1. Summary Information
|
Country |
India |
||
|
Company Name |
REAL STRIPS LIMITED |
Principal Name 1 |
Mr. Amritlal Kisandas Kataria |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Arvindkumar Dalichand Sanghvi |
|
Registration # |
04-014383 |
||
|
Street Address |
401-402, “Florance”, Opposite Ashram Road Post Office, Ashram Road,
Ahmedabad – 380009, Gujarat, India |
||
|
Established Date |
19.09.1990 |
SIC Code |
-- |
|
Telephone# |
91-79-26580455 |
Business Style 1 |
Manufacturer of |
|
Fax # |
91-79-26581073 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Cold Rolled Stainless Strips / Coils |
|
|
# of employees |
1500 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 59,750,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group - 49.68% Public - 50.32% |
Banking |
Union Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
23 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (42) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associate Company |
-- |
Raajratna Metal Industries Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,017,863,000 |
Current Liabilities |
131,306,000 |
|
Inventories |
378,469,000 |
Long-term Liabilities |
1,258,781,000
|
|
Fixed Assets |
472,489,000 |
Other Liabilities |
40,850,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,430,937,000 |
|
Invest& other Assets |
644,000 |
Retained Earnings |
378,778,000 |
|
|
|
Net Worth |
438,528,000 |
|
Total Assets |
1,869,465,000 |
Total Liab. & Equity |
1,869,465,000 |
|
Total Assets (Previous Year) |
1,684,632,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
3262,901,000 |
Net Profit |
49,645,000 |
|
Sales(Previous yr) |
2861,413,000 |
Net Profit(Prev.yr) |
64,745,000 |
MIRA INFORM REPORT
|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
REAL STRIPS LIMITED |
|
|
|
|
Registered
Office : |
401-402, “Florance”, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.09.1990 |
|
|
|
|
Com. Reg. No.: |
04-014383 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 59.750 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1990PLC014383 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Cold Rolled Stainless Strips / Coils. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1750000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. There appear some dip in profit margin of the company but overall
financials appears to be good. However, trade relation are fair. Business is active. Payment terms
are usually correct. The company can be considered for business dealing at usual trade terms
and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in existence.
Kodak, the inventor of the digital camera had to wind up its operations, HMV,
the British entertainment retailing company and Borders, once the second
largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
January, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
January, 2013 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Manish |
|
Designation : |
Sales Head |
|
Contact No.: |
91-79-26588788 |
|
Date : |
02.08.2013 |
LOCATIONS
|
Registered Office : |
401-402, “Florance”, Opposite Ashram Road Post Office, Ashram Road,
Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26580455 / 26588788 / 26581833 |
|
Fax No.: |
91-79-26581073 / 40068261 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 sq.ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No. 245, Village Sari, |
|
Tel. No.: |
91-2714-233096 / 233097 |
|
Fax No.: |
91-2714-232746 |
|
E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Amritlal Kisandas Kataria |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
15.06.1942 |
|
Date of Appointment : |
19.09.1990 |
|
DIN No. : |
00435496 |
|
|
|
|
Name : |
Mr. Arvindkumar Dalichand Sanghvi |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
30.03.1957 |
|
Date of Appointment : |
22.11.1990 |
|
DIN No. : |
00435340 |
|
|
|
|
Name : |
Mr. Ugamraj Mishrimal Hundia |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
07.10.1954 |
|
Date of Appointment : |
19.09.1990 |
|
DIN No. : |
00435229 |
|
Other Directorship : |
Marudhar Industries Limited |
|
|
|
|
Name : |
Mr. Prakashraj Sheshmalji Jain |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
