MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHAH ALLOYS LIMITED |
|
|
|
|
Registered
Office : |
5/1, Shreeji House, 5th Floor, Behind M.J.
Library, |
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|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.11.1990 |
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|
|
|
Com. Reg. No.: |
04-014698 |
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|
Capital
Investment / Paid-up Capital : |
Rs.197.975 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1990PLC014698 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS02307E |
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|
|
|
Legal Form : |
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 wide range of Stainless Steel,
Alloy and Special Steel, Carbon/ Mild Steel and Armour Steel in Flat and Long
products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Company |
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|
|
Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Exist |
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|
Comments : |
The company is declared as a sick company under BIFR (Board for
Industrial and Financial Reconstruction). It had registered a case under section
15(1) of the Sick Industrial Companies (special provisions) Act 1985 (SICA). The networth of the company is eroded. Payment terms are slow and delayed. The company can be considered for business dealing on fully safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as the
cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
CARE withdraws the ratings assigned to the Bank Facilities: D
(Default) |
|
Rating Explanation |
This rating are in default or are expected to be in default. |
|
Date |
December, 2010 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
5/1, Shreeji House, 5th Floor, Behind M.J.
Library, Ashram Road, Ahmedabad – 380 006, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
|
|
|
E-Mail : |
Stainless steel Coil/plate/sheet
division: ss.sales@shahalloys.com Alloy steel Coil/plate/sheet
division: as.sales@shahalloys.com
Carbon/mild steel
Coil/plate/sheet division: ms.sales@shahalloys.com
Stainless/Alloy steel rounds
division: rounds@shahalloys.com Stainless steel flat bars
division: ssflat.sales@shahalloys.com
Armour Steel Division: armour.sales@shahalloys.com North America and Middle East and |
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Website : |
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Corporate Office/ Factory : |
Corporate House, Sola-Kalol Road, Santej, Taluka Kalol, District
Gandhinagar – 382 721, Gujarat, India |
|
Tel. No.: |
91-2764-661100 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rajendra V. Shah |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. K.S. Kamath |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Ashok Sharma |
|
Designation : |
Whole Time Director |
|
Date of Birth/ Age : |
04.01.1956 |
|
Qualification : |
C.A., C.S., B.Com |
|
Profile and Expertise in Specific functional Areas : |
He has more than 29 years of experience in senior positions in finance
and accounts in various companies. Corporate various companies. Corporate
finance related areas in various industries. |
|
|
|
|
Name : |
Mr. G.M. Shaikh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N.D. Shah |
|
Designation : |
Director (Ceased from 22nd May, 2013) |
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|
|
|
Name : |
Mr. Dilipkumar Sinha |
|
Designation : |
Director |
|
Date of Birth/ Age : |
15.08.1945 |
|
Qualification : |
M.A, CAIIB |
|
Profile and Expertise in Specific functional Areas : |
He has more than 37 years of experience of working in State Bank of
India on various positions. |
|
List of other Companies in which Directorships are held : |
Parenteral Drugs (India) Limited |
|
|
|
|
Name : |
Mr. Harshad Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tejpal Shah |
|
Designation : |
Director |
|
Date of Birth/ Age : |
01.06.1953 |
|
Qualification : |
B.Com |
|
Profile and Expertise in Specific functional Areas : |
More than 33 years of rich experience in Trading business. |
|
List of other Companies in which Directorships are held : |
S.A.L. Steel Limited |
|
|
|
|
Name : |
Mr. Bhaskar Ghosh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. O.P. Dua |
|
Designation : |
