MIRA
INFORM REPORT
|
Report Date : |
26.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
READYMADE STEEL INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
READYMADE STEEL INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
203, Joshi Chambers, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160602 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.117.184 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH2006PLC160602 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Steel. |
|
|
|
|
No. of
Employees: |
Not Divulged. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 201000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a established company having moderate track record.
There appears slight dip in the sales
turnover and profit remain stable. However, trade relations are reported to be fair. Business is active.
Payment are reported to be slow but correct. The company can be considered for business dealings at 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.
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Grade 2 |
|
Rating Explanation |
Means having below average fundamental |
|
Date |
March 2012 |
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.
INFORMATION DENIED BY
|
Name : |
Mr. Naveen |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-2192 -278194 |
|
Date : |
23.11.2012
|
LOCATIONS
|
Registered Office : |
203, Joshi Chambers, |
|
Tel. No.: |
91-22-67439360 |
|
Email: |
|
|
|
|
|
Factory : |
Village – Vanathe, Khopoli, Village Vanvathe, Taluka Khalapur, District Raigad |
|
Tel. No.: |
91-2192-278194 |
|
Fax No.: |
91-2192-278163 |
|
|
|
|
Head Office |
101-102, Shreya House, 1st Floor, Off Andheri Kurla Road, Andheri (East), Mumbai – 400099, Maharashtra, India |
|
Tel. No.: |
91-22-67156715 |
|
Fax No.: |
91-22-67156716 |
DIRECTORS
|
Name : |
Mr. Anil Agrawal |
|
Designation : |
Chairman & Managing Director |
|
Address : |
Bungalow No.8/A, Eden Bungalows CHS Limited, |
|
Date of Birth/Age : |
20.01.1976 |
|
Date of Appointment : |
21.03.2006 |
|
|
|
|
Name : |
Mrs. Krishna Devi Agrawal (up to 05.09.2012 |
|
Designation : |
Director |
|
Address : |
Krishna Trading Corporation, 203, Joshichambers, |
|
Date of Birth/Age : |
10.08.1953 |
|
Date of Appointment : |
13.08.2007 |
|
|
|
|
Name : |
Mr. Mahesh Kumar Garg |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Abhijit Ranade |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sandeep Mittal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satyajit Das (w.e.f.14.08.2012) |
|
Designation : |
Director |
|
|
|
KEY EXECUTIVES
|
Name : |
Ms.
Binal Pingale (w.e.f.15.05.2012) |
|
Designation : |
Company Secretary (Compliance
Officer) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5275000 |
45.01 |
|
|
2276200 |
19.42 |
|
|
7551200 |
64.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7551200 |
64.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1770585 |
15.11 |
|
|
|
|
|
|
362563 |
3.09 |
|
|
1989592 |
16.98 |
|
|
44413 |
0.38 |
|
|
42623 |
0.36 |
|
|
1790 |
0.02 |
|
|
4167153 |
35.56 |
|
Total Public shareholding (B) |
4167153 |
35.56 |
|
Total (A)+(B) |
11718353 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11718353 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 1 lakhShareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Anil Dhanpatlal Agrawal |
52,65,000 |
44.93 |
|
Kridhan Infrastructures Private Limited |
22,76,200 |
19.42 |
|
Krishnadevi Dhanpatlal Agrawal |
10,000 |
0.09 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Ashish Industrial and Commercial Enterprises Private Limited |
555000 |
4.74 |
|
Trikaal Theatres and Realy India Private Limited |
204508 |
1.75 |
|
Indra Kumar Bagri |
300000 |
2.56 |
|
Total |
1059508 |
9.04 |
Details of Locked-in
shares
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Anil Dhanpatlal Agrawal |
23,50,000 |
20.05 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel. |
PRODUCTION STATUS AS ON 31.03.3012
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Cutting and beinding of steel products |
|
27000 |
27000 |
|
|
|
|
|
GENERAL INFORMATION
|
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||||||||||||||||||||||||||||||||||||
|
Customers : |
·
L and T ·
Lodha ·
Naman ·
Simplex ·
Sew ·
Ncc ·
Kanakia ·
B L Hashyap |
||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||
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No. of Employees : |
Not Divulged. |
||||||||||||||||||||||||||||||||||||
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Bankers : |
Union Bank of |
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Facilities : |
LONG TERM
BORROWINGS Security Details
he Term Loan facility from Banks are along
