1. Summary Information
|
|
|
Country |
|
|
Company Name |
REMI EDELSTAHL
TURBULARS LIMITED |
Principal Name 1 |
Mr. Vishwambhar C. Saraf |
|
Status |
Moderate |
Principal Name 2 |
Mr. Mahabir Prasad Jatia |
|
|
|
Registration # |
11-014746 |
|
Street Address |
11, Cama
Industrial Estate, |
||
|
Established Date |
19.08.1970 |
SIC Code |
-- |
|
Telephone# |
91-22-40589800 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-26852335 |
Business Style 2 |
Stainless Steel Welded and Seamless Pipes |
|
Homepage |
-- |
Product Name 1 |
Welded Tubes |
|
# of employees |
Not Available |
Product Name 2 |
Welded Pipes |
|
Paid up capital |
Rs.95,824,000/- |
Product Name 3 |
Seamless Pipes |
|
Shareholders |
shareholding of Promoter and
Promoter Group – 55.19% Public shareholding -44.81% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
42 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B
(28) |
|
Related
Company |
|||
|
Relation
|
Country |
Company
Name |
CEO |
|
Associates |
|
Rajendra Electrical Industries Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
412,866,000 |
Current Liabilities |
252,398,000 |
|
Inventories |
441,675,000 |
Long-term Liabilities |
525,640,000 |
|
Fixed Assets |
419,531,000 |
Other Liabilities |
68,336,000 |
|
Deferred Assets |
-- |
Total Liabilities |
846,374,000 |
|
Invest& other Assets |
7,323,000 |
Retained Earnings |
339,197,000 |
|
|
|
Net Worth |
435,021,000 |
|
Total Assets |
1,281,395,000 |
Total Liab. & Equity |
1,281,395,000 |
|
Total Assets (Previous Year) |
995,381,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
1,288,744,000 |
Net Profit |
8,851,000 |
|
Sales(Previous yr) |
914,582,000 |
Net Profit(Prev.yr) |
8,028,000 |
MIRA
INFORM REPORT
|
Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
REMI EDELSTAHL TURBULARS LIMITED |
|
|
|
|
Formerly Known
As : |
RAJENDRA MECHANICAL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
11, Cama Industrial Estate, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.08.1970 |
|
|
|
|
Com. Reg. No.: |
11-014746 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.95.824 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1970PLC014746 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR13940D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR0408G |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Stainless
Steel Welded and Seamless Pipes |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered / Corporate Office : |
11, Cama Industrial Estate, |
|
Tel. No.: |
91-22-40589800 |
|
Fax No.: |
91-22-26852335 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No. N-211/1, M.I.D.C., Tarapur, |
|
Tel. No.: |
91-2525-270492 / 93 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Vishwambhar C. Saraf |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Mahabir Prasad Jatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajendra C. Saraf |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kamal Kumar Dujodwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rishabh V. Saraf |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Shankar Lal Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopikishan Biyani |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
2,419,330 |
25.25 |
|
Bodies Corporate |
2,807,176 |
29.30 |
|
Any Others (Specify) |
61,748 |
0.64 |
|
Trusts |
61.748 |
0.64 |
|
Sub Total |
5,288,254 |
55.19 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5,288,254 |
55.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
Mutual Funds/UTI |
-- |
0.09 |
|
|
-- |
0.01 |
|
|
-- |
0.10 |
|
|
|
|
|
|
2,069,376 |
21.68 |
|
|
|
|
|
|
923,342 |
16.19 |
|
|
478,716 |
5.00 |
|
|
176,976 |
1.85 |
|
Clearing Members |
14,556 |
0.15 |
|
Non Resident Indians |
162,344 |
1.69 |
|
Overseas Corporate Bodies |
76 |
-- |
|
|
3,648,410 |
44.71 |
|
Total Public shareholding (B) |
3,648,410 |
44.81 |
|
Total (A)+(B) |
8,936,664 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
Total (A)+(B)+(C) |
8,936,664 |
100.00 |
(1) Indian
(2)
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless Steel Welded and Seamless Pipes |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
*
Installed Capacity |
Actual
Production |
|
Stainless steel pipes and tubes |
|
10445 |
4894.014 |
|
Wind power |
|
2.25 |
2940650 |
* Notes:
1. The Company manufactures wide range of small & big diameter stainless steel welded and Seamless pipe & tubes and installed capacity in tons is based on Standard size of diameter.
