MIRA INFORM REPORT
|
Report Date : |
01.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHANDAN STEEL LIMITED |
|
|
|
|
Registered
Office : |
504, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.11.1989 |
|
|
|
|
Com. Reg. No.: |
11-054206 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 303.587 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1989PLC054206 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC03758G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4713B
|
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Stainless Steel Products,
Pipe Fittings and Valves. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4533000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track record. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term = BBB- |
|
Rating Explanation |
Moderate degree of safety and carry moderate
credit risk |
|
Date |
July 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term = A3 |
|
Rating Explanation |
Moderate degree of safety and carry higher
credit risk |
|
Date |
July 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. Vinod Sharma |
|
Designation : |
General Manager in Accounts and Finance |
|
Contact No.: |
91-9833041563 |
|
Date : |
30.10.2013 |
LOCATIONS
|
Registered/ Head/ Administrative Office : |
504, Sukh Sagar,
N.S. Patkar Marg, Mumbai – 400 007,
Maharashtra, India |
|
Tel. No.: |
91-22-66290600 |
|
Mobile No.: |
91-9833041563 (Mr. Vinod Sharma) |
|
Fax No.: |
91-22-66290633/ 34 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
31, 32, 33B, 35 and 36, GIDC, Umbergaon, District Valsad –
396 171, |
|
Tel. No.: |
91-260-2562066/ 4367/ 1166/ 3089999 |
|
Fax No.: |
91-260-2562287/ 0103/ 3089872 |
|
E-Mail : |
|
|
Area : |
200 Acres |
|
Location : |
Owned |
DIRECTORS
As on 27.09.2012
|
Name : |
Mr. Chunilal Ghamandiram Chandan |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
26.01.1938 |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
ADGPC1366E |
|
DIN No.: |
00260127 |
|
|
|
|
Name : |
Mr. Dilip Chunilal Chandan |
|
Designation : |
Managing Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
01.01.1962 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
AAGPC2155A |
|
DIN No.: |
00259884 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chunilal Chandan |
|
Designation : |
Joint Managing Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
05.06.1967 |
|
Qualification : |
HSC |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
AAGPC2153G |
|
DIN No.: |
00259988 |
|
|
|
|
Name : |
Mr. Prahalad Hargovind Acharya |
|
Designation : |
Whole-time Director |
|
Address : |
No.126/13, Garden View, Indulal Bhuva Marg, Wadala, Mumbai – 400 031,
Maharashtra, India |
|
Date of Birth/Age : |
29.09.1943 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
01.12.2004 |
|
DIN No.: |
00260284 |
|
|
|
|
Name : |
Mr. Prabhat Kumar Gopi Kaushik |
|
Designation : |
Whole-time Director |
|
Address : |
108, Afghan Street, P.O Jammu Tawi, Jammu Kashmir – 180 001, India |
|
Date of Birth/Age : |
17.07.1951 |
|
Date of Appointment : |
30.09.2006 |
|
PAN No.: |
ACWPK6029M |
|
DIN No.: |
00292959 |
|
|
|
|
Name : |
Mr. Jagdish Padmakant Joshipura |
|
Designation : |
Director |
|
Address : |
103, Vasundhara Flats, Near Pritam Nagar, Ellisbridge, Ahmedabad – 380
006, Gujarat, India |
|
Date of Birth/Age : |
05.03.1951 |
|
Qualification : |
Ph. D |
|
Date of Appointment : |
16.03.1997 |
|
DIN No.: |
00260590 |
|
|
|
|
Name : |
Mr. Pravin Chahanlal Jain |
|
Designation : |
Whole-time Director |
|
Address : |
301, 3rd Floor, Padmavati Darshan, A Wing, N.M. Joshi Marg,
Lower Parel, Mumbai - 400013, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
15.07.2007 |
|
PAN No.: |
AACPJ9872F |
|
DIN No.: |
00345045 |
|
|
|
|
Name : |
Mr. Anil Kumar Dhar |
|
Designation : |
Director |
|
Address : |
