MIRA INFORM REPORT
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Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
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Name : |
UTTAM GALVA METALLICS LIMITED |
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Registered
Office : |
502, Global Foyer Building, Sector – 43, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.09.2007 |
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Com. Reg. No.: |
05-037927 |
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Capital
Investment / Paid-up Capital : |
Rs.5258.204
Millions |
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CIN No.: [Company Identification
No.] |
U27200HR2007PLC037927 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
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Subject is engaged into production of Hot Metal / Pig Iron. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 30360000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company. Directors are experience
and reputed businessman. Subject is having satisfactory track record. The successful
implementation and stabilization of the efficiency improvement in the project
in 2011-12 has lead to improvement in profitability. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very
High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like situation
appears to have arisen as inflation jumped to an eight month high of 6.46 % for
the month of September. It is up from 6.10 % in August. Growth continues to be
muted with factory output plunging to 0.6 % in August. Onion prices have
risen nearly 300 % from last September. Vegetables cost nearly 90 % more than
they did last year. Wake up to the economic contribution of slum dwellers. They
contribute more than 7.5 % to the country’s gross domestic product, according
to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of India
has approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facility = BBB |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
23.09.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facility = A3 |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
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Date |
23.09.2013 |
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
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Registered Office : |
502, Global Foyer Building, Sector – 43, Golf Course Road, Gurgaon –
122002, Haryana, India |
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Tel. No.: |
91-22-66563626 |
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Fax No.: |
91-22-23481831 |
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E-Mail : |
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Corporate Office : |
Uttam House, 69, P. D’Mello Road, Mumbai – 400009, Maharashtra, India |
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Tel. No.: |
91-22-66563500 |
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Fax No.: |
91-22-23485025/23481598 |
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Factory : |
Located at Wardha, Maharashtra, India |
DIRECTORS
AS ON 25.09.2012
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Name : |
Mr. Rajinderkumar Uttamchand Miglani |
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Designation : |
Director |
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Address : |
21 - B, Embassy
Apartments, 46, Nepeansea
Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
08.04.1946 |
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Date of Appointment : |
13.09.2007 |
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DIN No.: |
00286788 |
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Other Directorship :
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Name : |
Mr. Anuj Rajinder Miglani |
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Designation : |
Director |
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Address : |
21 - B, Embassy Apartments, 46,
Nepeansea Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
01.04.1974 |
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Date of Appointment : |
13.09.2007 |
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DIN No.: |
00287097 |
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Other Directorship :
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Name : |
Mr. Ankit Rajinderkumar Miglani |
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Designation : |
Director |
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Address : |
21 - B, Embassy Apartments, 46,
Nepeansea Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
23.02.1979 |
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Date of Appointment : |
13.09.2007 |
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DIN No.: |
00444956 |
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Other Directorship :
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Name : |
Mr. Omprakash Premdutt Ahuja |
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Designation : |
Whole-time director |
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Address : |
C/o. R. K. Flour Mills, 557, Bhandara, Lakadganj, Nagpur – 440008,
Maharashtra, India |
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Date of Birth/Age : |
30.12.1946 |
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Date of Appointment : |
05.05.2008 |
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DIN No.: |
00320978 |
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Other Directorship :
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Name : |
Mr. Jeetsingh Bhaiyasingh Rathod |