07.07.1956 |
|
Date of Appointment : |
22.03.2007 |
|
DIN No. : |
00435076 |
|
|
|
|
Name : |
Mr. Ashwin Amritlal Kataria |
|
Designation : |
Whole-Time Director |
|
Date of Birth/Age : |
13.02.1970 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No. : |
00434823 |
|
|
|
|
Name : |
Mr. Chandresh Vrajlal Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.02.1957 |
|
Date of Appointment : |
05.12.1990 |
|
DIN No. : |
00434710 |
|
|
|
|
Name : |
Mr. Pawankumar Ridhkaran Murarka |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.12.1959 |
|
Date of Appointment : |
30.10.2003 |
|
DIN No. : |
00123602 |
|
|
|
|
Name : |
Mr. Amol Rohitbahi Dalal |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.04.1956 |
|
Date of Appointment : |
01.04.2004 |
|
DIN No. : |
00458885 |
|
Other Directorship : |
Aarvee Denims and Exports Limited |
|
|
|
|
Name : |
Mr. Pukhraj Jain |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.01.1945 |
|
Date of Appointment : |
15.06.2011 |
|
|
|
|
Name : |
Mr. Ashish Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
04.09.1958 |
|
Date of Appointment : |
06.06.2012 |
|
|
|
|
Name : |
Mr. Jitendra Mamotra |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.04.1946 |
|
Date of Appointment : |
06.06.2012 |
|
Other Directorship
: |
· Transformers and Retifiers (India) Limited · Harsha Engineers Limited |
KEY EXECUTIVES
|
Name : |
Mr. Manish |
|
Designation : |
Sales Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2138050 |
35.75 |
|
|
832691 |
13.92 |
|
|
2970741 |
49.68 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2970741 |
49.68 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
975158 |
16.31 |
|
|
|
|
|
|
719987 |
12.04 |
|
|
973711 |
16.28 |
|
|
340403 |
5.69 |
|
|
7187 |
0.12 |
|
|
333216 |
5.57 |
|
|
3009259 |
50.32 |
|
Total Public shareholding (B) |
3009259 |
50.32 |
|
Total (A)+(B) |
5980000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
5980000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cold Rolled Stainless Strips / Coils. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
|
|
|
|
Cold Rolled S.S.Coils/ S.S. Strips |
MT |
30000 |
|
|
|
|
|
Particulars |
Unit |
Actual
Production |
|
Cold Rolled
S.S.Coils/ S.S. Strips |
|
|
|
Own |
Kgs. |
29156875 |
|
Job Work |
Kgs. |
174207 |
GENERAL INFORMATION
|
Customers : |
Retailers, End Users and OEM’s |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1500 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Union Bank of India · State Bank of India · IDBI Bank Limited |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mehta Lodha and Company Chartered Accountants |
|
Address : |
Chartered Accountants |
|
|
|
|
Associate Company : |
· Raajratna Metal Industries Limited · Raajratna Stock Holdings Private Limited · Raajratna Ventures Private Limited |
|
|
|
|
Associate Firm : |
Garuda Overseas |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Millions |
|
5,00,000 |
Preference Shares |
Rs.10/- each |
Rs. 5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 85.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59,80,000 |
Equity Shares |
Rs.10/- each |
Rs. 59.800 Millions |
|
|
Less: Call in Arrears-Other than Directors |
|
Rs. 0.050 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 59.750
Millions |
A reconciliation of the
number of shares outstanding at the beginning and at the end of the reporting
Year.
|
Particular |
Equity Shares As at 31st March 2012 Numbers |
|
Shares outstanding at the beginning of the Period |
5,980,000 |
|
Add: Shares issued by Conversion of Warrants |
-- |
|
Less: Shares bought back / Redemption etc. |
-- |
|
Shares outstanding
at the end of the Period |
5,980,000 |
Rights, preference
and restriction attached to Equity Shares
The company has only one class of equity shares having a face value of ` 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pay dividends in Indian rupees. The proposed dividend recommended by the Board of Directors is subject to the approval of the Shareholders. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
There were no shares reserved at the year-end for issue under options and contracts / commitments for the sale of shares / disinvestment.