2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
10.09.1952 |
|
Qualification : |
MBA |
|
Date of Appointment : |
11.07.2008 |
|
DIN No.: |
01524239 |
|
|
|
|
Name : |
Mr. Hiten Mukundbhai Parikh |
|
Designation : |
Director |
|
Address : |
2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
17.08.1963 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
23.03.2010 |
|
DIN No.: |
01686215 |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Vasant Gudekar |
|
Designation : |
Company Secretary |
|
Address : |
B-8, Plot No. 543, Susmruti Co- Operatuve Society, Sector-5, Kandivali
West, Mumbai- 400067, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1979 |
|
Date of Appointment : |
01.08.2008 |
|
Pan No. : |
ALMPG9925H |
|
|
|
|
Name : |
Mr. Vinod Sharma |
|
Designation : |
General Manager in Accounts and Finance |
MAJOR SHAREHOLDERS
As on 27.09.2012
|
Names of Equity Shareholders |
|
No. of Shares |
|
Chunilal Ghamadiram Chandan |
|
2284017 |
|
Dilip Chunilal Chandan |
|
2806001 |
|
Vijay Chunilal Chandan |
|
2811453 |
|
Samuben Chunilal Chandan |
|
1030432 |
|
Urmila Dilip Chandan |
|
1328526 |
|
Usha Vijay Chandan |
|
1596015 |
|
Chaitny Dilip Chandan |
|
714905 |
|
Chirag Dilip Chandan |
|
741504 |
|
Dilip Chunilal Chandan – HUF |
|
969130 |
|
Vijay Chunilal Chandan – HUF |
|
1711008 |
|
Chunilal Ghamadiram Chandan –
HUF |
|
928561 |
|
Total |
|
16921552 |
|
Names of Preference Shareholders (6% Non-Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
Chunilal Ghamadiram Chandan |
|
1000000 |
|
Vijay Chunilal Chandan |
|
2000000 |
|
Dilip Chunilal Chandan |
|
630000 |
|
Usha Vijay Chandan |
|
300000 |
|
Urmila Dilip Chandan |
|
1070000 |
|
Total |
|
5000000 |
|
Names of Preference Shareholders (9% Non-Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
Amber Solutions Private Limited, |
|
1000000 |
|
Adhiraj Construction Private Limited, |
|
2000000 |
|
Arnold Holding Limited, |
|
5430000 |
|
Keemtee Financial Service Limited, |
|
570000 |
|
Total |
|
9000000 |
As on 03.12.2012
|
Names of Allottees (Equity Shares) |
|
No. of Shares |
|
Vijay Chunilal Chandan |
|
338170 |
|
Total |
|
338170 |
As on 03.10.2012
|
Names of Allottees (Equity Shares) |
|
No. of Shares |
|
Chunilal Ghamadiram Chandan |
|
24813 |
|
Dilip Chunilal Chandan |
|
17980 |
|
Vijay Chunilal Chandan |
|
35112 |
|
Samuben Chunilal Chandan |
|
7338 |
|
Urmila Dilip Chandan |
|
18606 |
|
Usha Vijay Chandan |
|
13931 |
|
Chaitny Dilip Chandan |
|
3155 |
|
Chirag Dilip Chandan |
|
2927 |
|
Chunilal Ghamadiram Chandan – HUF |
|
6615 |
|
Dilip Chunilal Chandan – HUF |
|
12289 |
|
Vijay Chunilal Chandan – HUF |
|
12188 |
|
Total |
|
154954 |
Equity Share Break up (Percentage of Total Equity)
As on 27.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Stainless Steel Products,
Pipe Fittings and Valves. |
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Products : |
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Exports : |
|
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Products : |
Stainless Steel Products, Pipe Fittings and Valves |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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|
|
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|
No. of Employees : |
1800 (Approximately) |
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|
|||||||||||||||||||||
|
Bankers : |
·
The Saraswat Co-operative Bank Limited ·
The Shamrao Vithal Co-operative Bank Limited ·
Kotak Mahindra Bank Limited ·
Barclays Bank PLC, 601/603, Ceejay House,
Shivsagar, Estate, Dr. Annie Besant Road, Worli, Mumbai – 400 018,
Maharashtra, India ·
United Bank of India, Corporate Finance Branch, 2nd
Floor, 25, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India ·
Bank of Baroda, 10/12, Mumbai Samachar Marg,
Fort, Mumbai – 400 001, Maharashtra, India ·
