MIRA
INFORM REPORT
|
Report Date : |
03.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM VALUE STEELS LIMITED [w.e.f. 18.03.2013] |
|
|
|
|
Formerly Known
as : |
LLOYDS STEEL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Uttam House, 69, P.D Mello Road, Mumbai, 400009,
Maharashtra |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
27.04.1970 |
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|
|
|
Com. Reg. No.: |
11-014621 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.12051.673
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1970PLC014621 |
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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
: |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
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No. of Employees
: |
1322 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18512000 |
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|
|
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Subject is a well-established company having a moderate track record.
There appears accumulated losses recorded by the company during 2013. However, trade relations are fair. Business is active. Payments terms
are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated number
of jobs created during the second quarter of the current financial year. 50000
estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB – [Long Term Bank Facilities] |
|
Rating Explanation |
Having moderate degree of safety and carry moderate credit risk. |
|
Date |
11.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facilities] |
|
Rating Explanation |
Having moderate degree of safety and higher credit risk. |
|
Date |
11.07.2013 |
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 DECLINED
Management non co-operative [91-22-66563500]
LOCATIONS
|
Registered Office : |
4th Floor, Uttam House, 69, P.D Mello Road, Mumbai, 400009, Maharashtra, India |
|
Tel. No.: |
91-22-30418111 |
|
Fax No.: |
91-22-30418260 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Lloyds Nagar, Bhugaon Link Road, Wardha, Maharashtra, India |
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|
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|
Factory 2 : |
Plot No. A-5/5 and A-6/3 MIDC Industrial Area, Murbad District Thane, Maharashtra, India |
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Branch Office : |
Located At: ·
Delhi ·
Ahmedabad ·
Bangalore ·
Indore ·
Hyderabad ·
Pune ·
Chennai ·
Nagpur ·
Kolkata ·
Indore ·
Cochin ·
Jaipur |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rajinder Miglani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S K Soni |
|
Designation : |
Director |
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|
Name : |
Mr. B L Khanna |
|
Designation : |
Director |
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|
Name : |
Mr. U N Challu |
|
Designation : |
Director |
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|
Name : |
Mr. Manash Chakraborty |
|
Designation : |
Director (Nominee - ARCIL) |
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|
Name : |
Mr. R K Bansal |
|
Designation : |
Director (Nominee - IDBI) |
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|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director |
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|
Name : |
Mr. Rajiv Munjal |
|
Designation : |
Director (Commercial) |
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|
|
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director (Engg. Division) |
KEY EXECUTIVES
|
Name : |
Mr. Gursharan S Sawhney |
|
Designation : |
Group Chief Finance Officer |
|
|
|
|
Name : |
Mr. Ram Gaud |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
609472232 |
51.02 |
|
|
609472232 |
51.02 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
609472232 |
51.02 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
573153 |
0.05 |
|
|
205004032 |
17.16 |
|
|
1500 |
0.00 |
|
|
4389894 |
0.37 |
|
|
220310 |
0.02 |
|
|
210188889 |
17.60 |
|
|
|
|
|
|
269306534 |
22.55 |
|
|
|
|
|
|
59137837 |
4.95 |
|
|
32638319 |
2.73 |
|
|
13774682 |
1.15 |
|
|
39627 |
0.00 |
|
|
4180655 |
0.35 |
|
|
2500 |
0.00 |
|
|
9551900 |
0.80 |
|
|
374857372 |
31.38 |
|
Total Public shareholding (B) |
585046261 |
48.98 |
|
Total (A)+(B) |
1194518493 |
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) |
1194518493 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
GENERAL INFORMATION
|
No. of Employees : |
1322 [Approximately] |
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Bankers : |
· State Bank of India · Punjab and Sind Bank · Abu Dhabi Commercial Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Statutory Auditors : |
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|
Name : |
Todarwal & Todarwal Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
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Internal Auditors : |
|
|
Name : |
Ernst &
Young LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Associates: |
Indrajit Power Private Limited |
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|
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|
Other Related Parties : |
·
Uttam Galva Metallics Limited ·
Uttam Galva Steels Limited ·
Sainath Trading Company Private Limited ·
Kredence Multi Trading Limited ·
Grow well Mercantile Limited ·
Shree Global Tradefin Limited. (ceased w.e.f 6th
December 2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
500000000 |
Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.5000.000 Millions |
|
|
TOTAL
|
|
Rs.20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1194518493 |
Equity Shares |
Rs.10/- each
|
Rs.11945.185
Millions |
|
2714451 |
Equity Shares Forfeited Shares |
|
Rs.13.234
Millions |
|
9325420 |
Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.93.254
Millions |
|
|
TOTAL |
|
Rs.12051.673 Millions |
NOTES:
Terms and Rights
attached to equity shares
The company has
only one class of shares having a par value at Rs. 10/- per share. Each holder
of equity shares is entitled to one vote per share.