Shares Holder Holding more than 5% of the
Shares
|
Name of Shareholder |
Equity Shares As at 31 March 2012 |
|
|
No. of Shares held |
% of Holding |
|
|
Raajratna Stock Holding Limited |
315,800 |
5.28 |
|
Ascendum Systems Private Limited |
300,000 |
5.02 |
|
Singhal Products (India) Private Limited |
290,000 |
4.85 |
Aggregate number of Bonus Shares issued, shares issued for consideration other than Cash and Shares Bought back during the Period of five Years immediately preceding the reporting date. – NIL
The Company have calls in arrears / unpaid calls of ` 50000/- (P.Y 51500/-)and has not forfeited any shares at balance sheet date.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
59.750 |
59.749 |
|
(b) Reserves & Surplus |
|
378.778 |
335.051 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
438.528 |
394.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
112.572 |
89.367 |
|
(b) Deferred tax liabilities (Net) |
|
31.910 |
25.616 |
|
(c) Other long term
liabilities |
|
0.771 |
0.331 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
145.253 |
115.314 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1146.209 |
992.276 |
|
(b) Trade
payables |
|
60.092 |
121.013 |
|
(c) Other
current liabilities |
|
70.443 |
47.030 |
|
(d) Short-term
provisions |
|
8.940 |
14.199 |
|
Total Current
Liabilities (4) |
|
1285.684 |
1174.518 |
|
|
|
|
|
|
TOTAL |
|
1869.465 |
1684.632 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
472.206 |
343.588 |
|
(ii)
Intangible Assets |
|
0.283 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.313 |
123.895 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.331 |
0.330 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.846 |
5.120 |
|
(e) Other
Non-current assets |
|
0.135 |
0.195 |
|
Total Non-Current
Assets |
|
474.114 |
473.128 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
378.469 |
371.596 |
|
(c) Trade
receivables |
|
944.362 |
772.449 |
|
(d) Cash
and cash equivalents |
|
50.682 |
44.710 |
|
(e)
Short-term loans and advances |
|
21.296 |
22.112 |
|
(f) Other
current assets |
|
0.542 |
0.637 |
|
Total
Current Assets |
|
1395.351 |
1211.504 |
|
|
|
|
|
|
TOTAL |
|
1869.465 |
1684.632 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
49.748 |
|
|
2] Equity Share Warrants |
|
|
12.750 |
|
|
3] Reserves & Surplus |
|
|
235.456 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
297.954 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
424.782 |
|
|
2] Unsecured Loans |
|
|
174.373 |
|
|
TOTAL BORROWING |
|
|
599.155 |
|
|
DEFERRED TAX LIABILITIES |
|
|
32.259 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
929.368 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
362.597 |
|
|
Capital work-in-progress |
|
|
3.631 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.322 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
436.659
|
|
|
Sundry Debtors |
|
|
443.318
|
|
|
Cash & Bank Balances |
|
|
25.391
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
43.656
|
|
Total
Current Assets |
|
|
949.024
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
374.068 |
|
|
Other Current Liabilities |
|
|
0.469
|
|
|
Provisions |
|
|
11.774
|
|
Total
Current Liabilities |
|
|
386.311
|
|
|
Net Current Assets |
|
|
562.713
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.105 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
929.368 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3262.901 |
2861.413 |
2278.068 |
|
|
|
Other Income |
33.114 |
21.294 |
0.127 |
|
|
|
TOTAL (A) |
3296.015 |
2882.707 |
2278.195 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed HR S.S Coils |
2741.855 |
2428.307 |
|
|
|
|
Employee Benefits Expenses |
56.020 |
42.755 |
|
|
|
|
Other Expenses |
308.174 |
227.064 |
|
|
|
|
Preliminary Expenses Written off |
0.060 |
0.060 |
|
|
|
|
Changes in Inventories |
(45.387) |
(38.281) |
|
|
|
|
TOTAL (B) |
3060.722 |
2659.905 |
2077.307 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
235.293 |
222.802 |
200.888 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
103.407 |
84.951 |
67.667 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
131.886 |
137.851 |
133.221 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
66.201 |
59.587 |
62.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
65.685 |
78.264 |
71.139 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.040 |
13.519 |
8.376 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
49.645 |
64.745 |
62.763 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Prior Period
Adjustment |
1.032 |
0.800 |
(0.007) |
|
|
|
|
|
|
|
|
|
|
Net Profit for the
Year |
50.677 |
65.545 |
62.756 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
169.851 |
121.256 |
74.307 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
10.000 |
|
|
|
Proposed dividend on equity shares |
5.980 |
5.980 |
4.980 |
|
|
|
Dividend distribution tax |
0.970 |
0.970 |
0.827 |
|
|
BALANCE CARRIED
TO THE B/S |
203.578 |
169.851 |
121.256 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export (Realised) |
2.005 |
0.000 |
4.344 |
|
|
TOTAL EARNINGS |
2.005 |
0.000 |
4.344 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
251.500 |
148.500 |
12.770 |
|
|
TOTAL IMPORTS |
251.500 |
148.500 |
12.770 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.47 |
13.13 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
809.000 |
733.9 |
855.6 |
901.900 |
645.700 |
|
Total Expenditure |
764.800 |
690.0 |
806.7 |
857.700 |
602.600 |
|
PBIDT (Excl OI) |
44.200 |
44.0 |
49.0 |
44.100 |
43.100 |
|
Other Income |
19.500 |
12.4 |
15.9 |
11.300 |
14.300 |
|
Operating Profit |
63.700 |
56.4 |
64.9 |
55.400 |
57.400 |
|
Interest |
27.700 |
28.1 |
29.8 |
32.200 |
30.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
36.100 |
28.3 |
35.2 |
23.300 |
26.900 |
|
Depreciation |
18.700 |
19.8 |
19.7 |
19.80 |
19.200 |
|
Profit Before Tax |
17.400 |
8.6 |
15.5 |
3.400 |
7.700 |
|
Tax |
3.700 |
0.9 |
3.2 |
0.300 |
0.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
13.700 |
7.6 |
12.3 |
3.200 |
6.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
13.700 |
7.6 |
12.3 |
3.200 |
6.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.51
|
2.25 |
2.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.01
|
2.74 |
3.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.51
|
5.02 |
5.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.20 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.87
|
2.74 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.03 |
2.46 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
No |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE
INFORMATION
The Company is a public company domiciled in India and Incorporated under the provisions of the Companies Act, 1956.
