MIRA
INFORM REPORT
|
Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
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Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai – 400009, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.03.1985 |
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Com. Reg. No.: |
11-035806 |
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Capital Investment
/ Paid-up Capital : |
Rs.1222.601
Millions |
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CIN No.: [Company Identification
No.] |
L27104MH1985PLC035806 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03480B |
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PAN No.: [Permanent Account No.] |
AAACU1710C |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturer of Galvanised Coils / Sheets and Cold Rolled Coils |
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No. of Employees
: |
1600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 37000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established
and a reputed company having fine track. Financial position of the company
appears to be sound. Trade relations are reported as fair. Business is active.
Payments are reported to be regular 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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : |
Uttam
House, 69, |
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Tel. No.: |
91–22–23420557/
23421968/ 66563500/ 23440440/ 23413192 |
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Fax No.: |
91–22–23430765/
23415025/ 23441383/ 56311949/ 23434188/ 23485025/ 23481598 |
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E-Mail : |
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Website : |
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International
Marketing: |
E-mail: export@uttamsteel.com Fax: 91-22-5631 1949 |
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Domestic
Marketing: |
Tel: 91-22-2341 3192 Fax:
91-22-2343 4188 |
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Factory 1 : |
Khopoli
- |
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Tel. No.: |
91-2192-278053/278055/278146 |
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Fax No.: |
91-2192-278143 |
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Factory 2 : |
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Factory 3: |
Taloja
-12, MIDC, District Raigad, |
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Branch Offices : |
Located
at : - · Pune ·
· Kolkata ·
·
·
Chennai ·
·
·
Keonjhar, Orissa ·
Secunderabad |
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Steel Service Centers : |
Located
at : ·
Mumbai, ·
Kolkata, ·
·
·
·
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DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr.
Rajinder K. Miglani |
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Designation : |
Chairman
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|
Address : |
21-B,
Embassy Apartments, 46, |
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Qualification : |
Science
Graduate |
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Experience : |
40
Years in Steel Industry |
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Date of Appointment : |
31.12.1998 |
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Last Employment |
Business |
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Name : |
Mr.
Pandurang. G. Kakodkar |
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Designation : |
Director |
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Qualification: |
MA (Economics) |
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Experience : |
45
Years in Banking Sector |
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Name : |
Mr.
Shirish T. Parikh |
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Designation : |
Director |
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Qualification: |
B.E.
(Civil) |
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Experience : |
50
Years |
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Date of Appointment: |
29.03.1985 |
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Other Directorship: |
Frontline
Rolls, Forms Limited |
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Name : |
Dr.
Narayan. S. Datar |
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Designation : |
Director |
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Qualification: |
B.Sc.
(Met) |
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Experience : |
44
Years with Steel Authority of India Limited |
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|
Name : |
Mr.
Anuj Miglani |
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Designation : |
Managing
Director |
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Qualification : |
Mechanical Engineer from |
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Date of Appointment : |
01.02.1995 |
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Name : |
Mr. Ankit Miglani |
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Designation : |
