MIRA INFORM REPORT
|
Report Date : |
04.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
USHDEV INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai – 400001,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.05.1994 |
|
|
|
|
Com. Reg. No.: |
11-078468 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 338.494
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40102MH1994PLC078468 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading of Metal and also Power Generation by Windmills. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22460000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having a fine track record.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another megatrend
happening. The World order is changing as economic power shifts from West to
East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB + [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
03.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ [Short Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
03.07.2013 |
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
|
Registered Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai - 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22672450/ 60 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate
Office: |
6th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort,
Mumbai – 400006, Maharashtra, India |
|
Tel. No.: |
91-22-22672450/ 60/ 66368888/ 61948888 |
|
Fax No.: |
91-22-22671931/ 22821416 |
|
|
|
|
Factory 1 : |
Chinnapthur Village, Taluka Dharapuram, Periyaa District, Tamilnadu,
India |
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|
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|
Factory 2 : |
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Factory 3 : |
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Factory 4 : |
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Factory 5 : |
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Factory 6 : |
Andipatti Taluka, Theni District, |
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|
|
|
Factory 7 : |
Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Ms. Suman Gupta |
|
Designation : |
Chairperson and Non Executive Director |
|
|
|
|
Name : |
Mr. Prateek Gupta |
|
Designation : |
Vice Chairman and Non Executive Director |
|
|
|
|
Name : |
Mr. Arvind Prasad |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ashwin Rathi |
|
Designation : |
Managing Director and Group CFO |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
M.B.A (Finance) |
|
Experience : |
More than 20 years |
|
Date of Appointment : |
29.01.2013 |
|
|
|
|
Name : |
Mr. Narayan Hegde |
|
Designation : |
Independent and Non Executive Director |
|
Date of Birth/Age : |
17.06.1947 |
|
Qualification : |
M. Sc. (Agriculture), M.S. (Horticulture), Ph.D. |
|
Experience : |
Mr. Narayan Hedge has wide experience in the field of wastelands development and environmental science. He has also pursued a PG Certificate in Program for Management in Agriculture and is currently serving on the Board of Directors of Companies in different industry sector, he is also a rural development expert. |
|
Date of Appointment : |
29.04.2006 |
|
Other Directorship : |
1. Dr. Maniben Desai Management Training Centre 2. BAIF Laboratories Limited 3. Childrens Future India Private Limited 4. BAIF Agro and Bio Technology Private Limited 5. BAIF Institute for Sustainable Livelihoods and Development |
|
|
|
|
Name : |
Mr. Vinay Kamat |
|
Designation : |
Independent and Non Executive Director |
|
|
|
|
Name : |
Mr. Suresh Lakhiani |
|
Designation : |
Independent and Non Executive Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Independent and Non Executive Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9324356 |
27.55 |
|
|
6792170 |
20.07 |
|
|
16116526 |
47.61 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16116526 |
47.61 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
20000 |
0.06 |
|
|
6182915 |
18.27 |
|
|
6202915 |
18.33 |
|
|
|
|
|
|
1499565 |
4.43 |
|
|
|
|
|
|
155458 |
0.46 |
|
|
7185734 |
21.23 |
|
|
2689202 |
7.94 |
|
|
2049 |
0.01 |
|
|
2687153 |
7.94 |
|
|
11529959 |
34.06 |
|
Total Public shareholding (B) |
17732874 |
52.39 |
|
Total (A)+(B) |
33849400 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
33849400 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Metal and also Power Generation by Windmills. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
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Bankers : |
v Canara Bank v Central Bank of India v Dena Bank v ICICI Bank Limited v IDBI Bank Limited v Indian Overseas Bank v Oriental Bank of Commerce v Shamrao Vithal Co-operative Bank Limited v State Bank of Bikaner and Jaipur v State Bank of India v State Bank of Mysore v State Bank of Travancore v UCO
Bank |
||||||||||||||||||||||||
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||||||||||||||||||||||||
|
Facilities : |
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||||||||||||||||||||||||
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam
House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Solicitors : |
|
|
Name : |
Desai and Diwanji |
|
Address : |
Lentin Chambers, Dalal Street, Fort, Mumbai – 400001, Maharashtra, India |
|
Tel No.: |
91-22-22651682/ 39841000 |
|
Fax No.: |
91-22-22658245 |
|
E-Mail : |
|
|
|
|
|
Subsidiaries : |
v
UIL Hong Kong Limited v
UIL (Singapore) Pte Limited v
Maa Jai Jyotawali Steels Private Limited v Hobli Property
Management Private Limited |
|
|
|
|
Enterprises
under common control and Enterprises in which Key Management Personnel and their
relatives are able to exercise significant influence (Other Related Parties)
: |
v
Enshrine Property Management Private Limited v
G G Trading Private Limited v
Hurricane Wind Farms Private Limited v
Montex Trading Private Limited v
P G Mercantile Private Limited v
Ushdev Power Holdings Private Limited v
Ushdev Wind Park Private Limited v
Ushdev MG Wind Farms Private Limited v
Ushdev Mercantile Private Limited v
Ushdev Trade Limited v
Ushdev Commercial Services Private Limited v
Ushdev Securities Limited v