Nominee Director – UBI (Ceased from 5th September, 2012) |
|
|
|
|
Name : |
Tilak Raj Sahni |
|
Designation : |
Nominee Director – UBI (w.e.f. 5th September, 2012) |
|
|
|
|
Name : |
Mr. Arakhita Khandual |
|
Designation : |
Nominee Director – IDBI Bank |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
10729246 |
54.19 |
|
|
10729246 |
54.19 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10729246 |
54.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1746624 |
8.82 |
|
|
1746624 |
8.82 |
|
|
|
|
|
|
2774505 |
14.01 |
|
|
|
|
|
|
3595182 |
18.16 |
|
|
818346 |
4.13 |
|
|
133637 |
0.68 |
|
|
133437 |
0.67 |
|
|
200 |
0.00 |
|
|
7321670 |
36.98 |
|
Total Public shareholding (B) |
9068294 |
45.81 |
|
Total (A)+(B) |
19797540 |
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) |
19797540 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of wide range of Stainless Steel,
Alloy and Special Steel, Carbon/ Mild Steel and Armour Steel in Flat and Long
products. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2013):
Capacity (As Certified by Management)
|
Class of products |
Annual Licensed
capacity (MT) |
Annual
Installed Capacity (MT) |
|
S.S. Flats, Bars and Castings, Hot Rolled M.S. Plates, S.S. H.R. Coil |
N.A. |
3 00 000 |
Production
|
Class of products |
Actual
Production Qty. (MT) |
|
(a) Bars, Beams, Angles and Wire Rods, S.S. Slab, Billets, Casting
etc. |
3608.584 |
|
(b) S.S. Flats |
18443.642 |
|
(c) M.S./ S.S. Plates |
20168.298 |
|
(d) S.S. H.R. / C.R. Coil |
35511.187 |
|
Total |
77731.711 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Union Bank of India · State Bank of India · Bank of Baroda · Punjab National Bank · IDBI Bank Limited · Bank of Maharashtra ·
Axis Bank Limited |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Talati and Talati Chartered Accountants |
|
Address : |
Ambica Chambers Near Old High Court Navrangpura Ahmedabad – 380 009,
Gujarat, India |
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|
|
|
Associate : |
SAL Steel Limited |
|
|
|
|
Enterprise with
significant influence : |
·
SAL Pharmacy (A Division of SAL Corporation
Private Limited) ·
Adarsh Foundation ·
SAL Hospital and Medical Institute (A Division of
SAL Care Private Limited) ·
Kesar SAL Hospital (A Division of Adarsh
Foundation) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19797540 |
Equity Shares |
Rs.10/- each |
Rs.197.975 millions |
|
|
|
|
|
[It comprises of
1977500 equity shares of Rs.10/- each fully paid converted from Global Depositary
Receipts (GDRs). Outstanding number of GDRs is Nil.]
Reconciliation of
Number of Shares:
|
Equity Shares |
As at 31.03.2013 |
|
|
Number of Shares |
Amount (Rs. in millions) |
|
|
Shares outstanding at the beginning of the year Changes during the year |
19797540 |
197.975 |
|
Changes during the year |
-- |
-- |
|
Shares outstanding
at the end of the year |
19797540 |
197.975 |
Rights, Preferences
and restrictions attached to shares
Equity Shares
The company has one class of equity share having a par value of Rs.10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of directors is subject to the approval of shareholders in the ensuing Annual general meeting, except in case of interim dividend. In the case of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
Details of Shares
held by Shareholders holding more than 5% in the Company
|
Name of the
Shareholder |
As at 31.03.2013 |
|
|
No. of Shares held |
Percentage of Shares held |
|
|
Mr. Rajendra V. Shah # |
9444364 |
47.71% |
|
Mrs. Ragini R. Shah |
1146006 |
5.79% |
# including 7.74% shares held as Karta
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
197.975 |
197.975 |
197.975 |
|
(b) Reserves & Surplus |
(4644.230) |
(3637.484) |
(1979.273) |
|
(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) |
(4446.255) |
(3439.509) |
(1781.298) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4154.052 |
4815.001 |
5251.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
170.500 |
175.500 |
205.500 |
|
(d) Long-term provisions |
14.730 |
15.650 |
16.934 |
|
Total Non-current Liabilities (3) |
4339.282 |
5006.151 |
5474.334 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3184.198 |
3110.241 |
3131.065 |
|
(b) Trade payables |
1149.518 |
1270.340 |
649.639 |
|
(c) Other current
liabilities |
4896.338 |
3321.381 |
2040.582 |
|
(d) Short-term provisions |
