MIRA
INFORM REPORT
|
Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
RATNAMANI METALS AND TUBES LIMITED |
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Registered
Office : |
17, Rajmugat Society, Naranpura Char Rasta, Ankur Road, Naranpura,
Ahmedabad – 380013, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
15.09.1983 |
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Com. Reg. No.: |
04-006460 |
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Capital
Investment / Paid-up Capital : |
Rs. 92.831 Millions |
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CIN No.: [Company Identification
No.] |
L70109GJ1983PLC006460 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMR01519A |
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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
: |
Manufacturer of Stainless Steel Pipes and Tubes and Carbon
Steel Pipes |
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No. of Employees
: |
12000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 25000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well
established company having good track record. It has achieved better growth
in its profits during 2013. It has strong financial
risk profile, marked by a robust networth. Trade relations
are reported as trustworthy. Business is active. Payments are reported to be regular and as
per commitments. The company can
be considered good 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 |
CRISIL |
|
Rating |
AA- (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
May 11, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
May 11, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mrs. Abha Mishra |
|
Designation : |
Account Department |
|
Contact No.: |
91-79-27415501 |
|
Date : |
26.07.2013 |
LOCATIONS
|
Registered/ Sales Office : |
17, Rajmugat Society, Naranpura Char Rasta, Ankur Road Naranpura, Ahmedabad
– 380013, Gujarat, India |
|
Tel. No.: |
91-79-27415501/ 2/ 3/ 4 |
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Fax No.: |
91-79-27480999 |
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E-Mail : |
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Website : |
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Mumbai Office : |
404-B
Sukh Sagar Building, N.S Patkar Marg, Chowpatty, Mumbai – 400007,
Maharashtra, India |
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Tel. No.: |
91-22-43334555 |
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Fax No.: |
91-22-43334575 |
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E-Mail : |
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Head Office / Factory 1: |
STAINLESS STEEL TUBES AND PIPES DIVISION Survey
No.769, Ahmedabad – Mehsana Highway, Village – Indrad, Near Chhatral GIDC,
Taluka – Kadi, District – Mehsana, Gujarat, India |
|
Tel. No.: |
91-2764-232254/ 232263/ 233766 |
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Fax No.: |
91-2764-234105/ 233098 |
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E-Mail : |
info.sstp@ratnamani.com |
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Website : |
www.ratnamani.com |
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Factory 2: |
SAW PIPE DIVISION Plot
No.3306-3309, GIDC; Chhatral, Taluka – Kalol, District – Mehsana, |
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Tel. No.: |
91-2764-232234/
233919/ 232409 |
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Fax No.: |
91-2764-233859 |
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Email : |
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Factory 3: |
Survey No.474,
Village – Bhimasar, Taluka – Anjar, District–Kutch, |
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Tel. No.: |
91-2836-285538/
285539 |
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Fax No.: |
91-2836-285540 |
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Email : |
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Branch Office
: |
44,
C.P. Tank Road, Mumbai – 400004, Maharashtra, India |
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Ratnamani Techno Casts Limited (RTCL) : |
Plot No.3310, GIDC Estate Chhatral, Phase IV, Ahmedabad –
Mehsana Highway, P.O. Chhatral, Taluka Kalol, District Gandhinagar – 382729,
Gujarat, India |
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Tel. No.: |
91-2764-233327/ 234488 |
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Fax No.: |
91-2764-233165 |
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E-Mail : |
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Sales Office 2 :
|
404-B, Sukh
Sagar Building, N.S. Patkar Marg, Chowpatty, Mumbai – 400007, Maharashtra,
India |
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Sales Office 3 :
|
516, Ansal
Chamber, II Bhikaji Cama Place, New Delhi – 110066, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Prakash M. Sanghvi |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
Matriculation |
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Date of Appointment : |
12.06.1989 |
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Name : |
Mr. Jayantilal M. Sanghvi |
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Designation : |
Whole-Time Director |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B.Com (FY) |
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Experience : |
33 Years |
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Date of Appointment : |
12.06.1989 |
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|
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|
Name : |
Mr. Shantilal M. Sanghvi |
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Designation : |
Whole-Time Director |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Under Graduate |
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Experience : |
31 Years |
|
Date of Appointment : |
01.11.1998 |
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|
|
|
Name : |
Mr. Divyabhash Chandrakant Anjaria |
|
Designation : |
Director |
|
Date of Birth/ Age : |
67 Years |
|
Qualification : |
PGDM (Finance) from IIM, Ahmedabad |
|
Experience : |
20 years
experience with Citibank N. A. out of which 7 years in |
|
Other
Directorship : |
|
|
|
|
|
Name : |
Dr. Vinodkumar Mahavirprasad Agrawal |
|
Designation : |
Director |
|
Date of Birth/ Age : |
66 Years |
|
Qualification : |
MBBS |
|
Experience : |
Renowned doctor in practice since last 40 years |
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|
|
|
Name : |
Mr.