Terms and Rights
attached to redeemable preference shares
The Redeemable
preference shares will be redeemed with a premium of 11.50 % in 6(six) annual
installments commencing from financial year 2016. No such shares shall be
redeemed except out of the profits of the company which would otherwise be
available for dividend or out of the proceeds of the fresh issue of shares made
for the purpose of the redemption.
Equity shares in
the Company held by its holding/ultimate holding company and/or their subsidiaries
/associates
Rs. In Millions
|
Name of
Shareholder |
As on 31.03.2013 |
|
Ultimate
Logistics Solutions Private Limited |
4236.400 |
|
Metallurgical
Engineering and Equipment’s Limited |
18583.500 |
Details of shareholders
holding more than 5% shares in the company
|
NAME OF
SHAREHOLDER |
AS ON 31.03.2013 |
|
|
|
NOS. |
% HOLDING IN THE CLASS |
|
Equity shares of
Rs. 10 each fully paid |
|
|
|
Ultimate
Logistics Solutions Private Limited |
423637469 |
35.47 % |
|
Shree Global
Tradefin Limited |
188274167 |
15.76 % |
|
Metallurgical
Engineering and Equipment’s Limited |
185834763 |
15.56 % |
|
IDBI Bank
Limited |
150000000 |
12.56 % |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
30.06.2011 [15 Months] |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12051.673 |
9021.173 |
6289.371 |
|
(b) Reserves & Surplus |
(7423.543) |
(8203.220) |
(9280.222) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
4628.130 |
817.953 |
(2990.851) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
3014.893 |
3852.639 |
7427.285 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
234.166 |
204.863 |
192.123 |
|
Total Non-current
Liabilities (3) |
3249.059 |
4057.502 |
7619.408 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
599.568 |
0.000 |
0.000 |
|
(b)
Trade payables |
19437.827 |
12943.858 |
12451.823 |
|
(c)
Other current liabilities |
2570.955 |
5994.738 |
5861.518 |
|
(d) Short-term
provisions |
21.618 |
20.474 |
0.000 |
|
Total Current Liabilities
(4) |
22629.968 |
18959.070 |
18313.341 |
|
|
|
|
|
|
TOTAL |
30507.157 |
23834.525 |
22941.898 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12537.715 |
10748.567 |
11482.446 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1642.342 |
11.351 |
308.962 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
16.026 |
25.026 |
25.026 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
58.542 |
142.559 |
194.380 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
14254.625 |
10927.503 |
12010.814 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4575.117 |
3768.367 |
2767.801 |
|
(c) Trade
receivables |
1184.961 |
1192.307 |
2022.563 |
|
(d) Cash
and cash equivalents |
588.060 |
497.212 |
489.302 |
|
(e)
Short-term loans and advances |
9461.408 |
6996.411 |
5651.418 |
|
(f)
Other current assets |
442.986 |
452.725 |
0.000 |
|
Total Current
Assets |
16252.532 |
12907.022 |
10931.084 |
|
|
|
|
|
|
TOTAL |
30507.157 |
23834.525 |
22941.898 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
30.06.2011 [15 Months] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
63440.424 |
38481.637 |
40807.376 |
|
|
|
Other Income |
620.328 |
434.693 |
463.661 |
|
|
|
TOTAL (A) |
64060.752 |
38916.330 |
41271.037 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
20402.572 |
15738.282 |
21156.524 |
|
|
|
Purchase of traded goods |
33453.118 |
17183.856 |
12069.099 |
|
|
|
Employee benefits expenses |
742.596 |
508.654 |
678.078 |
|
|
|
Other expenses |
7280.033 |
4927.969 |
6986.655 |
|
|
|
Exceptional items |
0.000 |
132.240 |
(23.689) |
|
|
|
Increase/decrease in inventories of finished goods and work in
progress |
(935.399) |
(990.103) |
(723.903) |
|
|
|
TOTAL (B) |
60942.920 |
37500.898 |
40142.764 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3117.832 |
1415.432 |
1128.273 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1657.550 |
1084.994 |
975.679 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1460.282 |
330.438 |
152.594 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1450.105 |
1064.984 |
1549.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
10.177 |
(734.546) |
(1396.713) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
