MIRA
INFORM REPORT
|
Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
USHDEV INTERNATIONAL LIMITED |
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Registered
Office : |
New Harileela House, 6th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
18.05.1994 |
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Com. Reg. No.: |
11-078468 |
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Capital
Investment / Paid-up Capital : |
Rs.294.258 Millions |
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|
CIN No.: [Company Identification
No.] |
L40102MH1994PLC078468 |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Trader and Importer of Steel. |
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|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB + [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
03.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ [Short Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
03.07.2013 |
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
|
Name : |
Mr. Shiv Kumar |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-66368888 |
|
Date : |
06.07.2013 |
LOCATIONS
|
Registered Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai-400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22672450/ 60 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
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|
Corporate
Office: |
6th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort,
Mumbai – 400006, Maharashtra, India |
|
Tel. No.: |
91-22-22672450/ 60/ 66368888 |
|
Fax No.: |
91-22-22671931/ 22821416 |
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|
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|
Factory 1 : |
Taluka Dharapuram, Periyaa District, |
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Factory 2 : |
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Factory 3 : |
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Factory 4 : |
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Factory 5 : |
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Factory 6 : |
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Factory 7 : |
Andipatti Taluka, Theni District, |
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Factory 8 : |
Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Ms. Suman Gupta |
|
Designation : |
Non Executive Chairperson |
|
|
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|
Name : |
Mr. Prateek Gupta |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Narayan Hegde |
|
Designation : |
Non Executive Independent Director |
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|
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|
Name : |
Mr. Vinay Kamat |
|
Designation : |
Non Executive Independent Director |
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|
|
|
Name : |
Mr. Suresh Lakhiani |
|
Designation : |
Non Executive Independent Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Non Executive Independent Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9324356 |
27.55 |
|
|
6792170 |
20.07 |
|
|
16116526 |
47.61 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16116526 |
47.61 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
20000 |
0.06 |
|
|
6180933 |
18.26 |
|
|
6200933 |
18.32 |
|
|
|
|
|
|
1499683 |
4.43 |
|
|
|
|
|
|
160727 |
0.47 |
|
|
7420078 |
21.92 |
|
|
2451453 |
7.24 |
|
|
10050 |
0.03 |
|
|
2441403 |
7.21 |
|
|
11531941 |
34.07 |
|
Total Public shareholding (B) |
17732874 |
52.39 |
|
Total (A)+(B) |
33849400 |
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) |
33849400 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Natasha Gupta |
36,19,600 |
10.69 |
|
2 |
Moments Candles India Private Limited |
14,06,570 |
4.16 |
|
3 |
Ushdev Commercial Services Private Limited |
38,75,000 |
11.45 |
|
4 |
Ushdev Power Limited |
15,10,600 |
4.46 |
|
5 |
Suman Vijay Gupta |
30,40,226 |
8.98 |
|
6 |
Prateek Vijay Gupta |
5,79,330 |
1.71 |
|
7 |
Vijay Gupta HUF |
20,85,200 |
6.16 |
|
|
Total |
1,61,16,526 |
47.61 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE
TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Albula Investment Fund Limited |
483659 |
1.43 |
|
2 |
Ambrish L Shah |
411211 |
1.21 |
|
3 |
Ankit Rajinder Miglani |
659727 |
1.95 |
|
4 |
Anuj Miglani |
602882 |
1.78 |
|
5 |
Chhaya Ilesh Gadhia |
1800000 |
5.32 |
|
6 |
Ilesh Gadhia |
1260000 |
3.72 |
|
7 |
Lotus Global Investments Limited |
942412 |
2.78 |
|
8 |
Oxley Securities No2 Pte Limited |
4423600 |
13.07 |
|
9 |
Sanjeev Gupta |
1601950 |
4.73 |
|
10 |