with interest are secured (incl additional security) by EM of Factory, Land
and Building of the plant of the company at Khopoli having value of 39.500
Millions Further secured by Personal Guarantee of Anil Agrawal and
Smt. Krishna Devi Agarwal SHORT TERM
BORROWINGS (Secured by Equitable Mortgage of the |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M K P S and Associates Chartered Accountant |
|
Address : |
301, Sanjay Appa Chmmbers, Behid Charat Singh Colony 82, New Chakala Link
Road, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tell No.: |
91-22 -6523 6959 |
|
Fax No.: |
91-22-2837 3182 |
|
Email: |
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|
Web Site: |
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Related Party : |
·
Kridhan Infrastructures (P) Limited ·
·
·
Kridhan Infrasolutions (P) Limited ·
Kridhan Infrasolutions (P) Limited ·
Kridhan Infrasolutions (P) Limited ·
Kridhan Infrastructures (P) Limited ·
Easy Accountants (P) Limited ·
Kridhan Petrochemicals Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11718353 |
Equity Shares |
Rs.10/- each |
Rs.117.184
Millions |
|
|
|
|
|
Reconciliation of
number of share outstanding at the beginning and at the end of the year
|
Particular |
As on 31.03.2012 |
|
|
Number |
Amount |
|
|
Shares outstanding as at the beginning of the year |
7929700 |
Rs.79.297 |
|
Shares at the issued during the year |
3788653 |
Rs.37.887 |
shares reserved for issue under options
The company subject to the approval of the members in the ensuing
AGM shall issue ESOS and the maximum number of shares reserved for the same is
116 000
Share holding more
than 5% shares
|
|
31.03.2012 |
|
|
Name of
Shareholders |
No. |
% of holding |
|
Anil Agarwal |
5265000 |
44.93 |
|
Krindan Infrastructure Private Limited
|
2276200 |
19.42 |
Rights
and Preference attached
The company has only one class of equity shares having par
value of Rs.10 per share. Each share holder of equity shares is entitled to one
vote per share
In the event of liquidation of the company, the holders of
the equity shares will be entitled to receive remaining assets of the company,
after distribution of preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholder.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
117.184 |
79.297 |
75.512 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
395.968 |
44.206 |
8.083 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
513.152 |
123.503 |
83.595 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
175.309 |
163.407 |
72.765 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
175.309 |
163.407 |
72.765 |
|
|
DEFERRED TAX LIABILITIES |
9.812 |
9.483 |
2.694 |
|
|
|
|
|
|
|
|
TOTAL |
698.273 |
296.393 |
159.054 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
155.241 |
147.436 |
85.492 |
|
|
Capital work-in-progress |
23.284 |
8.882 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
133.328
|
34.297 |
72.705
|
|
|
Sundry Debtors |
347.248
|
337.016 |
170.638
|
|
|
Cash & Bank Balances |
53.976
|
58.936 |
2.338
|
|
|
Other Current Assets |
105.984
|
19.736 |
5.655
|
|
|
Loans & Advances |
60.151
|
4.661 |
2.949
|
|
Total
Current Assets |
700.687
|
454.646 |
254.285 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
75.142
|
212.988 |
179.218
|
|
|
Other Current Liabilities |
99.779
|
101.684 |
0.931
|
|
|
Provisions |
6.018
|
8.107 |
1.548
|
|
Total
Current Liabilities |
180.939
|
322.779 |
181.697 |
|
|
Net Current Assets |
519.748
|
131.867 |
72.588 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.974 |
|
|
Significant Accounting policies |
0.000 |
8.208 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
698.273 |
296.393 |
159.054 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
774.943 |
1010.548 |
323.743 |
|
|
|
Other Income |
8.761 |
0.178 |
3.174 |
|
|
|
TOTAL (A) |
783.704 |
1010.726 |
326.917 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed purchases of stock in trade |
766.101 |
|
|
|
|
|
Employee benefit expenses |
14.922 |
16.319 |
|
|
|
|
Other Expenses |
28.425 |
48.049 |
|
|
|
|
Changes in inventories of finished goods work-in-progress and Stock-in-Trade. (Increase)/ Decrease |
(99.030) |
37.921 |
|
|
|
|
TOTAL (B) |
710.418 |
954.557 |
303.419 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
73.286 |
56.169 |
23.498 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.369 |
15.293 |
9.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.917 |
40.876 |
13.617 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.174 |
3.454 |
2.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.743 |
37.422 |
10.692 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.113 |
14.645 |