2. Installed capacity is as certified by the management and relied by auditors being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M/s. Sundarlal, Desai and Kanodia Chartered Accountants |
|
Address : |
903, |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,82,400 |
Equity Shares |
Rs.10/- each |
Rs.95.824
Millions |
|
|
|
|
|
Of the above 49,39,700 equity share of Rs.10/-
each were issued as fully paid bonus shares by capitalization of reserves
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
95.824 |
95.824 |
95.824 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
339.197 |
330.346 |
323.316 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
435.021 |
426.170 |
419.140 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
348.192 |
254.655 |
351.419 |
|
|
2] Unsecured Loans |
177.448 |
106.024 |
111.048 |
|
|
TOTAL BORROWING |
525.640 |
360.679 |
462.467 |
|
|
DEFERRED TAX LIABILITIES |
68.336 |
67.688 |
69.420 |
|
|
|
|
|
|
|
|
TOTAL |
1028.997 |
854.537 |
951.027 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
419.531 |
369.301 |
375.241 |
|
|
Capital work-in-progress |
6.846 |
63.238 |
0.758 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.477 |
0.477 |
7.470 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
441.675
|
299.410
|
368.320 |
|
|
Sundry Debtors |
273.630
|
192.992
|
207.403 |
|
|
Cash & Bank Balances |
24.824
|
14.673
|
27.882 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
114.412
|
55.290
|
60.703 |
|
Total
Current Assets |
854.541
|
562.365 |
664.308 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
182.361
|
95.696
|
56.952 |
|
|
Other Current Liabilities |
64.260
|
41.559
|
32.550 |
|
|
Provisions |
5.777
|
3.589
|
7.248 |
|
Total
Current Liabilities |
252.398
|
140.844 |
96.750 |
|
|
Net Current Assets |
602.143
|
421.521
|
567.558 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1028.997 |
854.537 |
951.027 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1288.744 |
914.582 |
1536.851 |
|
|
|
Other Income |
10.186 |
25.677 |
15.488 |
|
|
|
TOTAL (A) |
1298.930 |
940.259 |
1552.339 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Raw Material |
1049.013 |
579.495 |
1078.442 |
|
|
|
Purchase for Resale |
18.690 |
26.501 |
3.354 |
|
|
|
Manufacturing Expenses |
91.648 |
61.516 |
79.975 |
|
|
|
Employees Remuneration and benefits |
61.955 |
55.732 |
61.089 |
|
|
|
Administrative Expenses |
83.765 |
52.635 |
98.295 |
|
|
|
Increase/(Decrease) in Finished Goods |
(87.100) |
107.918 |
184.768 |
|
|
|
TOTAL (B) |
1217.971 |
883.797 |
1505.923 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
80.959 |
56.462 |
46.417 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
44.541 |
27.733 |
56.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.418 |
28.729 |
(10.219) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
26.871 |
25.745 |
25.856 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.547 |
2.984 |
(36.075) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.696 |
(5.044) |
(9.378) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.851 |
8.028 |
(26.697) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
119.125 |
121.097 |
157.794 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
117.976 |
119.125 |
121.097 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
132.323 |
121.701 |
407.046 |
|
|
TOTAL EARNINGS |
132.323 |
121.701 |
407.046 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
822.372 |
309.136 |
607.564 |
|
|
|
Stores & Spares |
0.703 |
0.000 |
0.501 |
|
|
|
Fixed Assets |
5.065 |
52.449 |
8.171 |
|
|
TOTAL IMPORTS |
828.140 |
361.585 |
616.236s |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.92 |
0.84 |
(2.79) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
31.12.2011 3rd
Quarter |
|
Net Sales |
340.650 |
414.450 |
486.840 |
|
Total Expenditure |
315.240 |
383.820 |
459.780 |
|
PBIDT (Excl OI) |
25.410 |
30.630 |
27.060 |
|
Other Income |
2.340 |
0.880 |
1.350 |
|
Operating Profit |
27.750 |
31.510 |