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Designation : |
Director |
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Address : |
Nanda Cottage,
Church Avenue, Santacruz (West), Mumbai – 400054, Maharashtra, India |
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Date of Birth/Age : |
25.12.1976 |
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Date of Appointment : |
11.06.2010 |
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DIN No.: |
02738376 |
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Other Directorship :
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KEY EXECUTIVES
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Name : |
Mr. Mukesh Kumar Jaisani |
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Designation : |
Secretary |
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Address : |
1711, Sanghvi
Bhavan, R. B. Marg, Ferbuader, Cotton Green, Murnbai- 400033, Maharashtra,
India |
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Date of Birth/Age : |
03.06.1965 |
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Date of Appointment : |
30/01/2009 |
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Pan No.: |
ABAPJ1506B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2012
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Names of Shareholders |
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No. of Shares |
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Rajinder Miglani |
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20000 |
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Anuj Miglani |
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14980 |
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AnkitMiglani |
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14980 |
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R Agrawal |
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10 |
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B. B. Handa |
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10 |
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Sunil Dodani |
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10 |
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Ram Gaud |
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10 |
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Liberty FE Trade DMCC, UAE |
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91033379 |
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Archisha Investment Private Limited, India |
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111320000 |
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Grow Well Mercantile Private Limited, India |
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42579600 |
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Revive Buildzone and Dealers Private Limited, India |
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209817415 |
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Prawas Leasing and Finance Private Limited, India |
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45451935 |
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Liberty Commodities Limited, United Kingdom |
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20067670 |
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Sanjeev Gupta |
|
4000000 |
|
Sanjeev Gupta NR |
|
1499500 |
|
Amit Bagadia |
|
100 |
|
Kanta Bagadia |
|
100 |
|
Narain Khatwani |
|
100 |
|
Ashwini S Kapoor |
|
100 |
|
Banyan Tree Growth Capital LLC, Mauritius |
|
500 |
|
|
|
|
|
TOTAL
|
|
525820399 |
AS ON 25.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
21.41 |
|
Bodies
corporate |
|
77.82 |
|
Directors
or relatives of directors |
|
0.01 |
|
Other
|
|
0.76 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into production of Hot Metal / Pig Iron. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Hot Metal and Pig Iron |
MTS |
NA |
500000 |
270310.515 |
|
Coke |
MTS |
NA |
200000 |
191486.628 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Prakkash Muni and Associates Chartered Accountants |
|
Address : |
303, The Eagle’s Flight, Suren Road, Off Andheri Kurla Road, Andheri (East),
Mumbai – 400093, Maharashtra, India |
|
PAN No: |
AADPM7288B |
|
|
|
|
Wholly Owned Subsidiaries : |
First Wardha Steel Limited [U27106MH2007PLC172719] |
|
|
|
|
Associates /
Joint Ventures : |
|
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 |
Preferences Shares |
Rs.10/- each |
Rs.5000.000 Millions |
|
|
TOTAL
|
|
Rs.20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
525820399 |
Equity Shares |
Rs.10/- each
|
Rs.5258.204
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 |
|
5258.200 |
4342.200 |
|
(b) Reserves & Surplus |
|
2332.200 |
982.800 |
|
(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) |
|
7590.400 |
5325.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
15220.200 |
8733.200 |
|
(b) Deferred tax
liabilities (Net) |
|
406.600 |
31.000 |
|
(c)
Other long term liabilities |
|
128.900 |
170.700 |
|
(d)
long-term provisions |
|
9.000 |
7.000 |
|
Total
Non-current Liabilities (3) |
|
15764.700 |
8941.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1835.700 |
5100.100 |
|
(b)
Trade payables |
|
4084.300 |
3787.600 |
|
(c)
Other current liabilities |
|
3112.800 |
2320.300 |
|
(d)
Short-term provisions |
|
1.700 |
0.000 |
|
Total
Current Liabilities (4) |
|
9034.500 |
11208.000 |
|
|
|
|
|
|
TOTAL |
|
32389.600 |
25474.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
22517.900 |
14313.200 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
1310.500 |