Small Industries Development Bank of India,
Samruddhi Venture Park, Upper Ground Floor, MIDC Road, MIDC Industrial Area,
Marol, Andheri (East), Mumbai – 400 093, Maharashtra, India ·
Dena Bank, Industrial Finance Branch, Maker
Towers, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ·
State Bank of India, Girgaum Branch, Mumbai – 400
004, Maharashtra, India ·
Oriental Bank of Commerce, Fort ·
Standard Chartered Bank, BKC Branch ·
Dena Bank, Gulabwadi Branch |
|||||||||||||||||||||
|
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|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
·
Aditya Birla Finance Limited, Indian Rayon
Compound, Veraval – 362 266, Gujarat, India · Gujarat State Financial Corporation, Jal Darshan Building, Ashram Road, Ahmedabad – 380 009, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Taparia Chartered Accountants |
|
Address : |
12, Navjeevan Wadi, Dhobi Talao, Mumbai – 400 002, Maharashtra, India |
|
Tel. No.: |
91-22-66319266 / 67/ 68 |
|
Fax No.: |
91-22-66319266 / 67/ 68 |
|
E-Mail : |
|
|
PAN No.: |
AAOFS0663D |
|
|
|
|
Subsidiary Company
: |
·
Chandan Minerals Private Limited, India CIN No.: U14292MH2010PTC209730 ·
Kalikund Investment B.V., Netherlands |
|
|
|
|
Fellow Subsidiary : |
· KDG Steel sp.z.o.o., Poland |
CAPITAL STRUCTURE
After 27.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
15000000 |
Preference Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
Total |
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17414676 |
Equity Shares |
Rs.10/- each |
Rs.174.147
Millions |
|
5000000 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
9000000 |
9% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.90.000
Millions |
|
|
Total |
|
Rs.314.147 Millions |
As on 27.09.2012
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
5000000 |
6% Redeemable Non
Cumulative, Non-Convertible Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
10000000 |
9% Redeemable
Non Cumulative, Non-Convertible Preference Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16921552 |
Equity Shares |
Rs.10/- each |
Rs.169.216
Millions |
|
5000000 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
9000000 |
9% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.90.000
Millions |
|
|
Total |
|
Rs.309.216 Millions |
As on 31.03.2012
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
5000000 |
6% Redeemable
Non Cumulative, Non-Convertible Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
10000000 |
9% Redeemable
Non Cumulative, Non-Convertible Preference Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
Total |
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16358696 |
Equity Shares |
Rs.10/- each |
Rs.163.587
Millions |
|
5000000 |
6% Redeemable
Non Cumulative, Non-Convertible Preference Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
9000000 |
9% Redeemable
Non Cumulative, Non-Convertible Preference Share |
Rs.10/- each |
Rs.90.000
Millions |
|
|
Total |
|
Rs.303.587 Millions |
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 |
|
303.587 |
295.741 |
|
(b) Reserves & Surplus |
|
829.766 |
646.091 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1133.353 |
941.832 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
328.435 |
284.540 |
|
(b) Deferred tax liabilities (Net) |
|
189.566 |
176.522 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
4.140 |
3.951 |
|
Total Non-current
Liabilities (3) |
|
522.141 |
465.013 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1763.870 |
1881.915 |
|
(b) Trade
payables |
|
1099.931 |
780.581 |
|
(c) Other
current liabilities |
|
179.371 |
127.439 |
|
(d) Short-term
provisions |
|
162.700 |
94.714 |
|
Total Current
Liabilities (4) |
|
3205.872 |
2884.649 |
|
|
|
|
|
|
TOTAL |
|
4861.366 |
4291.494 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1332.404 |