37.513 |
31.540 |
13.763 |
|
Total Current Liabilities (4) |
9267.567 |
7733.502 |
5835.049 |
|
|
|
|
|
|
TOTAL |
9160.594 |
9300.144 |
9528.085 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2455.072 |
2761.476 |
3079.767 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
183.184 |
183.184 |
183.184 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
399.506 |
399.506 |
399.506 |
|
(c) Deferred tax assets (net) |
3057.563 |
2374.533 |
1589.329 |
|
(d) Long-term Loan and Advances |
302.499 |
502.499 |
753.446 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6397.824 |
6221.198 |
6005.232 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1247.980 |
1297.890 |
2093.424 |
|
(c) Trade receivables |
678.513 |
1096.652 |
983.230 |
|
(d) Cash and cash
equivalents |
8.458 |
30.796 |
27.953 |
|
(e) Short-term loans and
advances |
827.751 |
653.456 |
418.097 |
|
(f) Other current assets |
0.068 |
0.152 |
0.149 |
|
Total Current Assets |
2762.770 |
3078.946 |
3522.853 |
|
|
|
|
|
|
TOTAL |
9160.594 |
9300.144 |
9528.085 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5845.336 |
7578.081 |
7517.155 |
|
|
|
Other Income |
41.171 |
31.915 |
26.762 |
|
|
|
TOTAL (A) |
5886.507 |
7609.996 |
7543.917 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4084.929 |
5039.219 |
5290.317 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
81.282 |
105.534 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(51.823) |
650.169 |
80.517 |
|
|
|
Employee benefits expense |
250.792 |
265.608 |
287.316 |
|
|
|
Other Expenses |
2061.832 |
2731.583 |
2387.340 |
|
|
|
Prior Period Items |
0.562 |
0.896 |
39.230 |
|
|
|
TOTAL (B) |
6346.292 |
8768.757 |
8190.254 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(459.785) |
(1158.761) |
(646.337) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
923.587 |
922.232 |
871.926 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1383.372) |
(2080.993) |
(1518.263) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
306.405 |
317.393 |
322.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1689.777) |
(2398.386) |
(1841.016) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(683.031) |
(784.631) |
(544.161) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1006.746) |
(1613.755) |
(1296.855) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(4287.746) |
(2673.991) |
(1377.136) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5294.492) |
(4287.746) |
(2673.991) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
160.765 |
351.355 |
179.846 |
|
|
TOTAL IMPORTS |
160.765 |
351.355 |
179.846 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11.635 |
31.960 |
155.340 |
|
|
|
Stores & Spares |
23.158 |
42.460 |
52.808 |
|
|
TOTAL IMPORTS |
34.793 |
74.420 |
208.148 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(50.85) |
(81.51) |
(65.51) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(17.10) |
(21.21)
|
(17.19) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(28.91) |
(31.65)
|
(24.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(30.61) |
(37.81)
|
(25.03) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.70
|
1.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.65) |
(2.30) |
(4.71) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.30 |
0.40
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
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] |
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 |
LITIGATION
DETAILS:
|
HIGH COURT OF GUJARAT |
|
TAX APPEAL No.
669 of 2008 |
|
Status : PENDING |
( Converted from
: ST/224/2008 ) |
CCIN No :
001073200800149 |
|
|
||||
|
|
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
THE COMMISSIONER OF CENTRAL EXCISE, AHMEDABAD-III |
MR RJ OZA for: Appellant(s) |
|
S.NO. |
Name of the Respondent |
Advocate On Record |
|
1 |
SHAH ALLOYS LIMITED |
|
|
|
|||
|
Presented On |
: 31/01/2008 |
Registered On |
: 31/01/2008 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 6 times |
|
StageName |
: FOR REGULAR ADMISSION (SPL.) |
||
|
|
|
|
Act |
|
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
31/01/2008 |
APPLICATION |
MR RJ OZA ADVOCATE |
20 |
MR RJ OZA:1 |
|
Court Proceedings |
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
11/05/2009 |
1 |
- |
FOR REGULAR ADMISSION (SPL.) |
NEXT DATE |
·
HONOURABLE THE CHIEF JUSTICE MR.
