MIRA
INFORM REPORT
|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SURAJ LIMITED (w.e.f 27.07.2011) |
|
|
|
|
Formerly Known
As : |
SURAJ STAINLESS LIMITED |
|
|
|
|
Registered
Office : |
"Suraj House", |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.01.1994 |
|
|
|
|
Com. Reg. No.: |
021088 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 192.641 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1994PLC021088 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Stainless Steel Seamless and Welded
pipes, Tubes and “U” Tubes. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3100000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. Even though the sales turnover has increased, there appears a slight
decrease in the net profitability during 2012. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BBB - |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
11 October 1012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
11 October 1012 |
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/ Corporate Office: |
"Suraj House", Opposite Usmanpura Garden, Usmanpura, Ashram
Road, Ahmedabad - 380 014, Gujarat, India
|
|
Tel. No.: |
91-79-27540720/ 21/ 279510720 |
|
Fax No.: |
91-79-27540722/ 27510722 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Survey No. 779/A, Tholkadi – |
|
Tel. No.: |
91-2764-274216
/ 274217 |
|
Fax No.: |
91-2764-274419 |
|
E-Mail : |
|
|
|
|
|
Branches : |
|
|
Tel. No.: |
91-22-23891758/
23891649 |
|
Fax No.: |
91-22-23854979 |
|
E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Ashok T Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gunvant T Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kunal T Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bipin K Prajapati |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dipak H Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ketan R shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Haren r. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhupendrasinh b. Patel |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Viral m. Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11095400 |
57.60 |
|
|
2469000 |
12.82 |
|
|
13564400 |
70.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13564400 |
70.41 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1915816 |
9.95 |
|
|
|
|
|
|
927345 |
4.81 |
|
|
1198802 |
6.22 |
|
|
1657737 |
8.61 |
|
|
89176 |
0.46 |
|
|
23561 |
0.12 |
|
|
1545000 |
8.02 |
|
|
5699700 |
29.59 |
|
Total Public shareholding (B) |
5699700 |
29.59 |
|
Total (A)+(B) |
19264100 |
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) |
19264100 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Stainless Steel Seamless and Welded pipes,
Tubes and “U” Tubes. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Punjab National bank ·
State Bank of India ·
IDBI Bank ·
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pankaj K Shah Associates Chartered Accountants |
|
Address : |
701/A, “Nirman”, B /H, Navrangpura Bus Stop, Ahmedabad -380 014, |
|
Tel. No.: |
91-79-26562980/66303452 |
|
Mobile No.: |
91-9825464466 |
|
E-Mail : |
|
|
|
|
|
Associate Companies: |
·
Suraj Impex Private Limited ·
Suraj Enterprise Private Limited ·
Suraj Retail Private Limited ·
Suraj Star Trading Private Limited ·
Suraj Commodities Private Limited ·
TBS Metal Limited ·
Spice Metal Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23250000 |
Equity Shares |
Rs.10/- each |
Rs. 232.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19264100 |
Equity Shares |
Rs.10/- each |
Rs. 192.641
Millions |
|
|
|
|
|
Reconciliation of number of shares outstading at the beginning and at
the end of the reporting year
|
Particulars |
As at 31 March
2012 |
|
|
|
No of Shares |
Value Rs. |
|
-- At the beginning of the year |
19264100.00 |
192.641 |
|
-- Movement during the period |
-- |
-- |
|
-- Outstanding at the end of the year |
19264100.00 |
192.641 |
The Company has only one class of equity shares
having a par value of Rs. 10 per share, each shareholder is eligible for one
vote per share. The dividend proposed by the Board of Directors is subject to
the approval of shareholders, except in case of interim dividend in the event
of liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company, after distribution of all preferential amounts, in
proportion of their shareholding.
Company has not bought back any equity shares
during the period of five years immediately preceeding the Balance sheet date.