10.177 |
(734.546) |
(1396.713) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(16457.079) |
(15060.366) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(17191.625) |
(16457.079) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
258.477 |
164.501 |
0.000 |
|
|
|
Brokerage and Commission |
13.956 |
6.300 |
2.177 |
|
|
TOTAL EARNINGS |
272.433 |
170.801 |
2.177 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
68.137 |
935.102 |
1256.811 |
|
|
|
Production Consumables, Stores and Spares |
408.323 |
345.012 |
0.000 |
|
|
TOTAL IMPORTS |
476.460 |
1280.114 |
1256.811 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
0.01 |
(1.43) |
(4.46) |
|
|
|
-
Diluted |
0.01 |
(1.75) |
(4.46) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
15448.200 |
14561.500 |
|
Total Expenditure |
|
14778.000 |
13952.500 |
|
PBIDT (Excl OI) |
|
670.300 |
609.000 |
|
Other Income |
|
92.600 |
134.600 |
|
Operating Profit |
|
762.900 |
743.600 |
|
Interest |
|
536.000 |
598.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
226.900 |
144.800 |
|
Depreciation |
|
398.100 |
395.300 |
|
Profit Before Tax |
|
(171.200) |
(250.500) |
|
Tax |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(171.200) |
(250.500) |
|
Extraordinary Items |
|
0.000 |
0 |
|
Net Profit |
|
(171.200) |
(250.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
30.06.2011 [15 Months] |
|
PAT / Total Income |
(%) |
0.02
|
(1.89) |
(3.38) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.02
|
(1.91) |
(3.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
|
(3.09) |
(6.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.90)
|
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.78
|
4.71
|
(2.48) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72
|
0.68
|
0.60 |
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 involved in |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10450652 |
25/09/2013 |
6,120,000,000.00 |
Axis Trustee
Services Limited |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B85583532 |
|
2 |
10450654 |
25/09/2013 |
13,900,000,000.00 |
Axis Trustee
Services Limited |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B85583771 |
|
3 |
10445662 |
12/07/2013 |
500,000,000.00 |
Punjab and
Maharashtra Co-operative Bank Limited. |
OFFICE NO 4
& 5, 3RD FLOOR,, DREAMS MALL, L B S MARG, BHANDUP (WEST), MUMBAI -
400078, MAHARASHTRA, |
B83370783 |
|
4 |
90231025 |
14/06/1999 |
510,000,000.00 |
ICICI LTD |
ICICITOWER,
BANDR KURLA, MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
5 |
90232123 |
29/09/2006 * |
240,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A06399224 |
|
6 |
90230982 |
29/09/2006 * |
158,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A06400634 |
|
7 |
90230979 |
17/08/1999 * |
200,000,000.00 |
INDUTRIAL
DEVELOPMENT BANKOF INDIA |
IDBI TOWER,
CUFFE PRADE, MUMBAI - 400005, WEST BENGAL, INDIA |
- |
|
8 |
90240447 |
29/09/2006 * |
580,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A42687277 |
|
9 |
90230974 |
03/03/1998 |
250,000,000.00 |
INDUSTRIAL
DEVELOPMENT BNAK OF INDIA |
IDBI TOWER,
MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
10 |
90230971 |
16/01/1998 |
950,300,000.00 |
INDUSTRIAL CRDIT
INVESTMENT CORPORATION OF INDIA |
163 BACKBAY
RECLMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
|
CASE DETAILS BENCH: BOMBAY PRESENTATION
DATE: 12/07/2013 LODGING NO.: ARBPL/1118/2013
FILING DATE: 12/07/2013 REG. NO.: ARBP/1164/2013
REG. DATE:
29/10/2013
|
NOTE:
The register office address has been shifted
from “Trade World, ‘C’ Wing, 16th Floor, Kamala
City, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India” to
the present address.
OPERATIONS and OVERALL PERFORMANCE:
The Company
achieved a Gross Turnover of Rs. 66855.600
Millions in 2012-13 as against Rs. 40530.300 Millions in the previous period (9 months), showing a
growth of 23 % over previous year. The operating EBIDTA for the year was Rs. 3117.800 Millions as against Rs. 1547.700 Millions in the previous period
(9 months). The Company posted a profit of Rs. 10.100 Millions during the year as against a loss of Rs. 734.500
Millions in the previous period (9 months) after providing depreciation of Rs.