Pravinchandra M. Mehta |
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Designation : |
Director |
|
Date of Birth/ Age : |
74 Years |
|
Qualification : |
B.E. (Mechanical) |
KEY EXECUTIVES
|
Name : |
Mrs. Abha Mishra |
|
Designation : |
Account Department |
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|
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|
Name : |
Mr. Virag Y. Joshi |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Malkatha |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of Shareholder
|
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
663998 |
12.48 |
|
|
663998 |
12.48 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
663998 |
12.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
428633 |
8.06 |
|
|
|
|
|
|
157032 |
2.95 |
|
|
4071627 |
76.52 |
|
|
4657292 |
87.52 |
|
Total Public shareholding (B) |
4657292 |
87.52 |
|
Total (A)+(B) |
5321290 |
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) |
5321290 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
No. |
Name of the
Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
L T Mirchandani |
6,63,998 |
12.48 |
|
|
Total |
6,63,998 |
12.48 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Rokibhai Shantilal Vaghela |
438345 |
8.24 |
0.00 |
|
2 |
Ripal Dipakbhai Chauhan |
416500 |
7.83 |
0.00 |
|
3 |
Rushabh Surfin Chemicals Private Limited |
399940 |
7.52 |
0.00 |
|
4 |
Pinesh Chinubhai Shah |
393679 |
7.40 |
0.00 |
|
5 |
Neepa Pineshkumar Shah |
392357 |
7.37 |
0.00 |
|
6 |
Dilipkumar Muljibhai Shah |
382450 |
7.19 |
0.00 |
|
7 |
Solanki Jagdishbhai |
260750 |
4.90 |
0.00 |
|
8 |
Bhagabhai Dahyabhai Bharwad |
258238 |
4.85 |
0.00 |
|
9 |
Ramniwassingh Mohaddalsingh Tomar |
252660 |
4.75 |
0.00 |
|
10 |
Yogesh Rameshkumar Rami |
240400 |
4.52 |
0.00 |
|
11 |
Rajpalsingh K Chauhan |
192688 |
3.62 |
0.00 |
|
12 |
Vaishali Vinodbhai Shah |
167516 |
3.15 |
0.00 |
|
13 |
Vinodbhai Lilchand Shah |
165000 |
3.10 |
0.00 |
|
14 |
Jitumati Vinodbhai Shah |
106500 |
2.00 |
0.00 |
|
15 |
Chandni Paraskumar Shah |
106500 |
2.00 |
0.00 |
|
16 |
Paras Vinodchandra Shah |
106430 |
2.00 |
2.00 |
|
17 |
Diptiben Dilipkumar Shah |
93500 |
1.76 |
1.76 |
|
|
Total |
4373453 |
82.19 |
0.00 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
|
|
|
|
1 |
Rushabh Surfin Chemicals Private Limited |
399940 |
7.52 |
|
2 |
Rokibhai Shantilal Vaghela |
438345 |
8.24 |
|
3 |
Ripal Dipakbhai Chauhan |
416500 |
7.83 |
|
4 |
Pinesh Chinubhai Shah |
393679 |
7.40 |
|
5 |
Neepa Pineshkumar Shah |
392357 |
7.37 |
|
6 |
Dilipkumar Muljibhai Shah |
382450 |
7.19 |
|
|
Total |
2423271 |
45.54 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
L T Mirchandani |
6,63,998 |
12.48 |
|
|
Total |
6,63,998 |
12.48 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturer of Stainless Steel Pipes and Tubes and Carbon
Steel Pipes |
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Products : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Customers : |
Retailers and End Users |
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No. of Employees : |
12000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name 1 : |
Mehta Lodha and Company Chartered Accountants |
|
Address : |
63, Hirabhai Market, Diwan Ballubhai Road, Ahmedabad – 380022,
Gujarat, India |
|
|
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|
Name 2 : |
S.R. Batliboi and Associates Chartered Accountants |
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Cost Auditors : |
N.D. Birla and Company Cost Accountants |
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Enterprises owned or significantly influenced by key management
personnel or their relatives : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46415609 |
Equity Shares |