PERFORMANCE
During the year the turnover has gone upto Rs. 3296.015 millions an increase of 14.34% over previous year and Profit before Interest, depreciation and tax (PBIDT) has also gone up 5.60 % over the previous year.
FUTURE PROSPECTS
(a) The Company is planning to upgrade existing machineries and installing new equipped ones. By upgrading / installing these machineries the Company will be able to get more production and higher realisation of the final product.
(b) The Company is planning to install 1 No. Wind Turbine Generator (Wind Mill) 2.10 MW which will be commissioned and will come into operation in the month of September / October' 2012. By installing this Wind Mill the company will be able to fulfill their electricity Consumption from their own Generation.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
The benefit of Stainless Steel is quite evident and also there is increase in awareness of the use of Stainless Steel. Apart from good demand in existing industrial use, there is a shift from using Mild Steel to using Stainless Steel. Many new areas are adding to demand for example; Kitchenware, Hardware, SS furniture, SS jewellery, Machinery, Pipe-wire-coil-sheet (patta-patti),Railway vendor, Building and construction (infrastructure) , Sanitary equipment (concealed plumbing for bathrooms), Dairy, Automotive, Ferro alloys and Allieds.
Recently, Government has permitted usage of Stainless Steel for manufacturing of gas cylinders. Stainless Steel is also getting popular in use for construction industry for tore steel and binding wires, for water tanks in high rise buildings, architectural use in airports, railway wagon and railway stations, bus stand, signage, Road Tankers, ship Containers. The market for Stainless steel Continues to improve manufacturing with greater concentration, Low long term maintenance costs, less environmental impacts and greater concerns with life cycle cost being made to achieving Green Revolution.
As per capita income consumption of stainless steel in India is only 1.20 kg as against 6 kgs in China, 16 kgs in Japan and 30 kgs in Italy which shows that there are tremendous growth opportunities in India. As a Company operating in India, they are affected by the general economic conditions in the Country. The Indian economy has grown steadily over the past several years. This improved performance was propelled by the growth in industrial activity and robust service sector. The overall economic growth will therefore impact the results of its operations. The growth prospects of the business of the Company and its ability to implement the strategies will be influenced by macro economic growth.
Projections for 2010 to 2015 suggest a 4.2% annual growth in worldwide stainless steel demand, with growth reaching 7.7% per year for India and 6.2% per year for China during the same period.
BUSINESS OVERVIEW
They are into the business of manufacturing cold rolled stainless steel coils/strips for more than 20 years. Since inception, they have made efforts to place ourselves in a competitive position in the industry by proactively responding to their customer requirements. The Company has emerged as one of the leading manufacturers of cold rolled stainless steel coils/strips in India and caters to both the markets domestic as well as International. At present the Company has customers from Tube industry, kitchenware industry, Pumps industry, Engineering products industry.
They want to leverage their strength in order to benefit ourselves in future so as to become the topmost player in the cold rolled stainless steel coils/strips industry. They wish to continue to supply their products to corporate houses, increase their market share in the industry, produce quality products at the competitive rates, adopt one of the best human resource practices and also secure various certifications for standards and quality improvement. They plan to boost their exports by participating in trade fairs and exhibitions all over the World.
OUTLOOK
Wind mill division:
The Company uses Green power Generation from Wind Mill. The company has its own 4 Wind Mills with the capacity of 1.25MW, 0.35MW and 0.60MW (2 Mills). The generation of units from Wind mills during the Year 2011-12 is 4273411 units.