1450.100 Millions (Previous period Rs. 1065.000 Millions).
STEEL INDUSTRY
SCENARIO:
2012 -13 was a
challenging year for the steel industry with apparent steel use increasing at
the slowest rate since 2009 when global demand declined by 6.5%. This was
mainly due to the Eurozone crisis which persisted throughout 2012 and whose
impact was felt further. On top of this, corrective macroeconomic measures in
major emerging economies also contributed to a concerted slowdown globally.
However, in the early part of 2013, the key risks to the global economy – the
Eurozone crisis, a hard landing for the Chinese economy, and the US fiscal
cliff issue – have all stabilized considerably and they now expect a recovery
in global steel demand to kick in by the second half, led by the emerging
economies. Yet, the situation on the financial markets remains fragile and the
Eurozone crisis is far from being solved as the recent events in Cyprus have
again shown.
STEEL PRODUCTS:
Sale of steel
products during the year 2012-13 was Rs. 30333.100 Millions as against the previous period (9 months) of
Rs. 22396.900 Millions. Export sales achieved during the year Rs. 230.700 Millions as against Rs.
107.700 Millions recorded during the previous period of 9 months.
ENGINEERING
PRODUCTS:
Engineering Division
achieved sales of Rs. 4700.700 Millions during 2012 -13 as compared to sales of
Rs. 2862.400 Millions for 9 months in the previous period. During the year the
division has executed various orders / jobs by supplying critical equipment and
items including various types of Tanks and Vessels, Water Cooled Equipment to
SMS India Limited, Instrument Air Drier Unit to BOC India Limited for MRPL PP
Project , Pressure Vessels to Technimon SpA for OPAL Butene Project , Pressure
Vessels - Passivation Drum and Pump out Drum and Hexane Dryer Package to
Technip France for OPAL Butene Project, Marine Unloading Arms to HPCL, Supply
of Cooling Bed-Fixed Structure to Danieli India Limited, Buffer Vessels to
SAIL, Pressure Vessels to HPCL, equipment for WHR Boiler to Petron Engineering
Construction Limited for IOCL, Paradip and Equipment to Uttam Galva Metallics
Limited, Uttam Galva Steels Limited, Gopani Iron and Power Limited and Tapadia
Polysters Private Limited and supply of critical Spares and Services to all the
major public and private Oil and Gas sector, Port Trust and various Government
bodies.
MANAGEMENT DISCUSSION AND ANALYSIS:
The core business
of the Company is manufacturing and marketing Iron and Steel Products and
manufacturing capital equipment’s and turnkey projects.
STEEL DIVISION:
The crude steel
production has grown from 1490 million tonnes in 2011 to 1510 million tonnes in
2012, a growth of 1.3%. China continued to be the largest Crude Steel producer
in the world and their production increased from 683 million tonnes in 2011 to
708 million tonnes in 2012, a growth of 3.7%.
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Engineering
Division of the Company has been approved for its engineering skills/
works/services by various premier consulting companies and Inspection Agencies
such as Engineers India Limited, MECON, LRIS, BVIS, amongst various other
agencies. The Division has further been approved by Industrial Boiler
Regulatory Authority (IBR). The Division, with a view to expand its operations
acquired Plot A-5/4, MIDC, Murbad situated adjacent to the existing Plot No.
A-5/5 during January 2012 and is exploring possibilities for further expansion.
Due to recession in all sectors of Indian Industry, the expansion projects are
moving in slow phase which has affected most of the Indian engineering
companies. In addition to this, the Engineering segment is highly competitive
in view of tough competition from foreign companies/ agencies and giant
public/private sector undertakings.