Director (Commercial) |
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Qualification : |
Graduate in Economics from |
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Date of Appointment : |
29.01.2003 |
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Name : |
Mr. A K Mahendru |
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Designation : |
Director (Sales and Marketing) |
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Qualification: |
B. Tech, FIE and MIMA |
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Tel No. : |
91-22-66563500 |
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Fax No. : |
91-22-23415025 |
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E-mail : |
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Date of Appointment: |
01.04.1999 |
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Name : |
Mr. Sharad G Tudekar |
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Designation : |
Director (Works) |
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Tel No. : |
91-22-23436930 |
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Qualification: |
Graduate Engineer in Metallurgy |
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Experience : |
48 Years in Steel Industry |
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E-mail : |
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Name : |
Mr. S P Talwar |
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Designation : |
Director |
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Qualification: |
BA, LLB |
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Experience : |
40 Years in Commercial and
Central Banking |
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|
Name : |
Mr. G S Sawhney |
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Designation : |
Executive Director (Finance) and
CFO |
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Tel No. : |
91-22-23440393 |
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E-mail : |
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Name : |
Mrs. Swarna Prabha Sukumar |
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Designation : |
Director (Nominee of LIC) |
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Qualification: |
Science Graduate |
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Experience : |
32 Years in LIC |
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Name : |
Mrs. Lalita Sharma |
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Designation : |
Director (Nominee of IDBI Bank
Limited) |
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Qualification: |
BA (Economics) |
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Experience : |
30 Years in IDBI |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Agrawal |
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Designation : |
Senior Vice President and Company Secretary |
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Tel No. : |
91-22-23437831 |
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E-mail : |
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Name : |
Mr. Gursharan S Sawhney |
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Designation : |
Executive Director (Finance) and Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5,961,700 |
4.88 |
|
|
39,304,520 |
32.15 |
|
|
45,266,220 |
37.02 |
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|
|
|
|
Bodies Corporate |
41,327,931 |
33.80 |
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Sub Total |
41,327,931 |
33.80 |
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Total
shareholding of Promoter and Promoter Group (A) |
86,594,151 |
70.83 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
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|
74,650 |
0.06 |
|
|
14,725 |
0.01 |
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|
18,947,155 |
15.50 |
|
|
19,036,530 |
15.57 |
|
|
|
|
|
|
2,218,174 |
1.81 |
|
|
|
|
|
|
7,756,097 |
6.34 |
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|
2,163,903 |
1.77 |
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|
4,491,248 |
3.67 |
|
|
282,193 |
0.23 |
|
|
800 |
-- |
|
|
4,208,255 |
3.44 |
|
|
16,629,422 |
13.60 |
|
Total
Public shareholding (B) |
35,665,952 |
29.17 |
|
Total
(A)+(B) |
122,260,103 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
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|
-- |
-- |
|
Total
(A)+(B)+(C) |
122,260,103 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Galvanised Coils/Sheets and Cold Rolled Coils. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Galvanised Coils / Sheets / Slit Coils |
(M.T) |
750000 |
561498 |
|
Colour Coated Coils / Sheets / Slit Coils |
(M.T) |
90000 |
77617 |
|
Cold Rolled Coils / Sheets / Slit Coils |
(M.T) |
960000 |
693713 |
|
Less : Captive Consumption (CR) |
(M.T) |
-- |
(415528) |
|
Less : Captive Consumption (GP) |
(M.T) |
-- |
(81748) |
|
TOTAL SALEABLE STEEL |
(M.T) |
-- |
835552 |
GENERAL INFORMATION
|
No. of Employees : |
1600 (Approximately) |
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Bankers : |
·