Shree Global Tradefin Limited |
1430000 |
4.22 |
|
11 |
Siddhartha Suresh Khatwani |
805832 |
2.38 |
|
|
Total |
14421273 |
42.60 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND
HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Chhaya ILesh Gadhia |
1800000 |
5.32 |
|
2 |
Oxley Securities No 2 Pte Limited |
4423600 |
13.07 |
|
|
Total |
6223600 |
18.39 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Steel. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
· Canara Bank · Central Bank of India · Dena Bank Limited · Federal Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Indian Overseas Bank · Oriental Bank of Commerce · State Bank of Bikaner and Jaipur · State Bank of India · State Bank of Mysore · State Bank of Travancore · The Shamrao Vithal Co-operative Bank Limited · UCO Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra,
India |
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|
|
|
Solicitors : |
|
|
Name : |
Desai and Diwanji Chartered Accountants |
|
Address : |
Lentin Chambers, Dalal Street, Fort, Mumbai - 400001, Maharashtra,
India |
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Tel No.: |
91-22-22651682/ 39841000 |
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Fax No.: |
91-22-22658245 |
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Email : |
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Enterprises
where Key Management Personnel/ Directors have significant influence: |
· Enshrine Property Management Private Limited · G. G. Trading Private Limited · Hurricane Wind Farms Private Limited · Montex Trading Private Limited · P G Mercantile Private Limited · Ushdev Power Holdings Private Limited · Ushdev Mercantile Private Limited · Ushdev Trade Limited · Ushdev Commercial Services Private Limited. · Ushdev Securities Limited · Typhoon Windfarm Private Limited |
|
|
|
|
Subsidiaries : |
·
UIL (Singapore) Pte. Limited ·
UIL Hongkong Limited |
CAPITAL STRUCTURE
AS ON 30.08.2012
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 |
|
|
|
|
|
|
33849400 |
Equity Shares |
Rs.10/- each |
Rs.338.494 Millions |
|
|
|
|
|
AS ON 31.03.2012
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 |
|
|
|
|
|
|
29425800 |
Equity Shares |
Rs.10/- each |
Rs.294.258 Millions |
|
|
|
|
|
NOTES:
Reconciliation of
Number of Shares Outstanding:
|
Particulars |
31.03.2012 |
|
|
|
|
Outstanding at the beginning of the year |
29,425,800 |
|
Addition during the year |
-- |
|
Matured during the year |
-- |
|
Outstanding at the end of the year |
-- |
Details of shares
in the Company held by each shareholder holding more than 5% shares
|
Particulars |
31.03.2012 Number of Shares |
|
|
|
|
Natasha Gupta |
3619600 |
|
Ushdev Commercial Services Private Limited |
3875000 |
|
Ushdev Power Limited |
1510600 |
|
Suman Gupta |
3040226 |
|
Vijay Gupta(HUF) |
2085200 |
|
Chhaya Ilesh Gadhia |
2224466 |
|
Sanjeev Gupta |
1601950 |
Aggregate
Number and Class of Shares:
|
Particulars |
2011-12 |
|
|
|
|
No. of fully
paid-up equity shares pursuant to contract(s) without payment being received
in cash |
-- |
|
No. of fully
paid-up equity shares allotted by way of Bonus shares |
-- |
|
No. of equity shares bought back |
-- |
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 |
|
294.258 |
294.258 |
|
(b) Reserves & Surplus |
|
3353.110 |
2800.590 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
1327.100 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
4974.468 |
3094.848 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
1369.365 |
747.436 |
|
(b) Deferred tax liabilities (Net) |
|
10.957 |
36.504 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
1380.322 |
783.940 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1327.669 |
2166.005 |
|
(b) Trade
payables |
|
10971.110 |
10423.643 |
|
(c)
Other current liabilities |
|
1301.333 |
1381.204 |
|
(d) Short-term
provisions |
|
0.021 |
0.021 |
|
Total Current
Liabilities (4) |
|
13600.133 |
13970.873 |
|
|
|
|
|
|
TOTAL |
|
19954.923 |
17849.661 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
1383.004 |
1472.432 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
739.797 |
694.742 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1479.971 |
254.675 |
|
(e) Other
Non-current assets |
|
1248.293 |
2693.854 |
|
Total Non-Current
Assets |
|
4851.065 |
5115.703 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
4.988 |
149.439 |
|
(c)
Trade receivables |
|
9975.729 |
8403.140 |
|
(d) Cash
and cash equivalents |
|
1711.441 |
1620.979 |
|
(e)
Short-term loans and advances |
|
3293.910 |
2541.580 |
|
(f)
