MIRA INFORM REPORT
|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM VALUE STEELS LIMITED (w.e.f. 18.03.2013) |
|
|
|
|
Formerly Known
As : |
LLOYDS STEEL INDUSTRIES
LIMITED (w.e.f. 03.06.1986) GUPTA TUBES AND
PIPES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Trade World, C- Wing, 16th Floor, Kamala City, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
27.04.1970 |
|
|
|
|
Com. Reg. No.: |
11-014621 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 9021.173 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1970PLC014621 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML04143G /
NGPL02517E / MUML03144B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAATL1607J /
AAACL6670Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and
Fabrication of Chemical and Pharmaceutical Machinery, Ship Sets of Steering Gears
Stabilizers, Steel Pipes and Tubes, etc. |
|
|
|
|
No. of Employees
: |
1350 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
|
Maximum Credit Limit : |
USD 3270000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having moderate track record. There appears huge
accumulated losses recorded by the company. Financial position of the company
is under severe pressure. However, Trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can
be considered for business dealings with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/Marketing Office : |
Trade World, C- Wing, 16th Floor, Kamala City, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
|
Tel. No.: |
91-22-30418111 / 06 |
|
Fax No.: |
91-22-30418260 / 59 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Steel
Plant Lloyds Nagar, Bhugaon Link Road, Wardha–442001, Maharashtra, India |
|
Tel. No.: |
91-7152-305000 |
|
Fax No.: |
91-7152-305050 |
|
|
|
|
Factory 2 : |
Engineering
Plant Plot No. A-5/5 and A-6/3, M.I.D.C. Industrial Area, Murbad, District
Thane, |
|
|
|
|
Branch Office : |
805/806-A, Lokmat Bhavan, Wardha Road, Nagpur-440012, Maharashtra,
India |
|
|
|
|
Marketing
Offices : |
Located At: ·
New Delhi ·
Chennai ·
·
·
Kolkata |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Mukesh R. Gupta |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B. Com |
|
Experience : |
33 Years |
|
Date of Appointment : |
28.09.1977 |
|
Other
Directorship : |
Lloyds Metals and Energy Limited |
|
|
|
|
Name : |
Mr. Rajesh R. Gupta |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
B. Com |
|
Experience : |
25 Years |
|
Date of Appointment : |
30.09.1983 |
|
Other
Directorship : |
·
Lloyds Metals and Energy Limited ·
Vidarbha Power Limited |
|
|
|
|
Name : |
Mr. B. L. Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Bansal |
|
Designation : |
Director (IDBI Nominee) |
|
|
|
|
Name : |
Mr. S. K Gupta |
|
Designation : |
Director (Arcil Nominee) |
|
|
|
|
Name : |
Mr. B. L. Khanna |
|
Designation : |
BIFR SPL Director |
|
|
|
|
Name : |
Mr. K. A. Krishna Rao |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Katial |
|
Designation : |
Executive Director - Works |
|
|
|
|
Name : |
Mr. Ajay Jain |
|
Designation : |
Executive Director-Finance |
|
|
|
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. Rajendra Sharda |
|
Designation : |
President - Corporate Accounts |
|
|
|
|
Name : |
Mr. H. Padmanabhan |
|
Designation : |
President - Finance |
|
|
|
|
Name : |
Mr. O. Ghosh Dastidar |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. P. R. Raviganeshan |
|
Designation : |
Chief Financial Officer - Eng Div |
|
|
|
|
Name : |
Mr. R. K. Sharma |
|
Designation : |
Senior Vice President - HR & ADMN |
|
|
|
|
Name : |
Mr. C. K. Rao |
|
Designation : |
Senior Vice President - Steel |
|
|
|
|
Name : |
Mr. R. P. Gupta |
|
Designation : |
Vice President - Commercial |
|
|
|
|
Name : |
Mr. Manish Bawa |
|
Designation : |
Vice President - Marketing |
|
|
|
|
Name : |
Mr. Vijay Gadge |
|
Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
609472232 |
58.35 |
|
|
609472232 |
58.35 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
609472232 |
58.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
573153 |
0.05 |
|
|
55007032 |
5.27 |
|
|
1500 |
0.00 |
|
|
4389894 |
0.42 |
|
|
73247 |
0.01 |
|
|
60044826 |
5.75 |
|
|
|
|
|
|
269647987 |
25.82 |
|
|
|
|
|
|
60482671 |
5.79 |
|
|
29183316 |
2.79 |
|
|
15687461 |
1.50 |
|
|
1694582 |