State Bank of ·
Canara Bank ·
Punjab National Bank ·
Union Bank of ·
IDBI Bank Limited ·
Bank of ·
Indian Overseas Bank ·
ICICI Bank Limited ·
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Facilities : |
Notes Serial number of
Notes correspond to serial numbers of Loans mentioned earlier. (1) a) Term Loans availed from ICICI, LIC,
IFCI, UII, GIC, Canara Bank, Dena Bank, Vijaya Bank and Syndicate Bank
ranking pari-passu inter-se are secured by mortgage of all immoveable
properties and hypothecation of all moveable properties including moveable
machineries, machinery spares, tools and accessories, both present and future
except Packing Machine supplied by PESMEL, Finland and Captive Power Plants
Equipments. The previous Rupee Term Loan of Rs.388.500 millions (Rs.3343.100
millions) are secured by personal guarantee of two Directors, and Rs.7891.300
millions (Rs.6139.000 millions) are secured by the personal guarantee on one
Director and fresh Term Loan availed from SBH and PNB has no personal
guarantee from Directors The Power Plant Equipments to the tune of Rs.810.000
millions are charged to IDFC for Term Loan of Rs.810.000 millions. Rupee Term
Loan of Rs.7000.000 millions sanctioned by SBH and PNB and disbursed during
the year to the tune of Rs.6750.000 millions are secured by first pari-passu
mortgage on all immovable properties except Packing Machine supplied by
PESMEL, Finland, CPP equipments worth Rs.810.000 millions and assets
pertaining to Satarda Project of the Company and first pari-passu charge by
way of hypothecation of all movable assets including but not limited to Plant
and machinery, Machinery Spares, Tools and Accessories except Packing Machine
supplied by PESMEL Finland. The said securities will rank pari-passu amongst
the participating lenders in the facility and all other existing Term Lenders
of the Company. Other existing Term Lenders comprise of Indian Banks /
Foreign Banks / Financial Institutions that are existing Term Lenders to the Company
and have first charge on the security. b) i) ECB Loan
of USD NIL (Rs.1.250 millions) equivalent to Rs. NIL (Rs.57.000 millions)
from Bank of India; USD NIL (Rs.0.937 million) equivalent to Rs. NIL
(Rs.42.700 millions) from Syndicate Bank; USD 35.00 million (Rs.42.500
million) equivalent to Rs.1579.900 millions (Rs.1937.100 millions) syndicated
by ICICI Bank, (as Facility Agent) are secured by mortgage of all immovable
properties and hypothecation of all movable properties including movable
machineries, machinery spares, tools and accessories both present and future
except Packing Machine supplied by PESMEL, Finland and Captive Power Plant
Equipments. The above mentioned ECB Loans are secured by personal guarantee
of two Directors. ii) ECA of USD
2.085 million (2.501 million) equivalent to Rs.94.100 millions (Rs.114.000
millions) is secured by hypothecation of Packing Machine supplied by PESMEL, (2) The Company
has issued 2000, 11.25% Non Convertible Debentures of Rs.1.000 million each,
aggregating to Rs.2000.000 millions during the year 2009-10, which are
secured by first pari pasu mortgage and charge on all movable properties
including movable machines, machine spares, tools and accessories, both
present and future except Packing Machine supplied by PESMEL Finland, and
Captive Power Plant Equipments. Redemption: 4 Semi Annual
Installments of 25% each, starting from Sept-2013. The said Non Convertible
Debentures are listed on Wholesale Debt Market (WDM) Segment of Bombay Stock Exchange.
Axis Trustee Services Limited has been appointed as Debenture Trustees for
the said Debentures. (3) Optionally
Fully Convertible Bonds have been redeemed during the year at the option of
the bond holder. (4) Loans from banks
on cash credit accounts are secured by hypothecation of all tangible,
moveable properties such as raw material, Work-in-Progress, finished goods,
stock in transit and book debts etc. and the second charge on fixed assets of
the company except Packing machine supplied by PESMEL, Finland and Captive
Power Plant Equipments. (5) 25,02,500
equity shares (25,02,500) held by the promoters are pledged by them against
term loan of Rs.95.500 millions (Rs.95.500 millions) availed by the company
from ICICI Bank.
Notes (1)
Short Term Loans is from Balaji Infrastructure
Limited. (2)
The company has issued Series ‘A’ US $ 24 Million
and Series ‘B’ US $ 20 Million 2 percent Convertible Bonds of face value of
US $ 1000 aggregating to US $ 44 Million. (i)
As per the terms of the issue, the bonds are
convertible at any time on or after September 18, 2005 and up to the close of
business on July 31, 2010 into newly issued, ordinary shares at an initial
conversion price of Rs.45.12 per Share with a fixed rate of exchange on
conversion of Rs.43.53 = US $ 1. The conversion price will be subject to
certain adjustment in certain circumstances. Out of this, bonds worth USD 9
Million (USD 2.5 Million from Series B and USD 6.5 Million from Series A)
have been converted into equity shares in the year 2007-08, and bonds worth
USD 2.50 have been converted into equity shares during the year 2009-10. (ii)