K.S.RADHAKRISHNAN ·
HONOURABLE MR.JUSTICE AKIL KURESHI |
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG
TERM BORROWINGS |
|
|
|
Inter Corporate Deposits |
|
|
|
- From Related Parties |
12.500 |
0.000 |
|
- From Others |
70.000 |
70.000 |
|
Loans and Advances from related parties |
|
|
|
- From Directors |
53.622 |
48.622 |
|
Total |
136.122 |
118.622 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10162596 |
27/04/2009 |
369,400,000.00 |
BANK OF
MAHARASTRA |
LOKMANGAL, 1501,
SHIVAJI NAGAR, PUNE, MAHARASHTRA |
A64155450 |
|
2 |
10152444 |
27/02/2009 |
596,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, 1ST FLOOR, BOB TOWER, OPPOSITE LAW GARDEN, ELLISBRIDGE,
AHMEDABAD, GUJARAT - 380009, INDIA |
A60651627 |
|
3 |
10141061 |
12/01/2009 |
1,550,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, C U SHAH CHAMBER, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
A56317316 |
|
4 |
10100852 |
24/07/2009 * |
7,504,700,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, C U SHAH CHAMBER, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
A67939843 |
|
5 |
10038852 |
14/02/2007 |
250,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED. |
IDBI COMPLEX,
NEAR LAL BUNGLOW, OFF C G ROAD, AHMEDABAD, GUJARAT - 380006, INDIA |
A11270873 |
|
6 |
10022445 |
20/10/2006 |
1,000,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI- 400 001,
MAHARASHTRA - 400001, INDIA |
A05581061 |
|
7 |
80018560 |
01/12/2006 * |
175,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE BRANCH,
PELICAN BUILDING, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
8 |
80018559 |
01/12/2006 * |
175,000,000.00 |
BANK OF BARODA |
AMBAWADI BRANCH,
PANCHWATI MARG. AMBAWADI, AHMEDABAD, GUJARAT - 380006, INDIA |
- |
|
9 |
90105577 |
01/12/2006 * |
350,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, C.U. SHAH CHAMBER BUILDING, ASHRAM ROAD, AHMEDABAD, GUJARAT -
380006, INDIA |
- |
|
10 |
90105501 |
29/09/2005 * |
266,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
G-2; SARNEDH BUILDING;
NEAR ASSOCIATED, PETROL PUMP; C.G. ROAD, AHMEDABAD, GUJARAT - 380006, INDIA |
- |
|
11 |
90316274 |
29/09/2005 * |
100,000,000.00 |
THE LIFE
INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA
JEEVAN BIMA MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
12 |
90105287 |
29/07/2004 * |
60,000,000.00 |
THE LAKSHMI
VILAS BANK LIMITED |
MAVRANGPURA
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
13 |
90105267 |
29/07/2004 * |
220,000,000.00 |
UCO BANK |
UCO BHAWAN;
ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
14 |
90105228 |
29/07/2004 * |
150,000,000.00 |
BANK OF
MAHARASHTRA |
BHADRA BRANCH,
LAL DARWAJA, AHMEDABAD, GUJARAT, INDIA |
- |
|
15 |
90105162 |
29/07/2004 * |
50,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, AHMEDABAD, GUJARAT, IND |
- |
|
16 |
90105042 |
29/07/2004 * |
50,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
17 |
90104950 |
29/07/2004 * |
50,000,000.00 |
BANK OF BARODA |
AMBAWADI BRANCH,
AHMEDABAD, GUJARAT, INDIA |
- |
|
18 |
90316167 |
02/05/2000 * |
14,500,000.00 |
GUJARAT
INDUSTRIAL INVESTMENT CORPORATION LIMITED |
UDYOG BHAVAN,
BLOCK 11, GANDHINAGAR, GUJARAT, INDIA |
- |
|
19 |
90316166 |
06/03/2000 |
14,500,000.00 |
GUJARAT
INDUSTRIAL INVESTMENT CORPORATION LIMITED |
UDYOG BHAVAN,
BLOCK 11, GANDHINAGAR, GUJARAT, INDIA |
- |
|
20 |
90104923 |
29/07/2004 * |
95,000,000.00 |
PUNJAB NATIONAL
BANK |
GANDHI ROAD
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
21 |
90106379 |
30/10/1999 |
125,000,000.00 |
IDBI BANK
LIMITED |
SARAF HOUSE;
M.I. ROAD, JAIPUR, RAJASTHAN - 302001, INDIA |
- |
|
22 |
90104034 |
27/07/1999 |
85,000,000.00 |
IDBI BANK
LIMITED |
JAIPUR, JAIPUR,
RAJASTHAN, INDIA |
- |
|
23 |
90104874 |
23/07/1999 |
57,500,000.00 |
GUJARAT INDUSTRIAL
INVESTMENT CORP. LIMITED |
CHUNIBHAI
CHAMBER; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
24 |
90106276 |
07/12/2005 * |
