MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHAH ALLOYS LIMITED |
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Registered
Office : |
5/1, Shreeji House, 5th
Floor M J Library , |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.11.1990 |
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Com. Reg. No.: |
014698 |
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Capital
Investment/ Paid-up Capital: |
Rs.197.975 Millions |
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CIN No.: [Company Identification
No.] |
L27100GJ1990PLC014698 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS02307E |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of
Alloy Steel Products. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Company |
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Payment Behaviour : |
Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is been reffere to BIFR, Company is
a sick company. Its networth has been erroded. Payment are reported to be slow and delayed. The company can be considered for business dealing on safe and secured
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
5/1, Shreeji House B/h. M.J. Library, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Works : |
Shah Industrial Estate, Block |
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Corporate Office : |
Shah Alloys Corporate |
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Tel. No.: |
91-2764-661100 |
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E-Mail : |
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Stainless steel Coil/plate/sheet division |
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Alloy steel Coil/plate/sheet division |
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Carbon/mild steel Coil/plate/sheet division |
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stainless/Alloy steel rounds division |
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Stainless steel flat bars division |
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Armour Steel Division |
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North America & South America |
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Middle East & Africa |
DIRECTORS
As on 31.03.2011
|
Name : |
Rajendra V. Shah |
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Designation : |
Chairman |
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Name : |
K |
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Designation : |
Jt. Managing Director |
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Name : |
M.P Desai |
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Designation : |
Executive Director - Works |
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Name : |
Ashok Sharma |
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Designation : |
Whole Time Director |
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Name : |
G M Shaikh |
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Designation : |
Director |
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Name : |
N D Shah |
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Designation : |
Director |
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Name : |
Dilipkumar Sinha |
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Designation : |
Director |
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Name : |
Harshad M Shah |
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Designation : |
Director |
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Name : |
Tejpal S Shah |
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Designation : |
Director |
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Name : |
Bhaskar Ghosh
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Designation : |
Director (w.e.f 11.05.2011) |
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Name : |
Vincent Mendonsa Nominee |
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Designation : |
Director-Union Bank |
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Name : |
M.B.Kaul Nominee |
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Designation : |
Director-IDBI |
KEY EXECUTIVES
|
Name : |
Vinod Kumar Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
10729246 |
54.19 |
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10729246 |
54.19 |
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Total shareholding of Promoter and Promoter Group (A) |
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(B) Public Shareholding |
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|
1776624 |
8.97 |
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1776624 |
8.97 |
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2811336 |
14.20 |
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3682965 |
18.60 |
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669074 |
3.38 |
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128295 |
0.65 |
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Non Resident Indians |
126974 |
0.64 |
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|
200 |
0.00 |
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|
1121 |
0.01 |
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7291670 |
36.83 |
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Total Public shareholding (B) |
9068294 |
45.81 |
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Total (A)+(B) |
19797540 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
19797540 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Alloy Steel Products. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
S .S. Flats, Bars& Castings, Hot Rolled M.S. Plates, S.S.HR Coil |
MT |
NA |
300000 |
NA |
|
FINISHED GOODS |
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|
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|
Bars, Beams, Angles & wire rods |
MT |
NA |
NA |
6361.532 |
|
S.S. Flats |
MT |
NA |
NA |
19577.526 |
|
M.S. / S.S. Plates |
MT |
NA |
NA |
53977.122 |
|
S.S. HR / CR Coil |
MT |
NA |
NA |
28592.127 |
|
SEMI-FINISHED GOODS |
MT |
NA |
NA |
|
|
S.S.Slab, Billets,Blooms,
Ingots,etc |
MT |
NA |
NA |
784.827 |
Note: Production indicates Net Saleable Quantity
The above production does not include Job work Production for the
current Financial year - 448.625 MT. Previous year - 9430.919 MT.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Union Bank of ·
State Bank of ·
Bank of · Punjab National Bank · IDBI Bank Limited ·
Bank of · Axis Bank Limited |
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Facilities : |
Rs. In Millions
Note: 100 No. Zero Coupon Foreign Currency Convertible Bonds of USD 100000 Each issued on 15-09-2006 (a) Redeemable on maturity date 22-09-2011 at 148.255% of its principal amount in cash if not redeemed or converted earlier. (b) Convertible by the holders at any time on or after
20-09-2006 but prior to close of business on 08-09-2011 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Talati and Talati Chartered Accountants |
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Address : |
Ambica Chambers Nr. Old High Court Navrangpura Ahmedabad – 380
009, |
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Associates: |
· S.A.L. Steel Limited · Adarsh Foundation; ·
·
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Share |
Rs.10/- each |
Rs.350.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19797540 |
Equity Share |
Rs.10/- each |
Rs.197.975
Millions |
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|
|
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NOTE: Paid up Capital
includes other than cash 20 [P.Y. 20] Equity shares of Rs
10/- each issued on amalgamation of erstwhile company M/s Shah Steel &
Industrial Gases Ltd.
