|
Report Date : |
12.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOPWORTH URJA
AND METALS LIMITED (w.e.f. 29.06.2010) |
|
|
|
|
Formerly Known
As : |
SHREE VIRANGANA STEELS LIMITED |
|
|
|
|
Registered
Office : |
Raheja Centre, Office No. - 206, 2nd Floor, 214, Free
Press Journal Marg, Nariman Point, Mumbai – 400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.11.1993 |
|
|
|
|
Com. Reg. No.: |
11-074950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 431.567 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109MH1993PLC074950 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS01005E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5396N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Sponge Iron, Ms Billets and Power. |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 15000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk
profile and fair profitability levels 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 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities (BBB-) (Revised from BB) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
30th April, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities (A3) (Revised from A4) |
|
Rating Explanation |
Moderate degree of safety. It carry higher
credit risk. |
|
Date |
30th April, 2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact no.: 91-22-71500500
LOCATIONS
|
Registered Office : |
Raheja Centre, Office No. - 206, 2nd Floor, 214, Free Press Journal Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
308, Ceejay House, |
|
Tel. No.: |
91-22-248120000 |
|
Fax No.: |
91-22-24812122 |
|
E-Mail : |
|
|
|
|
|
Domestic Office 1: |
126 -128, 1st floor, Shriram Towers, Kingsway, Sadar, Near NIT Office,
Nagpur – 400001, Maharashtra, India |
|
Telefax No. : |
91-712-2527120/2527122 |
|
E-Mail : |
|
|
|
|
|
Domestic Office 2: |
Mouzaukkerwahi Village Heti, Umred Road, District Nagpur – 441204, Maharashtra, India |
|
|
|
|
Factory : |
Mouza Ukkerwadi, Village : Heti, |
|
Tel. No.: |
91-7116-249071/73 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 2 : |
Indiabulls Finance Centre, Tower 3, 1601, 16th Floor,
Senapati Bapat Marg, |
|
Tel. No.: |
91-22-71500500 |
|
Fax No.: |
91-22-71500520 |
|
E-Mail : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Surendra Champalal Lodha |
|
Designation : |
Whole-time director |
|
Address : |
126 -128, 1st Floor, Shriram Towers, Kingsway, Sadar, Nagpur – 400001,
Maharashtra, India |
|
Date of Birth/Age : |
05.05.1965 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
14.03.2006 |
|
DIN No.: |
00044782 |
|
|
|
|
Name : |
Mr. Abhay Narendra Lodha |
|
Designation : |
Director |
|
Address : |
Vaitarna Building, Flat No. 502, Sir Pochkhanwala Road, Worli Seaface,
Worli, Mumbai-400030, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
26.04.2008 |
|
DIN No.: |
00052194 |
|
|
|
|
Name : |
Mr. Ashwin Narendra Lodha |
|
Designation : |
Director |
|
Address : |
502, Vaitarna Worli Sagar CHS Limited, Sir Pochkhanwala Road, Worli
Seaface, Worli, Mumbai-400030, Maharashtra, India |
|
Date of Appointment : |
07.06.2012 |
|
DIN No.: |
00066948 |
|
|
|
|
Name : |
Mr. Narendra Champalal Lodha |
|
Designation : |
Director |
|
Address : |
Flat No. 4, Cozy Mansion, 100/25, Gidney Park, Salisbury Park, Pune -
411037, Maharashtra, India |
|
Date of Birth/Age : |
29.12.1947 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
30.09.2006 |
|
DIN No.: |
00164574 |
|
|
|
|
Name : |
Mr. Shishir Shivaji Hiray |
|
Designation : |
Additional director |
|
Address : |
Opposite LIC Camp Road, Malegaon - 423203, Maharashtra, India |
|
Date of Appointment : |
19.03.2013 |
|
DIN No.: |
02032125 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Marutkar |
|
Designation : |
Human Resources |
|
|
|
|
Name : |
Ms. Jyoti |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Crest Steel and Power Private Limited, |
4223994 |
|
Abhay Narendra Lodha |
1 |
|
Ashwin Lodha |
1 |
|
Sheela Lodha |
1 |
|
Mona Lodha |
1 |
|
Surendra Lodha |
1 |
|
Rajesh Kumar Jain |
1 |
|
|
|
|
TOTAL
|
4224000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Crest Steel and Power Private Limited, India |
916667 |
|
|
|
|
TOTAL
|
916667 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Sponge Iron, Ms Billets and Power. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Sponge Iron |
MT |
NA |
60000 |
|
Steel Melting Shop |
MT |
NA |
72000 |
|
Power |
MW |
NA |