25,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, PARAMSIDDHI COMPLEX. OPP. V.S. |
- |
|
25 |
90103975 |
27/07/1999 * |
115,000,000.00 |
UTI BANK LIMITED |
ASHRAM ROAD,
SAKAR BUILDING, AHMEDABAD, GUJARAT - |
- |
|
26 |
90104735 |
16/12/1997 * |
15,600,000.00 |
GUJARAT INDUSTRIAL
INVESTMENT CORP. LIMITED |
CHUNIBHAI
CHAMBER; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
27 |
90104715 |
16/12/1997 * |
35,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWERS;
COLABA, BOMBAY, MAHARASHTRA - 400005, |
- |
|
28 |
90104683 |
31/03/1997 |
75,000,000.00 |
UTI BANK LIMITED |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380006, INDIA |
- |
|
29 |
90106229 |
12/02/1997 |
99,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH; ASHRAM ROAD, C.U. SHAH |
- |
|
30 |
90315701 |
21/11/1996 * |
22,000,000.00 |
GUJARAT
INDUSTRIAL INVESTMENT CORPORATION LIMITED |
UDYOG BHAVAN,
BLOCK 11, GANDHINAGAR, GUJARAT, INDIA |
- |
|
31 |
90103944 |
20/02/1996 |
110,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
32 |
90103943 |
31/12/2012 * |
7,504,700,000.00 |
UNION BANK OF
INDIA |
IDUSTRIAL
FINANCE BRANCH, C U SHAH CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009,
INDIA |
B68982347 |
|
33 |
90104631 |
30/03/2005 * |
320,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH; ASHRAM ROAD, AHMEDABAD, |
- |
|
34 |
90106198 |
28/09/2005 * |
320,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH; ASHRAM ROAD, AHMEDABAD, |
- |
|
35 |
90104628 |
06/11/1995 |
40,000,000.00 |
UTI BANK LIMITED |
ASHRAM ROAD
BRANCH, AHMEDABAD, GUJARAT - 380006, INDIA |
- |
|
36 |
90104625 |
19/02/1996 * |
50,000,000.00 |
GUJARAT INDUSTRIAL
INVESTMENT CORP. LIMITED |
CHUNIBHAI
CHAMBER ; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
37 |
90104621 |
19/02/1996 * |
112,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER;
CUFFE PARADE, BOMBAY, MAHARASHTRA - 40 |
- |
|
38 |
90106190 |
28/08/1995 |
60,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, PARAMSIDDHI, AHMEDABAD, GUJARAT, INDIA |
- |
|
39 |
90104603 |
19/02/1996 * |
40,000,000.00 |
GUJARAT
INDUSTRIAL INVESTMENT CORP. LIMITED |
CHUNIBHAI CHAMBER
; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
40 |
90103932 |
28/02/1995 |
71,250,000.00 |
BANK OF BARODA |
AMBAWADI BRANCH,
AHMEDABAD, GUJARAT, INDIA |
- |
|
41 |
90104585 |
09/12/1994 |
15,000,000.00 |
GUJARAT INDUSTRIAL
INVESTMENT CORP. LIMITED |
CHUNIBHAI
CHAMBER ; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
42 |
90104583 |
20/02/1996 * |
6,000,000.00 |
UNION BANK OF
INDIA |
C.G. ROAD
BRANCH, AHMEDABAD, GUJARAT, INDIA |
- |
|
43 |
90104581 |
19/11/1994 * |
13,750,000.00 |
BANK OF BARODA |
AMBAWADI BRANCH,
AHMEDABAD, GUJARAT, INDIA |
- |
|
44 |
90104576 |
19/02/1996 * |
15,000,000.00 |
GUJARAT
INDUSTRIAL INVESTMENT CORP. LIMITED |
CHUNIBHAI
CHAMBER ; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
|
45 |
90104491 |
04/09/1992 * |
5,750,000.00 |
BANK OF BARODA |
AMBAWADI BRANCH,
AHMEDABAD, GUJARAT, INDIA |
- |
|
46 |
90104478 |
19/02/1996 * |
13,800,000.00 |
GUJARAT
INDUSTRIAL INVESTMENT CORP. LIMITED |
CHUNIBHAI
CHAMBER ; ASHRAM ROAD, AHMEDABAD, GUJARAT, INDIA |
- |
* Date of charge modification
CORPORATE
INFORMATION
The company is
engaged in manufacturing of wide range of Stainless Steel, Alloy and Special steel,
Carbon/ Mild Steel and Armour Steel in Flat and Long products. It is one of the
key suppliers to many renowned companies in India and overseas. It exports
various products to more than 50 countries around the world. Company has been
successful in developing protection Armour Steel which is mainly required for
defense purpose. Company has been registered with Defense Research and
Development Organization as approved vendor and it is expected that good
business will be available to the company. To reduce the cost of power, company
has been making efforts to purchase power through Open Access which would be
cheaper than the present cost of power.