8910020 [P.Y. 8910020] Equity shares of Rs
10/- each fully paid up issued bonus shares by capitalisation
of reserve.
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 |
197.975 |
197.975 |
197.975 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
694.718 |
741.253 |
773.393 |
|
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4] (Accumulated Losses) |
(2673.991) |
(1377.136) |
(773.893) |
|
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NETWORTH |
(1781.298) |
(437.908) |
197.475 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
9105.867 |
7162.358 |
6211.832 |
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2] Unsecured Loans |
971.547 |
954.812 |
953.671 |
|
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TOTAL BORROWING |
10077.414 |
8117.170 |
7165.503 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
8296.116 |
7679.262 |
7362.978 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3079.766 |
3402.488 |
3738.975 |
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Capital work-in-progress |
183.184 |
170.594 |
158.004 |
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|
|
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INVESTMENT |
399.506 |
399.506 |
399.506 |
|
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DEFERREX TAX ASSETS |
1589.329 |
1037.187 |
790.863 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2093.423
|
2213.454 |
1852.963
|
|
|
Sundry Debtors |
983.230
|
973.800 |
679.572
|
|
|
Cash & Bank Balances |
27.863
|
107.139 |
186.388
|
|
|
Other Current Assets |
0.149
|
7.683 |
5.389
|
|
|
Loans & Advances |
1171.543
|
1252.304 |
1145.096
|
|
Total
Current Assets |
4276.208
|
4554.380 |
3869.408 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
649.639
|
1584.853 |
1374.788 |
|
|
Other Current Liabilities |
558.891
|
280.522 |
203.304 |
|
|
Provisions |
23.347
|
21.143 |
19.957 |
|
Total
Current Liabilities |
1231.877
|
1886.518 |
1598.049 |
|
|
Net Current Assets |
3044.331
|
2667.862 |
2271.359 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
1.625 |
4.271 |
|
|
|
|
|
|
|
|
TOTAL |
8296.116 |
7679.262 |
7362.978 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7517.156 |
7780.665 |
7578.608 |
|
|
|
Other Income |
26.762 |
122.814 |
58.932 |
|
|
|
TOTAL (A) |
7543.918 |
7903.479 |
7637.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
5404.929 |
5165.537 |
6160.467 |
|
|
|
Manufacturing & Other Expenses |
2674.655 |
2822.410 |
2248.223 |
|
|
|
Increase / (Decrease) in Stocks |
71.440 |
(344.981) |
(106.920) |
|
|
|
TOTAL (B) |
8151.024 |
7642.966 |
8301.770 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(607.106) |
206.513 |
(664.230) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
871.926 |
731.247 |
751.619 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1479.032) |
(470.734) |
(1415.849) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
322.753 |
336.487 |
347.653 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
(1801.785) |
(807.221) |
(1763.502) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
(544.161) |
(246.324) |
(527.446) |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-I) (J) |
(1257.624) |
(560.897) |
(1236.056) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS |
39.230 |
42.346 |
17.632 |
|
|
|
|
|
|
|
|
|
Add |
Extraordinary item. |
0.000 |
0.000 |
213.848 |
|
|
|
|
|
|
|
|
|
|
PROFIT / ( LOSS )
FOR THE YEAR |
(1296.854) |
(603.243) |
(1039.840) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1377.136) |
(773.893) |
85.046 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2673.990 |
1377.136 |
957.794 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
179.846 |
323.770 |
476.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
155.340 |
437.861 |
