MIRA INFORM REPORT
|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
LLOYDS METALS AND ENERGY LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A 1-2, MIDC Area, Ghugus, Chandrapur -
442505, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.04.1977 |
|
|
|
|
Com. Reg. No.: |
11-019594 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 224.305 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40300MH1977PLC019594 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGOL00245A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL0830E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing
and marketing of Iron and Steel and generation and distribution of Power. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4990000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a part of “Lloyds Group”. It is an established company having moderate track record. There appears sharp dip in sales turnover and profit of the company in
financial year 2013. The ratings also take into consideration. The default regarding timely
payments by its group company “Lloyds Steel Limited”. Further it has been
also referred to BIFR for restructuring its loan. However, trade relations are fair. Business is active. Payments are
reported to be slow and delayed. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 DENIED
Management Non-cooperative. (91-22-40430200)
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A 1-2, MIDC Area, Ghugus, Chandrapur -
442505, Maharashtra, India |
|
Tel. No.: |
91-7172-285099/285103 |
|
Fax No.: |
91-7172-285003 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Marketing Office 1 : |
Trade World, ‘C’ Wing, 16th Floor, Senapati Bapat
Marg, Lower Parel (West), Mumbai – 442505, Maharashtra, India |
|
Tel. No.: |
91-22-30418111/06 |
|
Fax No.: |
91-22-30418260/59 |
|
E-Mail : |
|
|
|
|
|
Marketing Office 2 : |
501, Pragati House, 48, Nehru Place, New Delhi – 110 019,
India |
|
Tel. No.: |
91-11-46597681/9 |
|
Fax No.: |
91-11-26451595 |
|
E-Mail : |
|
|
|
|
|
Marketing Office 3 : |
Sanmach Executive Centre, 244, Mount Road, IInd floor,
Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-044-24352845 |
|
E-Mail : |
|
|
|
|
|
Marketing Office 4 : |
No.76 Kasturi Complex, Mission Road, Bangalore – 560027,
Karnataka, India |
|
Tel. No.: |
91-80-2123092/91 |
|
Fax No.: |
91-80-2123092 |
|
E-Mail : |
|
|
|
|
|
Marketing Office 5 : |
318, 3rd Floor, Mittal Chambers, 2-2-51, Pan Bazar, M.G.
Road, Secunderabad – 500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27717141 |
|
Fax No.: |
91-40-27717141 |
|
E-Mail : |
|
|
|
|
|
Marketing Office
6 : |
Chaterjee International Centre, 16th floor, Room No. A-8,
33-A, Chowrangee, |
|
Tel. No.: |
91-33-22175903 |
|
Fax No.: |
91-33-22260928 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Mukesh R. Gupta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Babulal Agarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Rajesh R. Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.M. Bharathy (IDBI Nominee) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shantanu Mohapatra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.B. Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.S. Charlu |
|
Designation : |
Director |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4360860 |
3.92 |
|
|
53678764 |
48.23 |
|
|
58039624 |
52.15 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
58039624 |
52.15 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3500 |
0.00 |
|
|
13000 |
0.01 |
|
|
16500 |
0.01 |
|
|
|
|
|
|
26184247 |
23.53 |
|
|
|
|
|
|
8828202 |
7.93 |
|
|
10225989 |
9.19 |
|
|
7996728 |
7.19 |
|
|
1510821 |
1.36 |
|
|
5600000 |
5.03 |
|
|
500 |
0.00 |
|
|
2157 |
0.00 |
|
|
883250 |
0.79 |
|
|
53235166 |
47.83 |
|
Total
Public shareholding (B) |
53251666 |
47.85 |
|
Total
(A)+(B) |
111291290 |
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) |
111291290 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and marketing of Iron and Steel and generation and distribution of Power. |
GENERAL INFORMATION
|
of Employees : |
Information denied by management |
|||||||||||||||
|
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|
|||||||||||||||
|
Bankers : |
·
Punjab and Maharashtra Co-operative
Bank Limited ·
IDBI Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Note: 1. IDBI
Loan Carries interest @ 4-18% p.a. The loan is repayable in 11 - 12 years
avg. yield 9% 2. The
details of Security of the loans are as follows: a. The
term Loan from Financial Institution, is secured by first mortgage and charge
on all the Company's immovable and movable properties, both present and
future, subject to prior charge on specified movable assets created to be
created in favour of Company's Bankers for Working Capital facilities. b. Security
by way of hypothecation of the entire movable, except aforesaid specified
assets has already been created in respect of the entire aforesaid Term
Loans. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Todarwal and Todarwal Chartered Accountants |
|
|
|
|
Wholly owned
Subsidiary Company : |
Gadchiroli
Metals and Minerals Limited CIN
No.:
U13100MH2004PLC146956 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs. 2/- each |
Rs. 750.000 Millions |
|
25000000 |
Preference Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111291290 |
Equity Shares |
Rs. 2/- each |
Rs. 222.583 Millions |
|
|
Add : Forfeited Equity Shares |
|
Rs. 1.722 Millions |
|
|
Total |
|
Rs. 224.305
Millions |
- Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
|
At the beginning of the year |
111291290 |
|
Issued during the year |
-- |
|
Outstanding at the end of the year |
111291290 |
- Terms/rights attached to equity shares
The company has
only one class of shares having a par value at Rs. 2/- per share. Each holder
of equity shares is entitled to one vote per share.
- Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
ASP
Technologies Limited |
18690170 |
16.79% |
|
Shree
Global Tradefin Limited |
21159490 |
19.01% |
|
Trump
Investments Limited |
14078050 |
12.64% |
|
Halan
Properties Private Limited |
7711500 |
6.93% |
|
Uttam
Exports Private Limited |
7390000 |
6.64% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
224.305 |
224.305 |
224.305 |
|
(b) Reserves & Surplus |
1024.185 |
1005.030 |
967.707 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.00 |
|
Total
Shareholders’ Funds (1) + (2) |
1248.490 |
1229.335 |
1192.012 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
205.854 |
266.970 |
323.309 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
31.892 |
28.160 |
24.438 |
|
Total Non-current
Liabilities (3) |
237.746 |
295.130 |
347.747 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2237.311 |
3254.590 |
2864.825 |
|
(c) Other
current liabilities |
848.918 |
724.198 |
699.410 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
3086.229 |
3978.788 |
3564.235 |
|
|
|
|
|
|
TOTAL |
4572.465 |
5503.253 |
5103.994 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2949.119 |
3168.085 |
3343.714 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
39.408 |
20.246 |
40.090 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.125 |
1.125 |
1.125 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
400.604 |
393.472 |
393.364 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3390.256 |
3582.928 |
3778.293 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
311.457 |
787.680 |
582.010 |
|
(c) Trade
receivables |
365.426 |
494.171 |
203.281 |
|
(d) Cash
and cash equivalents |
78.553 |
120.482 |
78.395 |
|
(e)
Short-term loans and advances |
426.773 |
517.992 |
462.015 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1182.209 |
1920.325 |
1325.701 |
|
|
|
|
|
|
TOTAL |
4572.465 |
5503.253 |
5103.994 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7592.022 |
10068.039 |
6899.973 |
|
|
|
Other Income |
162.629 |
171.894 |
236.880 |
|
|
|
TOTAL (A) |
7754.651 |
10239.933 |
7136.853 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3630.833 |
3873.428 |
|
|
|
|
Purchases of Traded Goods |
3211.286 |
5474.667 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
4.973 |
(29.895) |
|
|
|
|
Employee benefits expense |
151.493 |
144.972 |
|
|
|
|
Other expenses |
386.733 |
329.864 |
|
|
|
|
TOTAL (B) |
7385.318 |
9793.036 |
6678.361 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
369.333 |
446.897 |
458.492 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
84.993 |
149.459 |
73.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
184.340 |
297.438 |
385.228 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
265.185 |
260.115 |
199.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
19.155 |
37.323 |
186.048 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
19.155 |
37.323 |
186.048 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
229.409 |
192.083 |
6.038 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
248.564 |
229.409 |
192.086 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports including Third Party |
0.000 |
0.000 |
269.931 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
269.931 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.17 |
0.34 |
1.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.25
|
0.36 |
2.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.25
|
0.37 |
2.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.21
|
1.61 |
10.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.03 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.16
|
0.22 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.38
|
0.48 |
0.37 |
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Other
Loans and Advances |
|
|
|
Sales
Tax Deferral |
97.651 |
97.651 |
|
Total |
97.651 |
97.651 |
INDEX OF CHARGE:
|
Sr .No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10391570
|
18/10/2011
|
350,000,000.00
|
Punjab
and Maharashtra Co-operative Bank Limited |
No. 4 and 5, 3rd Floor, Dreams
Mall, L.B.S. Marg, Bhandup (West),
Mumbai, Maharashtra - 400078, INDIA |
B43455534
|
|
2 |
90156895
|
27/05/2011
* |
210,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14765093
|
|
3 |
90156434
|
27/05/2011
* |
500,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14769814
|
|
4 |
80054610
|
27/05/2011
* |
95,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14768741
|
|
5 |
90156167
|
27/05/2011
* |
75,000,000.00
|
IDBI
Bank Limited |
IDBI TOWER WTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14765689
|
|