PERFORMANCE
Due to the
financial crisis manufacturing capacity was underutilized. Company has been declared
Sick Unit under the provisions of Sick Industrial Company (Special Provisions)
Act, 1985, it has become difficult for the company to arrange the funds. Board
expects that once DRS is passed or otherwise dues are settled with the lenders,
Company would be in a position to give better results.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
After registering
growth rates of 13.3% and 9.9% in FY 10 and FY 11, Indian steel consumption
grew at only 5.5% during FY 12 on the back of a slowdown in demand from its key
consuming industries namely construction, capital goods and automobiles. The
Indian iron or mining industry in undergoing a difficult phase given regulatory
intervention in various states. India’s steel-making capacity is slated to
cross 100mt in 2013 which will require about 160-170mt of iron ore. However,
there could be a shortage of about 30mt given the on-going challenges in the
mining sector.
World Steel
Association has forecasted steel consumption in India to grow at 5% in 2013.
Steel producers may see a spurt in demand in the medium-term if the Indian
government implements its USD1 trillion infrastructure investment plan in a
timely manner. The demand for flat steel from automobile, white goods and
capital goods sectors is likely to remain modest in 2013, given the continued
slow economic growth.
The global Steel
industry has witnessed reasonable demand growth and Steel making capacities
have gradually shifted to emerging markets such as China and India. However,
the high cost of raw materials and increased volatility in prices has put
pressure on margins.
COMPANY’S
PERFORMANCE AND HIGHLIGHTS
Due to the status
of sick undertaking, working of the company has been adversely affected.
Performance of the company has been affected due to financial crunch, increase
in price in raw materials and non-availability of raw material in time etc. Due
to the unavailability of raw material intermittently, Company could make
optimum use of power under Open Access.
FUTURE OUTLOOK
The steel sector
is on a high the world over. According to industry forecasts, world steel
demand is to grow further by 5% in 2013. What is exciting in this is that the
Indian steel industry has entered into a new development stage. While China
continues to register maximum growth overall in the steel industry globally,
Indian steel demand is likely to grow by 6.7% annually till 2016-17, faster
than the expected growth in Chinese demand during the same period, according to
a report on steel industry by CARE Research.
According to the
Planning Commission, country’s steel production is expected to grow by around
60 million tones (MT) during the 12th Financial Year Plan (FYP).
Besides production, India’s domestic steel consumption will continue to grow
steadily in years to come. Huge investment in infrastructure, focus on
industrialization, increasing urbanization and favourable demography, increase
in volume of automobile majors will drive the demand for specialized steel.
Indian Railways has an ambitious investment plan to invest $328 billion through
2020 under its vision 2020 programme, hence, contributing to demand of steel in
the country.