Further, the bonds may subject to certain
conditions be redeemed in whole at the option of the Company at any time on
or after August 10, 2008 at their Early Redemption Amount. (iii)
The Series B bonds worth USD 17.50 Million
redeemed at the option of a Bondholder on August 9, 2008 at 117.25 per cent
of their principal amount. The premium paid on redemption has been charged to
Securities Premium Account. (iv)
The bonds of Series ‘A’ worth US $ 15.00 Million
have been redeemed on August 9, 2010 at 130.97 per cent of their principal
amount. The Premium paid on Redemption has been charged to Securities Premium
Account. |
|
Banking
Relations : |
-- |
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|
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|
Statutory Auditors : |
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|
Name : |
Prakkash
Muni and Associates Chartered
Accountants |
|
Address : |
303, The
Engle’s Flight, Suren Road, off Andheri Kurla Road, Near Western Express
Highway Junction, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-66300900 |
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Fax No.: |
91-22-66300990 |
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E-Mail : |
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Website : |
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Internal Auditors : |
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Name : |
K S
AIYAR and Company |
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Address : |
Mumbai |
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Wholly Owned Subsidiary / Step down Subsidiary: |
·
Uttam Galva Holding Limited ·
Atlantis International Services Company Limited ·
Ferro Zinc International FZE ·
Uttam Galva Steels, Netherland B. V. |
|
|
|
|
Associates / Joint Ventures : |
·
Growell Mercantile Limited ·
Shree Uttam Steel and Power Limited ·
Uttam Galva Metallics Limited ·
Uttam Distribution Network Limited ·
Uttam Utkal Steels Limited. ·
Texturing Technology Private Limited ·
Moira Madhujore Coal Limited |
|
|
|
|
Ability to Control / Exercise Significant Influence : |
·
Arcelor Mittal ·
Arcelor Mittal International, ·
Arcelor Mittal International, ·
Arcelor Mittal Cons ·
Arcelor Mittal SSC, Italia ·
AM Trading SA ·
Arcelor Mittal International FZE ·
Arcelor Mittal International |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122260103 |
Equity Shares |
Rs.10/- each |
Rs.1222.600
Millions |
|
|
|
|
|
Note:
(Out of this, 58,74,760
Equity Shares have been issued for consideration other than cash and
2,18,57,924 Equity Shares have been issued on conversion of Global Depository
Receipts)
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 |
1222.600 |
1222.600 |
1198.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8247.900 |
7755.400 |
7099.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9470.500 |
8978.000 |
8297.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21285.300 |
17526.000 |
10776.700 |
|
|
2] Unsecured Loans |
22.700 |
2908.900 |
3332.300 |
|
|
TOTAL BORROWING |
21308.000 |
20434.900 |
14109.000 |
|
|
DEFERRED TAX LIABILITIES |
869.200 |
717.500 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
31647.700 |
30130.400 |
22406.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18193.300 |
18706.800 |
17845.200 |
|
|
Capital work-in-progress |
9674.900 |
6339.500 |
4133.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
88.900 |
80.200 |
78.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
13660.000
|
6493.900
|
4939.900
|
|
|
Sundry Debtors |
7236.000
|
3919.300
|
3657.300
|
|
|
Cash & Bank Balances |
675.900
|
1562.300
|
1530.000
|
|
|
Other Current Assets |
0.000
|
0.0000
|
0.000
|
|
|
Loans & Advances |
4789.800
|
4712.900
|
5755.800
|
|
Total
Current Assets |
26361.700
|
16688.400 |
15883.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8384.300
|
2888.500
|
1261.000 |
|
|
Other Current Liabilities |
14070.900
|
8536.400
|
14151.100
|
|
|
Provisions |
215.900
|
259.600
|
120.400
|
|
Total
Current Liabilities |
22671.100
|
11684.500 |
15532.500 |
|
|
Net Current Assets |
3690.600
|
5003.900
|
350.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
31647.700 |
30130.400 |
22406.800 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
50347.900 |
44956.600 |
43716.400 |
|
|
|
Other Income |
5.600 |
7.200 |
4.300 |
|
|
|
TOTAL (A) |
50353.500 |
44963.800 |
43720.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Cost |
44081.100 |
35990.300 |
34827.700 |
|
|
|
Other Manufacturing Expenses |
2246.600 |
2146.100 |
1969.300 |
|
|
|
Administrative Expenses |
409.200 |
325.700 |
270.200 |
|
|
|
Selling Distribution Expenses |
1553.200 |
1618.500 |
1981.200 |
|
|
|
Increase/(Decrease) in Stock |
(2973.000) |
(197.900) |
577.800 |
|
|
|
Payment to Employees |
618.000 |
575.500 |
500.900 |
|
|
|
TOTAL (B) |
45935.100 |
40458.200 |
40127.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4418.400 |
4505.600 |
3593.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2089.000 |
1853.900 |
1656.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2329.400 |
2651.700 |