1285.178 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
153.305 |
55.284 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
25.418 |
1.973 |
|
(c) Deferred tax assets (net) |
|
250.374 |
237.255 |
|
(d) Long-term Loan and Advances |
|
69.426 |
40.038 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1830.927 |
1619.728 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1643.414 |
1215.139 |
|
(c) Trade
receivables |
|
942.116 |
959.114 |
|
(d) Cash
and cash equivalents |
|
154.597 |
187.473 |
|
(e)
Short-term loans and advances |
|
52.532 |
42.218 |
|
(f) Other
current assets |
|
237.780 |
267.822 |
|
Total
Current Assets |
|
3030.439 |
2671.766 |
|
|
|
|
|
|
TOTAL |
|
4861.366 |
4291.494 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
201.056 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
494.495 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
695.551 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1898.381 |
|
|
2] Unsecured Loans |
|
|
151.000 |
|
|
TOTAL BORROWING |
|
|
2049.381 |
|
|
DEFERRED TAX LIABILITIES |
|
|
148.264 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2893.196 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
836.394 |
|
|
Capital work-in-progress |
|
|
236.501 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1.593 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1214.179 |
|
|
Sundry Debtors |
|
|
779.255 |
|
|
Cash & Bank Balances |
|
|
146.342 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
384.810 |
|
Total
Current Assets |
|
|
2524.586 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
587.201 |
|
|
Other Current Liabilities |
|
|
63.760 |
|
|
Provisions |
|
|
54.917 |
|
Total
Current Liabilities |
|
|
705.878
|
|
|
Net Current Assets |
|
|
1818.708 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2893.196 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
5250.533 |
4594.628 |
2913.884 |
|
|
|
Other Income |
23.415 |
12.285 |
49.970 |
|
|
|
TOTAL (A) |
5273.948 |
4606.913 |
2963.854 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4428.839 |
3593.512 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(373.445) |
74.469 |
|
|
|
|
Employee Benefit Expenses |
76.831 |
52.486 |
|
|
|
|
Other Expenses |
552.768 |
455.024 |
|
|
|
|
Prior Period Items |
2.266 |
0.777 |
|
|
|
|
TOTAL (B) |
4687.259 |
4176.268 |
2656.192 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
586.689 |
430.645 |
307.662 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
254.801 |
149.313 |
169.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
331.888 |
281.332 |
137.993 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.051 |
65.272 |
53.877 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
249.837 |
216.060 |
84.116 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.343 |
66.956 |
34.038 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
166.494 |
149.104 |
50.078 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
529.264 |
394.533 |
356.801 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend and Dividend Distribution Tax |
NA |
14.373 |
12.346 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
529.264 |
394.533 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports (Net of Return) |
4897.757 |
3938.872 |
2574.224 |
|
|
TOTAL EARNINGS |
4897.757 |
3938.872 |
2574.224 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2423.893 |
1686.282 |
954.575 |
|
|
|
Capital Goods |
34.424 |
80.082 |
72.467 |
|
|
TOTAL IMPORTS |
2458.317 |
1766.364 |
1027.042 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.82 |
8.84 |
3.15 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
5730.000 |
|
|
|
|
|
Expected Sales (2013-2014): Rs.6300.000 Millions
The above information has been parted by Mr. Vinod Sharma (General
Manager in Accounts and Finance).