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Short term
borrowings |
|
|
|
Deposits/ Loans
from -Body Corporates from |
|
|
|
-Related Parties |
0.037 |
10.513 |
|
-Others |
134.799 |
63.264 |
|
Letter of Credit |
97.093 |
54.977 |
|
Total |
231.929 |
128.754 |
CONTINGENT
LIABILITIES (AS ON 31.03.2012):
(Rs. in millions)
(a) Bills discounted and reduced from debtors of Rs. 27.503 millions (Previous Year Rs. 4.155 millions).
(b) Letter of credit issued by the bank of Rs. 0.291 millions (Previous Year Rs. 63.385 millions)
(c) Bank Guarantee of Rs. 23.276 millions (Previous Year Rs. 4.274 millions)
AUDITED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED ON 31ST MARCH 2013
(Rs. In millions)
|
Sr no. |
Particulars |
Quarter ended |
For the Year
Ended |
||||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|||||
|
1. |
a) Net Sales / Income from Operation |
901.878 |
855.629 |
3300.377 |
|||
|
|
Total Income from Operations (Net) |
901.878 |
855.629 |
3300.377 |
|||
|
2. |
Expenditure |
|
|
|
|||
|
a) |
Cost of Materials Consumed |
761.852 |
675.181 |
2630.718 |
|||
|
b) |
Purchases of Stock -in- Trade |
0.000 |
0.000 |
0.000 |
|||
|
c) |
Changes in Inventories of Finished Goods, |
1.076 |
38.193 |
101.711 |
|||
|
d) |
Employees Benefits Expenses |
15.160 |
15.007 |
59.780 |
|||
|
e) |
Depreciation and amortisation Expenses |
19.830 |
19.663 |
77.903 |
|||
|
f) |
Other Expenses |
81.814 |
78.270 |
326.905 |
|||
|
|
Total Expenses |
877.580 |
826.314 |
3197.017 |
|||
|
3. |
Profit/(loss) from Opreations before Other Income, finance costs and
Exceptional Items (1-2) |
24.298 |
29.315 |
103.360 |
|||
|
|
|
|
|
|
|||
|
4. |
Other Income |
11.298 |
15.937 |
59.193 |
|||
|
5. |
Profit/ (loss) from ordinary activities before finance costs and
Exceptional Items (3+4) |
35.596 |
45.252 |
162.553 |
|||
|
6. |
Finance Costs |
32.163 |
29.749 |
117.644 |
|||
|
7. |
Profit/(loss) from ordinary activities after finance costs and
Exceptional Items (5-6) |
3.433 |
15.503 |
44.909 |
|||
|
8. |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|||
|
9. |
Profit / (Loss) from Ordinary activities before tax (7+8) |
3.433 |
15.503 |
44.909 |
|||
|
10) |
Tax Expenses |
|
|
|
|||
|
a) |
Current Tax (Including tax Adjustment of earlier year) |
0.074 |
4.132 |
9.642 |
|||
|
b) |
Deferred |
2.859 |
0.963 |
1.079 |
|||
|
c) |
MAT Credit Entitlement |
2.670 |
0.000 |
2.670 |
|||
|
11. |
Net Profit / (Loss) from Ordinary Activities after tax (9-10) |
3.170 |
12.334 |
36.858 |
|||
|
|
|
|
|
|
|||
|
12. |
Extra Ordinary Items (Net of Tax expenses Rs. Nil) |
0.000 |
0.000 |
0.000 |
|||
|
13. |
Net Profit/(Loss) for the period (11-12) |
3.170 |
12.334 |
36.858 |
|||
|
14. |
Paid-up equity share capital (Face value of Rs.10/- each) |
59.750 |
59.750 |
59.750 |
|||
|
15. |
Reserves excluding Revaluation Reserves ( as per balance sheet of
previous accounting year.) |
0.000 |
0.000 |
410.039 |
|||
|
16. |
Earning Per Share (EPS) (Before Extra Ordinary Items) (Of Rs.) (Not to
be Annualised) |
|
|
|
|||
|
(a) |
Basic |
0.53 |
2.06 |
6.16 |
|||
|
(b) |
Diluted |
0.53 |
2.06 |
6.16 |
|||
|
17. |
Earning Per Share (EPS) (after Extra Ordinary Items) (Of Rs.) (Not to
be Annualised) |
|
|
|
|||
|
- |
Basic |
0.53 |
2.06 |
6.16 |
|||
|
- |
Diluted |
0.53 |
2.06 |
6.16 |