1937.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1194.100 |
1127.000 |
923.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1135.300 |
1524.700 |
1013.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
367.600 |
500.000 |
11.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
767.700 |
1024.700 |
1001.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5668.000 |
5221.700 |
4235.000 |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years - Taxes |
61.200 |
56.100 |
0.000 |
|
|
Less |
Adjustments
Pertaining to Prior Years – Deferred Tax |
0.000 |
397.300 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
15.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
125.000 |
125.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6249.500 |
5668.000 |
5221.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
15535.300 |
13674.800 |
22278.800 |
|
|
TOTAL EARNINGS |
15535.300 |
13674.800 |
22278.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
24087.100 |
18226.800 |
15800.500 |
|
|
|
Stores & Spares |
35.200 |
57.800 |
64.600 |
|
|
|
Capital Goods |
273.700 |
235.700 |
594.800 |
|
|
TOTAL IMPORTS |
24396.000 |
18520.300 |
16459.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.28 |
8.48 |
8.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
15332.100 |
12916.100 |
11053.100 |
|
Total Expenditure |
14250.700 |
11806.800 |
9864.000 |
|
PBIDT (Excl OI) |
1081.400 |
1109.300 |
1189.100 |
|
Other Income |
14.400 |
0.000 |
0.200 |
|
Operating Profit |
1095.800 |
1109.300 |
1189.100 |
|
Interest |
655.700 |
535.800 |
706.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
440.100 |
573.500 |
483.100 |
|
Depreciation |
305.400 |
309.600 |
319.800 |
|
Profit Before Tax |
134.700 |
263.900 |
163.300 |
|
Tax |
43.700 |
85.600 |
53.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
91.000 |
178.300 |
110.030 |
|
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 |
91.000 |
178.300 |
110.030 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.52
|
2.28
|
2.29
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.25
|
3.39
|
2.32
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.55
|
4.31
|
3.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.17
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.74
|
3.66
|
3.57
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.43
|
1.02
|
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 |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three 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 |
No |
OPERATIONS:
The Company has
achieved a turnover of Rs.53238.200 millions as against Rs.46738.700 millions
in the previous year. The Company has recorded Profit before Tax of Rs.1135.300
millions as against Rs.1524.700 millions in the previous year.
Apart from
expansion of the existing facilities, the Company is also evaluating various
opportunities in the different business verticals in which it operates. In this
endeavor, it is necessary to conserve the funds to meet investment
opportunities, which the Board believes would enhance the shareholder’s value
in the long term. Accordingly, the Board has not recommended any dividend for
the financial year 2010-2011.
EXPORTS:
The Company has exported
to 144 countries across the globe and continues to expand its reach. The
Company has maintained its presence in the International Market inspite of the
Global slowdown. This year, the Company has serviced 225 export customers
internationally
The Global
Economic crisis has adversely affected the International business showing
negative growth to the tune of 35%. Even in these critical times the Company
has retained a share of 11% out of total Indian Steel Exports. The Company has
entered into exclusive marketing and sales arrangements with M/s. Arcelor
Mittal International for Africa, Middle East,
The Company has
been the recipient of the EEPC Award from the Ministry of Commerce and
Industry, Government of India, for the 14th consecutive year for its
outstanding exports performance.
DOMESTIC MARKET:
The Company has
focused on the Domestic Market for the last 3 years and achieved leadership
position. Domestic turnover has risen to
70% of the total sales volume in 2010- 2011. A large volume of sale is now
being generated from the Industrial, Construction and Trade segments.
Profitability has been better in the Domestic Market due to growing economy and
boom in Industrial Sector.
The volume
increase in sales has been 19% compared to the same period last year. The
growth in OEM segment is 21% while sale to Trade has risen by 18%.
The Company has
increased its penetration and established itself firmly in the White Goods
Industry. The Company is now a regular supplier to Value Industries (Videocon),
Whirlpool, LG Electronics, Voltas, Haier Appliances, Samsung, Western
Refrigeration and others. The Company supplies to vendors who cater to esteemed
customers like GE Appliances, Bajaj Electricals, LG and Carrier Aircon. There
is also a major increase in business in Automobile Sector with sales to Bajaj Auto,
Mahindra & Mahindra and the vendors of TATA Motors, Bajaj, General Motors,
Piaggio, Fiat, Suzuki etc.