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.16
|
3.24 |
1.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.76
|
4.70 |
2.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.06
|
7.67 |
2.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.23 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.85
|
2.30 |
2.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
0.93 |
3.58 |
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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Current Maturity
of Long Term Borrowings |
129.843 |
101.062 |
NA |
|
Total |
129.843 |
101.062 |
NA |
REVIEW OF
OPERATIONS:-
The EBIDTA as a percentage to sales has gone up from 10.80% to 11.95% in 2011-12. During the year Company has achieved Net Sales of Rs. 5250.000 Millions as compared to Rs. 4550.000 Millions in 2010-11 thereby showing an increase of 15.38 %. The Net Profit after Tax is at Rs. 166.400 Millions as compared to Rs.149.100 Millions same period on previous year showing an increase of 11.60 %. The sales volumes also marginally increase to 22371.629 MT in 2011-12 as compared to 22306.170 MT in 2010-11.
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10379723
|
21/09/2012
|
100,000,000.00
|
United
Bank of India |
Corporate Finance Branch, 2nd Floor,,
25, Sir P.M. Road, Fort,, Mumbai, Maharashtra - 400001, INDIA |
B59381749
|
|
2 |
10377909
|
05/09/2012
|
69,500,000.00
|
ADITYA
BIRLA FINANCE LIMITED |
Indian Rayon Compound,
Veraval, Gujarat - 362266, |
B58613985
|
|
3 |
10361925
|
13/06/2012
|
150,000,000.00
|
Dena
Bank |
12-16, 3rd Bhoiwada,
Gulalwadi, Mumbai, Maharashtra - 400002, INDIA |
B42156067
|
|
4 |
10324980
|
14/06/2013
* |
3,400,000,000.00
|
United
Bank of India (Lead Bank) |
Corporate Finance Branch, 25,
Sir P.M. Road, 2nd Floor, Fort, Mumbai, Maharashtra - 400001, INDIA |
B79129201
|
|
5 |
10299997
|
28/07/2011
|
90,000,000.00
|
United
Bank of India |
Corporate Finance Branch, 25,
Sir P.M. Road, 2nd Floor, Fort, Mumbai, Maharashtra - 400001, INDIA |
B17995952
|
|
6 |
10286520
|
19/04/2011
|
25,000,000.00
|
Bank
of Baroda |
10/12, Mumbai Samachar Marg,
Fort, Mumbai, Maharashtra - 400001, INDIA |
B12703252
|
|
7 |
10286521
|
19/04/2011
|
60,000,000.00
|
Bank
of Baroda |
10/12, Mumbai Samachar Marg,
Fort, Mumbai, Maharashtra - 400001, INDIA |
B12703484
|
|
8 |
10225562
|
28/05/2010
|
20,000,000.00
|
BANK
OF BARODA |
Post Box No.347, 10/12, Mumbai
Samachar Marg, Fort, Mumbai, Maharashtra - 400001, INDIA |
A87944146
|
|
9 |
10221336
|
10/05/2010
|
50,000,000.00
|
United
Bank of India |
United Bank of India Building,
25, Sir P.M. Road, Mumbai, Maharashtra - 400001, INDIA |
A85583755
|
|
10 |
10171739
|
11/08/2009
|
250,000,000.00
|
United
Bank of India |
25, Sir P.M. Road,, Mumbai,
Maharashtra - 400001, INDIA |
A67380857
|
|
11 |
10097953
|
14/01/2013
* |
335,000,000.00
|
Bank
of Baroda |
10/12, Mumbai Samachar Marg,
Fort, Mumbai, Maharashtra - 400001, INDIA |
B66262551
|
* Date of modification charge
FIXED ASSETS:
·
Freehold
Land
·
·
Buildings
·
Plant
and Machinery
·
Computers
·
Office
Equipments
·
Furniture
and Fixtures
·
Vehicles
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. 61.49 |
|
|
1 |
Rs. 98.71 |
|
Euro |
1 |
Rs. 84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA
|
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.