MIRA INFORM REPORT
|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
|
|
|
|
Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai – 400009, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-035806 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1222.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104MH1985PLC035806 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03480B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1710C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Galvanised Coils / Sheets and Cold Rolled
Coils |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 41000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having a good track record. It has shown some growth in its sales
turnover and profits during 2012. However, the company has recorded
some external borrowings. Trade relations are reported as decent. Business is
active. Payment terms are regular and as per commitment. 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.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Rating = A |
|
Rating Explanation |
Low risk of default. The capacity for payment of financial commitment
is considered strong. This capacity May, nevertheless, be more vulnerable to adverse
business or economic conditions. |
|
Date |
August 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
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-66563500 |
|
Date : |
15.05.2013 |
LOCATIONS
|
Registered / Corporate Office : |
Uttam
House, 69, P D Mello Road, Carnac Bandar, Mumbai – 400 009, Maharashtra,
India |
|
Tel. No.: |
91–22–23420557/
23421968/ 66563500/ 23440440/ 23413192 |
|
Fax No.: |
91–22–23430765/
23415025/ 23441383/ 56311949/ 23434188/ 23485025/ 23481598 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Khopoli
- Pen Road, Village - Donvat, Taluka- Khalapur, District Raigad - 410202,
Maharashtra, India |
|
Tel. No.: |
91-2192-278053/278055/278146 |
|
Fax No.: |
91-2192-278143 |
|
|
|
|
Factory 2 : |
|
|
|
|
|
Factory 3: |
Taloja
-12, MIDC, District Raigad, |
|
|
|
|
Branch Offices : |
Located
at : - · Pune ·
·
Bangalore ·
·
Chennai ·
Indore ·
Hyderabad ·
Secunderabad |
|
|
|
|
Steel Service Centers : |
Located
at : ·
Mumbai, ·
Kolkata, ·
·
·
·
|
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Rajinder
K. Miglani |
|
Designation : |
Chairman
|
|
Address : |
21-B,
Embassy Apartments, 46, Nepean Sea Road, Mumbai – 400 036, Maharashtra, India
|
|
Date of Birth/Age: |
66
Years |
|
Qualification : |
Science
Graduate |
|
Date of Appointment : |
31.12.1998 |
|
Last Employment |
Business |
|
|
|
|
Name : |
Mr. S P Talwar |
|
Designation : |
Director |
|
Qualification: |
BA, LLB |
|
|
|
|
Name : |
Mr.
Pandurang. G. Kakodkar |
|
Designation : |
Director |
|
Qualification: |
MA
(Economics) |
|
|
|
|
Name : |
Mr.
Shirish T. Parikh |
|
Designation : |
Director |
|
Qualification: |
B.E.
(Civil) |
|
Date of Appointment: |
29.03.1985 |
|
Other Directorship: |
Frontline
Rolls, Forms Limited |
|
|
|
|
Name : |
Mr. O P Gahrotra |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mrs. Swarna Prabha Sukumar |
|
Designation : |
Director (Nominee of LIC) |
|
Qualification: |
Science Graduate |
|
Experience : |
32 Years in LIC |
|
|
|
|
Name : |
Mr.