3.095 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22.630 |
22.777 |
7.597 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31.124 |
8.347 |
0.658 |
|
|
|
|
|
|
|
|
|
|
Provision for
gratuity |
0.000 |
0.120 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Demand for AY 2007-08 |
0.000 |
0.000 |
0.173 |
|
|
BALANCE CARRIED
TO THE B/S |
53.754 |
31.124 |
8.082 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Machineries and Couplers and Consumable |
NA |
2.137 |
1.430 |
|
|
TOTAL IMPORTS |
NA |
2.137 |
1.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
2.10 |
2.99 |
17.33 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st Quarter |
2nd Quarter |
|
Net sales |
|
130.820 |
111.960 |
|
Total Expenditure |
|
119.350 |
100.510 |
|
PBIDT (Excl OI) |
|
11.470 |
11.440 |
|
Other Income |
|
3.300 |
3.000 |
|
Operating Profit |
|
14.770 |
14.440 |
|
Interest |
|
6.210 |
7.890 |
|
Exceptional terms |
|
0.000 |
0.000 |
|
PBDT |
|
8.560 |
6.550 |
|
Depreciation |
|
2.020 |
2.040 |
|
PROFIT BEFORE TAX |
|
6.530 |
4.510 |
|
Tax |
|
1.300 |
2.530 |
|
Provision and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
5.230 |
1.980 |
|
Extra ordinary items |
|
0.000 |
0.000 |
|
Prior Period Expense |
|
0.000 |
0.000 |
|
Net Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
5.230 |
1.980 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.89 |
2.25 |
2.32
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.71 |
3.70 |
3.30
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.36 |
6.22 |
3.15
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.30 |
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.69 |
3.94 |
3.04
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.87 |
1.41 |
1.40
|
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 |
No |
|
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 |
Yes |
|
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 |
Yes |
SUNDRY CREDITORS
DETAILS:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
Total outstanding dues to Micro Enterprises and Small
Enterprises (Refer footnote below) |
0.000 |
0.000 |
|
|
Total outstanding other than (a) above |
|
|
|
|
To related Party |
0.000 |
0.000 |
|
|
To others |
75.142
|
212.988 |
179.218
|
|
|
|
|
|
|
Total |
75.142
|
212.988 |
179.218 |
OPERATIONS
Despite the recessionary trends which continued globally as well as domestically, the company performed satisfactorily and has achieved aggregate turnover of Rs. 774.943 Millions against Rs. 1010.548 Millions in the previous year. The Company has earned profit after tax and exceptional item of Rs. 22.630 Millions in 2011-2012 as compared to Rs. 22.777 Millions in the previous year. The Directors are confident that the company will strive hard to deliver improved performance in the current year on the basis of certain strategic initiatives taken by it.
MANAGEMENT
DISCUSSION AND ANALYSIS
FY2011-12:
A Glance and Outlook
Financial year 2012 has been challenging for the Indian economy in the midst of global uncertainty and a host of domestic issues that hampered the growth of the Indian economy and dampened investor sentiments. According to Ministry of Statistics and Programme Implementation (MOSPI), Indian economy is estimated to grow at 6.9 percent in 2011-12 as compared to the growth rate of 8.4 percent in 2010-11. MOSPI expects slow growth in the sectors of agriculture, forestry and fishing (2.5 per cent), manufacturing (3.9 per cent) and construction (4.8 per cent). The growth in the mining and quarrying sector is estimated to be negative (-2.2 per cent).
The manufacturing sector is likely to show a growth of 3.9 per cent in GDP during 2011-12 as against the growth of 7.6 per cent during 2010-11. The construction sector is likely to show a growth rate of 4.8 per cent during 2011-12 as against growth of 8 per cent in the previous year. The key indicators of construction sector, namely, cement production and steel consumption have registered growth rates of 5.3 per cent and 4.4 per cent, respectively during April-December, 2011-12.
The
Company
Established in 2006, Readymade Steel
India Limited is one of the pioneers in introducing the concept of ready-to-use
steel for the construction industry in
Subject product range includes factory fabricated reinforcement steel bars cut into various shapes and sizes like cranked bars, stirrups, verticals, column/beam cages etc. as well as pre-fabricated beam cages. RMS’ product range is used in construction activities in various sectors like roads, power plants, ports, airports, housing, bridges, metros, monorails etc. These product offerings are aimed at overcoming the time and space constraints of construction activities of the clients.