462.232 |
|
|
|
Stores & Spares |
52.808 |
131.213 |
48.669 |
|
|
TOTAL IMPORTS |
208.148 |
569.074 |
510.901 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(65.51) |
(30.47) |
52.52 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Net Sales |
2062.200 |
1767.000 |
1869.400 |
1911.400 |
|
Total Expenditure |
2184.600 |
2081.500 |
2376.500 |
2126.100 |
|
PBIDT (Excl OI) |
(122.400) |
(314.500) |
(507.100) |
(214.700) |
|
Other Income |
0.100 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
(122.300) |
(314.500) |
(507.100) |
(214.700) |
|
Interest |
228.800 |
232.100 |
230.300 |
231.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(351.100) |
(546.600) |
(737.400) |
(445.800) |
|
Depreciation |
79.200 |
79.200 |
79.700 |
79.300 |
|
Profit Before Tax |
(430.300) |
(625.700) |
(817.100) |
(525.100) |
|
Tax |
(138.700) |
(208.600) |
(268.200) |
(169.100) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(291.600) |
(417.100) |
(548.900) |
(356.000) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(291.600) |
(417.100) |
(548.900) |
(356.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(16.67) |
(7.09) |
(16.18) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.97) |
(10.37) |
(23.27) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(24.49) |
(10.14) |
(23.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.01) |
(1.84) |
(8.93) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(6.35) |
(22.84) |
44.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.47 |
2.41 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
PERFORMANCE
Despite of the fact that Company has been declared Sick Industrial Company
under the provisions of Section 3(1)(0) of Sick Industrial Companies (Special
Provisions) Act 1985, it has been successful in maintaining the Turnover. Apart
from the financial crisis, operations of the company are influenced due to
prices of raw materials, fuel prices, sales realization etc.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Indian Steel demand is estimated to grow on a strong footage @ 13.3% in current
fiscal year 2010-11, while witnessing growth of around 10.6% in production as
well. It is projected that Indian Steel Industry will see capacity additions to
meet the accelerating domestic demand led by rising investments and
consumptions supplemented by growing export opportunities for value added
products.
On the other side, major challenges for Global Steel Industry in near
term shall be sustainability of demand under rising inflationary pressure while
cost pressure squeezing the margins. Also, for Global Steel Producers the
foremost challenge shall be to explore innovative technologies and processes so
as to minimize their production cost along with improved energy efficiency and
low emission intensity..
COMPANY’S
PERFORMANCE AND HIGHLIGHTS
During the year Company was declared Sick Industrial Company under the
provisions of Section 3(1)(0) of Sick Industrial Companies (Special Provisions)
Act 1985. On account of financial crisis as also prices of raw materials, fuel
prices, sales realization etc., the performance of the company has been
affected. However, Company has been able to sustain turnover of the company.
Due to increased burden of interest and high cost of raw material, the loss of
the company has been increased.
Company has been successful in developing protection armour
steel which is mainly required for defence purposes.
Company has been registered with Defence Research and
Development Organization as approved vendor and it is expected that good
business will be available to the Company. To reduce the cost of power, company
has been making efforts to purchase power through Open Access which would be
cheaper than the present cost of power.