Rs.2/- each |
Rs.92.831 millions |
|
|
|
|
|
Reconciliation of the
Equity Shares outstanding at the beginning and at the end of the reporting
period
(Rs. in millions)
|
Particular |
31.03.2013 |
|
At the beginning of the year |
92.831 |
|
Add: Issued during the year- ESOS |
0.000 |
|
Outstanding at
the end of the year |
92.831 |
|
|
|
|
At the beginning of the year |
46374959 |
|
Add: Shares issued on exercise of Employee Stock Options |
40650 |
|
Equity Shares at
the end of the year |
46415609 |
Terms/Rights
attached to Equity Shares
– The Company has
only one class of Equity Shares having a par value of Rs.2/- per share. Each
holder of Equity Shares is entitled to one vote per share. The Company declares
and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors
is subject to approval of the Shareholders at the ensuing Annual General
Meeting. In the event of liquidation of the Company, the holders of Equity
Shares will be entitled to receive remaining assets of the Company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of Equity Shares held by Share holders.
Details of
Shareholders holding more than 5% Equity Shares in the Company
|
Name of the
Shareholder |
No.
of Shares |
%
held |
|
Nalanda India Equity Fund Limited |
3906664 |
8.42% |
|
Prakash M. Sanghvi |
3111668 |
6.70% |
|
Jayanti M. Sanghvi |
2506435 |
5.40% |
Shares Reserved
for issue under option
The Company reserved
issuance of 2250000 Equity Shares of Rs.2/- each for offering to eligible
employees of the Company under Employees Stock Option Scheme 2006 at a price of
Rs.59.40 per option plus all applicable taxes, as may be levied in this regard
on the Company. The options were granted on 31st October, 2006 and have vested
completely. Out of the reserved Equity Shares, 1415609 Equity Shares have been
issued till date. The maximum exercise period is 8 years from the date of grant
of options.
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 |
92.831 |
92.831 |
92.750 |
|
(b) Reserves & Surplus |
6374.309 |
5232.024 |
4277.107 |
|
(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) |
6467.140 |
5324.855 |
4369.857 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
420.175 |
546.969 |
612.680 |
|
(b) Deferred tax liabilities (Net) |
399.587 |
356.642 |
536.819 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
819.762 |
903.611 |
1149.499 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
772.569 |
2198.394 |
1783.395 |
|
(b) Trade
payables |
1005.979 |
955.126 |
1978.949 |
|
(c) Other
current liabilities |
890.720 |
549.192 |
514.516 |
|
(d) Short-term
provisions |
330.709 |
212.647 |
154.402 |
|
Total Current
Liabilities (4) |
2999.977 |
3915.359 |
4431.262 |
|
|
|
|
|
|
TOTAL |
10286.879 |
10143.825 |
9950.618 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3875.783 |
3645.504 |
3461.939 |
|
(ii)
Intangible Assets |
29.065 |
22.282 |
24.271 |
|
(iii)
Capital work-in-progress |
228.558 |
283.296 |
121.789 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.090 |
0.084 |
0.073 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
89.484 |
63.535 |
65.635 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4222.980 |
4014.701 |
3673.707 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
291.052 |
65.044 |
70.014 |
|
(b)
Inventories |
2327.343 |
2838.061 |
3518.056 |
|
(c) Trade
receivables |
2511.887 |
2288.886 |
1747.180 |
|
(d) Cash
and cash equivalents |
600.359 |
706.911 |
474.123 |
|
(e)
Short-term loans and advances |
315.664 |
207.848 |
467.215 |
|
(f) Other
current assets |
17.594 |
22.374 |
0.323 |
|
Total
Current Assets |
6063.899 |
6129.124 |
6276.911 |
|
|
|
|
|
|
TOTAL |
10286.879 |
10143.825 |
9950.618 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12011.275 |
12217.402 |