New
Strategic Initiatives
Technical
Collaboration with CABR Technology Company Limited
During the year , the company
entered into a technical collaboration with China Academy of Building Research
(CABR) Technology Company Limited,
Mechanical splicing system and
couplers are widely used in the infrastructure sector such as buildings,
bridges, hydraulic structures and nuclear power plants. CABR has won many
national patents for its products. As per internal assessment, there is a huge
and growing demand for the couplers and other similar products by the
construction industry in
This reinforces the company’s
commitment towards bringing world class construction technologies to cater to
the growing needs of the infrastructure sector in
Established in 1953, CABR, (China
Academy of Building Research) is primarily engaged in the business of RandD of
new building technologies. As a pioneer company in the building and
construction sector in
Acquisition
of
During the year company initiated the process of identifying
opportunities for inorganic growth and diversification of product and service
portfolio coupled with geographical de-risking. The quest for this multifaceted
search lead to acquisition of KH Foges Pte. Limited,
The acquisition would result in diversifying the product and service portfolio of RMS complementing the vision of creating a complete infrastructure solutions company. At RMS, this acquisition is viewed as a step towards integration, diversification and value creation. It would assist the company to cast its mark in highly specialised segment of foundation engineering. The acquisition would help the company to provide more construction solutions in the value chain to address the construction industry’s concern to ensure speedy turnaround time and maintain the edge with competitive costs.
income of approximately S$80mn (INR
350cr) and Net Profit of approx. S$4.6 mn (INR 20 Cr) respectively for the year
ended December 2011. KHF with a current order book of S$75mn (INR 335 Cr.),
expects to grow at a robust rate of 20-25% in the current year. KHF is
supported by a strong team of 250 personnel in
.
KH Foges provides a host of construction services, in Piling, Civil Engineering, Foundation, and Geotechnical Engineering Works which are briefly described hereunder
Bored Cast-in Place Concrete Piles Concrete piles, bored and cast-in place, enable the economical installation of larger diameter piles and permit pile construction through particularly stiff or hard soil. ‘Dry’ and ‘Wet’ boring methods are used, depending on ground conditions.
Contiguous and Secant Pile Walls The Pile walls are used to resist vertical loads, in addition to moments and horizontal forces commonly found in basement construction. Contiguous pile walls are constructed with bored piles having small gaps in between them. The size of this gap is determined by the nature of the soil to minimize “soil flow” into the excavation.
REVIEW
OF OPERATIONS
During the year2011-2012 the Company reported Sales of Rs. 774.940 Millions and earned profit after tax and exceptional item of Rs. 22.630 Millions.
The performance has been relatively stable as compared to last year partially due to overall economic slowdown and also because of the fact that the company decided to give high priority towards safety and conservation of resources amidst challenging market environment. As such, the company focused on orders with decent margins from reputed customers while looking at the proposals involving high working capital and high credit demand from customers with a caution. The results at EBIDTA and PAT level are testimony to this conscious policy. During the year the company earned EBIDTA of Rs. 73.287 Millions against Rs. 56.169 Millions in 2010-11. The EBIDTA margins have jumped to 9.35% in current year from 5.56% in 2010-11. During the year , depreciation of the new facility at Khopoli impacted the financials (which increased by more than 350%) and the company reported PAT of Rs. 22.630 Millions in 2011-12, marginally lower than the PAT of Rs. 22.776 Millions reported last year.