6 |
90156112
|
27/05/2011
* |
100,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14766117
|
|
7 |
80054721
|
27/05/2011
* |
50,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14767909
|
|
8 |
90155804
|
27/05/2011
* |
20,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14767362
|
|
9 |
90155791
|
27/05/2011
* |
35,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14766463
|
* Date of modification charge
OPERATIONS AND
OVERALL PERFORMANCE
Global
apparent Steel consumption increased 1.7 % in 2012, down sharply from 7.4 %
growth in 2011. The growth in the Indian Steel Industry remained muted during the
year. The total Indian finished Steel consumption registered a marginal growth
of 3.7 % compared to last year mainly due to lower demand from steel using
industries like automobiles, infrastructures, construction, regulatory hurdles,
delays in project execution and weak sentiment through the steel industry
globally and in the domestic market. India remained to be the world's largest
producer of Direct Reduced Iron (DRI) or sponge iron with a host of coal based
units, located in the mineral - rich states of the country.
Globally,
Steel prices improved in the first half of 2012, but declined in the back half
due to a glut in imports, oversupply in the market, weak demand and tempering
growth in Asia. A sustained downside in steel prices has materially and
adversely affected margins of the Steel Companies. High input costs coupled
with lower operating margins and high capital charges dented the net margins of
the Steel Producers and trend is expected to continue during the current year
as well. With the general expectation of modest growth globally and sustained
raw material prices, the steel prices would firm up and remain stable in the
year ahead.
The
Indian Power sector has achieved a lot over the last decade in the areas of
policy reforms, private sector participation in generation and transmission,
new manufacturing technology and capabilities, but there is still much to
achieve and a number of challenges to overcome before the opportunities can be
leveraged. The last decade has seen a sea change in India's Electricity sector,
from being 10th largest in the world to 5th largest now.
The Power Sector is high on India's priority as it's offers tremendous
potential for investing companies based on the sheer size of the market and the
returns available on investment capital. The challenges in the domestic power
sector continued during the year. India is facing a Power deficit of around 9 %
and this is likely to continue over the next few years. India faced massive
power blackouts during the first half of the year due to overdrawing and grid
indiscipline. The High fuel prices and low merchant realization has put
pressure on operating margins of the power companies, however, the trend are
expected to change in the coming years backed by production of renewable energy,
revision in tariff structure, coal linkages and reforms announced by the
Government to revive power sector.
The Total Income of
the Company was Rs. 7754.600 Millions during the year as against Rs. 10240.000
Millions in the previous year, showed decrease of 32%.
The Company has reported Net profit of Rs.
19.100 Millions during the year as against Rs. 37.300 Millions in the previous
year.
SPONGE IRON DIVISION
The
production of Sponge Iron Division during the year was 151066 MT
against 156698 MT in the previous year
showing decrease of 4 %. The total income of
the division was Rs. 6866.300 Millions as against Rs. 9341.500 Millions during
the previous year, showing decrease of 36 %.
POWER DIVISION
During
the financial year 2010-11, in order to utilize the waste heat and convert into
productive energy, the Company has commissioned it's 30 MW co-generation Waste
Heat Recovery Based (WHRB) Power Plant, at Ghugus, Maharashtra. The production
of the division was 23.96 MWH
during the year as compared to 24.54 MWH for the previous year. The total
income of the division was Rs. 725.700 Millions during the year as against Rs.
726.500 Millions during the previous year.
By
virtue of issuance of Commercial Circular No. 154 and 156 dated 23.01.2012 by
Maharashtra State Electricity Distribution Company Limited and other laws and
circulars of authority, the scope of distribution/supply/utilization of
electricity through Open Access has been expanded. The company is exploring all
the possibilities, strictly adhering to and complying with the parameters and
conditions laid down in the said circulars and other laws to utilize the power
generated by its power generation unit.