3088.500 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
18.300 |
10.500 |
|
(c)
Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
470.600 |
407.000 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
24317.300 |
17819.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3510.300 |
3964.600 |
|
(c)
Trade receivables |
|
2229.500 |
1208.300 |
|
(d)
Cash and cash equivalents |
|
351.900 |
559.600 |
|
(e)
Short-term loans and advances |
|
1967.400 |
1905.400 |
|
(f)
Other current assets |
|
13.200 |
17.800 |
|
Total
Current Assets |
|
8072.300 |
7655.700 |
|
|
|
|
|
|
TOTAL |
|
32389.600 |
25474.900 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3119.468 |
|
|
2] Share Application Money |
|
|
953.850 |
|
|
3] Reserves & Surplus |
|
|
539.250 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4612.568 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
7617.097 |
|
|
2] Unsecured Loans |
|
|
3749.989 |
|
|
TOTAL BORROWING |
|
|
11367.086 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.578 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15980.232 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
251.856 |
|
|
Capital work-in-progress |
|
|
11276.783 |
|
|
Pre-operative Expenses |
|
|
1529.292 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1895.489 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
249.019 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
2369.519 |
|
Total
Current Assets |
|
|
4514.027 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
159.105 |
|
|
Other Current Liabilities |
|
|
1443.914 |
|
|
Provisions |
|
|
3.232 |
|
Total
Current Liabilities |
|
|
1606.251 |
|
|
Net Current Assets |
|
|
2907.776 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
13.525 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15980.232 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17289.000 |
7675.100 |
0.000 |
|
|
|
Other Income |
26.700 |
29.600 |
8.885 |
|
|
|
TOTAL (A) |
17315.700 |
7704.700 |
8.885 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
13225.200 |
6979.900 |
|
|
|
|
Purchases of stock-in-trade |
436.700 |
1005.900 |
|
|
|
|
Employee benefit expense |
241.800 |
135.800 |
3.531 |
|
|
|
Other expenses |
292.300 |
(30.100) |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(178.900) |
(730.100) |
|
|
|
|
TOTAL (B) |
14017.100 |
7361.400 |
3.531 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3298.600 |
343.300 |
5.354 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1521.600 |
79.100 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1777.000 |
264.200 |
5.354 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
764.200 |
35.600 |
1.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1012.800 |
228.600 |
3.898 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
579.400 |
78.500 |
1.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
433.400 |
150.100 |
2.690 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7188.360 |
4036.866 |
1445.206 |
|
|
|
Capital Goods |
338.890 |
152.673 |
1460.321 |
|
|
|
Stores and Spares |
344.890 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
7872.140 |
4189.539 |
2905.527 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.98 |
0.40 |
0.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.50
|
1.95 |
30.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.85
|
2.97 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.26
|
1.02 |
0.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.04 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.25
|
2.60 |
2.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
0.68 |
2.81 |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Rupee Term Loans From Others |
500.000 |
0.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Rupee Term Loans From Banks |
332.800 |
2526.300 |
|
Term Loans From Others |
105.000 |
1508.600 |
|
TOTAL
|
937.800 |
4034.900 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10420719 |
28/03/2013 * |
2,000,000,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA |
B75377945 |
|
2 |
10409936 |
25/02/2013 |
1,000,000,000.00 |
UNITED BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, 2ND FLOOR,, UNITED BANK |
B70079702 |
|
3 |
10402640 |
29/12/2012 |
225,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N. G. N. VAIDYA MARG,, HORNIMA |
B67949644 |
|
4 |
10396006 |
29/12/2012 |
2,000,000,000.00 |
IDBI Bank
Limited |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B65523862 |
|
5 |
10342315 |
21/02/2012 |
60,000,000.00 |
UNION BANK OF
INDIA |
UNION BANK
BHAVAN, 239, VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA,
INDIA |
B35065903 |
|
6 |
10307117 |
02/09/2011 |
710,000,000.00 |
PUNJAB NATIONAL
BANK |
MAKER TOWER,
'E', GROUND FLOOR, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B20942488 |
|
7 |
10299477 |
09/07/2011 |
877,500,000.00 |
Oriental Bank of
Commerce |
181-A, MAKER TOWER
'E', 18TH FLOOR, CUFF PARADE, |
B17795477 |
|
8 |
10190831 |
31/12/2012 * |
8,500,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, N. G. N. VAIDYA MARG,, HORNIMA |
B67947119 |
|
9 |
10118870 |
12/01/2013 * |
18,385,400,000.00 |
SBICAP TRUSTEE
COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA |
B69348456 |
|
* Date of charge modification |
||||||
CORPORATE
INFORMATION:
The Company is a
closely-held public limited company promoted by Miglani Family on 13th
September 2007. The company is primarily engaged into production of Hot Metal /
Pig Iron. The company has set-up a Hot Metal / Pig Iron Plant (Blast Furnace)
at Wardha, Maharashtra. The plant also consist of a Sinter Plant, Recovery type
Coke Oven Plant, Captive Power Plant and a Top Gas Recovery Turbine.