0.16 |
|
|
4401479 |
0.42 |
|
|
4500 |
0.00 |
|
|
9551900 |
0.91 |
|
|
35000 |
0.00 |
|
|
375001435 |
35.90 |
|
Total Public shareholding (B) |
435046261 |
41.65 |
|
Total (A)+(B) |
1044518493 |
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) |
1044518493 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Fabrication of Chemical and Pharmaceutical Machinery, Ship Sets of Steering
Gears Stabilizers, Steel Pipes and Tubes, etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 30.06.2011)
|
Products |
Unit |
Installed Capacity |
Actual Production |
|
Fabrication of
Chemicals, Pharmaceutical and other Machinery and Structurals |
M.T. |
*16000 |
-- |
|
Steel Structurals |
M.T. |
7000 |
-- |
|
Ship sets of
Steering Gears and Stabilisers each |
Nos. |
8 |
-- |
|
Steel Pipes and
Tubes |
M.T. |
*9000 |
-- |
|
Silos |
M.T. |
*9500 |
-- |
|
Marine Loading
Arms/Truck and Rail Loading Arms |
Nos. |
200 |
-- |
|
Power Plants |
Nos. |
5 |
-- |
|
Hot Rolled
Coils/Plates/Sheets |
M.T |
*1000000 |
693623 |
|
Cold Rolled
Coils/Sheets |
M.T |
*375000 |
187982 |
|
GP Coils/Sheets
and GC Sheets |
M.T |
*250000 |
183168 |
Notes
·
N.A. - Not Applicable in terms of Government of
India’s Notification No. S.O. 477(E), dated 25th July, 1991.
·
Considering the nature of business of fabrication
of Chemical, Pharmaceutical and Other Machinery and Structural, Steel Pipes and Tubes, Marine Loading
Arms production details are not available in M.T.
·
Figure in the brackets pertains to previous year.
·
*Installed capacity is taken on the basis of IEM
dated 27.01.2011. The installed capacity of Hot Rolled is increased from 600000
MT to 1000000 MT, Cold Rolled, Coil /Sheets from 350000 MT to 375000 MT and GP
Coil / Sheets and GC Sheets from 125000 MT to 250000 MT, with effect from 1st
December, 2010.
·
Installed Capacity for the current period is on per
annum basis.
·
Saleable Production excluding captive consumption
is as under :
1. Hot Rolled Coils
and Plate (MT) - 480606
2. Cold Rolled Coils
(MT) - 5055
3. Galvanized Plain
Coils (MT) - 182473
GENERAL INFORMATION
|
No. of Employees : |
1350 [Approximately] |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Todarwal and Todarwal Chartered
Accountants |
|
Address : |
12, Maker Bhavan No.3, 1st Floor, 2, New Marin Lines,
Mumbai-400020, Maharashtra, India |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
500000000 |
Preference Shares |
Rs.10/- each |
Rs.5000.000
Millions |
|
|
TOTAL
|
|
Rs.20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
664518493 |
Equity Shares |
Rs.10/- each |
Rs.6645.185
Millions |
|
2714451 |
Equity Shares Forfeited |
|
Rs.13.234 Millions |
|
236275420 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.2362.754
Millions |
|
|
TOTAL |
|
Rs.9021.173 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (9 Months) |
30.06.2011 (15 Months) |
31.03.2010 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9021.173 |
6289.370 |
4604.370 |
|
|
2] Share Application Money |
0.000 |
0.000 |
421.250 |
|
|
3] Reserves & Surplus |
(8203.220) |
6986.658 |
7161.033 |
|
|
4] (Accumulated Losses) |
0.000 |
(16266.879) |
(15060.366) |
|
|
NETWORTH |
817.953 |
(2990.851) |
(2873.713) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3292.523 |
7063.216 |
7893.438 |
|
|
2] Unsecured Loans |
550.164 |
364.069 |
35.231 |
|
|
TOTAL BORROWING |
3842.687 |
7427.285 |
7928.669 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4660.640 |
4436.434 |
5054.956 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10748.567 |
11482.445 |
8161.419 |
|
|
Capital work-in-progress |
11.351 |
308.962 |
2250.099 |
|
|
|
|
|
|
|
|
INVESTMENT |
25.026 |
25.026 |
25.026 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3768.367
|
2767.801
|
2029.076
|
|
|
Sundry Debtors |
1192.307
|
2022.563
|
2018.621
|
|
|
Cash & Bank Balances |
497.212
|
489.302
|
304.875
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
7591.695
|
5845.799
|
3894.595
|
|
Total
Current Assets |
13049.581
|
11125.465 |
8247.167 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
12519.166
|
11590.629
|
7688.921
|
|
|
Other Current Liabilities |
6429.382
|
6722.712
|
5798.442
|
|
|
Provisions |
225.337
|
192.123
|
141.392
|
|
Total
Current Liabilities |
19173.885
|
18505.464 |
13628.755 |
|
|
Net Current Assets |
(6124.304)
