domestic and
international market and also helps to meet the international standards and it
will also reduce the inventory levels which will result in significant savings
in procurement of inventory and carrying costs of the inventory.
Necessary
approvals from the Bombay Stock Exchange Limited (BSE), National Stock Exchange
of India Limited (NSE) and Madras Stock Exchange Limited (MSE) have been
obtained vide their letter nos.
DCS/AMAL/NTP24(f)/983/2010-11 dated : 24th December, 2011,
NSE/LIST/153641-Z dated : 14th December, 2010 and MSE/LD/PSK/738/593/10 dated :
16th December, 2010 respectively.
The Company Law
Board Southern Region Bench, Chennai has approved the shifting of Registered
office of M/s. Sri Ganga Steel Enterprises Private Limited (Third transferor
Company) from the state of Tamilnadu to Andhra Pradesh on 17th February 2011.
By an order dated:
28.03.2011, the Hon’ble High Ctheirt of Andhra Pradesh Hyderabad directed that
meetings of the Shareholders and Secured Creditors of the Company be held at
Anjuman Hall, Hotel Taj Banjara, Road No.1, Banjara Hills, Hyderabad-500034. On
Thursday the 28th day of April, 2011 at 2.30 P.M. and 3.30 P.M respectively for
the purpose of considering and approving the proposed scheme of amalgamation.
On 28.04.2011,
Shareholders and Secured creditors of the Company passed a resolution for
approving the Scheme of Amalgamation with requisite majority. The petition
under Section 394 read with Section 391(2) of the Companies Act, 1956 for
sanction of Scheme of amalgamation was filed with the Hon’ble High Court of
Judicature at Andhra Pradesh on 15.06.2011 and admitted on 15.07.2011. As on
the date of this report, the Company has not yet received the order from Hon’ble
High Court of Judicature at Andhra Pradesh.
Subsidiaries of The Company
As on 31.03.2011, the Company had the following Subsidiaries:
(a) Glade Steel Private Limited
During the
Financial year 2007-08, their Company has acquired 100% share holding of M/s.
Glade Steel Private
Limited by making
investment of Rs.67.451 Millions as on the date of this report their Company
holding 51.15% share holding in M/s. Glade Steel Private Limited. M/s. Glade
Steel Private Limited, incorporated on 12th May 2005 for carrying on the
business of manufacture, distribute, supply, sell and other wise dispose of
Rounds, Flats, Squares, Angles, Channels,Grinders and Allied Products with
installed capacity of 60,000 MT/per annum of rerolling and 50,000MT/per annum
of MS ingots.
(b) Alpha Ventures Limited
Alpha Ventures
Limited, is a wholly owned subsidiary company incorporated on 6 March 2007 in
Cayman Islands. Alpha Ventures Limited has been promoted to carry out any
object not prohibited by the Companies Law (2004) Revision, or as the same may
be revised from time to time, or any other law of the Cayman Islands. As per
the law prevailing in Cayman Islands, Financial Statements of M/s Alpha Venture
Limited are not required to be audited.
(c ) Asian Tide Enterprises Limited
Asian Tide
Enterprises Limited, is a wholly owned subsidiary company incorporated on 3rd
July 2007 in Hong Kong for carrying on the business trading of goods and
services with accent on procuring raw materials (in bulk) for manufacturing
activities of the Company (melting scrap for its rolling division) and sale
surplus in the market. The aforesaid subsidiary incorporated a wholly owned
subsidiary Company named M/s Optimix Enterprises Limited at Mauritius on
22.08.2011 which will be the step down subsidiary for Sujana Metal Products
Limited
Statement pursuant
to Section 212(1)(e) of the Companies Act,1956 relating to Subsidiary
Companies, As at 31st March,2011, is also annexed to this report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management of
company presents its Analysis Report covering the performance and outlook of
the Company
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Global Economy
Overview
The global economy expanded by 5.0% in 2010 as against 0.5% in 2009.
This recovery was characterized by:
- Moderate growth in advanced economies, spurred by stimulus measures.
Private consumption which fell sharply during the crisis picked up.
- Growth in emerging and developing economies remained robust buoyed by
resurgent capital inflows due to abundant global liquidity and strong domestic
demand.
- Global liquidity improved, credit spreads narrowed, equity and debt
capital markets opening up enabling several corporations to raise capital to
meet funding requirements.