Anuj Miglani |
|
Designation : |
Managing
Director |
|
Date of Birth/Age: |
38
Years |
|
Qualification : |
Mechanical Engineer from |
|
Date of Appointment : |
01.02.1995 |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director (Commercial) |
|
Date of Birth/Age: |
33
Years |
|
Qualification : |
Graduate in Economics from |
|
Date of Appointment : |
29.01.2003 |
|
|
|
|
Name : |
Mr. A K Mahendru |
|
Designation : |
Director (Sales and Marketing) |
|
Qualification: |
B. Tech, FIE and MIMA |
|
Tel No. : |
91-22-66563500 |
|
Fax No. : |
91-22-23415025 |
|
E-mail : |
|
|
Date of Appointment: |
01.04.1999 |
|
|
|
|
Name : |
Mr. Sharad G Tudekar |
|
Designation : |
Director (Works) |
|
Tel No. : |
91-22-23436930 |
|
Qualification: |
Graduate Engineer in Metallurgy |
|
E-mail : |
KEY EXECUTIVES
|
Name : |
Mr. Gursharan S Sawhney |
|
Designation : |
Executive Director (Finance) and Chief Financial Officer |
|
|
|
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Senior Vice President and Company Secretary |
|
Tel No. : |
91-22-23437831 |
|
E-mail : |
|
|
|
|
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5961700 |
4.19 |
|
|
39304520 |
27.63 |
|
|
45266220 |
31.82 |
|
|
|
|
|
|
41327931 |
29.05 |
|
|
41327931 |
29.05 |
|
Total shareholding of Promoter and Promoter Group (A) |
86594151 |
60.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
38705 |
0.03 |
|
|
20869 |
0.01 |
|
|
124104 |
0.09 |
|
|
38865726 |
27.32 |
|
|
39049404 |
27.45 |
|
|
|
|
|
|
2639977 |
1.86 |
|
|
|
|
|
|
7097003 |
4.99 |
|
|
2923839 |
2.06 |
|
|
3955729 |
2.78 |
|
|
689945 |
0.48 |
|
|
26800 |
0.02 |
|
|
3238984 |
2.28 |
|
|
16616548 |
11.68 |
|
Total Public shareholding (B) |
55665952 |
39.13 |
|
Total (A)+(B) |
142260103 |
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) |
142260103 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Galvanised Coils / Sheets and Cold Rolled
Coils |
||||||
|
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|
||||||
|
Products : |
|
||||||
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|
||||||
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Exports : |
|
||||||
|
Products : |
Finished Goods |
||||||
|
Countries : |
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||||||
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|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C / Cash / Credit |
||||||
|
|
|
||||||
|
Purchasing : |
L/C / Cash / Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Galvanised Coils / Sheets / Slit Coils |
(M.T) |
750000 |
561498 |
|
Colour Coated Coils / Sheets / Slit Coils |
(M.T) |
90000 |
77617 |
|
Cold Rolled Coils / Sheets / Slit Coils |
(M.T) |
960000 |
693713 |
|
Less : Captive Consumption (CR) |
(M.T) |
-- |
(415528) |
|
Less : Captive Consumption (GP) |
(M.T) |
-- |
(81748) |
|
TOTAL SALEABLE STEEL |
(M.T) |
-- |
835552 |
GENERAL INFORMATION
|
Customers : |
Manufacturers |
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1500 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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Bankers : |
|
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Prakkash
Muni and Associates Chartered
Accountants |
|
Address : |
303, The
Engle’s Flight, Suren Road, off Andheri Kurla Road, Near Western Express
Highway Junction, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66300900 |
|
Fax No.: |
91-22-66300990 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
K S
Aiyar and Company |
|
Address : |
Mumbai,
Maharashtra, India |
|
|
|
|
Wholly Owned Subsidiary / Step down Subsidiary: |
|
|
|
|
|
Associates / Joint Ventures : |
|
|
|
|
|
Ability to Control / Exercise Significant Influence : |
|
CAPITAL STRUCTURE
As on 21.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
142260103 |
Equity Shares |
Rs.10/- each |
Rs.1422.601
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122260103 |
Equity Shares |
Rs.10/- each |
Rs.1222.601
Millions |
|
|
|
|
|
(Out of this,
58,74,760 Equity Shares have been issued for consideration other than cash and
2,18,57,924 Equity Shares have been issued on conversion of Global Depository
Receipts)
Details of
Shareholder holding more than 5% Equity Shares:
|
Name of
Shareholders |
Number of shares held |
% holding |
|
Equity Shares with Voting Rights |
|
|
|
Kredence Multi Trading Limited |
14921063 |
12.20 |
|
Uttam Exports Private Limited |
7324379 |
5.99 |
|
Shree Uttam Steel and Power Limited |
7885600 |
6.45 |
|
Arcelomittal Netherlands BV |
41327931 |
33.80 |
|