Other current assets |
|
117.790 |
18.820 |
|
Total
Current Assets |
|
15103.858 |
12733.958 |
|
|
|
|
|
|
TOTAL |
|
19954.923 |
17849.661 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
294.258 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2387.053 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2681.311 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1204.542 |
|
|
2] Unsecured Loans |
|
|
367.653 |
|
|
TOTAL BORROWING |
|
|
1572.195 |
|
|
DEFERRED TAX LIABILITIES |
|
|
41.568 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4295.074 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1058.160 |
|
|
Capital work-in-progress |
|
|
49.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1.031 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000
|
|
|
Sundry Debtors |
|
|
5192.151
|
|
|
Cash & Bank Balances |
|
|
880.202
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1608.404
|
|
Total
Current Assets |
|
|
7680.757 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
1177.683 |
|
|
Other Current Liabilities |
|
|
3243.892
|
|
|
Provisions |
|
|
72.299
|
|
Total
Current Liabilities |
|
|
4493.874 |
|
|
Net Current Assets |
|
|
3186.883
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
4295.074 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
41997.833 |
25681.512 |
17359.818 |
|
|
|
Other Income |
190.367 |
250.349 |
134.637 |
|
|
|
TOTAL (A) |
42188.200 |
25931.861 |
17494.455 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Stock-in-trade |
39644.492 |
24574.683 |
|
|
|
|
Charge in inventories of Stock-in-trade |
144.451 |
(149.439) |
16709.036 |
|
|
|
Employee benefits expenses |
11.528 |
9.342 |
|
|
|
|
Other expenses |
236.906 |
73.513 |
|
|
|
|
TOTAL (B) |
40037.377 |
24508.100 |
16709.036 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2150.823 |
1423.762 |
785.419 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1308.718 |
834.663 |
406.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
842.105 |
589.099 |
379.167 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
92.309 |
76.141 |
50.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
749.796 |
512.958 |
328.378 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
125.219 |
99.421 |
55.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
624.577 |
413.537 |
272.853 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
3.286 |
|
|
|
|
|
|
|
|
|
Less |
TAX FOR EARLIER
YEARS |
NA |
NA |
269.567 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT FOR
THE YEAR |
NA |
NA |
331.010 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on equity shares |
NA |
NA |
61.794 |
|
|
|
Corporate distribution tax on above |
NA |
NA |
10.505 |
|
|
|
Transfer to general reserves |
NA |
NA |
26.957 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
501.321 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Metal |
15350.508 |
2620.723 |
NA |
|
|
TOTAL EARNINGS |
15350.508 |
2620.723 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.23 |
14.05 |
9.72 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
12152.000 |
11697.200 |
13178.000 |
15547.900 |
|
Total Expenditure |
11599.100 |
11382.000 |
12736.000 |
15135.600 |
|
PBIDT (Excl OI) |
552.900 |
315.200 |
442.100 |
412.400 |
|
Other Income |
165.300 |
254.200 |
131.100 |
218.500 |
|
Operating Profit |
718.100 |
569.400 |
573.100 |
630.900 |
|
Interest |
413.900 |
376.700 |
366.700 |
263.600 |
|
PBDT |
304.200 |
192.600 |
206.400 |
367.300 |
|
Depreciation |
23.000 |
21.800 |
21.700 |
21.200 |
|
Profit Before Tax |
281.200 |
170.900 |
184.800 |
346.100 |
|
Tax |
56.700 |
33.600 |
35.900 |
61.200 |
|
Profit After Tax |
224.500 |
137.300 |
148.900 |
284.900 |
|
Net Profit |
224.500 |
137.300 |
148.900 |
284.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.48
|
1.59
|
1.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.79
|
1.99
|
1.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.90
|
2.99
|
4.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.54
|
0.94
|
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.33
|
1.92 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
10971.110 |
10423.643 |
1177.683 |
|
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 |
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 |
----- |
|
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 |
No |
|
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 |
NOTE:
The Registered office of the company has been shifted from New Herileela
House, 6th Floor, Mint road, Fort Mumbai-400001, Maharashtra, India
to the present address.