During the year,
the Company has also established its ‘Uttam Suraksha’ GC (Galvanised Corrugated
Roofing Sheets) brand firmly in the Construction segment. It is recognized as
one of the major Brands in its segment in Domestic Markets like Maharashtra,
Madhya Pradesh,
The Company has
also made inroads into thicker gauge GP (GP produced from the state of the art
Super Galvanising Line) market by competing with Industry majors and supplying
to all segments including Construction, Panel and Auto both directly and
through trade channels.
MANAGEMENT DISCUSSION AND ANALYSIS:
- Industry
Structure and Development
The demand for
steel world over is still lean but has picked up pace in the last quarter. In
- Segment –
wise Performance
Since the Company
operates only in one Segment, segment-wise or product wise analysis or
performance is not applicable.
- Outlook
The Industry
Outlook is very bright as steel consumption within the country is expected to grow
by 20% in the coming years which implies good opportunities for the Company.
International
market outlook may not be as promising as compared to Domestic Market and the
Company will concentrate more on expanding business activity within Domestic
Markets. At the same time the Company will maintain its share in International
Market catering to niche size/product and maintaining its presence.
- Discussion on Financial Performance
with respect to Operational Performance
The financial
performance with respect to the operational performance during the year was
good due to which the Company has been able to achieve good financial results.
- Material Financial and Commercial
Transactions with related parties
There are no
materially significant financial and commercial transactions with the related
parties conflicting with the interest of the Company during the financial year.
The Promoters and the Directors are not dealing in the Equity Shares of the
Company.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.03.2011 |
|
(a) Letters of Credit outstanding |
5919.300 |
|
(b) Bank Guarantees |
925.400 |
|
(c) Estimated amount of contracts remaining to be executed on capital
account and not provided for |
600.400 |
|
(d) Bills Discounted |
Nil |
FIXED
ASSETS:
·
Land
·
Building AND Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2011
Rs. In Millions
|
Particulars |
For 3 Months Ended |
Year to Date figure for Current Period Ended |
|
|
|
31.12.2011 Reviewed |
30.09.2011 Reviewed |
31.12.2011 Reviewed |
|
1. Income from operation |
11053.100 |
12916.100 |
39301.300 |
|
2. Other Operating Income |
-- |
-- |
-- |
|
Total Income
(1+2) |
11053.100 |
12916.100 |
39301.300 |
|
Expenditure |
|
|
|
|
1. (Increase)/decrease in Stock in Trade |
(1095.100) |
(748.900) |
791.500 |
|
2. Consumption of Raw Materials(Including project bought outs) |
8263.100 |
9680.300 |
27385.100 |
|
3. Purchase of traded goods |
1502.400 |
1632.800 |
4191.800 |
|
4. Staff Cost |
168.500 |
159.500 |
485.100 |
|
5. Depreciation |
319.800 |
309.600 |
934.700 |
|
6. Other Expenditure |
1025.300 |
1083.100 |
3068.400 |
|
Total Expenditure |
10184.000 |
12116.400 |
36856.600 |
|
Profit / (Loss) From Operations before other Income Interest and Exceptional Items |
869.100 |
799.700 |
2444.700 |
|
Other Income |
0.200 |
0.000 |
14.600 |
|
Profit/(Loss) before Interest and Exceptional items |
869.300 |
799.700 |
2459.300 |
|
Interest |
706.000 |
535.800 |
1897.500 |
|
Profit / (Loss) after interest before Exceptional items |
163.300 |
263.900 |
561.800 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
163.300 |
263.900 |
561.800 |
|
Tax Expenses |
|
|
|
|
- Current Tax |
16.700 |
23.500 |
66.700 |
|
- Deferred Tax |
36.300 |
62.100 |
115.600 |
|
Profit / (Loss) From
Ordinary activities Activates Tax |
110.300 |
178.300 |
379.500 |
|
Extraordinary Items |
-- |
-- |
-- |
|
Net Profit/(Loss) for the period |
110.330 |
178.300 |
379.500 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/-
each ) |
1222.600 |
1222.600 |
1222.600 |
|
Paid up Debentures |
2000.000 |
2000.000 |
2000.000 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
|
Earning / loss per
share |
|
|
|
|
-Basic and Diluted |
0.90 |
1.46 |
3.10 |
|
Public Share Holding |
|
|
|
|
- Number of Shares |
35665952 |
35665951 |
35665952 |
|
- Percentage of shareholding |
29.17% |
29.17% |
29.17% |
|
Promoters and Promoter group share holding |
86594151 |
86594152 |
86594151 |
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
2502500 |
2502500 |
2502500 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
2.89% |
2.89% |
2.89% |
|
- Percentage of shares(as a % of the total share capital of the company) |
2.05% |
2.05% |
2.05% |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
84091651 |
84091652 |
84091651 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
97.11% |
97.11% |
97.11% |
|
- Percentage of Share (as a % of the total share capital of the company) |
68.78% |
68.78% |
68.78% |
Notes:
1 The above financial results were approved at the Meetings of the Audit Committee of Directors and the Board of Directors held on 21st January. 2012