However the Company has allotted 1,13,39,400 equity shares as bonus shares
during F.Y.2007-2008 and also allotted 22,55,000 equity shares for
consideration other than cash pursant to the scheme of amalgamation
during F.Y. 2009-2010
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the Company.
|
Particulars |
As at 31 March
2012 |
|
|
|
No. of Share
held |
% of Holding |
|
Anilaben Ashokkumar Shah |
2523800 |
13.10 |
|
Suraj Impex Private Limited |
2469000 |
12.82 |
|
Chandrika Kunal Shah |
2017100 |
10.47 |
|
Rekhaben Gunwant kumar Shah |
1594600 |
8.28 |
|
Ashokkumar Tarachand Shah |
1077700 |
5.59 |
|
Kunal Tarachand Shah |
1030600 |
5.35 |
|
Gunvant Tarachand Shah |
991600 |
5.15 |
|
Bsurinvest Bvba |
1545000 |
8.02 |
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 |
|
192.641 |
192.641 |
|
(b) Reserves & Surplus |
|
587.136 |
558.179 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
291.577 |
388.081 |
|
(b) Deferred tax liabilities (Net) |
|
51.772 |
59.157 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
3.286 |
5.762 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
928.802 |
652.568 |
|
(b) Trade payables |
|
35.093 |
36.295 |
|
(c) Other current
liabilities |
|
165.610 |
169.778 |
|
(d) Short-term provisions |
|
62.952 |
68.454 |
|
TOTAL |
|
2318.869 |
2130.915 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
906.115 |
986.582 |
|
(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 |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
8.439 |
5.498 |
|
(e) Other Non-current assets |
|
0.387 |
0.489 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
751.969 |
694.603 |
|
(c) Trade receivables |
|
487.034 |
293.518 |
|
(d) Cash and cash
equivalents |
|
54.471 |
92.741 |
|
(e) Short-term loans and
advances |
|
86.547 |
43.010 |
|
(f) Other current assets |
|
23.907 |
14.474 |
|
TOTAL |
|
2318.869 |
2130.915 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
192.641 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
524.396 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
717.037 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
933.015 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
933.015 |
|
|
DEFERRED TAX LIABILITIES |
|
|
61.208 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1711.260 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
983.765 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
498.608
|
|
|
Sundry Debtors |
|
|
252.726
|
|
|
Cash & Bank Balances |
|
|
24.414
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
79.082
|
|
Total
Current Assets |
|
|
854.830
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
53.032
|
|
|
Other Current Liabilities |
|
|
27.556
|
|
|
Provisions |
|
|
47.202
|
|
Total
Current Liabilities |
|
|
127.790
|
|
|
Net Current Assets |
|
|
727.040
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.455 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1711.260 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2489.687 |
2381.758 |
1745.354 |
|
|
|
Other Income |
13.458 |
11.508 |
23.358 |
|
|
|
TOTAL (A) |
2503.145 |
2393.266 |
1768.712 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2198.888 |
1624.316 |
|
|
|
|
Purchases of Stock-in-Trade |
4.634 |
6.107 |
|
|
|
|
Changes in Inventories of Finished goods, Work-in-progress and
Stock-in-trade |
(393.270) |
118.891 |
|
|
|
|
Employee benefits expenses |
92.503 |
75.158 |
|
|
|
|
Other Expenses |
247.627 |
228.873 |
|
|
|
|
TOTAL (B) |
2150.382 |
2053.345 |
1490.232 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
352.763 |
339.921 |
278.480 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
183.621 |
139.671 |
86.938 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
169.142 |
200.250 |
191.542 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
101.526 |
99.815 |
89.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
67.616 |
100.435 |
102.202 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.075 |
32.956 |
50.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
62.541 |
67.479 |
51.422 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
291.943 |
261.533 |
258.199 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
28.896 |
28.896 |
25.514 |
|
|
|
Provision for tax on Dividend |
4.688 |
4.799 |
4.336 |
|
|
|
Transfer to Statutory Reserves |
3.127 |
3.374 |
2.571 |
|
|
BALANCE CARRIED
TO THE B/S |
317.773 |
291.943 |