OUTLOOK:
The business outlook for the current
year is optimistic as the results of the acquisition of KH Foges Pte. Limited,
CONTINGENT
LIABILITY NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions )
|
Particular |
31.03.2012 |
31.03.2011 |
|
Counter guarantees in respect of Bank Guarantees given to the parties |
0.000 |
14.758 |
|
Corporate Guarnatees issued to parties |
6.992 |
6.000 |
STATEMENT OF
UNAUDITED RESULTS FOR THE PERIOD ENDED SEPTEMBER 30, 2012
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
|
|
|
Net Sales/ Income from Operations |
111.951 |
130.815 |
242.765 |
|
Total Income
From operations |
111.951 |
130.815 |
242.765 |
|
2. Expenditure |
|
|
|
|
a. (Increase)/ Decrease in stock in trade |
24.229 |
(5.286) |
18.943 |
|
b. Purchases of stock in trade |
67.827 |
116.444 |
184.270 |
|
c. Employee Cost |
1.919 |
2.637 |
4.556 |
|
d. Depreciation |
2.043 |
2.015 |
4.058 |
|
e. Other Expenditure |
6.533 |
5.564 |
12.096 |
|
Total
Expenditure |
102.551 |
121.373 |
223.924 |
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
9.400 |
9.441 |
18.841 |
|
4. Other Income |
3.002 |
3.297 |
6.299 |
|
5. Profit before Interest and Tax
|
12.402 |
12.739 |
25.140 |
|
6. Interest |
7.892 |
6.210 |
14.103 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
4.509 |
6.529 |
11.038 |
|
8. Exceptional items |
- |
- |
- |
|
9. Profit from Ordinary
Activities before Tax but before
exceptional items |
4.509 |
6.529 |
11.038 |
|
10. Tax Expenses |
|
|
|
|
a) Current Tax |
0.813 |
1.177 |
1.990 |
|
b) Deferred Tax |
1.715 |
0.121 |
1.836 |
|
11. Net profit/(loss) for the
period |
1.982 |
5.231 |
7.212 |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
117.184 |
117.184 |
117.184 |
|
13. Reserves excluding revaluation reserve as per balance sheet of
previous accounting year |
- |
- |
- |
|
14. Earning Per Share |
|
|
|
|
a. Basic and b. Diluted |
0.17 |
0.45 |
0.62 |
|
15. Public shareholding |
|
|
|
|
- No. of shares |
4167153 |
4167153 |
4167153 |
|
- % of holding (to total shareholding) |
35.56 |
35.56 |
35.56 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
|
|
-Number of Shares |
Nil |
Nil |
Nil |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
- |
- |
- |
|
-% of Shares (as a % of the total share capital of the Company) |
- |
- |
- |
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
7551200 |
7551200 |
7551200 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
100 |
100 |
100 |
|
-% of Shares (as a % of the total share capital of the Company) |
64.44 |
64.44 |
64.44 |
NOTE
· The above unaudited Financial Results for the period ended September 30, 2012 were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 10th November 2012. The same have been subjected to review by the Statutory Auditors of the company.
· The Company operates in single segment only.
·
The status of Investors Complaints is as under:
|
INVESTOR COMPLAINTS |
30.09.2012 |
|
Pending at the
beginning of the quarter |
Nil |
|
Received & Disposed off during the quarter |
Nil |
|
Pending at the end of the Quarter - |
Nil |
·
The Company has two Subsidiary Companies at
·
The Subsidiary based in
STATEMENT OF ASSETS
AND LIABILITIES
|
Particular |
30.09.2012 |
|
EQUITY AND LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
117.184 |
|
(b) Reserves and surplus |
403.023 |
|
|
520.207 |
|
|
|
|
Share Application Money Pending allotment |
0.045 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
107.411 |
|
(b) Deferred Tax Liabilities |
11.648 |
|
(c ) Other long-term liabilities |
0.322 |
|
(c) Long-term provisions |
0.233 |
|
Sub-total
- Non-current liabilities |
119.614 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
132.225 |
|
(b) Trade payables |
99.933 |
|
(c) Other current liabilities |
148.703 |
|
(d) Short-term provision |
1.989 |
|
Sub-total - Current
liabilities |
382.850 |
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
1022.716 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
i) Tangible Fixed Assets |
158.704 |
|
ii) Intangible Fixed Assets |
- |
|
iii) Capital Work in Progress |
23.507 |
|
(b) Long-term loans and advances |
39.907 |
|
(c) Other non-current assets |
9.802 |
|
Sub-total
- Non-current assets Current assets |
231.920 |
|
Current assets |
|
|
(a) Inventories |
114.385 |
|
(b) Trade receivables |
276.371 |
|
(c) Cash and cash equivalents |
5.663 |
|
(d) Short-term loans and advances |
46.768 |
|
(e) Other current assets |
58.075 |
|
Sub-total
- Current assets |
501.262 |
|
|
|
|
TOTAL
- ASSETS |
1022.716 |
FIXED ASETS:
- Computer and
Accessories
- Furniture and
Fixtures
- EOT Crane
- Mobile Crane
- Plant and
Machinery (Mumbai)
- Plant and
Machinery
- Electric
Installation
- Plant and
Machinery [W.I.P.]
- Factory and
Building
- Land and
Building (Khopoli)
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 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.55.34 |
|
|
1 |
Rs.88.30 |
|
Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.