Global Steel Industry
The CY 2010 could be rated as the year of broad based recovery, in terms
of economic revival, steel production, trade and consumption, except the threat
of sovereign defaults in parts of Europe. Besides, weather extremities namely
extreme heat and cold waves, drought, floods, cyclones among others are also
causes of concern.
The Global Steel Industry reached a new high in 2010 after a disastrous
2008. The global demand growth was at 13% after a steep fall in 2008. Asia was
the leading steel producer with a 64% share in the global crude steel
production China was the largest producer with a 44% share, India ranked fifth
in world crude steel production
Production
In 2010 global
steel production grew 15%, to 1,414 MnT. The growth is significant considering
the huge downslide in steel production and consumption in the last quarter of
2008 (due to the global economic crisis).
The growth in 2010
exceeded the previous record set in 2007. Interestingly, the most significant
rise in steel production in 2010 was in those geographies where it had
contracted the maximum in 2008 and 2009 namely North America. Europe and Japan
Despite the considerable rebound, steel production in these nations remained
below the pre-crisis levels
Consumption
Global finished
steel consumption grew 13.1% to 1,283 MnT in 2010. Steel consumption in
emerging and advanced economies grew 9.1% and 25% respectively in 2010
Indian Economy
The Indian economy
was one of the fastest growing economies to recover from the economic crisis,
registering a second year of accelerated growth. The Indian economy grew at a
robust rate of 8.50% in 2010-11 (8% in 2009-10).
Year 2010-11
witnessed fairly strong economic growth at 8.50% contributed by a strong growth
in agriculture at 6.60%.Industry witnessed a moderation in growth from at 8% in
2009-10 to 7.90% in 2010-11. Services continued to support the overall economic
growth contributing around 58% to overall GDP.
Private
consumption expenditure grew significantly in 2010-11, as a consequence of
increasing disposable income. The growth was 22% and 26% respectively in
consumer durables and passenger car segments.
In 2010-11, exports
grew 37% to USD 246 billion against USD 179 billion in 2009-10; imports grew
22.6% to USD 351 billion in 2010-11 against USD 288 billion in 2009-10
resulting in a trade deficit of USD 104 billion in 2010-11 against USD 109
billion in 2009-10.
The confidence in
the Indian growth story was reflected by the record FII inflows into the
economy and the revival in investor confidence, helping the Indian stock
markets regain pre-crisis record levels. Net capital inflows increased to US$
36.7 bn as on March 31, 2010; foreign exchange reserves grew by US$ 20 bn to
US$ 303.50 bn.
|
|
2010 – 11 |
2009-10 |
|
Agriculture, forestry and fishing |
6.6% |
0.4% |
|
Industry |
7.9% |
80%. |
|
Services |
9.4% |
10.1% |
Indian Steel Industry
Overview
The Indian steel
industry has witnessed steady growth, on the back of various initiatives taken
by the Government of India. The soaring demand from different sectors, such as,
infrastructure, real estate and automobile has put the steel industry in India
on the world map.
Economic reforms
initiated by the government in 1991 have assisted in the growth of steel
industry. Prior to the reforms, the steel industry was dominated by the public
sector. However ,after the reforms this sector became open to private
investments and foreign investments. The 1991 reforms allowed for no licenses
to be required for capacity creation, except for some locations. A lot of new
steel plants have been set up in the country due to huge foreign investments
and state-of-the-art technology. Tata Steel was the first steel plant
established in 1907 in India. Some of the other steel plants in the country
include Bhilai Steel Plant at Chattisgarh, Rourkela Steel Plant at Orissa,
Durgapur Steel Plant at West Bengal to name a few. In 2010, India was ranked as
the fourth largest producer of steel by the World Steel Association.
The Indian steel
industry began expanding into Europe during the 21st century. In January 2007,
Tata Steel made a successful US$ 11.3 billion offer to acquire European steel
maker Corus Group PLC. In 2006, Mittal Steel acquired Arcelor for US$ 38.3
billion to become the world’s biggest steel giant.
Some of the growth drivers helping the sector to grow are:
- Abundant
availability of iron ore in the country with States such as Orissa, Jharkhand
and Chhattisgarh being rich in iron ore reserves. The National Minerals
Development Corporation (NMDC) plans to expand its iron ore production capacity
from its existing capacity of 30 million tones per annum (MTPA) to 50 MTPA by
2014–15 through capacity expansion of current mining as well as by new mining.
- The country has
well established facilities for the production of steel.