FUTURE OUTLOOK
In the midst of uncertainty, future of the Company largely depends on
the Rehabilitation scheme which is yet to be sanctioned. In the meantime,
Company expects better performance on account of measures being taken to reduce
the power cost and increase in margins by improving its product mix.
AUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 31ST MARCH,
2012
Rs.in
Millions
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2012 |
31.03.2011 |
31.03.2012 |
|
|
|
|
|
|
Net Sales/ Income from Operations |
1897.800 |
1865.00 |
7578.100 |
|
1. (b) Other Operating Income |
13.600 |
04.400 |
31.900 |
|
Total Income
From operations |
1911.400 |
1869.400 |
7610.000 |
|
2. Expenditure |
|
|
|
|
a. Cost of Raw Materials consumed |
1367.100 |
1329.700 |
5039.200 |
|
b. Purchases of stock in trade |
- |
26.000 |
81.300 |
|
c. Changes in inventories of finished goods , work in progress and
stock in trade |
(19.800) |
238.000 |
650.200 |
|
d. Employee benefit expenses |
63.300 |
67.700 |
265.600 |
|
e. Depreciation and amortisation expense |
79.300 |
79.700 |
317.400 |
|
f. Consumption
of Stores & Spares |
358.500 |
25.770 |
1137.500 |
|
g. Power cost |
252.100 |
36.560 |
1208.700 |
|
h. Other Expenditure |
104.900 |
91.800 |
386.300 |
|
Total
Expenditure |
2505.400 |
245.620 |
9086.200 |
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
(294.000) |
(58.680) |
(1476.200) |
|
4. Other Income |
- |
- |
- |
|
5. Profit before Interest and Tax
|
(294.000) |
(58.680) |
(1476.200) |
|
6. Interest |
231.100 |
230.300 |
922.200 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
(525.100) |
(817.100) |
(2398.400) |
|
8. Exceptional items |
- |
- |
- |
|
9. Profit from Ordinary
Activities before Tax but before
exceptional items |
(525.100) |
(817.100) |
(2398.400) |
|
10. Tax Expenses |
(169.100) |
(268.200) |
(784.600) |
|
11. Net profit/(loss) for the
period |
(356.000) |
(548.900) |
(1613.800) |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
198.000 |
198.000 |
198.000 |
|
13. Reserves excluding revaluation reserve as per balance sheet of
previous accounting year |
- |
- |
|
|
14. Earning Per Share |
|
|
|
|
a. Basic and b. Diluted |
(17.98) |
(31.69) |
(81.51) |
|
15. Public shareholding |
|
|
|
|
- No. of shares |
9068294 |
9068294 |
9068294 |
|
- % of holding (to total shareholding) |
45.81 |
45.81 |
45.81 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
|
|
-Number of Shares |
10590370 |
10590370 |
10590370 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
98.71 |
98.71 |
98.71 |
|
-% of Shares (as a % of the total share capital of the Company) |
53.49 |
53.49 |
53.49 |
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
138876 |
138876 |
138876 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
1.29 |
1.29 |
1.29 |
|
-% of Shares (as a % of the total share capital of the Company) |
0.70 |
0.70 |
0.70 |
|
INVESTOR COMPLAINTS |
31.03.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
2 |
|
Disposed if during the quarter |
2 |
|
Remaining unresolved the end of the quarter |
Nil |
Notes :
1.
The above results were reviewed by the Audit
Committee and approved by Board of Directors in its meeting held on 30th June,
2012.
2.
Company has identified two segments as per
Accounting Standard 17
3.
The financial statements have been prepared as per
Revised Schedule VI of Companies Act, 1956. Accordingly, corresponding
financial figures of previous year have
been regrouped / re-classified, wherever necessary, to make them comparable
with that of current year
4.
The figures of last quarter are the balancing figure
between audited figures in respect of the full financial year and the published
year to date figures upto 3rd Quarter.