Cresta Fund Limited |
12061801 |
9.87 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1222.600 |
1222.600 |
1222.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9027.500 |
8247.900 |
7755.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10250.100 |
9470.500 |
8978.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
20147.400 |
21285.300 |
17526.000 |
|
|
2] Unsecured Loans |
16.700 |
22.700 |
2908.900 |
|
|
TOTAL BORROWING |
20164.100 |
21308.000 |
20434.900 |
|
|
DEFERRED TAX LIABILITIES |
1217.000 |
869.200 |
717.500 |
|
|
|
|
|
|
|
|
TOTAL |
31631.200 |
31647.700 |
30130.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28987.400 |
18193.300 |
18706.800 |
|
|
Capital work-in-progress |
3786.900 |
9674.900 |
6339.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
120.200 |
88.900 |
80.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10851.400
|
13660.000
|
6493.900
|
|
|
Sundry Debtors |
5578.400
|
7236.000
|
3919.300
|
|
|
Cash & Bank Balances |
1312.600
|
675.900
|
1562.300
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Other Non-Current Assets |
238.900
|
0.000 |
0.000
|
|
|
Loans & Advances |
7484.300
|
4789.800 |
4712.900 |
|
Total
Current Assets |
25465.600
|
26361.700 |
16688.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14266.600
|
8384.300
|
2888.500
|
|
|
Other Current Liabilities |
12209.400
|
14070.900
|
8536.400
|
|
|
Provisions |
252.900
|
215.900
|
259.600
|
|
Total
Current Liabilities |
26728.900
|
22671.100 |
11684.500 |
|
|
Net Current Assets |
(1263.300)
|
3690.600
|
5003.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
31631.200 |
31647.700 |
30130.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
51716.000 |
|
|
|
Other Income |
|
|
76.400 |
|
|
|
TOTAL (A) |
|
|
51792.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
|
31772.200 |
|
|
|
Purchase of Traded Goods |
|
|
6208.000 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
|
|
3128.200 |
|
|
|
Employee Benefits Expense |
|
|
675.000 |
|
|
|
Other Expenses |
|
|
4873.200 |
|
|
|
TOTAL (B) |
|
|
46656.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
5135.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
2452.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2683.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
1273.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1410.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
630.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
779.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
6249.500 |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years - Taxes |
|
|
NA |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years – Deferred Tax |
|
|
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
|
|
NA |
|
|
|
Transfer to Debenture Redemption Reserve |
|
|
NA |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on F.O.B. value |
|
|
12607.900 |
|
|
TOTAL EARNINGS |
|
|
12607.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
19249.500 |
|
|
|
Stores & Spares |
|
|
56.300 |
|
|
|
Capital Goods |
|
|
390.100 |
|
|
TOTAL IMPORTS |
|
|
19695.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
6.38 |
|
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
50347.900 |
44956.600 |
|
|
|
Other Income |
|
5.600 |
7.200 |
|
|
|
TOTAL (A) |
|
50353.500 |
44963.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Cost |
|
44081.100 |
35990.300 |
|
|
|
Other Manufacturing Expenses |
|
2246.600 |
2146.100 |
|
|
|
Administrative Expenses |
|
409.200 |
325.700 |
|
|
|
Selling Distribution Expenses |
|
1553.200 |
1618.500 |
|
|
|
Increase/(Decrease) in Stock |
|
(2973.000) |
(197.900) |
|
|
|
Payment to Employees |
|
618.000 |
575.500 |
|
|
|
TOTAL (B) |
|
45935.100 |
40458.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
4418.400 |
4505.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2089.000 |
1853.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
2329.400 |
2651.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1194.100 |
1127.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
1135.300 |
1524.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
367.600 |
500.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
767.700 |
1024.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
5668.000 |
5221.700 |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years - Taxes |
|
61.200 |
56.100 |
|
|
Less |
Adjustments
Pertaining to Prior Years – Deferred Tax |
|
0.000 |
397.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Capital Redemption Reserve |