8136.728 |
|
|
|
Other Income |
182.724 |
58.339 |
226.568 |
|
|
|
TOTAL (A) |
12193.999 |
12275.741 |
8363.296 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
7468.283 |
7871.654 |
5581.018 |
|
|
|
Purchase of Stock-in-trade |
47.660 |
34.985 |
156.025 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Process |
(117.772) |
47.811 |
(455.105) |
|
|
|
Employee Benefits Expense |
721.198 |
567.471 |
492.583 |
|
|
|
Other Expenses |
1513.426 |
1771.695 |
877.399 |
|
|
|
TOTAL (B) |
9632.795 |
10293.616 |
6651.920 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2561.204 |
1982.125 |
1711.376 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.366 |
165.599 |
184.479 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2439.838 |
1816.526 |
1526.897 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
424.725 |
424.915 |
399.946 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2015.113 |
1391.611 |
1126.951 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
655.613 |
277.192 |
295.216 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1359.500 |
1114.419 |
831.735 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1171.318 |
718.735 |
521.746 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
600.000 |
500.000 |
500.000 |
|
|
|
Proposed Dividend with dividend tax |
217.215 |
161.836 |
134.746 |
|
|
BALANCE CARRIED
TO THE B/S |
1713.603 |
1171.318 |
718.735 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export at F.O.B. value |
3437.626 |
2885.870 |
500.079 |
|
|
TOTAL EARNINGS |
3437.626 |
2885.870 |
500.079 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2467.397 |
3257.849 |
4507.351 |
|
|
|
Components and Spare Parts |
148.454 |
50.892 |
15.809 |
|
|
|
Capital Goods |
238.315 |
216.386 |
214.559 |
|
|
TOTAL IMPORTS |
2854.166 |
3525.127 |
4737.719 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
29.29 |
24.02 |
17.98 |
|
|
|
- Diluted |
29.14 |
23.90 |
17.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.15
|
9.08 |
9.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.78
|
11.39 |
13.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.03
|
14.11 |
11.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.18
|
0.52
|
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
1.57 |
1.42 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY OF
LONG TERM BORROWINGS
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturity of Long Term Borrowings |
162.353 |
152.443 |
157.239 |
|
|
|
|
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
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 |
LITIGATIONS DETAILS
HIGH COURT OF GUJARAT
STAMP NUMBER No. 2513 of 2012
Status : PENDING CCIN No : 001087201202513
Last Listing Date: 26/12/2012
Coram: ADDITIONAL REGISTRAR ( JUDICIAL)
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF CENTRAL EXCISEAHMEDABAD III |
MS MANISHA LAVKUMAR for: null |
|
S.NO. |
Name of the
Respondant |
Advocate On Record |
|
1 |
RATNAMANI METALS AND TUBES LIMITED |
|
|
Presented On |
: 11/12/2012 |
Registered On |
: 11/12/2012 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated
From |
: THROUGH ADVOCATE |
Listed |
: 0 times |
|
Stage Name |
: OFFICE OBJECTION (FILING STAGE) |
||
Office Objection
Filing Stage: WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ?
Filing Stage: WHETHER PROPER and FULL COURT FEE IS PAID ?
Filing Stage: WHETHER FILED WITHIN LIMITATION ?
Filing Stage: WHETHER DELAY CONDONATION APPLICATION IS FILED ?
Filing Stage: WHETHER PAGING IS DONE ?
Filing Stage: WHETHER II SET FILED ?
Filing Stage: WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ?
Filing Stage: WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ?
Filing Stage: WHETHER THE ORGINAL POSITIONS OF THE PARTIES STATED ?
