MIRA INFORM REPORT
|
Report Date : |
28.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEOSYM INDUSTRY LIMITED [w.e.f. 17.04.2012] |
|
|
|
|
Formerly Known
As : |
INDIAN SMELTING AND REFINING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Industry
House, 1st Floor, Backbay Reclamation, Churchgate, Mumbai-400020,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.12.1932 |
|
|
|
|
Com. Reg. No.: |
11-001910 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 6.134
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH1932PLC001910 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00194F MUMT08928D MUMT09919A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT3782D |
|
|
|
|
Legal Form : |
A
Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing
of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and Non-Ferrous
Alloys. |
|
|
|
|
No. of Employees
: |
2400 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13160100 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s improved financial risk profile marked
by decent profitability achieved from operational activities and fair
liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil Corporation
plans to invest Rs 7650 crore in setting up a petrochemical complex at its
almost complete Paradip refinery in Odhisha in three to four years. The company
board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ [Long Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
29.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ [Short Term Bank Facilities] |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
29.07.2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Nilay Kale |
|
Designation : |
Export Department |
|
Contact No.: |
91-2137-677200 |
|
Date : |
26.04.2014 |
LOCATIONS
|
Registered Office : |
Industry
House, 1st Floor, Backbay Reclamation, Churchgate, Mumbai-400020,
Maharashtra, India |
|
Tel. No.: |
91-22-61936363 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Casting Factory 1 : |
1st
Pokhran Road, Panchpakhadi, Thane – 400606, Maharashtra, India |
|
Tel. No.: |
91-22-2588
2801 / 67987101 |
|
Fax No.: |
91-22-67987104 |
|
E-Mail : |
|
|
|
|
|
Casting Factory 2 : |
Gat No. 201, Off Pune – Nagar Road, Sanswadi-412208, Taluka- Shirur,
District- Pune-412208, Maharashtra, India |
|
Tel. No.: |
91-2137-677200 |
|
Fax No.: |
91-2137-677228 |
|
E-Mail : |
DIRECTORS
AS ON 03.07.2013
|
Name : |
Mr.
Chandrakant Birla |
|
Designation : |
Chairman |
|
Address : |
24, Aurangzeb Road, New Delhi- 110110, India |
|
Date of Birth/Age : |
09.01.1955 |
|
Date of Appointment : |
31.10.2000 |
|
DIN No.: |
00118473 |
|
|
|
|
Name : |
Mr.
Chiranjilal Gograj Joshi |
|
Designation : |
Director |
|
Address : |
A-11,
Building No.17, Government Officers Flats, Hali Ali Park, Mumbai – 400034,
Maharashtra, India |
|
Date of Birth/Age : |
01.08.1929 |
|
Date of Appointment : |
18.05.1989 |
|
DIN No.: |
00328553 |
|
Election Commission Identity Card No.: |
DL/01/002/228412 |
|
|
|
|
Name : |
Mr.
Ananthanarayanan Shankar Narayanna |
|
Designation : |
Director |
|
Address : |
12, First Avenue,
Harrington Road, Chetput, Chennai – 600031, Tamilnadu, India |
|
Date of Birth/Age : |
29.07.1942 |
|
Date of Appointment : |
06.07.2004 |
|
DIN No.: |
00385632 |
|
|
|
|
Name : |
Mr. Athul Singhi |
|
Designation : |
Managing Director
|
|
Address : |
Flat 401, A EI Dorado, Kashinath Dhuru Marg, Prabhadevi,
Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1957 |
|
Qualification : |
B.Sc. |
|
Date of Appointment : |
01.11.2009 |
|
DIN No.: |
00166392 |
|
|
|
|
Name : |
Mrs. Amita Birla |
|
Designation : |
Director |
|
Address : |
24, Aurangzeb Road, New Delhi- 110110, India |
|
Date of Birth/Age : |
07.12.1956 |
|
Date of Appointment : |
10.06.2008 |
|
DIN No.: |
00837718 |
|
|
|
|
Name : |
Mr. Srinivasa Varadhan Echambadi Tirumalai |
|
Designation : |
Director |
|
Address : |
B – 249, First Floor, Greater Kailash, Part I, New Delhi –
110048, India |
|
Qualification : |
29.03.1956 |
|
Date of Appointment : |
21.04.2006 |
|
DIN No.: |
00263942 |
KEY EXECUTIVES
|
Name : |
Mr. N.K. Jhunjhunwala |
|
Designation : |
Senior Vice President and Company Secretary |
|
Address : |
Building No. A 3/10, Flat No. 502, Flower Valley Complex, Off Eastern
Express Highway, Thane-400062, Maharashtra, India |
|
Date of Birth/Age : |
15.02.1962 |
|
Date of Appointment : |
01.01.2012 |
|
Pan No.: |
AEVPJ2766B |
|
|
|
|
Name : |
Mr. Nilay Kale |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 03.07.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 03.07.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
37.08 |
|
Directors
or relatives of directors |
|
0.03 |
|
Other
top fifty shareholders |
|
62.80 |
|
Others
|
|
0.09 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and
Non-Ferrous Alloys. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
LC and Credit |
|
|
|
|
Purchasing : |
LC and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production* |
|
Non-Ferrous
Sheets, Strips, Foils and Alloys |
MT |
14730 |
10336 |
|
S.G. Iron Castings |
MT |
36000 |
30765 |
NOTE: * Including Job Work.