|
0.000 |
0.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
|
125.000 |
125.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
6249.500 |
5668.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
15535.300 |
13674.800 |
|
|
TOTAL EARNINGS |
|
15535.300 |
13674.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
24087.100 |
18226.800 |
|
|
|
Stores & Spares |
|
35.200 |
57.800 |
|
|
|
Capital Goods |
|
273.700 |
235.700 |
|
|
TOTAL IMPORTS |
|
24396.000 |
18520.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
6.28 |
8.48 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
20577.200 |
14390.600 |
14605.400 |
|
Total Expenditure |
19090.700 |
12918.300 |
13065.700 |
|
PBIDT (Excl OI) |
1486.500 |
1472.300 |
1539.700 |
|
Other Income |
11.300 |
6.500 |
30.00 |
|
Operating Profit |
1497.900 |
1478.800 |
1569.700 |
|
Interest |
814.300 |
777.400 |
858.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
683.600 |
701.400 |
711.200 |
|
Depreciation |
454.000 |
459.000 |
459.100 |
|
Profit Before Tax |
229.600 |
242.400 |
252.100 |
|
Tax |
127.200 |
130.800 |
132.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
102.400 |
111.600 |
119.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
102.400 |
111.600 |
119.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.51
|
1.52
|
2.28
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.73
|
2.25
|
3.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.59
|
2.55
|
4.31
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.12
|
0.17
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.97
|
2.25
|
2.28
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
1.16
|
1.43
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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) |
Yes |
|
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] |
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 has achieved a turnover of Rs. 54753.800 Millions as against Rs.53298.400 Millions in the previous year and has recorded Profit before Tax of Rs.1410.000 Millions as against Rs.1135.400 Millions in the previous year.
The Company has embarked on modernization and an expansion program of the existing facilities and it is also exploring various opportunities in the different business verticals in which it operates. In this endeavor, it is necessary to conserve the resources to meet investment opportunities, which the Board believes would enhance the shareholder’s value in the long term. Accordingly, the Board has not recommended any dividend for the Financial Year 2011-2012.
EXPORTS:
The Company now exports its products to 145 countries across the globe and continues to expand its reach. The Company has maintained its presence in the International Market inspite of the Global slowdown. This year, the Company has serviced 240 export customers internationally in 62 countries.
The Global Economic situation has shown signs of revival in USA, Russia and CIS countries. This has provided a marginal boost to international business. The company has recorded a sales growth of 6% and has moved up the value chain with 28% growth in Construction and Engineering segments.
The Company’s exclusive marketing and sales arrangements with M/s. ArcelorMittal International for Africa, Middle East, Latin America, Russia and other CIS countries has yielded positive results and the benefits of the same will continue to accrue in the following years.
The Company has been the recipient of 16 EEPC Awards (15th consecutive year) from the Ministry of Commerce and Industry, Government of India for its outstanding exports performance.
DOMESTIC MARKET:
The Company has focused on the Domestic Market for the last 4 years and has achieved leadership position. Domestic turnover has risen to 76% of the total sales volume in 2011-2012.
Continuous effort has been made in establishing the ‘Uttam Suraksha’ GC (Galvanised Corrugated Roofing Sheets) brand firmly in the Construction segment and increase its penetration in rural and urban areas. It is recognised as one of the major Brands in its segment in Domestic Markets like Maharashtra, Madhya Pradesh, Gujarat, Andhra Pradesh, Karnataka, Chattisgarh etc. The Company has achieved volume growth of 30% sales in this segment over last fiscal.
In the Original Equipment Manufacturer (OEM) market, the Company has been focusing on high growth and profit table segments such as Automotive and Appliances and has thus moved up the value chain in these markets.