Typhoon Wind Farms Private Limited v
Suzlon Engitech Limited v Ushdev Engitech
TN Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33,849,400 |
Equity Shares |
Rs. 10/- each |
Rs. 338.494
Millions |
|
|
|
|
|
Reconciliation of Number
of Shares Outstanding:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
Outstanding at the beginning of the year |
29,425,800 |
29,425,800 |
|
Addition during the year |
4,423,600 |
-- |
|
Matured during the year |
-- |
-- |
|
Outstanding at the end of the year |
33,849,400 |
29,425,800 |
Details of shares in the Company held by each
shareholder holding more than 5% shares:
|
Particulars |
31.03.2013 |
|
|
Name |
No. of Shares |
% of Holding |
|
Natasha Gupta |
3,619,600 |
10.7% |
|
Ushdev Commercial Services Private Limited |
3,875,000 |
11.4% |
|
Suman Gupta |
3,040,226 |
9.0% |
|
Vijay Gupta (HUF) |
2,085,200 |
6.2% |
|
Chhaya Ilesh Gadhia |
1,800,000 |
5.3% |
|
Sanjeev Gupta |
1,601,950 |
4.7% |
|
Ushdev Trade Limited |
1,510,600 |
4.5% |
|
Oxley Securities No.2 Pte Limited |
4,423,600 |
13.1% |
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 |
338.494 |
294.258 |
294.258 |
|
(b) Reserves & Surplus |
5277.019 |
3281.291 |
2800.590 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
1327.100 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
5615.513 |
4902.649 |
3094.848 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
932.478 |
1369.365 |
747.436 |
|
(b) Deferred tax
liabilities (Net) |
1.484 |
10.957 |
36.504 |
|
(c)
Other long term liabilities |
370.464 |
8.636 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1304.426 |
1388.958 |
783.940 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
10755.714 |
1327.669 |
2166.005 |
|
(b)
Trade payables |
6792.974 |
10962.473 |
10423.643 |
|
(c)
Other current liabilities |
449.375 |
1311.358 |
1381.204 |
|
(d)
Short-term provisions |
71.105 |
61.815 |
0.021 |
|
Total
Current Liabilities (4) |
18069.168 |
13663.315 |
13970.873 |
|
|
|
|
|
|
TOTAL |
24989.107 |
19954.922 |
17849.661 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1332.787 |
1383.004 |
1472.432 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
1298.868 |
787.797 |
694.742 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
267.587 |
1431.971 |
254.675 |
|
(e)
Other Non-current assets |
692.312 |
1248.293 |
2693.854 |
|
Total
Non-Current Assets |
3591.554 |
4851.065 |
5115.703 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
546.403 |
4.988 |
149.439 |
|
(c)
Trade receivables |
13370.481 |
9975.729 |
8403.140 |
|
(d)
Cash and cash equivalents |
3439.522 |
1711.441 |
1620.979 |
|
(e)
Short-term loans and advances |
3852.492 |
3155.069 |
2541.580 |
|
(f)
Other current assets |
188.655 |
256.630 |
18.820 |
|
Total
Current Assets |
21397.553 |
15103.857 |
12733.958 |
|
|
|
|
|
|
TOTAL |
24989.107 |
19954.922 |
17849.661 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
52574.645 |
41997.833 |
25681.512 |
|
|
|
Other Income |
235.480 |
190.367 |
250.349 |
|
|
|
TOTAL (A) |
52810.125 |
42188.200 |
25931.861 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-trade |
50570.966 |
39644.492 |
24574.683 |
|
|
|
Change in inventories of Stock-in-trade |
(541.415) |
144.451 |
(149.439) |
|
|
|
Employee Benefits Expenses |
24.799 |
11.529 |
9.342 |
|
|
|
Other Expenses |
403.811 |
236.907 |
73.513 |
|
|
|
TOTAL (B) |
50458.161 |
40037.379 |
24508.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2351.964 |
2150.821 |
1423.761 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1281.411 |
1308.718 |
834.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1070.553 |
842.103 |
589.098 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.627 |
92.309 |
76.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
982.926 |
749.794 |
512.957 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
187.428 |
125.217 |
99.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
795.498 |
624.577 |
413.537 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Steel |
31425.346 |
15350.508 |
2620.723 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
27.03 |
21.23 |
14.05 |
|
|
|
Diluted
|
23.50 |
18.59 |
14.05 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
10907.700 |
|
Total Expenditure |
|
|
10874.700 |
|
PBIDT (Excl OI) |
|
|
33.000 |
|
Other Income |
|
|
389.300 |
|
Operating Profit |
|
|
422.300 |
|
Interest |
|
|
151.900 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
270.400 |
|
Depreciation |
|
|
21.500 |
|
Profit Before Tax |
|
|
248.900 |
|
Tax |
|
|
52.900 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
196.100 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
196.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.51
|
1.48 |
1.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.87
|
1.79 |
2.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
4.18 |
2.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.15 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.08
|
0.55 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.11 |
0.91 |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10294262 |
04/07/2011 |
1,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, DALAMAL TOWERS, 211, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B15846470 |
|
2 |
10259140 |
06/12/2010 |
365,000,000.00 |
STATE BANK OF TRAVANCORE |
CORPORATE FINANCE
BRANCH, 112-115, 1ST FLOOR, WEST WING, TULSIANI CHAMBERS, NARIMAN POINT, MUMBAI
- 400021, |
B01976471 |
|
3 |
10252273 |
01/08/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B81215840 |
|
4 |
10252272 |
14/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B77015428 |
|
5 |
10251225 |
02/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B74807306 |
|
6 |
10197575 |
06/01/2010 * |
426,300,000.00 |
CANARA BANK |
HABIBULLAH ROAD BRANCH, T. NAGAR, CHENNAI – 600017, TAMILNADU, INDIA |
A78766334 |
* Date of charge modification
PERFORMANCE DURING
THE YEAR
POWER SECTOR
The Company has its windmills in five states i.e. Tamil Nadu, Rajasthan,
Karnataka, Gujarat and Maharashtra. Mentioned below are the details of
the Company Projects :
|
Date of Installation |
Location |
No. of WEG’s |
Installed
Capacity |
Investments Rs.