Classification DB - OJ - TAX APPEAL - CENTRAL EXCISE ACT, 1944 - UNDER SECTION 35G
Act: CENTRAL EXCISES AND SALT ACT, 1944
Office Details
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
11/12/2012 |
CERTIFIED COPY |
MS MANISHA LAVKUMAR ADVOCATE |
2 |
MS MANISHA LAVKUMAR:1 |
|
2 |
11/12/2012 |
MEMO OF APPEAL/PETITION/SUIT |
MS MANISHA LAVKUMAR ADVOCATE |
50 |
MS MANISHA LAVKUMAR:1 |
|
3 |
20/12/2012 |
CERTIFIED COPY |
MS MANISHA LAVKUMAR ADVOCATE |
2 |
MS MANISHA LAVKUMAR:1 |
Court Proceedings
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
26/12/2012 |
51 |
- |
OFFICE OBJECTION (FILING STAGE) |
NEXT DATE |
ADDITIONAL REGISTRAR ( JUDICIAL) |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
FROM BANKS |
|
|
|
Other Loans and Advances |
|
|
|
Export Packing Credit Facility |
0.000 |
180.252 |
|
Buyer's Credits in Foreign Currencies |
618.270 |
903.276 |
|
FROM OTHERS |
|
|
|
Unsecured Loans from Related Parties |
0.000 |
4.256 |
|
Total |
618.270 |
1087.784 |
CORPORATE INFORMATION
Subject is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on two stock exchanges in India. The Company is engaged in the manufacturing of stainless steel pipes and tubes and carbon steel pipes at Kutch, Indrad and Chhatral in the state of Gujarat. The Company caters to both domestic and international markets. The Company also operates a mobile plant at Koradi (Maharashtra) as on year end.
REVIEW OF OPERATIONS
GENERAL
The year witnessed slowdown in growth and more particularly, industrial growth, global economic and financial conditions remained troubled. Investment and saving rates have come down. The implementation of projects has slowed. Inflation continued to remain high. The current account deficit also remained a source of concern. Further, the slow pace of growth has depressed profitability, stretched balance sheets, and weakened sentiment and expectations.
OPERATIONS
The Company manufactures Stainless Steel Tubes and Pipes and Carbon Steel Pipes in wide size ranges for wide spectrum of applications in various industries including Oil and Gas explorations. Refineries and Petrochemicals, Power industries. Chemical, Fertilizer, Desalination, Atomic energy, Water and Sewerage, Paper and Pulp industries etc. The year witnessed tremendous downward growth in the key sectors i.e. Oil and Gas and Power due to various reasons. The scenario with regard to the said sectors was not different worldwide, as there was a severe pressure in other part of the globe too. There were severe constraints in the projects being implemented in time, not only in India but elsewhere in the world. The scenario for the sunrise sector, i.e. Power sector in India has gone through very bad phase and the Company saw many projects being put on hold for various reasons such as environmental clearances, non-availability of coal supply agreement etc. Again, due to the slowdown in the Europe, there was a lot of pressure on pricing. The Company undertook all business initiatives to optimise its capacity utilisation. There has been optimum capacity utilisation in SS division vis-a-vis moderate in CS division on account of fierce competition and overall scenario.
FINANCIAL PERFORMANCE
Despite the challenging scenario, the Company continued to be successful and has performed well; the performance has established a new milestone for the Company. The major factors attributable to this include strong business initiatives strengthened with the sound domain knowledge, consistent product quality aligned to customer expectations, product mix, captive skills partnered with cost consciousness and persistent focus on efficiencies.
During the year 2012-13, revenues from operations were Rs. 12011.275 Millions, though reduced marginally but PBT increased by 44.80% from Rs. 1391.611 Millions to Rs. 2015.113 Millions, and profit after tax surged 44.15% from Rs. 943.132 Millions to Rs.1359.500 Millions. EPS went up by 21.92% from Rs.23.90 to Rs.29.14, strengthening shareholder's value.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRIAL SCENARIO
The global economy continued to struggle in 2012-13 even after four years post eruption of the global financial crisis and has witnessed growth estimates cut, transfer of economic power from developed to emerging economies, political and economic turmoil, sovereign debt crisis in the Eurozone which has impacted the business across the globe and all these factors has contributed further towards slowing down of recovery across the globe. The global economic growth is expected to strengthen gradually through 2013, averaging 3.5% on an annual basis. A further slrengthening to 4.1% is projected for 2014, assuming recovery takes a firm hold in the Euro zone economy.