|
(7379.999)
|
(5381.588)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4660.640 |
4436.434 |
5054.956 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (9 Months) |
30.06.2011 (15 Months) |
31.03.2010 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38481.637 |
40807.376 |
28987.206 |
|
|
|
Other Income |
434.693 |
463.661 |
44.709 |
|
|
|
TOTAL |
38916.330 |
41271.037 |
29031.915 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
15738.282 |
21156.524 |
23997.361 |
|
|
|
Purchase of Stock in Trade |
17183.856 |
12069.099 |
2551.028 |
|
|
|
Employee benefits
expenses |
508.654 |
678.078 |
397.655 |
|
|
|
Selling and
Distribution Expenses |
0.000 |
0.000 |
849.923 |
|
|
|
Administrative
and other Expenses |
0.000 |
0.000 |
173.807 |
|
|
|
Other Expenses |
4947.608 |
6986.655 |
0.000 |
|
|
|
Change in
inventories of finished goods, work-in-progress and stock-in-trade |
(1009.742) |
(723.903) |
0.000 |
|
|
|
TOTAL |
37368.658 |
40166.453 |
27969.774 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1547.672 |
1104.584 |
1062.141 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1084.994 |
975.679 |
489.703 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
462.678 |
128.905 |
572.438 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1064.984 |
1549.307 |
1166.820 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE EXCEPTIONAL ITEM AND TAX
|
(602.306) |
(1420.402) |
(594.382) |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITMES |
132.240 |
(23.689) |
(180.786) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(734.546) |
(1396.713) |
(775.168) |
|
|
|
|
|
|
|
|
|
Less/ Add |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(734.546) |
(1396.713) |
(775.168) |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
INCOME / EXPENSES (NET) |
NA |
NA |
(5.641) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(14279.557) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(15060.366) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Brokerage and Commission |
6.300 |
2.177 |
2.230 |
|
|
TOTAL EARNINGS |
6.300 |
2.177 |
2.230 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
935.102 |
1256.811 |
2244.245 |
|
|
|
Stores & Spares |
345.012 |
768.949 |
391.411 |
|
|
|
Projects |
0.000 |
0.000 |
296.615 |
|
|
TOTAL IMPORTS |
1280.114 |
2025.760 |
2932.271 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.75) |
(4.46) |
(3.65) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
13624.200 |
14997.800 |
15553.600 |
|
Total Expenditure |
13463.200 |
1,4119.600 |
15012.400 |
|
PBIDT (Excl OI) |
161.000 |
878.200 |
541.200 |
|
Other Income |
143.900 |
206.600 |
120.100 |
|
Operating Profit |
304.900 |
1084.800 |
661.300 |
|
Interest |
263.200 |
457.700 |
415.400 |
|
PBDT |
41.800 |
627.200 |
245.900 |
|
Depreciation |
357.500 |
361.900 |
362.600 |
|
Profit Before Tax |
(315.700) |
265.200 |
(116.700) |
|
Profit After Tax |
(315.700) |
265.200 |
(116.700) |
|
Net Profit |
(315.700) |
265.200 |
(116.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (9 Months) |
30.06.2011 (15 Months) |
31.03.2010 (12 Months) |
|
PAT / Total Income |
(%) |
(1.89)
|
(3.38) |
(2.67)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.91)
|
(3.42) |
(2.67)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.09)
|
(6.18) |
(4.72)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.90)
|
0.47 |
(0.27)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
28.14
|
(8.67) |
(7.50)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.68
|
0.60 |
0.61
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CHARGES:
|
Entity |
Competent Authority |
Regulatory Charges |
Regulatory Actions / Date of Order |
Further Developments |
|
Lloyds Steel
Industries Limited |
CBEC |
Defaulted in payment
of customs/ excise duties |
Notice issued
under section 142 of customs act, 1962 |
Appeal filed and
stay order issue |
FINANCIAL YEAR
Owing to extension
of last Financial Year (2010-2011) by three months and consequently the previous
financial year containing 15 months, which ended on 30th June, 2011. In order
to realign financial year ending in March 2012, the company is closing the
current financial year of 9 months and therefore financial accounts are
prepared for a period of 9 months i.e. from 1st July, 2011 to 31st
March, 2012.