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
No. of Employees : |
2400 [Approximately] |
||||||||||||||||||||||||
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||||||||||||||||||||||||
|
Bankers : |
Tel No.: 91-22-22871687
·
Union Bank of India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. M.
Nissim and Company Chartered
Accountants |
|
Address : |
Barodawala Mansion, B-Wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-24949991 |
|
Fax No.: |
91-22-24949995 |
|
E-Mail : |
|
|
PAN No: |
AACPN0423A |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
400000 |
Preferences Shares |
Rs.100/- each |
Rs. 40.000 Millions |
|
|
TOTAL
|
|
Rs. 50.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
613400 |
Equity Shares |
Rs.10/- each
|
Rs. 6.134
Millions |
|
|
|
|
|
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 |
6.134 |
6.134 |
6.134 |
|
(b) Reserves &
Surplus |
3283.894 |
1257.783 |
1265.57 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
3290.028 |
1263.917 |
1271.704 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
165.564 |
830.604 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
135.536 |
23.943 |
27.811 |
|
(c) Other long term
liabilities |
1.625 |
7.987 |
7.260 |
|
(d) long-term provisions |
2.103 |
2.093 |
2.370 |
|
Total Non-current
Liabilities (3) |
304.828 |
864.627 |
37.441 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6.459 |
606.212 |
416.787 |
|
(b) Trade payables |
248.721 |
632.83 |
695.526 |
|
(c) Other current
liabilities |
218.345 |
228.643 |
126.714 |
|
(d) Short-term provisions |
40.111 |
26.578 |
26.878 |
|
Total Current Liabilities
(4) |
513.636 |
1494.263 |
1265.905 |
|
|
|
|
|
|
TOTAL |
4108.492 |
3622.807 |
2575.050 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2002.811 |
725.94 |
753.686 |
|
(ii) Intangible Assets |
20.066 |
18.549 |
2.348 |
|
(iii) Capital
work-in-progress |
87.855 |
1004.109 |
28.893 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
503.015 |
3.015 |
3.015 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
285.77 |
236.263 |
92.621 |
|
(e) Other Non-current
assets |
28.364 |
40.737 |
39.323 |
|
Total Non-Current Assets |
2927.881 |
2028.613 |
919.886 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
301.854 |
0.000 |
0.000 |
|
(b) Inventories |
202.466 |
587.724 |
655.252 |
|
(c) Trade receivables |
396.935 |
792.124 |
806.543 |
|
(d) Cash and cash
equivalents |
66.289 |
2.877 |
10.217 |
|
(e) Short-term loans and
advances |
207.629 |
199.710 |
176.378 |
|
(f) Other current assets |
5.438 |
11.759 |
6.774 |
|
Total Current Assets |
1180.611 |
1594.194 |
1655.164 |
|
|
|
|
|
|
TOTAL |
4108.492 |
3622.807 |
2575.050 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
Income |
2728.708 |
5457.041 |
5273.500 |
|
|
Other Income |
38.588 |
35.711 |
14.987 |
|
|
TOTAL |
2767.296 |
5492.752 |
5288.487 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1074.225 |
3572.370 |
3560.697 |
|
|
Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
279.938 |
6.844 |
(69.669) |
|
|
Employees benefits expense |
432.554 |
514.137 |
431.804 |
|
|
Other expenses |
1001.923 |
1189.755 |
1057.044 |
|
|
TOTAL |
2788.640 |
5283.106 |
4979.876 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(21.344) |
209.646 |
308.611 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
74.228 |
103.885 |
75.735 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION
AND AMORTISATION |
(95.572) |
105.761 |
232.876 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
213.699 |
111.329 |
102.289 |
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
2823.482 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2514.211 |
(5.568) |
130.587 |
|
|
|
|
|
|
|
Less |
TAX (H) |
473.842 |
(4.910) |
43.543 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2040.369 |
(0.658) |
87.044 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
91.538 |
110.288 |
43.447 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
1848.755 |
10.963 |
13.05 |
|
|
Proposed
Dividend |
12.268 |
6.134 |
6.134 |
|
|