The Indian economy has also experienced significant slowdown during the year because of external and internal factors. The performance of advanced economies continues to weigh on India's growth story coupled with domestic issues. At the end of the fiscal year, the actual growth rate was at around 5.0% which was much lower than what was projected. It is expected that the Indian economy will grow moderately between 5.4% to 5.8% in 2013-14.
The pipeline infrastructure is crucial for growth for any economy and particularly for countries like India, considering its vast geographical area and lower pipeline penetration level. Indian pipe industry is catering to major demand of the regions like Middle East, US and Europe among others due to its location and global accreditations. The year was challenging for the Indian pipe industry on account of excess capacities being developed by the companies over the years vis-a-vis demand, higher input and finance costs which ultimately lead to pressure on margins. The situation is expected to continue in corning years also and may be there for one or two more years. However, it is expected that the demand for the Indian pipe industry will improve and remain healthy over the long term on the back of the growing demand from infrastructure projects, higher oil exploration and production activities, energy requirements, overall development etc.
Similarly, investment in refineries, petrochemicals and power sectors is expected to pick up once again in next 2 or 3 years' time, looking to increase in demand and current deficit in availability of power. Fertiliser industry is also one where investment within the country has to start sooner than later to reduce dependence on imports. All these sectors are big users of SS family tubular products.
The Company's performance in the year 2012-13 was one of its best so far despite all the negatives. However, the currently existing market conditions are not very good and any significant improvement is not expected to happen in near future within the country. Though the Company is having a healthy order booking position and all efforts are being made to see that the position continues to remain better than industry average, a lot will depend on the steps being taken by the Central Government on kick starting the economy.
OUTLOOK
The Company has been preferred supplier for many leading companies and was involved in several national and international projects. It has earned the customers' preference. The Company has emerged as a one stop source of pipes and tubes for an array of industrial applications. The Company's fortunes are linked to capex in industries like Refineries, Petrochemicals, Power, Fertiliser, etc. where investment on continuous basis has been there within the country and internationally also. We expect regular demand from these sectors in future also. However, the performance will depend on the overall economic condition.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
|
a) Bills discounted and not matured |
15.902 |
17.876 |
|
b) ESI Liability (excluding interest leviable, if any) |
21.817 |
19.686 |
|
c) Consolidated Tax payable to GIDC, Chhatral |
0.633 |
1.783 |
|
d) Disputed Statutory
Claims/levies for which the Company has preferred appeal in respect of
(excluding interest leviable, if any) : |
|
|
|
- Income tax |
7.784 |
-- |
|
- Excise Duty |
164.715 |
185.146 |
|
- Central Sales Tax* |
847.479 |
-- |
* The Custom Department has raised a demand of Rs.847.479 Millions based on its interpretation of Import license condition and resultanat breach of the same by the company. The company is in the process of filing an appeal before the appellate tribunal. The Company has taken an external opinion in the matter based on which the management is of the view that no liabilities shall arise on the Company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10178252 |
16/09/2009 |
1,217,000,000.00 |
ICICI BANK LIMITED |
9TH FLOOR, JMC HOUSE, OPP. PARIMAL GARDEN, AHMEDABAD, Gujarat - 380006, INDIA |
A70863808 |
|
2 |
10137333 |
15/01/2009 |
396,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd to 6th floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
A54501564 |
|
3 |
10063901 |
03/08/2007 |
531,960,000.00 |
UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L IMITED |
UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, Maharashtra - 400051, INDIA |
A21174933 |
|
4 |
80001941 |
21/04/2009 * |
3,650,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, "PARAMSIDDHI" COMPEX, OPP. V. S. HOSPITAL, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
A62080056 |
FIXED
ASSETS:
Tangible Assets
- Lease Hold Land
- Freehold Land
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Office Equipments
- Vehicles
Intangible Assets
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.