The Company’s
primary finished goods are Hot Metal, Pig Iron and Coke. Hot Metal and Pig Iron
are produced from the Blast Furnace. Hot Metal and Pig Iron are intermediate
products for making steel and is sold to end-users, i.e. foundries and
secondary steel manufacturers. Coke is produced from the Coke Oven and major
portion of it is used for production of Hot Metal as a fuel in Blast Furnace,
while balance portion is sold to Steel Producers. Coke Oven Gas, Granulated
Slag and Coal Tar are by-products generated during the production process.
FIXED ASSETS:
- Land
- Furniture and
Fixtures
- Office
Equipments
- Computer
- Vehicles
AS PER WEBSITE
PRESS RELEASE
I-T EXAMINATION OF
UTTAM GALVA METALLICS
INCOME, ASSETS OF RS
6000.000 MILLIONS REPORTEDLY UNEARTHED, PROMOTER DECLINES COMMENT
Mumbai,
December 22, 2012
The Miglanis of Uttam Galva Steel Limited, co-promoted by ArcelorMittal, are under the radar of the income-tax authorities, according to sources.
Sources in the Mumbai Income Tax (I-T) department said they had unearthed unaccounted income and assets of around Rs 6000.000 Millions in a survey conducted on business premises of Uttam Galva Metallics Limited, an unlisted company owned by the Miglanis, on Wednesday and Thursday.
Uttam Galva Metallics, with its 0.5 million tonnes per annum (mtpa) pig-iron plant in Wardha, Maharashtra, is outside the purview of Uttam Galva Steel, the listed company, where ArcelorMittal is a co-promoter.
Ankit Miglani, a promoter of Uttam Galva Metallics and the deputy managing director of Uttam Galva Steel, said, “There was no survey on Uttam Galva Steel Limited. I am not bound to comment on Uttam Galva Metallics as it is an unlisted company.”
When contacted, Swatantra Kumar, director-general (investigations), income tax department, Mumbai, refused to comment.
The share price of Uttam Galva Steels fell by 6.61 per cent to close at Rs 65 per share on the Bombay Stock Exchange on Friday.
In FY10, ArcelorMittal through its subsidiary ArcelorMittal Netherlands BV had bought a 33.8 per cent stake in Uttam Galva Steel for Rs 5000.000 Millions to become the co-promoter of the company, with the Miglanis keeping the rest 37.03 per cent stake.
Of late, the Miglanis have been looking to invest in steel companies in India through their unlisted companies.
As recently as November, the Miglanis, through Uttam Galva Metallics, bought a 58.35 per cent stake in Lloyds Steel. The deal was done in phases with 24.53 per cent bought in March 2012 for Rs 1800.000 Millions. Later, the company was allotted 380.000 Millions preferential shares and then acquired 6.37 per cent stake through the open offer route for Rs 774.400 Millions. The firm has said that it will invest Rs 3800.000 Millions in Lloyds Steel to revive the loss-making company.
UTTAM GALVA ACQUIRES
LLOYDS STEEL; TO INVEST RS 380.000 MILLIONS MORE
NEW DELHI, NOV. 18: Uttam Galva group has acquired a majority stake of about 58.35 per cent in ailing Lloyds Steel and plans to invest additional Rs 3800.000 Millions in the steelmaker to turnaround the company.