Corporate
Dividend Tax |
1.990 |
0.995 |
1.019 |
|
|
Balance Carried to the B/S |
268.894 |
91.538 |
110.288 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
445.779 |
1356.645 |
906.031 |
|
|
Other Earnings |
0.000 |
0.000 |
0.453 |
|
|
TOTAL EARNINGS |
445.779 |
1,356.645 |
906.484 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Material, Spares and Capital Goods
(CIF) |
310.584 |
493.562 |
16.836 |
|
|
Spare Parts |
0.000 |
0.000 |
5.357 |
|
|
Others |
22.915 |
30.389 |
16.618 |
|
|
TOTAL IMPORTS |
333.499 |
523.951 |
38.811 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
3326.33 |
(1.07) |
142.00 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
73.73 |
(0.01) |
1.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
92.13 |
(0.10) |
2.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
168.20 |
(0.30) |
7.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.76 |
0.00
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
1.14 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.30 |
1.07 |
1.31 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
6.134 |
6.134 |
6.134 |
|
Reserves & Surplus |
1265.570 |
1257.783 |
3283.894 |
|
Net worth |
1271.704 |
1263.917 |
3290.028 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
830.604 |
165.564 |
|
Short term borrowings |
416.787 |
606.212 |
6.459 |
|
Total borrowings |
416.787 |
1436.816 |
172.023 |
|
Debt/Equity ratio |
0.328 |
1.137 |
0.052 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5273.500 |
5457.041 |
2728.708 |
|
|
|
3.480 |
(49.997) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5273.500 |
5457.041 |
2728.708 |
|
Profit |
87.044 |
(0.658) |
2,040.369 |
|
|
1.65% |
(0.01%) |
74.77% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
36.792 |
18.118 |
0.000 |
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
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 |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGE:
|
SR. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10322283 |
09/12/2011 |
220,626,000.00 |
LANDESBANK
BADEN-WURTTEMBERG |
AM
HAUPTBAHNHOF 2, 70173 STUTTGART, FEDERAL REPUBLIC OF GERMANY, STUTTGART, -
31061, GERMANY |
B27527712 |
|
2 |
10022199 |
07/08/2012
* |
400,000,000.00 |
BANK
OF BARODA |
BACKBAY
RECLAMATION BRANCH, RAM MAHAL, BACKBAY RECLAMATION, MUMBAI - 400020,
MAHARASHTRA, INDIA |
B56131881 |
|
3 |
90240194 |
19/09/2005
* |
425,000,000.00 |
BANK
OF BARODA |
BACK
BAY, MUMBAI, MAHARASHTRA, INDIA |
- |
|
4 |
90243269 |
18/06/2005
* |
425,000,000.00 |
BANK
OF BARODA |
BACK
BAY, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of modification charge
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Short Term Borrowings |
|
|
|
Deposits from others |
6.008 |
8.682 |
|
TOTAL |
6.008 |
8.682 |
NATURE OF OPERATIONS:
Subject is primarily engaged in manufacture and sale of: 1. Ferrous Castings; and 2. Non-Ferrous Sheets, Strips, Foils, Alloys (Divested during the year). The company presently has manufacturing facilities in Thane and Pune.
REVIEW OF OPERATIONS:
The company’s turnover for the year ended is Rs.2720.000 Millions with rolling business for only part of the year (Rs. 5430.000 Millions for the 0previous year including rolling business turnover of Rs 3030.000 Millions).
The Automobile Industry is passing through difficult times due to poor off-take. There was de growth in almost all segments of the Industry during the last year. This impacted the Company’s turnover and operations.
The Company is hopeful of improvement in the market conditions from the second half of the current year. With a view to focus on its core business of Castings manufacture, the Company has divested its unit located at Bhandup, Mumbai that was manufacturing Non-Ferrous Semis. This has resulted in a one-time exceptional income of Rs. 2781.200 Millions.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Office
Equipments
·
Vehicles
·
Software
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.61.12 |
|
|
1 |
Rs.102.71 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.