The Indian steel
industry ranks fifth in the world with an estimated crude steel production of 63
MnT in FY 2010-11. Integrated steel producers contributed 55% of the total
crude steel production in 2010-11 and 45% by secondary producers.
During the period
1997-98 to 2000-01 steel production witnessed a marginal growth of 3% CAGR.
However, during 2001-02 to 2007-08 owing to a boom in the infrastructure and
automobile sectors, the industry witnessed a sharp turnaround and registered a
steep hike of 12% CAGR.
Snapshot (2010-11)
Capacity Production Import Export Not Import Consumption
|
Capacity |
Production |
Import |
Export |
Not Import |
Consumption |
|
78 Mnt |
63 Mnt |
6.8 Mnt |
3.5 Mnt |
3.3 Mnt |
66 Mnt |
|
+5% |
+11% |
(11)% |
(4)% |
-- |
+1.6% |
In 2010-11 steel consumption grew at a healthy 10% from 59 MnT in 2009-10
to 66 MnT, owing to strong demand from the infrastructure construction,
automobile, and industrial sectors. Rising production capacities has reduced
India’s import dependency from 13% in 2009-10 to about 10% in 2011-12.
OPPORTUNITIES, THREATS AND FUTURE OUTLOOK :
The steel
production capacity in the country has
increased substantially and production may touch around 200 MT by the year
2020. The country has the necessary iron ore reserves to achieve this level of
steel production. As highlighted earlier, due to India’s expected acceleration
in GDP growth rate in the medium and long-term, the demand for steel is bound
to go up significantly. This will benefit all steel producers including your
Company.
India is one of the very few economies in the
world which is growing at a commendable speed and promises a huge opportunity
for core industries like steel. The economy is expected to grow by more than 9%
in the fiscal 2011-12. If this comes true, it will surely give big boost to the
steel consumption in the country.
Government’s
intention to boost economic growth by injecting funds in various industries,
like construction, infrastructure, power etc. will drive the demand for steel.
The average per capita consumption of steel in India is 46 kgs, compared to the
global average of 198 kgs thus; there is huge scope for increasing steel
production in India.
In spite of rising
demand from various sectors on infrastructure, the Indian Steel Industry is
likely to face severe challenges. The main challenge steel producers would face
from high raw material prices, putting pressure on operating margins. India,
being mostly dependent on imports for coking coal, is more likely to be
affected by the volatility in coking coal prices.
Increase in input
costs, adverse exchange rate fluctuations and hardening of interest rates are
some of the specific threats that the Company continues to mitigate by careful
planning, active treasury management and use of alternative borrowing
instruments. The Company is also actively searching for growth opportunities
and new markets in all its product segments.
SEGMENT WISE PERFORMANCE AND GEOGRAPHICAL INFORMATION:
The Company
primarily engaged in the business of manufacturing sales and Trading sales of
Iron & Steel products. The Company has identified two primary business
segments, namely manufacture steel and Trade Steel & Steel products, which in the contest
of accounting standard - 17 on “Segment Reporting” constitute reportable
segments.
Contingent Liabilities
not provided for:
a)
Letters of Credit / Bills Discounted and Guarantees
Issued:
(Rs. in Millions)
|
PARTICULARS |
31.03.2011
|
30.09.2009 |
|
i) Letters of
Credit / Bills Discounted |
3730.047 |
2518.736 |
|
ii) Counter Guarantees
given to Bank towards: - Bank
Guarantees Issued |
87.452 |
117.800 |
|
iii) Corporate
Guarantees furnished on behalf of Sujana Universal Industries Limited |
5310.000 |
1086.000 |
|
iv) Corporate Guarantees
furnished on behalf of Sujana Universal Industries Ltd [USD Nil (30.09.2009:
USD 4.917 Millions)] |
-- |
237.639 |
|
v) Joint
Corporate Guarantee executed by the Company with Sujana Universal Industries Ltd
and Sujana Towers Limited in favour of Alpha Ventures Ltd and Sujana Holdings
Ltd, Wholly Owned Subsidiary of the Company and Sujana Universal Industries
Ltd respectively [USD 65.000 Millions (30.09.2009: USD 65.000 Millions)] |
2902.250 |
3141.450 |
b) Disputed Taxes
(Rs. in Millions)
|
PARTICULARS |
31.03.2011
|
30.09.2009 |
|
Excise Duty |
188.895 |
118.266 |
|
Custom Duty |
59.359 |
62.271 |
|
TNVAT/APVAT/APGST/CST * |
428.666 |
1203.722 |
|
Income Tax |
0.000 |
26.701 |
|
FERA** |
63.000 |
63.000 |
*Excludes Rs. 805.049 Millions disputed tax pertain to APGST for the
year 2004-05 and APVAT for the years from 2005-06 to 2007-08 set aside by High
Court of Andhra Pradesh in favour of the Company, consequential revision orders
has to be passed by the Commercial Tax Officer, Sri Nagar Colony, Hyderabad.