STATEMENT OF ASSETS
AND LIABILITIES
Rs.in
Millions
|
PARTICULAR |
31.03.2012 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
198.000 |
|
(b) Reserves and surplus |
(3637.500) |
|
Sub-total
- Shareholders' funds |
(3439.500) |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
4815.000 |
|
(b) Other long-term liabilities |
175.500 |
|
(c) Long-term provisions |
15.700 |
|
Sub-total
- Non-current liabilities |
5006.200 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
3110.200 |
|
(b) Trade payables |
1270.300 |
|
(c) Other current liabilities |
3321.400 |
|
(d) Short-term provision |
31.500 |
|
Sub-total - Current
liabilities |
7733.400 |
|
TOTAL - EQUITY AND
LIABILITIES |
9300.100 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
2944.600 |
|
(b) Non-current investments |
399.400 |
|
(c) Long-term loans and advances |
502.500 |
|
(d) Deferred tax assets (net) |
2374.500 |
|
Sub-total
- Non-current assets Current assets |
6221.000 |
|
|
|
|
Current assets |
|
|
(a) Inventories |
1297.900 |
|
(b) Trade receivables |
1096.600 |
|
(c) Cash and cash equivalents |
30.800 |
|
(d) Short-term loans and advances |
653.600 |
|
(e) Other current assets |
0.200 |
|
Sub-total
- Current assets |
3079.100 |
|
TOTAL
- ASSETS |
9300.100 |
CONTINGENT LIABILITY
NOT PROVIDED FOR IN RESPECT OF
Rs. In Millions
|
|
31.03.2011 |
|
Disputed Income Tax Demand |
0.130 |
|
Disputed Sales Tax demand (net of Advance) |
41.326 |
|
Disputed matter with Excise and Service Tax |
13.211 |
|
Corporate guarantee given to consortium Banks for S.A.L. Steel Limited |
2075.000 |
|
Corporate guarantee given to ABN AMRO Bank for S.A.L. Steel Limited |
22.500 |
|
Corporate guarantee given to Bank for Adarsh
Foundation |
100.000 |
|
Bank Guarantee given |
25.102 |
|
Claim by Party |
139.131 |
|
Claim by GEB |
97.723 |
|
Corporate Guarantee given to L&T for Atithi
Gokul |
2.280 |
SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2012 |
31.03.2011 |
31.03.2012 |
|
Segment Revenue |
|
|
|
|
(Net Sales/Income
from Operation) |
|
|
|
|
a) Stainless Steel Plant |
1894.500 |
1835.400 |
7447.600 |
|
b) Medical Store & Laboratory |
3.300 |
29.600 |
130.500 |
|
Total |
1897.800 |
1865.000 |
7578.100 |
|
Less: Inter Segment Revenue |
0.000 |
0.200 |
0.600 |
|
7Total
Sales/Income from Operation |
1897.800 |
1864.800 |
7575.00 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
(Profit and Loss
before Tax & Interest) |
|
|
|
|
a) Stainless Steel plant |
(29.070) |
(58.000) |
(1499.300) |
|
b) Medical Store & Laboratory |
(3.300) |
(6.800) |
23.100 |
|
Total |
(294.000) |
(586.800) |
(1476.200) |
|
Less: Interest & Finance Charges 23.11 23.03 21.52 92.22 87.19 |
231.100 |
230.300 |
922.200 |
|
Total Profit
before Tax |
(525.100) |
(817.100) |
(2398.400) |
|
|
|
|
|
|
3.Capital
Employed |
|
|
|
|
(Segment assets - Segment liabilities) |
|
|
|
|
a) Stainless Steel Plant |
(3562.500) |
(3249.000) |
(3562.500) |
|
b) Medical Store & Laboratory |
118.900 |
(138.400) |
118.900 |
|
Total |
(3443.600) |
(3110.600) |
(3443.600 |
Fixed Assets:
·
Free hold Land
·
·
Office/Residential
Building
·
Plant and Machinery
·
Laboratory Equipments
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
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.55.15 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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.