The Company has achieved volume growth of 9% in the Automotive segment over the last fiscal and firmly established itself in the two and four wheeler (Passenger and Commercial) market in western India. The Company has been catering to the requirements of Mahindra and Mahindra, Force Motors, Eicher and vendors of TATA Motors, Bajaj Auto, General Motors, Piaggio, Volkswagen and others.
In the Appliance segment the Company has achieved volume growth of 60% over the last fiscal and has established itself as a supplier to Blue Star, Voltas, Samsung, Hitachi, Videocon group Companies, Whirlpool, Carrier and others.
In the General Engineering segment the Company has established itself as a major supplier to Otis, Godrej and Boyce, Crompton Greaves and Hematic Motors.
The demand drivers, which include rapid increase in urbanization, improved and growing per capita income level, increased availability of Bank Finances and need for improvement of public transport particularly in semi-urban and rural areas, are very encouraging for the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENT
The demand for steel across the world is still lean but has picked up pace in the last quarter. In India demand is growing steadily in line with the economic growth. With increase in spend by the Government and Private Sector, on Infrastructure, Power, Capital Goods coupled with Positive Growth in demand from the consumer segments like Automotive and Appliances, the surge in demand for fl at steel products in the domestic markets is expected to continue.
SEGMENT – WISE
PERFORMANCE
Since the Company operates only in one Segment, segment-wise or product–wise analysis of performance is not applicable.
OUTLOOK
The domestic fl at steel consumption in the relevant business segments is estimated to grow at 10-12%. The need, however, for value added and niche products is likely to surge and has been identified as major focus area for the Company.
The international market has also demonstrated positive trends. Though the growth in the Euro Area and US has been marginal, the same, however, in Latin American Countries, Middle East and Africa has been positive and encouraging and has been identified as a major opportunity area for the Company.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The Company has achieved the highest ever Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) Rs.5059.400 Millions, which is an improvement of 11.1% over the Previous Year. Cost of Funds has gone up due to increase in Interest rates and therefore eroded the Operational Gains.
Though the Company is covered under Minimum Alternate Tax (MAT), yet the total Income Tax Provision is 45% as against the normal Income Tax rate of 33% due to Provision for higher Deferred Tax.
MATERIAL FINANCIAL
AND COMMERCIAL TRANSACTIONS WITH RELATED PARTIES
There are no materially significant financial and commercial transactions with the related parties conflicting with the interest of the Company during the financial year. The Promoters and the Directors are not dealing in the Equity Shares of the Company.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Other Loans (SICOM and Others) |
16.700 |
22.700 |
|
Total |
16.700 |
22.700 |
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
(a) Letters of Credit outstanding |
6985.800 |
5919.300 |
|
(b) Bank Guarantees |
1302.500 |
925.400 |
|
(c) Estimated amount of contracts remaining to be executed on capital
account and not provided for |
1260.200 |
600.400 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2012
Rs. In Millions
|
Sr. NO. |
Particulars |
For 3 Months Ended |
Previous 3 Months Ended |
For 9 Months Ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Reviewed |