OPERATIONS AND OVERALL PERFORMANCE
The Company
achieved a Turnover of Rs. 40530.300
Millions in 9 months period as against Rs. 43653.600 Millions in the previous financial year (15 months). The Company achieved an operating
Profit (PBDIT) of Rs.1547.700 Millions in
the current period as against Rs.1104.600 Millions in the previous period. The Company incurred a loss of
Rs. 734.500 Millions during the
period (9 months) as against a loss of Rs. 1396.700 Millions in the previous financial year (15 months) after
providing depreciation of Rs. 1065.000
Millions (Previous period Rs.1549.300 Millions).
STEEL PRODUCTS
Sale of steel
products during the period (9 months) has been Rs. 22396.900 Millions as against the previous period (15 months)
figure of Rs. 28419.600 Millions.
Export during the period of 9 months is Rs. 107.700 Millions as against Rs. 133.200 Millions recorded during the previous period of 15 months.
ENGINEERING PRODUCTS
The Division during
the period achieved sales of Rs. 2862.400
Millions for the 9 months period as compared to the previous year sales
of Rs. 4007.700 Millions for 15
months. The Company during the year has supplied critical items and items
including tanks and furnace to SMS India Limited, and other equipments for many
clients. The Division continues to support in supply of Spares and Services to
all the major Oil, Gas, Port Trust and various Government bodies. The Company
has been successful in obtaining further orders from reputed companies for
their projects.
MANAGEMENT
DISCUSSION AND ANALYSIS
The core business
of the Company is manufacturing and marketing Iron and Steel products and
manufacturing capital equipments and turnkey projects. The Management discussions
and analysis is given hereunder:-
INDUSTRY STRUCTURE AND DEVELOPMENT
In 2011 the world
crude steel production reached 1527 million tones (mt) and showed a growth of
6.8% over 2010. China remained the largest crude steel producer in the world.
Steel production in Asia was around 988 million tones registering a growth of
7.9 % over last year.
Indian Steel
Industry has grown from a production of 2 million tones crude steel in 1951 to
nearly 67 million tones
in 2010. The world
steel Association, a premiere global steel producers association in its annual
meet held in Paris during October 2011 has projected a growth of 7.9% for the
Indian steel industry in 2012. The Indian steel industry plays an important
role in the country’s economic growth. Consumption of Steel is taken to be an
indicator of economic development. Growth of the Indian Steel Industry looks
positive but the performance was slow during April- December 2011. This was
because of efforts of government to check the sustained rise in inflation. The
frequent increase in lending rates, made with the object to contain inflation,
have resulted in a high cost of capital. Indian steel industry faces the
critical dilemma of increasing cost of funds, which rends to impact margins as
well as capital expenditure plans.
The engineering
industry in India manufactures a wide range of products, with heavy engineering
goods accounting for bulk of the production. The development of Engineering
Industry depends upon the development of core sectors and the infrastructure
sector. The Engineering Segment is highly competitive in view of tough
competition from foreign companies/agencies and giant public/private sector
undertakings
OUTLOOK
The outlook for
the domestic steel industry looks positive. The country has acquired a central
position on the global steel map with its giant steel mills, continuous
modernization and up gradation of old plants, improving energy efficiency, and
backward integration into global raw material sources. However the challenges
before the Indian steel industry and the emerging economies are also serious
and need immediate attention. Rising prices of key raw materials like iron ore
and coking coal, inflationary pressure, seasonal fall in demand for automobile
and white goods, stock market crash etc have also posed certain threats.
Inspite of this the future of steel industry indeed lies in India which is
blessed with abundant mineral resources including iron ore and non-coking coal.
With acquisition of coking coal mines by Indian companies in countries like
South Africa and Australia, India is claiming her rightful place as the second
largest steel producer in the league of nations.
The Company
continues to compete and participate in the tenders of various Public and
Private Sector giants and is hopeful of bagging fresh orders for engineering
products. The Engineering products of the company has been
approved for its
engineering skills/works/services by various premier consulting companies such
as MECON, LRIS and also approved by Industrial Boiler Regulatory Authority
(IBR).
CONTINGENT
LIABILITIES NOT PROVIDED FOR
|
Particulars |
31.03.2012 Rs. in Millions (9 Months) |
|
(a) In respect
of guarantees issued by Banks : This includes expired Bank guarantees of Rs. 39.254 Millions
(Rs.11.111 millions) |
173.064 |
|
|
|
|
(b) Corporate Guarantee issued by the Company |
6.218 |
|
|
|
|
(c) i) Claims against the Company not acknowledged as debt. |
86.619 |
|
ii) Show cause notices under hearing in respect of excise duty which
is disputed by the Company |
44.784 |
|
iii) Sales Tax |
2.865 |
|
TOTAL |
313.550 |
FIXED
ASSETS
·
Land
·
Building
·
Plant and
Machinery
·
Computers
·
Electrical
Installations
·
Office
Equipment
·
Furniture and
Fixtures
·
Motor
Vehicles
·
Railway
Siding
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31TH
DECEMBER 2012.