FIXED ASSETS:
·
Land
·
Building
·
Plant Machinery
·
Computer
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Railway Siding
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER
2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
14561.500 |
15448.236 |
30009.736 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
14561.500 |
15448.236 |
30009.736 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
4989.890 |
4209.364 |
9199.254 |
|
|
Purchase
of stock in trade |
6792.572 |
9676.360 |
16466.931 |
|
|
Employee
benefits expenses |
219.694 |
194.427 |
414.122 |
|
|
Depreciation
and amortization expenses |
395.303 |
398.085 |
793.388 |
|
|
Other
expenses |
2027.377 |
1676.418 |
3703.795 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(76.994) |
(978.598) |
(1055.592) |
|
|
Total Expenses |
14347.842 |
15176.056 |
29521.898 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
213.659 |
272.180 |
485.838 |
|
|
|
|
|
|
|
4. |
Other
Income |
134.597 |
92.582 |
227.179 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
348.256 |
364.762 |
713.017 |
|
|
|
|
|
|
|
6. |
Interest |
598.800 |
535.961 |
1134.760 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(250.544) |
(171.199) |
(421.743) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(250.544) |
(171.199) |
(421.743) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
-- |
-- |
-- |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
(250.544) |
(171.199) |
(421.743) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(250.544) |
(171.199) |
(421.743) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
11958.400 |
11958.400 |
11958.400 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(0.21) |
(0.14) |
(0.35) |
|
|
b)
Basic and diluted EPS after extraordinary items |
(0.21) |
(0.14) |
(0.35) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
585046261 |
585046261 |
585046261 |
|
|
-
Percentage of Shareholding |
48.98 |
48.98 |
48.98 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number
of Shares |
335502889 |
335502889 |
335502889 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
55.05 |
55.05 |
55.05 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
28.09 |
8.09 |
8.09 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
273969343 |
273969343 |
273969343 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
44.95 |
44.95 |
44.95 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
22.93 |
22.93 |
22.93 |
|
Particulars |
Quarter Ended 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
34 |
|
Disposed of during the quarter |
34 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
|
|
Steel Products |
6797.319 |
5721.433 |
12518.752 |
|
|
|
Engineering Products |
2264.981 |
120.786 |
2385.767 |
|
|
|
Trading |
6789.284 |
9649.395 |
16438.679 |
|
|
|
TOTAL |
15851.584 |
15491.614 |
31343.198 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
1290.084 |
43.378 |
1333.462 |
|
|
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
14561.500 |
15448.236 |
30009.736 |
|
|
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
Profit / Loss
before tax and interest from each segment |
|
|
|
|
|
|
Steel Products |
338.246 |
391.655 |
729.900 |
|
|
|
Engineering Products |
(0.438) |
13.341 |
12.903 |
|
|
|
Trading |
27.641 |
(20.640) |
7.001 |
|
|
|
TOTAL |
365.449 |
384.356 |
749.804 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
598.800 |
535.961 |
1134.760 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
17.193 |
19.594 |
36.787 |
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
(250.544) |
(171.199) |
(421.743) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Steel Products |
2276.650 |
7069.471 |
2276.650 |
|
|
|
Engineering Products |
2966.019 |
599.314 |
2966.019 |
|
|
|
Trading |
607.841 |
591.885 |
607.841 |
|
|
|
TOTAL |
5850.510 |
8260.670 |
5850.510 |
STATEMENT OF ASSETS AND
LIABILITIES AS PER CLAUSES 41 OF THE LISTING AGREEMENT
Rs. In Millions
|
PARTICULARS |
30.09.2013 [Unaudited] |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
12051.673 |
|
Reserve & surplus |
(9095.286) |
|
Sub-total
- Shareholders' funds |
2956.387 |
|
Non - current liabilities |
|
|
Long term borrowings |
3068.750 |
|
Deferred tax liability (net) |
0.000 |
|
Long term provisions |
253.348 |
|
Sub-total
- Non-current liabilities |
3322.098 |
|
Current liabilities |
|
|
Short term borrowings |
590.456 |
|
Trade payables |
27116.496 |
|
Other current liabilities |
5947.473 |
|
Short term provisions |
21.618 |
|
Sub-total
- Current liabilities |
33676.043 |
|
|
|
|
Total -
Equity & Liabilities |
39954.528 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
15007.382 |
|
Non-current investment |
174.626 |
|
Long term loans & advances |
55.650 |
|
Sub-total
- Non-current Assets |
15237.658 |
|
Current
assets |
|
|
Inventories |
5782.981 |
|
Trade receivables |
4571.798 |
|
Cash & bank balances |
866.417 |
|
Short term loans & advances |
13009.223 |
|
Other current assets |
486.451 |
|
Sub-total
- Current Assets |
24716.870 |
|
|
|
|
Total –
Assets |
39954.528 |
NOTES:
1. The above results were reviewed by the audit committee and thereafter approved
and taken on record by the board of directors of the company at their meeting
held on 8th November 2013.
2. As per provision of AS-17 segment reporting. The company operates in two
business segment namely Manufacturing and Traded Products. There are no
reportable geographical segment.
3. Limited Review of Financial Results as per clause 41 of listing agreement
has been carried out by statutory auditors.
4. Previous period figures has been regrouped/reclassified wherever
necessary.
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.62.23 |
|
|
1 |
Rs.102.14 |
|
Euro |
1 |
Rs.84.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.