in Millions |
|
29.03.2005 |
Tamilnadu 2 |
2 |
1.60 MW |
80.747 |
|
29.03.2006 |
Rajasthan |
3 |
2.40 MW |
117.848 |
|
29.03.2006 |
Karnataka |
2 |
1.60 MW |
78.565 |
|
30.03.2007 |
Gujarat 1 |
2 |
1.60 MW |
74.000 |
|
10.07.2007 |
Gujarat 2 |
4 |
3.20 MW |
148.000 |
|
26.09.2009 |
Tamilnadu 3 |
6 |
9.90 MW |
609.000 |
|
27.11.2010 |
Maharashtra |
4 |
8.00 MW |
490.000 |
|
|
|
|
|
|
|
Total |
|
23 |
30.83 MW |
1598.160 |
During the year, the Company has sold its first project i.e. Tamil Nadu
1 consisting of 11 wind mills aggregating to 2.53 MW and therefore, the total
installed capacity has reduced to 28.30 MW.
STEEL SECTOR
The Company’s emphasis on core competencies has paid off multifold. The
company has been successful in increasing its market share in the steel sector,
which in turn has resulted in increasing its presence in this sector. This has
resulted in an increase in top line income of 52.07%.
MANAGEMENT
DISCUSSION AND ANALYSIS
FORWARD LOOKING
STATEMENTS:
This section contains forward-looking statements, which may be
identified by their use of words, like ‘plans’, ‘expects’, ‘wills’,
‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’, or such other
words of similar meaning. All statements that address expectations or
projections about the future, including but not limited to statements about the
Company’s strategy for growth, product development, market position, expenditures
and financial results are forward-looking statements. Forward-Looking
statements are based on certain assumptions and expectations of future events.
The Company cannot guarantee that these assumptions are accurate or will be
realized. The Company’s actual results, performance or achievements could thus
differ materially from those projected in any such forward looking statements.
The Company assumes no responsibility to publicly amend, modify or revise any
forward looking statements, on the basis of any subsequent developments,
information or events.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Industry is on its growth path in terms of capacities and global
consumption with global demand and supply growing in tandem.
OUTLOOK
The Company is well respected in both the aforesaid sectors i.e. Steel
and Power Generation. However going forward the Company will focus exclusively
on metal trading.
SUBSIDIARY
COMPANIES
As on 31st March, 2013, the Company has following four wholly owned
subsidiaries:
i. UIL (Singapore) Pte Limited
ii. UIL Hong Kong Limited
iii. Maa Jai Jyotawali Steel Private Limited
iv. Hobli Property Management Private Limited
In terms of Section 212(a) of the Companies Act, 1956, the Central
Government, Ministry of Corporate Affairs vide its General Circular No. 2/2011
dated 8th February, 2011 has granted a general exemption to the Company from
the requirement of attaching to its Annual Report, the Balance Sheet, Profit
and Loss Account and the report of the Directors and Auditors thereon of its
subsidiary, subject to fulfillment of conditions stipulated in the circular.
The Company has satisfied the conditions stipulated in the circular and hence,
is entitled to exemptions. Accordingly the same is not attached to the Balance
Sheet of the Company. The Annual accounts of the Subsidiary Company will be
made available for inspection by any Shareholder and Shareholders who wish to
have a copy of the Annual Accounts of the Subsidiary Companies may write to the
Company Secretary at the Corporate Office of the Company for the same.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
Corporate Guarantee issued by the Company |
11232.600 |
5087.000 |
|
|
|
|
FIXED ASSETS:
Tangible Assets
v Freehold Land
v Building
v Leased Plant and Machinery
v Office Premises
v Plant and Machinery
v Office Equipments
v Computer Equipments
v Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering and 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. 66.89 |
|
|
1 |
Rs. 103.95 |
|
Euro |
1 |
Rs. 88.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial and 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.