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 Unaudited
|
30.09.2012 Unaudited |
31.12.2012 Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
15553.566 |
14997.803 |
44175.560 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
4244.786 |
4718.327 |
14458.938 |
|
|
Purchase
of stock in trade |
9238.432 |
8317.224 |
24157.204 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(505.529) |
(1042.371) |
(2330.917) |
|
|
Employee
benefits expenses |
207.407 |
174.507 |
552.029 |
|
|
Depreciation
and amortization expenses |
362.567 |
361.944 |
1082.005 |
|
|
Other
expenses |
1827.266 |
1951.902 |
5757.855 |
|
|
Total Expenses |
15374.929 |
14481.533 |
43677.115 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
178.636 |
516.270 |
498.445 |
|
|
|
|
|
|
|
4. |
Other
Income |
120.094 |
206.594 |
470.593 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
298.731 |
722.864 |
969.038 |
|
|
|
|
|
|
|
6. |
Interest |
415.414 |
457.652 |
1136.231 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(116.683) |
265.212 |
(167.192) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(116.683) |
265.212 |
(167.192) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
-- |
-- |
-- |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(116.683) |
265.212 |
(167.192) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(116.683) |
265.212 |
(167.192) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
10458.400 |
6658.400 |
10458.400 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(0.15) |
0.40 |
(0.24) |
|
|
b)
Basic and diluted EPS after extraordinary items |
(0.15) |
0.40 |
(0.24) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
435046261 |
424349234 |
435046261 |
|
|
-
Percentage of Shareholding |
41.65 |
63.86 |
41.65 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
-- |
159990126 |
-- |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
-- |
66.62 |
-- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
24.07 |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
609472232 |
80179133 |
609472232 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
33.38 |
100.00 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
58.35 |
12.07 |
58.35 |
|
Particulars |
Quarter Ended |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
47 |
|
Disposed of during the quarter |
47 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
|
( Net sale /Income from each segment ) |
|
|
|
|
|
|
a) Steel Products |
6705.229 |
6305.040 |
20264.332 |
|
|
|
b) Engineering Products |
694.573 |
784.676 |
2273.784 |
|
|
|
c) Trading |
9029.236 |
8128.257 |
23545.412 |
|
|
|
Total |
16429.038 |
15217.973 |
46083.528 |
|
|
|
|
|
|
|
|
|
|
Less : Inter
Segment Revenue |
755.378 |
13.577 |
1437.375 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
15673.660 |
15204.396 |
44646.153 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
(Profit (+) / Loss
(-) before tax and interest from each
segment) |
|
|
|
|
|
|
a) Steel Products |
(8.870) |
621.038 |
280.220 |
|
|
|
b) Engineering Products |
338.030 |
135.658 |
767.099 |
|
|
|
c) Trading |
22.014 |
(50.827) |
(6.347) |
|
|
|
Total |
351.174 |
705.869 |
1040.972 |
|
|
|
|
|
|
|
|
|
|
Less : |
|
|
|
|
|
|
i) Interest |
415.414 |
457.652 |
1136.231 |
|
|
|
ii) Other un-allocable expenditure net of un-allocable income |
52.443 |
(16.995) |
71.933 |
|
|
|
Profit (+) /Loss(-)Before Tax |
(116.683) |
265.212 |
(167.192) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Segment Assets -
Segment Liabilities |
|
|
|
|
|
|
a) Steel Products |
4607.310 |
3414.109 |
4607.310 |
|
|
|
b) Engineering Products |
3658.504 |
2390.678 |
3658.504 |
|
|
|
c) Unallocable Assets Less Liabilities |
265.484 |
(1046.684) |
265.484 |
NOTES:
- The committee of Board of Directors at their
meeting held on 6th of December, 2012 allotted 38,00.00,000 Equity shares
of Rs.10/- each to the following :
a. Ultimate logistics Solutions Private Limited - 31,00,00,000 Equity
Shares and
b. Metallurgical Engineering and Equipments Limited - 7,00,00,000 Equity
Shares.
- The auditors of the Company have carried out a
limited review of the financial results for the quarter and nine months
ended 31st December 2012 in compliance with clause 41 of the Listing
Agreement. The financial results have been reviewed by the Audit Committee
and approved by the Board of Directors at their respective meeting held on
4th February, 2013.
- Previous period figures has been
regrouped/reclassified wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared by
: |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.