28.410 |
|
Interest |
16.910 |
18.740 |
20.630 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
10.840 |
12.770 |
7.780 |
|
Depreciation |
7.220 |
7.200 |
7.340 |
|
Profit Before Tax |
3.620 |
5.570 |
0.440 |
|
Tax |
1.060 |
1.880 |
0.150 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.570 |
3.690 |
0.290 |
|
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 |
2.570 |
3.690 |
0.290 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.68
|
0.85 |
1.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.74
|
0.32 |
2.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.75
|
0.32 |
3.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.00 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
1.17 |
1.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
3.99 |
6.87 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
|
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATIONS:
The Stainless Steel Tubes and Pipes Industry was recovering from a weak economic period. The Company’s marketing and product development efforts initiated recently have fructified and are reflected in the Company’s financial performance, i.e. revenue increase by 34.5%, growth in sales volume, 43.5% growth in value resulting in an EBIDTA growth of 43.72% over the previous year. The Company’s order book reflects a healthy Rs.1210.000 Millions at the beginning of the year end which indicates growth performance for the forthcoming year also.
The company has the distinction of being the first to commission the state-of-art cage-forming large diameter automatic Stainless Steel Pipe Forming Mill. The benefit of this equipment will partly accrue in the current year and would fully reflect in the coming years.
The company is embarking on an expansion programme [of approx 13 Crores] to meet the increasing technological requirements of the expanding sophisticated market. The expansion project is funded by internal accruals and term loans already sanctioned by the Company’s bankers.
MANAGEMENT DISCUSSION
AND ANALYSIS:
·
INDUSTRY
STRUCTURE AND DEVELOPMENT:
The Stainless steel tube and pipe industry can be classified in the organized sector, in which the Company operates has witnessed a sharp growth in capacity over the past few years. The growth in the product markets have shifted from the traditional focus on oil and petrochemical sector to the power sector. This shift stands to become more prominent in the next few years as the installation of nuclear power plants becomes more critical for the growth of the economy. There has been a revival in demand in the Fertilizer sector owing to the governments focus on increasing the agricultural produce.
·
OPPORTUNITIES
AND THREATS:
The growth in the power (both thermal and nuclear)/
fertilizer/ oil and petroleum sector offer opportunities for the Company’s
products. However, the pricing volatility of key raw material ingredients (such
as nickel) can affect demand and usage patterns of user industry as well as
affect the viability of major project investments. Apart from this,
installation of LNG terminals can have a substantial contribution in the usage
of stainless steel tubular products. The threat of dumping of secondary quality
products and imposition of antidumping duties by the government on major raw
materials can have adverse effect on the demand. The effect of Nuclear disaster
in
·
OUTLOOK:
The Company has viewed the economic downturn as an opportunity to reinvent its product portfolio over the past year. The company and the management believed in the fundamentals of the sector it operates in and continues to believe that the fundamentals of the stainless steel tubular industry remain strong. The approvals received by the company are reflected in the increased order book. The Company is continuing the process of product enhancement and expects further approvals for critical products from the user industries. The expansion programme undertaken will ensure that the products can be adequately developed.