Reviewed |
Reviewed |
|
1(a) |
Local Sales |
11896.800 |
8687.900 |
34532.800 |
|
(b) |
Export Sales |
3616.900 |
6589.500 |
17819.800 |
|
(c) |
Total Gross Sales |
15513.700 |
15277.400 |
52352.600 |
|
(d) |
Less: Excise Duty |
908.300 |
886.800 |
2779.400 |
|
(e) |
Net Sales / Income from Operations |
14605.400 |
14390.600 |
49573.200 |
|
(f) |
Other Operating Income |
|
|
|
|
|
Total Operating Income
(e+f) |
14605.400 |
14390.600 |
49573.200 |
|
2 |
Expenditure |
|
|
|
|
|
a) Consumption of Raw Materials |
8945.400 |
8722.800 |
27473.000 |
|
|
b) Purchase of Traded Goods |
2886.200 |
2420.400 |
14240.600 |
|
|
& Stock In Trade |
(564.400) |
194.000 |
(1524.900) |
|
|
d) Employees Cost |
199.900 |
184.700 |
574.400 |
|
|
e) Depreciation |
459.100 |
459.000 |
1372.100 |
|
|
f) Other Expenditure |
1598.600 |
1396.400 |
4384.000 |
|
|
Total (a to f) |
13524.800 |
13377.300 |
46519.200 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items (1-2) |
1080.600 |
1013.300 |
3054.000 |
|
4 |
Other Income |
30.000 |
6.500 |
47.800 |
|
5 |
Profit before
Interest and Exceptional Items (3+4) |
1110.600 |
1019.800 |
3101.800 |
|
6 |
Interest & Finance Charges (net) |
858.500 |
777.400 |
2377.700 |
|
7 |
Profit after
Interest but before Exceptional Items (5-6) |
252.100 |
242.400 |
724.100 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit (+)/Loss (-)
from Ordinary Activities before Tax (7+8) |
252.100 |
242.400 |
724.100 |
|
10 |
Tax Expense - |
|
|
|
|
|
- Current Tax |
50.600 |
48.700 |
145.400 |
|
|
- MAT Credit |
|
|
|
|
|
- Wealth Tax |
|
|
|
|
|
- Deferred Tax |
82.000 |
82.100 |
245.100 |
|
11 |
Net Profit (+) / Loss (-) From Ordinary Activities after Tax (9-10) |
119.500 |
111.600 |
333.600 |
|
12 |
Extra Ordinary Items (Net of Tax expense) |
-- |
- |
-- |
|
13 |
Net Profit (+) /
Loss (-) for the period (11-12) |
119.500 |
111.600 |
333.600 |
|
14 |
Paid up Equity Share Capital (of Rs 10/- each) |
1222.600 |
1222.600 |
1222.600 |
|
15 |
Paid up Debentures |
2000.000 |
2000.000 |
2000.000 |
|
16 |
Reserves excluding Revaluation Reserves |
|
|
|
|
17 |
Debenture Redemption Reserve |
|
|
|
|
18 |
Extraordinary Items (not annualised ) - Basic & Diluted |
0.98 |
0.91 |
2.73 |
|
19 |
Public shareholding |
|
|
|
|
|
- Number of shares |
35665952 |
35665952 |
35665952 |
|
|
- Percentage of shareholding |
29.17% |
29.17% |
29.17% |
|
20 |
Promoters &
Promoter Group Share holding |
86594151 |
86594151 |
86594151 |
|
|
a) Pledged/Encumbered |
|
|
|
|
|
Number of Shares |
2502500 |
2502500 |
2502500 |
|
|
% on Promoters & Promoter Group Share holding |
2.89% |
2.89% |
2.89% |
|
|
% on Total Share Capital of the Company |
2.05% |
2.05% |
2.05% |
|
|
b) Non Encumbered |
|
|
|
|
|
Number of Shares |
84091651 |
84091651 |
84091651 |
|
|
% on Promoters & Promoter Group Share holding |
97.11% |
97.11% |
97.11% |
|
|
% on Total Share Capital of the Company |
68.78% |
68.78% |
68.78% |
Notes :
1 The above financial results were reviewed by the Audit Committee and approved at the meeting of Board of Directors held on 8th February, 2013.
2 Previous year's figures have been regrouped / rearranged wherever necessary.
3 The Company is in manufacturing of Steel Products and also has a Captive Power Plant, Hence it is reporting its results in single segment as required by AS 17.
4 Number of complaints for the quarter ended 31.12.2012: Begining - 3, Received - 4, Disposed off-7, Pending -Nil.
FIXED
ASSETS:
·
Land
·
Building and Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex.
AS PER WEBSITE
PROFILE
Subject is one of the manufacturers of cold rolled steel ("CR") and galvanized steel (GP) in Western India.