2 Previous year's figures have been regrouped / rearranged wherever necessary.
3 The Company operates only in one business segment, hence segment reporting as defined in Accounting Standard 17 is considered not applicable.
4 a) During the quarter the Company has continued test runs/stabilization on 4HI Skinpass Mill and Super Galvanising Line, b) During the quarter the Company has continued test runs/stabilization on Captive Power Plant
5 The Company has accounted interest cost, particularly Foreign Exchange Fluctuations on FCTLs as per revised AS. 11 (extended recently).
6 This unaudited results excludes Sales of Power to MSEDCL, Rs.225.800 Millions during Oct' 11 to Dec' 11 (Rs.430.500 Millions April' 11 to Dec' 11) and corresponding expenditure related there to. It is likely to have negligible impact on the profit during the period.
7 Number of complaints for die quarter ended 31.12.2011: Begimng - Nil, Received - 1. Disposed off - 1 and Pending - Nil.
WEB SITE DETAILS
HISTORY
Ushering the Steel Age
Steel has penetrated all aspects of modern
life. It has become an integral part of lifestyle to such an extent that it is
almost a consumer item now.
The visionary in Mr. Rajinder Miglani saw
this necessity and pioneered the Company Uttam Galva Steels Limited in 1985.
The CR Steel Galvanizing line at Khopoli, near Mumbai has turned into one of
the largest producers of CRCA and Galvanized Steel in
Uttam has crossed several milestones in its
journey from a small beginning with 30,000 MT per year of galvanizing capacity
in the year 1985 to more than 750,000 MT per year capacity for galvanizing
today. It has gone for backward integration to cold rolling of steel and also
for down-stream value addition such as colour-coated products etc.
Carving a Global Niche
Uttam has always strived to make its products accepted globally.
This has led to consistency in quality
becoming its hallmark.
Some of the achievements over the years
are:-
·
Capacity to roll a million ton of cold rolled
steel.
·
Galvanizing capacity of 7,50,000 tons.
·
Annealing capacity of 1,80, 000 MT of cold rolled
close annealed products.
·
Colour-coating capacity of 90, 000 MT.
·
The Company's turnover crossed over Rs. 46,738
millions (Rs.1025.41millions) while exports was 14150.60 millions ( US $ 310.45
millions) during the financial year 2009- 10.
·
More than 50% of Uttam's products are exported to
144 Countries worldwide.
·
The Company is accredited with ISO 9001- 2000 and
TS 16949/2002 certification. (All capacities indicate annual production.)
PROFILE
Subject is one of the manufacturers of cold
rolled steel ("CR") and galvanized steel (GP) in
The Company is into the business of
procuring hot rolled steel ("HR") and processing it into CR and
further into GP and Colour Coated Coils. In Galvanized coils it specializes in
making ultra thin sheets, which could be as low as 0.13mm thickness. The excess
capacity of CR which is not used for galvanizing is converted to value added
grades in Cold Rolled Closed Annealed ("CRCA") coils, cut to length
sheets and also sold as Full Hard CR in the overseas markets.
In the fiscal 2010, it had net sales
revenues of Rs.46.738 millions (US $ 1025.41 millions) and net income of
1024.70 millions (US $ 22.48 millions).
More than 50% of the Company's products are
currently exported to 144 countries worldwide and it has a customer base in many
advanced markets such as Australia , France , Germany , Greece , UK and the USA
to name a few. In the Indian market, the Company has established itself as a
major player for the supply of CRCA to manufacturers of automobiles, white
goods, general engineering and drums and barrels segment. The Company is also a
large supplier of galvanized coils and sheets to the construction industry.