277.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
146.548 |
1338.882 |
800.255 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
959.104 |
1335.330 |
352.500 |
|
|
|
Capital Goods |
4.141 |
0.269 |
2.773 |
|
|
|
Stores & Spares |
4.855 |
5.243 |
3.027 |
|
|
TOTAL IMPORTS |
968.100 |
1340.842 |
358.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.25 |
3.50 |
2.67 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd Quarter) |
31.12.2012 (3rd Quarter) |
31.03.2013 (4th
Quarter) |
|
Audited / UnAudited |
|
|
|
|
|
Net Sales |
675.500 |
659.300 |
676.500 |
645.600 |
|
Total Expenditure |
556.800 |
587.800 |
587.300 |
569.300 |
|
PBIDT (Excl OI) |
118.700 |
71.500 |
89.200 |
76.400 |
|
Other Income |
2.200 |
4.000 |
2.000 |
6.500 |
|
Operating Profit |
120.900 |
75.400 |
91.200 |
82.900 |
|
Interest |
60.900 |
35.600 |
33.500 |
30.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
59.900 |
39.800 |
57.700 |
52.500 |
|
Depreciation |
25.900 |
26.100 |
26.300 |
25.300 |
|
Profit Before Tax |
34.100 |
13.700 |
31.400 |
27.200 |
|
Tax |
11.100 |
9.700 |
12.800 |
1.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
23.000 |
4.000 |
18.600 |
25.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
23.000 |
4.000 |
18.600 |
25.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.50
|
2.82 |
2.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72
|
4.22 |
5.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.92
|
4.71 |
11.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.13 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.57
|
0.13 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.23 |
6.69 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
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 |
OPERATIONS
The Company achieved magnificent turnover (net) of Rs. 2489.687 Millions
as compared to Rs. 2381.758 Millions in the previous financial year, which
shows an increase of about 4.53% of turnover as compared to the previous
financial year. The other income of the company for the said period stood at
Rs. 13.458 Millions as compared to Rs. 11.508 Millions of previous financial
year. The PAT levels were stood at Rs. 62.540 Millions as compared to Rs.
67.479 Millions previous financial year, which shows a decrease of 7.32% as
compared to last financial year. The Net profit was decreased mainly due to
steep increase in raw material pr ices and increase in financial costs as
compared to previous financial year. The directors of the company are aware of
the said situation and are continuously striving to cope up the said situation.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry Structure
and Development:
The Company is a leading producer of SS seamless W elding Pipes, Tubes
and "U" Tubes in Gujarat having a plant at S.NO. 779/A, Thol, Tal:-
Kadi, Dist:- Mehsana. Their products find application in important industry
segments like pharmaceuticals, agro-chemicals, dyes and pigments, Oil, Gas,
Refinery, etc. The day-to- day management of the Company is looked by the Executive
Director assisted by a team of competent technical and commercial
professionals.
PERFORMANCE:
Total income (net of excise) for the year 2011-2012 amounted to Rs.
2489.687 Millions compared to Rs. 23 81.758 Millions of the previous year.
Sales of SS Pipes, Tubes and SS Scrapes in quantity terms amounted to 933 7.28
MT compared to 9499.93 MT for the year 2010-11. During the year, the Company
has made exports of its products amounting to Rs. 1513.800 Millions.
Financial
Performance with Respect to Operational Performance:
The operating profit for the current year before Interest Tax and
Deprecation stands at Rs. 284.749 Millions as compared to Rs. 324.219 Millions,
last year.
Business Outlook:
The year 2012-2013 offers a positive picture in terms of the growth in
all segments in comparison with previous years. Consequently the demand for
their products will increase. At the same time on account of weakening of
Indian Currency, imports will become costlier, however majority sales will be
export sales, it works to their advantage. The Company has also identified and
is focusing on some of its specialty products that would add to its application
areas and increase the turnover.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Loan from related party |
57.300 |
1.000 |
|
|
|
|
|
Total |
57.300 |
1.000 |
AUDITED FINANCIAL RESULT
FOR THE QUARTER ENDED ON 31.03.2013
(Rs.