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Short Term
Borrowings |
|
|
|
Buyers Credit |
726.526 |
1374.821 |
|
|
|
|
|
Total |
726.526 |
1374.821 |
PERFORMANCE DURING THE YEAR
POWER SECTOR
The Company has
its windmills in five states i.e. Tamil Nadu, Rajasthan, Karnataka, Gujarat and
Maharashtra they give the details of the Company projects as below:-
|
Date of Installation |
Location |
No. of WEG’s |
Installed
Capacity |
Investments Rs.
in Millions |
|
27.03.1997 |
Tamilnadu 1 |
11 |
2.53 MW |
140.635 |
|
29.03.2005 |
Tamilnadu 2 |
2 |
1.60 MW |
80.747 |
|
29.03.2006 |
Rajasthan |
3 |
2.40 MW |
117.848 |
|
29.03.2006 |
Karnataka |
2 |
1.60 MW |
78.565 |
|
30.03.2007 |
Gujarat 1 |
2 |
1.60 MW |
74.000 |
|
10.07.2007 |
Gujarat 2 |
4 |
3.20 MW |
148.000 |
|
26.09.2009 |
Tamilnadu 3 |
6 |
9.90 MW |
609.000 |
|
27.11.2010 |
Maharashtra |
4 |
8.00 MW |
490.000 |
|
|
|
|
|
|
|
Total |
|
34 |
30.83 MW |
1738.794 |
The Company has
initiated the process for replacing its windmill project of 2.53 MW with 11 Nos.
of 230 kW WEGs in Tamil Nadu with 3 Nos. of 850 kW WEGs with marginal capacity
increase to 2.55 MW.
STEEL SECTOR
The Company’s
emphasis on core competencies has paid off multifold’s. The company has been
successful in increasing its market share in the steel sector, thus in turn has
been successful in increasing its presence in the this sector. This has
resulted in an increase in top line income of 79%.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
The Industry is on
a growth path in terms of capacities and global consumption with global demand
and supply growing in tandem.
OUTLOOK
The Company is
well respected in both aforesaid sectors i.e. Steel and Power generation. A detailed
expansion is on an anvil especially in the Power generation sector to increase
power generating capacity’s year on the most competitive terms.
DISCUSSIONS ON FINANCIAL PERFORMANCE WITH RESPECT
TO OPERATIONAL PERFORMANCE
The financial
performance with respect to the operational performance during the year was
reasonably good. The Company is on expansion path and the Company has taken a
proactive financing strategy to pursue this growth.
MATERIAL FINANCIAL AND COMMERCIAL TRANSACTIONS
During the
financial year, there are no materially significant financial and commercial
transactions with the related parties conflicting with the interest of the
Company. The Promoters and the Directors are not dealing in the shares of the
Company.
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Leased Plant and
Machinery
·
Office Equipments
·
Computer Equipments
·
Furniture and Fixture
STATEMENT OF STANDALONE
UNAUDITED/REVIEWED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Audited
Quarter Ended |
Reviewed
Quarter Ended |
Audited/Reviewed
Year Ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
15529.277 |
13178.024 |
52555.981 |
|
|
Other Operating
Income |
18.664 |
0.000 |
18.664 |
|
|
Total Income From Operations (Net) |
15547.941 |
13178.024 |
52574.645 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Purchase
of stock in trade |
15492.037 |
11943.267 |
50570.966 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(542.962) |
564.285 |
(541.415) |
|
|
Employee
benefits expenses |
10.360 |
5.616 |
24.799 |
|
|
Depreciation
and amortization expenses |
21.195 |
21.645 |
87.627 |
|
|
Other
expenses |
176.112 |
55.946 |
403.811 |
|
|
Total Expenses |
15156.742 |
12590.759 |
50545.788 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
391.199 |
587.265 |
2028.857 |
|
|
|
|
|
|
|
4. |
Other
Income |
113.180 |
131.046 |
235.480 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
504.379 |
718.311 |
2264.337 |
|
|
|
|
|
|
|
6. |
Interest |
158.300 |
533.533 |
1281.411 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
346.079 |
184.778 |
982.926 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
346.079 |
184.778 |
982.926 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
61.234 |
35.869 |
187.428 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
284.845 |
148.909 |
795.498 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
284.845 |
148.909 |
795.498 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
338.494 |
338.494 |
338.494 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
3353.110 |
3353.110 |
3353.110 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earnings Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
8.42 |
4.40 |
27.03 |
|
|
b)
Basic and diluted EPS after extraordinary items |
8.42 |
4.40 |
23.50 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
17732874 |
17744199 |
17732874 |
|
|
-
Percentage of Shareholding |
52.39 |
52.42 |
52.39 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
13997080 |
13997080 |
13997080 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
86.85 |
86.91 |
86.85 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
41.35 |
41.35 |
41.35 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
2119446 |
2108121 |
2119446 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
13.15 |
13.09 |
13.15 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
6.26 |
6.23 |
6.26 |
|
Particulars |
3 Months ended on March 31, 2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The above financial results were reviewed by the audit committee and approved
by the board of director of the company at its meeting held on April 24th
2013 and have been audited by the statutory auditors
2. The above mentioned pledge equity shares by the promoters of the company
are collateral security for company’s borrowings.