·
FINANCIAL
PERFORMANCE:
The Financial Performance of the Company has improved with better capacity utilization and product mix.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
Rs. In Millions
|
Particular |
31.03.2011 |
31.03.2010 |
|
Bank Guarantees given by bankers on behalf of the Company |
86.486 |
89.031 |
|
Guarantee given by the Company to Bankers on behalf of associate Company |
66.500 |
46.500 |
|
Bills Discounted |
48.727 |
42.245 |
|
Claim of Collector |
35.347 |
35.347 |
|
Sales Tax (Disputed in Appeal) |
0.000 |
11.623 |
|
Show Cause Notice in respect of Central Excise |
0.000 |
0.318 |
|
Central Excise (Disputed in Appeal) |
7.094 |
27.181 |
|
Subletting Charges |
0.137 |
0.137 |
|
In respect of Custom Duty |
1.067 |
0.000 |
|
Income Tax matters |
0.602 |
0.115 |
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31ST
DECEMBER 2011
(Rs. In Millions)
|
Particulars |
3 Months Ended |
Previous 3 Months Ended |
Year to Date Figures for Current Period Ended |
|
|
31.12.2011 Unaudited |
30.09.2011 Unaudited |
31.12.2011 Unaudited |
|
(a) Net Sales / Income from operations |
527.288 |
455.907 |
1355.230 |
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
527.288 |
455.907 |
1355.230 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a) (Increase) / Decrease in stock in trade and work in
progress |
(37.100) |
(83.257) |
(11.911) |
|
b) Consumption of raw materials |
419.861 |
386.746 |
1046.917 |
|
c) Purchase of traded goods |
-- |
-- |
1.858 |
|
d) Excise Duty |
40.449 |
41.457 |
113.295 |
|
e) Employees cost |
16.823 |
17.079 |
48.952 |
|
f) Depreciation |
7.344 |
7.195 |
21.756 |
|
g) Other expenditure |
53.971 |
61.221 |
163.408 |
|
Total |
501.348 |
430.441 |
1284.275 |
|
|
|
|
|
|
Profit from operations before other income, interest and
exceptional Items |
25.940 |
25.466 |
70.955 |
|
Other income |
1.352 |
0.877 |
4.570 |
|
Profit before interest and exceptional Items |
272.92 |
26.343 |
75.525 |
|
Interest / Finance charges |
20.632 |
18.740 |
56.278 |
|
Foreign Exchange Gain / (Loss) |
(6.217) |
(2.029) |
(9.610) |
|
Profit
after Interest but before Exceptional Items |
0.443 |
5.574 |
9.637 |
|
Exceptional Items |
-- |
- |
-- |
|
Profit
(+)/Loss(-) from Oridinary Activities before tax |
0.443 |
5.574 |
9.637 |
|
Tax expense |
1.53 |
1.878 |
3.082 |
|
Net
Profit (+)/Loss(-) from Ordinary Activities after tax |
0.290 |
3.696 |
6.555 |
|
Extraordinary Items (net of tax expenses) |
-- |
-- |
-- |
|
Net Profit (+) / Loss (-) for the year period |
0.290 |
3.696 |
6.555 |
|
Paid up equity share capital (Face value of Rs.2/- per
share) |
95.824 |
95.824 |
95.824 |
|
Reserves excluding revaluation reserves |
-- |
-- |
-- |
|
Earnings per share (EPS) |
|
|
|
|
(a)
Basic |
0.03 |
0.39 |
0.68 |
|
(b) diluted |
0.03 |
0.39 |
0.68 |
|
Public shareholding |
|
|
|
|
Number of
shares |
4,294,146 |
4,294,146 |
4,294,146 |
|
Percentage
of shareholding |
44.81 |
44.81 |
44.81 |
|
|
|
|
|
|
Promoters and Promoters group Shareholding |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
5,288,254 |
5,288,254 |
5,288,254 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
55.19 |
55.19 |
55.19 |
Fixed Assets
- Leasehold Land-Wind
Mill
- Land (Leasehold)
- Plant and Machinery
- Plant and
Machinery-Wind Mill
- Dies and Moulds
- Electrical Installation
- Office Equipments
- Furniture and Fixtures
- Air Conditioner
- Computers
- Furniture and fixtures
- Vehicles
- Office Premises
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.51.28 |
|
|
1 |
Rs.81.38 |
|
Euro |
1 |
Rs.67.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
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 |
3 |
|
--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 |
|
28 |
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.