In Millions)
|
Particulars |
3.months
ended |
Preceding
3 months ended |
Current
year ended |
|
|
|
31.03.2013 |
31.1.2012 |
31.03.2013 |
|
|
|
|
Audited |
Unaudited |
Audited |
|
1 |
(a) Net Sales/Income from Operations |
642.506 |
670.603 |
2638.978 |
|
|
(b) Other Operating Income |
3.123 |
5.856 |
17.835 |
|
|
Total income from
operations (net) |
645.629 |
676.459 |
2656.813 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of Material
Consumed |
403.536 |
531.218 |
1727.170 |
|
|
b. Purchase of
Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c. Changes in inventories
of finished |
64.764 |
(38.881) |
197.019 |
|
|
d. Employee benefits
expense |
32.076 |
34.220 |
127.999 |
|
|
e. Depreciation and
amortization expense |
25.330 |
26.287 |
103.607 |
|
|
f. Other Expenses |
68.884 |
60.714 |
248.905 |
|
|
Total Expenses |
594.590 |
613.558 |
2404.700 |
|
3 |
Profit / (loss) from
Operations before Other Income, finance cost and exceptional Items (1+2) |
51.039 |
62.901 |
252.113 |
|
4 |
Other Income |
6.491 |
1.955 |
14.558 |
|
5 |
Profit / (loss) from ordinary
activities before finance costs and exceptional items (3+4) |
57.530 |
64.856 |
266.671 |
|
6 |
Finance costs |
30.371 |
33.495 |
160.403 |
|
7 |
Profit / (Loss) from
ordinary activities after finance costs but before Exceptional Items (5+6) |
27.159 |
31.361 |
106.268 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit / (Loss) from
ordinary activities before tax (7+8) |
27.159 |
31.361 |
106.268 |
|
10 |
Tax expense |
1.354 |
12.747 |
34.816 |
|
11 |
Net Profit / (Loss) from ordinary
activities after tax (9+10) |
25.805 |
18.614 |
71.452 |
|
12 |
Extraordinary Items (net
of tax expense Rs. NIL) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for
the period (11+12) |
25.805 |
18.614 |
71.452 |
|
14 |
Share of profit / (loss) of
associates* |
0.000 |
0.000 |
0.000 |
|
15 |
Minority interest * |
0.000 |
0.000 |
0.000 |
|
16 |
Net Profit / (Loss) after
taxes, minority interest and share of profit / loss) of associates (13+14+15)
* |
25.805 |
18.614 |
71.452 |
|
17 |
Paid-up equity share
capital (Face |
|
|
|
|
|
Value of the Shares shall
be indicated) |
1926.41 |
1926.41 |
1926.41 |
|
18 |
Reserves excluding
Revaluation |
|
|
|
|
|
Reserves as per Balance
Sheet of |
|
|
6247.82 |
|
|
previous accountings year |
|
|
|
|
19.i |
Earnings Per Share
(before |
|
|
|
|
|
extraordinary items) |
|
|
|
|
|
(of Rs. 10/- each) (not
annualised): |
|
|
|
|
|
(a) Basic |
1.34 |
0.97 |
3.71 |
|
|
(b) Dilated |
|
|
|
|
19.M |
Earnings Per Share (after |
|
|
|
|
|
extraordinary items) |
|
|
|
|
|
(of Rs. 10/- each) (not
annualised): |
|
|
|
|
|
(a) Basic |
1.34 |
0.97 |
3.71 |
|
|
(b) Dilated |
|
|
|
|
A |
Particulars of
Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
-Number of shares |
5699700 |
5699700 |
5699700 |
|
|
-Percentage of
shareholding |
29.59 |
29.59 |
29.59 |
|
2 |
Promoters and promoter
group |
|
|
|
|
|
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shares
(as a % of the - total shareholding of promoter and Promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of shares
(as a% of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
13564400 |
13564400 |
13564400 |
|
|
- Percentage of shares
(as a% of the total shareholding of promoter and Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as
a % of the total share capital of the company) |
70.41 |
70.41 |
70.41 |
|
|
|
|
|
|
|
|
Particulars |
3 months ended (31.03.2013) |
||
|
B |
INVESTORS COMPLAINS |
|
||
|
|
Pending at the beginning
of the quarter |
NIL |
||
|
|
Received during the quarter |
7 |
||
|
|
Disposed of during the
quarter |
7 |
||
|
|
Remaining unresolved at
the end of the quarter |
NIL |
||
A
STATEMENT OF ASSETS AND LIABILITIES AS REQUIRED UNDER CLAUSE 41(V)(H) OF
LISTING AGREEMENT:-
(Rs.