There are reasons
to believe good demand of steel in near future. Demand of steel in the major
industries like infrastructure, construction, housing, automotive, steel tubes
and pipes, consumer durables, packaging and ground transportation is likely to
increase. Target for $ 1 trillion of investments in infrastructure during the
12th Five Year Plan will boost demand. Infrastructure projects (like Golden
Quadrilateral and Dedicated Freight Corridor) will give boost to the demand in
the steel sector in near future and Projected New Greenfield and up-gradation
of existing Airport shall keep the momentum up.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE, 2013
(Rs. in millions)
|
S. No. |
Particulars |
Quarter
Ended 30.06.2013 (Unaudited)
|
|
1 |
Income from Operations |
|
|
|
(a) Net Sales/Income from
Operations (Net of excise
duty) |
1262.100 |
|
|
(b) Other Operating Income |
11.000 |
|
|
Total
Income from Operations (a)+(b) |
1273.100 |
|
2 |
Expenditure |
|
|
|
(a) Cost of materials consumed |
886.700 |
|
|
(b) Purchases of stock-in-trade |
0.000 |
|
|
(c) Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(1.200) |
|
|
(d) Employee benefits expense |
57.000 |
|
|
(e) Depreciation and amortisation
expense |
74.800 |
|
|
(f) Consumption of Stores &
Spares |
181.000 |
|
|
(g) Power cost |
151.600 |
|
|
(h) Other Expenditure |
83.600 |
|
|
Total
Expenditure (a) to (h) |
1433.500 |
|
3 |
Profit / (Loss) from operations before other income,
finance costs and exceptional item ( 1-2 ) |
(160.400) |
|
4 |
Other
income |
1.100 |
|
5 |
Profit / (Loss) from ordinary activities before finance
costs and exceptional items ( 3+4 ) |
(159.300) |
|
6 |
Finance
costs |
229.000 |
|
7 |
Profit / (Loss) from ordinary activities after finance
costs but before exceptional items ( 5-6 ) |
(388.300) |
|
8 |
Exceptional
items |
-- |
|
9 |
Profit / (Loss) from ordinary activities before tax ( 7-8 ) |
(388.300) |
|
10 |
Tax expense |
(131.800) |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9 -
10) |
(256.500) |
|
12 |
Extraordinary
items |
-- |
|
13 |
Net Profit
/ (Loss) for the period (11 - 12) |
(256.500) |
|
14 |
Paid-up equity share capital (Equity shares having face value of
Rs.10/- each) |
198.000 |
|
15 |
Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
-- |
|
16 |
Earnings per share (of Rs.10/-
each) (not annualised) |
|
|
|
Basic & Diluted |
(12.96) |
|
|
|
|
|
A |
Particulars
of Shareholding |
|
|
1 |
Public
Shareholding |
|
|
|
- Number of shares |
9068294 |
|
|
- Percentage of shareholding |
45.81% |
|
2 |
Promoters
and Promoter Group Shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
10590370 |
|
|
- Percentage of Total Promoter and
Promoters Group Shareholding |
98.71% |
|
|
- Percentage of Total Share Capital |
53.49% |
|
|
b) Non - encumbered |
|
|
|
- Number of shares |
138876 |
|
|
- Percentage of Total Promoter and
Promoters Group Shareholding |
1.29% |
|
|
- Percentage of Total Share Capital |
0.70% |
|
B |
INVESTOR COMPLAINTS |
Quarter ended 30.06.2013 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Particulars
|
Quarter
Ended 30.06.2013 (Unaudited)
|
|
1. Segment
Revenue |
|
|
(Net Sales/Income from Operation) |
|
|
a) Stainless Steel Plant |
1262.100 |
|
b) Medical Store & Laboratory |
0.000 |
|
Total |
1262.100 |
|
Less: Inter Segment Revenue |
0.000 |
|
Total
Sales/Income from Operation |
1262.100 |
|
2. Segment
Results |
|
|
(Profit and Loss before Tax & Interest) |
|
|
a) Stainless Steel plant |
(159.300) |
|
b) Medical Store & Laboratory |
0.000 |
|
Total |
(159.300) |
|
Less: Interest & Finance
Charges |
229.000 |
|
Total
Profit before Tax |
(388.300) |
|
3. Capital
Employed |
|
|
(Segment assets - Segment liabilities) |
|
|
a) Stainless Steel Plant |
(4807.500) |
|
b) Medical Store & Laboratory |
105.400 |
|
Total |
(4702.100) |
CONTINGENT LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2012 (Rs. in millions) |
|
Claims against the company not acknowledged as debts |
|
|
|
(a) Claims against the company not acknowledged as debts |
|
|
|
- Claim by Parties |
2751.313 |
2734.222 |
|
(b) Guarantees |
|
|
|
- Corporate guarantee given to consortium Banks for SAL Steel Limited |
2075.000 |
2075.000 |
|
- Bank guarantee given |
2.083 |
20.082 |
|
(c) Other money for which the company is contingently liable |
|
|
|
- Disputed Income Tax Demand (net of Payment) |
0.130 |
0.130 |
|
- Disputed Sales Tax Demand (net of Advance) |
380.436 |
380.436 |
|
- Disputed matter with excise and service tax |
23.071 |
13.197 |
FIXED ASSETS:
·
Freehold Land
·
Factory Building
·
Office/ Residential
Building
·
Plant and Machinery
·
Laboratory Equipments
·
Vehicles
·
Office Equipments
·
Furniture and Fixtures
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.62.05 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.