The Company's manufacturing facilities are
located at Khopoli, in the state of
The Company is an ISO 9001: 2008 and TS
16949/2002 accredited Company both for CR and GP/GC, It has also been awarded
the highest exporter award by the Engineering Export Promotion Council
("EEPC") of
The Company has expanded and modernized its
operations at Khopoli which have increased its cold rolling capacity to
1million MT per annum as of March 2010. The Company has also increased its GP
capacity to 750,000 MT per annum as of March 2010. The Company has also added a
new colour coated line (Uttam Spectrum) with a capacity of 90,000 MT per annum
as of March 2010. Due to its high quality products and brand image in the
market, the Company expects that its increased volumes will be easily absorbed
into the domestic and export markets.
The Company now has an entire range of cold
rolling Reversible mills i.e. 20-Hi, 6-Hi, 4-Hi and newly commissioned twin
stand 6-Hi mill. It is now in a position to process HR coils of different
grades, thicknesses and widths and is able to meet virtually the entire
thickness/width range of CR/GP/GC coils for various end-use sectors. A
significant portion of the Company's CR coils and GP/GC, coils/sheets are in
the higher value added thin gauge segment.
The Company believes that the above measures
will further strengthen its position as one of the leading companies in the CR
and GP/GC market. With around 77% of the CR production being transferred to the
GP/GC, the level of value addition is significantly enhanced. The Company has
always focused on novel and high value-added products. Its new colour coating
line caters to a niche set of consumers.
As part of its modernization program, the
Company has also invested in improving production and overall quality of its
manufacturing processes and finished products and Intends to increase its
production of higher value- added products.
BOARD
OF DIRECTORS
Shri Rajinder Miglani – Chairman
He is a Science Graduate and having more
than 44 years of experience in the Steel Industry. He is an Industrialist and
joined the Board as the Promoter Director since incorporation of the Company in
the year 1985.
Shri Praveen Miglani - Director
He is a Commerce Graduate and having more
than 36 years of experience in the Steel Industry. He is an industrialist and
joined the Board as the Promoter Director since incorporation of the Company in
the year 1985
Dr. Narayan S Datar - Director
He is B.Sc. (Met), Dr. Ing (
Shri Pandurang G Kakodkar - Director
He is a M.A. (Economics) and having more
than 47 years of experience in Banking Sector. He is a retired Chairman of SBI.
He joined the Board in the year September, 1999.
Shri S. P. Talwar - Director
He is BA, LLB and Certified Associate of the
Indian Institute of Bankers. He has an experience of more than 41 years in
operational and policy formulation in Commercial and Central Banking. He has
served as the 'Chairman and Managing Director' of renowned Banks such as Bank
of Baroda, Union Bank of
Shri Shirish T. Parikh - Director
He is B.E. (Civil) and having professional experience
of more than 51 years in the Steel Industry. He joined the Board in the year
September, 1987.
Smt. Swarna Prabha Sukumar - Director
(Nominee of LIC)
She is a Science Graduate, BPR, having an
experience of more than 32 years in LIC. She is currently working as
"Executive Director, U and R Department" in LIC. She joined the Board
of the Company in September, 2009.
Smt. Lalita Sharma - Director
(Nominee of IDBI Bank Limited)
She is a B.A. (Economics) having an
experience of more than 30 years in IDBI. She is currently working as General
Manager, PBG in IDBI. She joined the Board of the Company in September, 2009.
Shri Anuj Miglani - Managing
Director
He is a Graduate in Mechanical Engineering
from the Imperial College of Science and Technology,
Shri Ankit Miglani - Deputy
Managing Director
He is a Graduate in Economics with
specialization in Finance from
Shri Ashok Kumar Mahendru - Director
(Sales and Marketing)
He is B.Tech, FIE and MIMA and joined the
Company in 1995 and was elevated to as Executive Director of the Company w.e.f.
01-04-1999 and has been looking after the Marketing and Sales of the Company.
He has over 44 years of experience in Steel Industry. He joined the Board in
October, 2005.
Shri Sharad G Tudekar - Director
(Works)
He is Graduate Engineer in
"Metallurgy" from
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.53.72 |
|
|
1 |
Rs.86.98 |
|
Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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.