|||
|
|
|
|
|
|
|||
|
PART-II |
|||||||
|
1. |
Public Shareholding |
|
|
|
|||
|
- |
No.of Shares |
3009259 |
3010259 |
3009259 |
|||
|
- |
Percentage of Shareholding |
50.32% |
50.34% |
50.32% |
|||
|
2. |
Promoters and Promoter Group Shareholding |
|
|
|
|||
|
a) |
Pledged/Encumbered |
|
|
|
|||
|
- |
Number of Shares |
500000 |
500000 |
500000 |
|||
|
- |
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
16.83% |
16.84% |
16.83% |
|||
|
- |
Percentage of shares (as a% of the total share capital of the company |
8.36% |
8.36% |
8.36% |
|||
|
b) |
Non-encumbered |
|
|
|
|||
|
- |
Number of shares |
2470741 |
2469741 |
2470741 |
|||
|
- |
Percentage of shares (as % of the total shareholding of Promoter and
Promoter Group) |
83.17% |
83.16% |
83.17% |
|||
|
- |
Percentage of shares (as % of the total share capital of the company) |
41.32% |
41.30% |
41.32% |
|||
|
B |
INVESTORS
COMPLAINTS (Nos.) |
3 Months Ended |
|
|
Pending at the beginning of the Quarter |
- |
|
|
Received during the Quarter |
- |
|
|
Disposed during the Quarter |
- |
|
|
Remaining unresoved at the end of the Quarter |
- |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In millions)
|
Sr.
No. |
Particulars |
Audited Year
Ended |
|
A. |
EQUITY AND LIABILITIES |
|
|
1. |
Shareholders' Fund |
|
|
|
|
|
|
(a) |
Share Capital |
59.750 |
|
|
|
|
|
(b) |
Reserves and Surplus |
410.039 |
|
|
Sub Total |
469.789 |
|
2. |
Non Current Liabilities |
|
|
(a) |
Long Term Borrowings |
152.069 |
|
(b) |
Deferred Tax Liability(Net) |
32.989 |
|
(c) |
Other Long Term Liabilities |
0.771 |
|
|
Sub Total |
185.829 |
|
3. |
Current Liabilities |
|
|
(a) |
Short Term Borrowings |
1321.508 |
|
(b) |
Trade Payables |
39.510 |
|
(c) |
Other Current Liabilities |
108.433 |
|
(d) |
Short Term Provisions |
7.903 |
|
|
Sub Total |
1477.354 |
|
|
TOTAL- EQUITY AND LIABILITIES |
2132.972 |
|
|
|
|
|
B. |
ASSETS |
|
|
|
|
|
|
1. |
Non Current Assets |
|
|
|
|
|
|
(a) |
Fixed Assets |
533.357 |
|
(b) |
Non-Current Investments |
0.330 |
|
(c) |
Long Term Loans and Advances |
0.876 |
|
(d) |
Other Non-Current Assets |
075 |
|
|
Sub Total |
534638 |
|
2. |
Current Assets |
|
|
|
|
|
|
(a) |
Inventories |
402.010 |
|
(b) |
Trade Receivables |
1023.129 |
|
(c) |
Cash and Bank Balances |
61.273 |
|
(d) |
Short Term Loans and Advances |
109.009 |
|
(e) |
Other Current Assets |
2.913 |
|
|
Sub Total |
1598.334 |
|
|
TOTAL- ASSETS |
2132.972 |
Note :
1. The above financial results have been approved by Audit Committee and Board of Directors in their meeting held on 28th May'2013.
2. The Company has only one segment of activity namely manufacturing of Cold Rolled Stainless Steel Strips/Coil.
3.
Exceptional Items comprises of Prior Period Income/Expenses
4. The Board of Directors has Recommended a Dividend of Rs. 0.80 Per Share (8%) Subject to approval of Shareholders at the ensuing Annual General Meeting.
5. Figures have been regrouped/rearranged wherever necessary.
FIXED ASSETS
v
Tangible
Assets
·
Freehold Land
·
Building
·
Plant and Machinery
·
Office Equipments
·
Furnitures and Fixture
·
Computer
·
Vehicles
v
Intangible
Assets
·
Software
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.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.37 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.