3. Finance expenses include foreign exchange gain on revaluations of buyer’s
credit of Rs.105.034 Millions for the quarter Rs.69.429 Millions and year ended
31.03.2013 respectively.
4. The company has allotted 4423600 shares of Rs.10/- each along with the
premium of Rs.290/- per share via special resolution passed at the annual
general meeting of the shareholders held on 30th August 2012.
5. The figures of last quarter are the balancing figures between audited
figures in respect of full financial year and the published unaudited year to
date figures upto the third quarter of the company year.
SEGMENT-WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Audited
Quarter Ended |
Reviewed
Quarter Ended |
Audited/Reviewed
Year Ended |
|
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
|
|
|
|
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Metal |
15529.916 |
13153.636 |
52369.333 |
|
|
|
Power Generation |
18.025 |
24.388 |
205.312 |
|
|
|
TOTAL |
15547.941 |
13178.024 |
52574.645 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Profit / (Loss)
before tax, interest and extraordinary items |
|
|
|
|
|
|
Metal |
431.085 |
624.604 |
1842.325 |
|
|
|
Power Generation |
(21.606) |
(17.298) |
53.469 |
|
|
|
TOTAL |
409.479 |
607.306 |
1895.794 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
158.300 |
533.533 |
1281.411 |
|
|
|
Add: Other
Unallocated Income |
113.180 |
131.046 |
230.678 |
|
|
|
Less: Other
Unallocated Expenses |
18.280 |
20.041 |
(137.865) |
|
|
|
Profit Before Tax |
346.079 |
184.777 |
982.926 |
|
|
|
Less: Provision for tax |
|
|
|
|
|
|
Current Year |
70.400 |
36.000 |
196.900 |
|
|
|
Earlier Year |
0.000 |
0.000 |
0.000 |
|
|
|
Deferred Tax Liability / Assets |
(9.166) |
(0.131) |
(9.472) |
|
|
|
Net Profit / (Loss) |
284.845 |
148.908 |
795.498 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Metal |
2240.701 |
781.815 |
2240.701 |
|
|
|
Power Generation |
759.937 |
755.967 |
759.937 |
|
|
|
Unallocated Assets |
3231.128 |
3632.818 |
3231.128 |
|
|
|
Unallocated Liabilities |
616.253 |
1757.348 |
616.253 |
STATEMENT OF ASSETS AND
LIABILITIES AS REQUIRED UNDER CLAUSE 41 (V) (H) OF THE AGREEMENT
Rs. in Millions
|
PARTICULARS |
31.03.2013 |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
338.494 |
|
Reserve & surplus |
5277.019 |
|
Sub-total
- Shareholders' funds |
5615.513 |
|
Non - current liabilities |
|
|
Long term borrowings |
932.478 |
|
Deferred tax liability (net) |
1.484 |
|
Other non-current liabilities |
370.464 |
|
Sub-total
- Non-current liabilities |
1304.426 |
|
Current liabilities |
|
|
Short term borrowings |
10755.714 |
|
Trade payables |
6792.974 |
|
Other current liabilities |
449.375 |
|
Short term provisions |
71.105 |
|
Sub-total
- Current liabilities |
18069.168 |
|
|
|
|
Total -
Equity & Liabilities |
24989.107 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
1332.787 |
|
Non-current investment |
1298.868 |
|
Long term loans & advances |
267.587 |
|
Other non-current assets |
692.312 |
|
Sub-total
- Non-current Assets |
3591.554 |
|
Current
assets |
|
|
Current Investments |
0.000 |
|
Inventories |
546.403 |
|
Trade receivables |
13370.481 |
|
Cash & bank balances |
3439.522 |
|
Short term loans & advances |
3852.492 |
|
Other current assets |
188.655 |
|
Sub-total
- Current Assets |
21397.553 |
|
|
|
|
Total –
Assets |
24989.107 |
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.34 |
|
|
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.