“It is a matter of paper work now. Most of the formalities (related to acquisition) have been completed and by November 25, we will have majority stake on paper as well,” Uttam Galva Steels’ Deputy Managing Director Ankit Miglani told PTI.
Lloyds Steel, which has a production capacity of 1 million tonnes per annum (MTPA), has reported net losses of Rs 2900.000 Millions in last three financial years. The company has a total loan portfolio (both, secured and unsecured) of about Rs 3840.000 Millions.
The acquisition has been done in three phases by the Miglani family-controlled group, for which the process had begun in March, when Uttam Galva had acquired 24.53 per cent stake for about Rs 1800.000 Millions.
Later, it was allotted 380.000 Millions preferential shares by the Mumbai-based steelmaker and finally, it acquired about 6.37 per cent stake for about Rs 774.400 Millions through an open offer, which closed on November 7.
According to Miglani, Uttam Galva group will turnaround the ailing Lloyds Steel within one year by infusing around Rs 3800.000 Millions additional money to improve its operations.
UTTAM GALVA STEEL SURRENDERS ITS TWO SEZS IN MAHARASHTRA
PTI Sep 13,
2013,
NEW DELHI: Government has approved the denotification of Uttam Galva Steel's two special economic zones (SEZs) in Maharashtra.
The decision was taken by the 19-member Board of Approval, chaired by Commerce Secretary S R Rao, in its meeting on August 30.
However, the approvals were "subject to the development commissioner furnishing a certificate in the prescribed format certifying that the developer has either not availed any tax/duty benefits under SEZ Act/Rules or has refunded any such benefits availed by it and subject to the state government furnishing it's no objection certificate to the proposal," the minutes of the meeting said.
UTTAM GALVA PLANS TO
RAISE RS 1750.000 MILLIONS
MARCH 5, 2013
NEW DELHI, MARCH
5:
Uttam Galva Steels plans to raise up to Rs 1750.000 Millions through placement of shares to fund expansion and augment long term resources.
“The company proposes to raise funds up to Rs 1750.000 Millions in one or more tranches through a public issue and/or a private placement basis and/or QIP...,” it said in a letter to the shareholders ahead of an extraordinary general meeting to be held on March 23.
Uttam Galva Steels, which has 10 lakh tonne cold rolling capacity at its Khopoli plant in Maharashtra, plans to use the fund for financing several “identified” opportunities for growth.
It also has 7.5 lakh tonne galvanised steel making capacity.
“The company has identified several growth opportunities in its area of business. This capital raising programme is to augment the long-term resources for future expansion, to meet long-term working capital requirement...,” Uttam Galva Steels said.
The fund could also be used for meeting other general corporate business purposes allied to the business from time to time.
The company’s scrip settled at Rs 68.85, up 4.95 per cent over the previous closing on the BSE.
POSCO, UTTAM GALVA IN
TALKS TO SET UP 3 MTPA STEEL PLANT
April 15, 2013
NEW DELHI: South Korean steel major Posco has initiated talks with Uttam Galva Steels to set up a three million-tonne per annum facility in Maharashtra with an estimated Rs 16,000 crore investment, a source said.
The deal, if fructifies, would see two of the world's leading steel makers joining hands as Lakshmi Mittal-ledArcelorMittal has 33.80 per cent stake in the Mumbai-based Uttam Galva Steels.
UTTAM GALVA RAISES RS
760.000 MILLIONS FROM ALBULA FUND VIA QIP ROUTE
April 4, 2013
NEW DELHI: Uttam Galva Steels, in which the world's largest steel maker ArcelorMittal has 33.80 per cent stake, today said it has raised Rs 761.400 Millions through placement of shares to Mauritius-based Albula Investment Fund.
Albula had 12,88,500 shares or 0.9058 per cent stake in Uttam Galva Steels before the transaction was held on March 26, the Mumbai-based firm said in an exchange filing.
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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.