In respect
of Iron ore mining activities, the company has received all statutory permissions
and necessary sanctions from the concerned authorities to commence mining
operations and the mining operations have commenced on trial basis.
OUTLOOK:
With
a series of mega projects, either being implemented or at the proposal stage
and domestic economy carrying forward the reform process further, the future of
the Indian Steel industry looks optimistic.
There is
strong growth opportunity in power generation led by exponential growth in
economy, increasing prosperity for electricity consumption and urbanization
UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTH 30th JUNE 2013
(Rs. In Millions)
|
Particulars |
Quarter ended (Unaudited) |
|
|
30.06.2013 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
1474.151 |
|
b) Other operating income |
98.033 |
|
Total
income from Operations(net) |
1572.184 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
870.462 |
|
b) Purchases of stock in trade |
456.117 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
24.727 |
|
d) Staff Cost |
37.193 |
|
e) Depreciation |
66.716 |
|
f) Other Expenditure |
82.937 |
|
Total expenses |
1538.152 |
|
3. Profit from operations before other income and
financial costs |
(162.033) |
|
4. Other income |
52.101 |
|
5. Profit from ordinary activities before finance costs |
(109.932) |
|
6. Finance costs |
17.153 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(127.086) |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense |
(127.086) |
|
10.Tax expenses |
0.000 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(127.086) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(127.086) |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
224.305 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
0.000 |
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
(a) Basic and diluted |
(1.14) |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
(1.14) |
|
A.
Particulars of shareholding |
30.06.2013
(Unaudited) |
|
1. Public Shareholding |
|
|
- Number of shares |
53251666 |
|
- Percentage of shareholding |
47.85% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
20472590 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
35.27% |
|
Percentage of shares (as a % of total share capital of the
company) |
16.40% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
37567034 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
64.73% |
|
Percentage of shares (as a % of total share capital of the
company) |
33.75% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unreserved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter ended (Unaudited) |
|
|
30.06.2013
|
|
Revenue ( Net sale /Income from each segment} |
|
|
a) Sponge Iron and Steel |
1309.990 |
|
b) Power |
143.657 |
|
Total |
1453.647 |
|
Less : Inter Segment Revenue |
25.428 |
|
Net
Sales |
1428.210 |
|
|
|
|
2. Results (Profit (+) / Loss (-) Before
lax and interest from each segment) |
|
|
a) Sponge Iron and Steel |
(130.772) |
|
b) Power |
30.858 |
|
Total |
(99.914) |
|
Less
: (i) Interest |
17.153 |
|
(ii) Other un-allocable
expenditure net off un-allocable income |
10.117 |
|
(iii) Exceptional Items |
0.000 |
|
Profit
before Tax |
(127.086) |
|
3.
Capital Employed |
|
|
a) Sponge Iron and Steel |
257.890 |
|
b) Power |
1528.724 |
|
c) Unallowable Assets Less Liabilities |
(474.583) |
Note:
1. The Statutory Auditors have carried out a Limited Review of the financial
results for the quarter ended 30th June, 2013
2. The Wholly Owned Subsidiary M/s Gadchiroli Metals and Minerals Limited of
the company is yet to commence its operations.
3. Revenue shown in Segment wise results includes other income.
4. Due to conditions beyond control of the Company, Iron Ore operations at
Surjagarh mine have been temporarily discontinued w.e.f. July, 2013, till
further notice.
5. Company has obtained final registration as a " Clean Development
Mechanism " ( CDM) project, and shall be eligible for 109,660 Carbon
Emission Reductions ( CER ) Certificates
6. The above Financial Results were reviewed by the Audit Committee and
thereafter approved and taken on record by the Board of Directors of the
Company at their meeting held on 13th August, 2013.
7. Previous year figures have been regrouped / reclassified wherever
necessary.
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
Factory Building
·
Staff Residential
Building
·
Plant and Machinery
·
Plant and
Machinery-Power
·
Computers
·
Electrical
Installation
·
Air Conditioners
·
Office Equipments
·
Furniture and
Fixtures
- Motor 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. 61.78 |
|
|
1 |
Rs. 99.06 |
|
Euro |
1 |
Rs. 83.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.