The Company is into the business of procuring hot rolled steel ("HR") and processing it into CR and further into GP and Colour Coated Coils. In Galvanized coils it specializes in making ultra thin sheets, which could be as low as 0.13mm thickness. The excess capacity of CR which is not used for galvanizing is converted to value added grades in Cold Rolled Closed Annealed ("CRCA") coils, cut to length sheets and also sold as Full Hard CR in the overseas markets.
In the fiscal 2012, it had net revenues of Rs.51716.000 millions (US $ 1011 millions) and net income of Rs.779.570 millions (US $ 15.24 millions)
More than 50% of the Company's products are currently exported to 147 countries worldwide and it has a customer base in many advanced markets such as Australia , France , Germany , Greece , UK and the USA to name a few. In the Indian market, the Company has established itself as a major player for the supply of CRCA to manufacturers of automobiles, white goods, general engineering and drums and barrels segment. The Company is also a large supplier of galvanized coils and sheets to the construction industry.
The Company's manufacturing facilities are located at Khopoli, in the state of Maharashtra, India, which are close to Nhava Sheva and Mumbai ports. This provides the company with easy access to imports and exports of raw materials and finished good. A close proximity to the ports gives the Company the advantage of lowering its transportation costs. The Company's domestic sales are also within the radius of 500 km from its manufacturing facilities to domestic companies.
The Company is an ISO 9001: 2008 and TS 16949/2002 accredited Company both for
CR and GP/GC, It has also been awarded the highest exporter award by the
Engineering Export Promotion Council ("EEPC") of India for the past
15 years in succession.
The Company has expanded and modernized its operations at Khopoli which have increased its cold rolling capacity to 1million MT per annum as of March 2010. The Company has also increased its GP capacity to 750,000 MT per annum as of March 2010. The Company has also added a new colour coated line (Uttam Spectrum) with a capacity of 90,000 MT per annum as of March 2010. Due to its high quality products and brand image in the market, the Company expects that its increased volumes will be easily absorbed into the domestic and export markets.
The Company now has an entire range of cold rolling Reversible mills i.e.
20-Hi, 6-Hi, 4-Hi and newly commissioned twin stand 6-Hi mill. It is now in a
position to process HR coils of different grades, thicknesses and widths and is
able to meet virtually the entire thickness/width range of CR/GP/GC coils for
various end-use sectors. A significant portion of the Company's CR coils and
GP/GC, coils/sheets are in the higher value added thin gauge segment.
The Company believes that the above measures will further strengthen its
position as one of the leading companies in the CR and GP/GC market. With
around 77% of the CR production being transferred to the GP/GC, the level of
value addition is significantly enhanced. The Company has always focused on
novel and high value-added products. Its new colour coating line caters to a
niche set of consumers.
As part of its modernization program, the Company has also invested in
improving production and overall quality of its manufacturing processes and
finished products and Intends to increase its production of higher value- added
products.
NEWS
Uttam Galva case:
SEBI passes consent order on 30.000 Millions
Mumbai, June
13:
SEBI has settled and passed consent order in cases against three companies on payment of a total of Rs 0.700 millions for their delay in disclosing details of their shareholding pattern in Uttam Galva Steels Limited
The cases against the three firms — Kredence Multi Trading Limited, Archisha Investments Private Limited and Sainath Trading Company Private Limited — relates to their failure to adhere with SEBI's takeover norms.
The regulator said in separate orders that the consent applications “are settled as per consent term and SEBI shall not initiate any enforcement action” against the applicants for the delay in compliance.
The companies had been charged with delay of up to 12 years in making the disclosures. The matter involving the three companies took place in late 1990s and early 2000s.
In the case of Kredence Multi Trading Limited (formerly Sanjug Trading Company Limited), and Sainath Trading Company Private Limited, the consent orders were passed on payment of Rs 0.200 Million each, while it was Rs 0.300 Million in the case of Archisha Private Limited.
All the three firms had made separate applications for settlement of the matter and the SEBI high powered advisory committee had recommended the same on payment of settlement charges.
In a consent order, the company or person pays the settlement fee without denying or admitting the charges.
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.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.