In Millions)
|
|
Statements of Assets and
Liabilities |
As at year end |
|
|
Particulars |
31.03.2013 |
|
|
|
(Audited) |
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders’ funds |
|
|
|
(a) Share Capital |
192.641 |
|
|
(b) Reserves and surplus |
624.782 |
|
|
(c) Money received
against share warrants |
0.000 |
|
|
Sub-total - Shareholders'
funds |
817.423 |
|
|
|
|
|
2 |
Share application money
pending allotment |
0.000 |
|
3 |
Minority interest |
0.000 |
|
|
|
|
|
4 |
Non-current Liabilities |
|
|
|
(a) Long-term borrowings |
164.149 |
|
|
(b) Deferred tax
liabilities (net) |
41.896 |
|
|
(c) Other long-term
liabilities |
0.000 |
|
|
(d) Long-term provisions |
0.240 |
|
|
Sub-total - Non-current
liabilities |
206.285 |
|
5 |
Current liabilities |
|
|
|
(a) Short-term borrowings |
1053.549 |
|
|
(b) Trade Payables |
47.364 |
|
|
(c) Other current
liabilities |
152.585 |
|
|
(d) Short-term provisions |
86.645 |
|
|
Sub-total - Current
liabilities |
1340.143 |
|
|
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
2363.851 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current Assets |
|
|
|
(a) Fixed assets |
835.742 |
|
|
(b) Goodwill on
consolidation* |
0.000 |
|
|
(c) Non-current
investments |
0.000 |
|
|
(d) Deferred tax assets
(net) |
0.000 |
|
|
(e) Long-term loans and
advances |
7.989 |
|
|
(f) Other non-current
assets |
0.236 |
|
|
Sub-total – Non-current
assets |
843.967 |
|
2 |
Current assets |
|
Note:
1.
The
above Audited financial results for current year was reviewed and recommended
by the Audit Committee and approved by the Board of Directors at its meeting
held on 28.05.2013.
2.
The
Board of Directors of the company has recommended the Dividend of 15% (Rs. 1.5
per share) on the Equity Shares of Rs. 10/- each for the year ended on
31.03.2013, subject to the approval of Shareholders.
3.
The
Statutory Auditors of the company have conducted Statutory Audit of the results
for the year ended on 31.03.2013
4.
The
Company is engaged in Manufacturing of Stainless Steel Pipes and Tubes which is
the only segment in accordance with the Accounting Standard, AS-17.
5.
Previous
year's figures have been regrouped / reclassified and / or rearranged wherever
considered necessary
6. The figures of last quarter are the balancing figures between audited figures in respect to the full financial year and the published year to date figures upto the third quarter of the current financial year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
Demand of Rs. 0.224 Million raised by Sales Tax authorities, for the
accounting year 2003-04 which is disputed by the Company.
Demand of Rs. 0.140 Million raised by Sales Tax authorities, for the
accounting year 2004-05 which is disputed by the Company.
Demand of Rs. 6.835 Millions raised by Income Tax authorities, for
Assessment year 2007-08 which is disputed by the Company
Demand of Rs. 1.499 Millions after giving appeal effect raised by Income
Tax authorities, for Assessment year 2008-09 which is disputed by the Company
Demand of Rs. 0.229 Million raised by Income Tax authorities, for
Assessment year 2009-10 which is disputed by the Company.
Demand of Rs. 8.996 Million raised by Income Tax authorities, for
Assessment year 2009-10 which is disputed by the Company
2. Estimated amount of contracts remaining to be executed on capital
account and not provided for in the Accounts (net of advances) NIL
3. In terms of accounting policy (E) for the accounting of export
incentives, estimated benefit of Rs. 29.536
Millions have been taken in to account under DES Scheme. Steps are being taken
to import raw materials and utilize the same.
FIXED ASSETS
Tangible Assets
·
Land and Site
·
Development
·
Factory Building
·
Office Premises
·
Plant and Machinery
·
Furniture Fixture
·
Office Equipment
·
Computer
·
Vehicle
·
Wind Mill
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 tansactions 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.59.70 |
|
|
1 |
Rs.92.21 |
|
Euro |
1 |
Rs.79.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.