** Against which bank guarantee of Rs.21.500 Millions has seen issued.
FIXED ASSETS
·
Land – Freehold
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
Computers
·
Goodwill
BUSINESS DESCRIPTION
Subject is an India-based company. It is engaged in manufacturing sales and trading sales of Iron and Steel products. The Company operates in two segments: manufacture steel, and trade steel and steel products. The wholly owned subsidiaries of the Company include Glade Steel Private Limited, Alpha Ventures Limited and Asian Tide Enterprises Limited. The Company operates in three divisions: Hyderabad division, Chennai division, and Visakhapatnam division. For the fifteen months ended 31 December 2010, Subject's revenues totaled RS38.13B. Net income after tax totaled RS383.7M. Results are not comparable as the company has not provided the comparable financial figures for prior year. Subject is an India-based company. The Company operates in four divisions: Tower manufacturing, Structural Steels, TMT Bars and International Trade.
Minutes of Annual General Meeting
Accord Fintech (India)
04 October 2011
India,
Oct. 04 -- Sujana Metal Products Limited has submitted to the Exchange a copy
of Minutes of the Annual General Meeting of the Company held on September 24,
2011. Published by HT Syndication with permission from Accord Fintech.
AGM
on Sep 24, 2011
Accord Fintech (India)
20 September 2011
India,
Sept. 20 -- Sujana Metal Products Ltd has informed BSE that the 21st Annual
General Meeting (AGM) of the Company will be held on September 24, 2011.
Published by HT Syndication with permission from ACCORD FINTECH BSE.
Board
Meeting on Aug 29, 2011
Accord Fintech
(India)
23 August 2011
India, Aug. 23 -- Sujana Metal Products Ltd has informed BSE that a
meeting of the Board of Directors of the Company will be held on August 29,
2011, inter alia, to consider the following:1. To issue of further equity
shares and/or any securities linked to, convertible into or exchangeable for
equity shares for an aggregate amount not exceeding Rs. 500 Crores, subject to
the approval of the members of the Company and to authorize Management
committee of Board of Directors to take decisions in this regard.2. To increase
the Authorised Share Capital of the Company from 200 Crores to 250 Crores.3. To
approve the Draft Notice of 21st Annual General Meeting of the Company and to
fix the date, venue threfore.4. To approve the Draft Directors? Report of the
Company for the period 200-2011.5. To re-appoint Shri Y. S. Chowdary, Director
of the Company retiring by rotation.6. To re-appoint Dr. V. Malakonda Reddy,
Director of the Company retiring by rotation.7. To consider and approve the
re-appointment of Statutory Auditors of the Company.8. To close the Register of
Members and Share Transfer Books. Published by HT Syndication with permission
from ACCORD FINTECH BSE.
Notice of petition
Accord Fintech
(India)
20 July 2011
India, July 20 -- Sujana Metal Products Ltd has informed BSE that the
petition under Section 394 read with Section 391(2) of the Companies Act, 1956 for
sanction of scheme of amalgamation of M/s. Lakshmi Gayatri Industries Private
Limited and M/s. Glade Steel Private Limited and M/s. Sri Ganga Steel
Enterprises Private Limited and M/s. Topaz Steel India Limited with M/s Sujana
Metal Products Limited and their respective shareholders presented by the
petitioner Company with the Honble High Court of Andhra Pradesh, Hyderabad on
June 15, 2011 was admitted on July 15, 2011 and the said petition is fixed for
hearing on August 16, 2011.In this regard, the Company has submitted to BSE a
copy of the Notice of Petition of the Company u/s 391 and 394 of the Companies
Act, 1956 dated July 18, 2011, intimating about the date of hearing of Petition
fixed for August 16, 2011 published in the News Papers in accordance with the
directions of the Honble High Court of Andhra Pradesh, Hyderabad. Published by
HT Syndication with permission from ACCORD FINTECH BSE.
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 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.49.07 |
|
|
1 |
Rs.77.42 |
|
Euro |
1 |
Rs.67.72 |
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 |
YES |
|
--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.