30 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Allahabad Bank, Industrial Finance Branch, 37, Mumbai Samachar Marg, Fort, Mumbai - 400023, Maharashtra, India · Oriental Bank of Commerce Limited, Prabhadevi Branch, Aman Chambers, 1st Floor, Veer, Savarkar Marg, Opp. New Passport Office,Prabhadevi, Mumbai - 400025, Maharashtra, India · Oriental Bank of Commerce, Overseas Branch, Dalamal Towers, 211, Nariman Point, Mumbai - 400021, Maharashtra, India · Canara Bank, 145 Farm Land, Maharjbagh Road, Ramdaspeth, Nagpur - 440010, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain and Chhoriya Chartered Accountants |
|
Address : |
59, |
|
PAN
No. : |
AADFJ9495M |
|
|
|
|
Holding Company : |
Crest Steel and Power Private Limited, India CIN No.:
U27109CT2004PTC016643 |
|
|
|
|
Associates : |
Topworth Pipes and Tubes Private Limited, India CIN No.:
U29120MH2005PTC157395 Topworth Steels and Power Private Limited, India CIN No.:
U51420MH2004PTC146381 Akshata Mercantile Private Limited, India CIN No.:
U51909MH2001PTC133035 Topworth Infra Private Limited CIN No.:
U45202MH2008PTC182415 |
CAPITAL STRUCTURE
After 30.09.2013
Authorised Capital : Rs. 485.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 483.336
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4750000 |
Equity Shares |
Rs.100/- each |
Rs.475.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.485.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4224000 |
Equity Shares |
Rs.100/- each |
Rs.422.400 Millions |
|
916667 |
Preference Shares |
Rs.10/- each |
Rs.9.167 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.431.567
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 |
431.567 |
326.434 |
175.100 |
|
(b) Reserves & Surplus |
3012.699 |
2220.590 |
821.212 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money
pending allotment |
170.892 |
155.000 |
939.300 |
|
Total
Shareholders’ Funds (1) + (2) |
3615.158 |
2702.024 |
1935.612 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3837.565 |
3933.693 |
2303.315 |
|
(b) Deferred tax liabilities (Net) |
364.526 |
172.114 |
83.561 |
|
(c) Other long term liabilities |
968.289 |
1194.365 |
671.625 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
5170.380 |
5300.172 |
3058.501 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
893.644 |
808.966 |
508.217 |
|
(b) Trade payables |
5832.693 |
4044.050 |
3914.022 |
|
(c) Other current
liabilities |
31.635 |
23.619 |
40.406 |
|
(d) Short-term provisions |
171.417 |
59.148 |
26.718 |
|
Total Current Liabilities (4) |
6929.389 |
4935.783 |
4489.363 |
|
|
|
|
|
|
TOTAL |
15714.927 |
12937.979 |
9483.476 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6019.092 |
2575.493 |
2637.232 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
507.321 |
3814.340 |
1455.859 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.840 |
1.840 |
1.840 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6528.253 |
6391.673 |
4094.931 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
588.647 |
450.628 |
220.124 |
|
(b) Inventories |
1295.914 |
1075.341 |
741.030 |
|
(c) Trade receivables |
5001.316 |
3565.581 |
2883.150 |
|
(d) Cash and cash
equivalents |
6.727 |
6.646 |
26.871 |
|
(e) Short-term loans and
advances |
2294.070 |
1448.110 |
1517.370 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
9186.674 |
6546.306 |
5388.545 |
|
|
|
|
|
|
TOTAL |
15714.927 |
12937.979 |
9483.476 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
12193.446 |
10443.628 |
6038.385 |
|
|
|
Other Income |
42.806 |
36.906 |
29.898 |
|
|
|
TOTAL |
12236.252 |
10480.534 |
6068.283 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
10738.304 |
9525.453 |
5674.573 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(240.448) |
(56.133) |
(149.481) |
|
|
|
Employees benefits expense |
68.975 |
40.923 |
25.293 |
|
|
|
Exceptional Item |
0.000 |
0.000 |
0.112 |
|
|
|
Other expenses |
293.492 |
170.545 |
99.804 |
|
|
|
TOTAL |
10860.323 |
9680.788 |
5650.301 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1375.929 |
799.746 |
417.982 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
627.197 |
374.650 |
201.522 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
748.732 |
425.096 |
216.460 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
175.108 |
129.733 |
82.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
573.624 |
295.363 |
133.655 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
307.181 |
147.654 |
78.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
266.443 |
147.709 |
55.444 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
384.788 |
237.079 |
181.635 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
651.231 |
384.788 |
237.079 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
NA |
NA |
131.897 |
|
|
|
Components and Spares Parts |
|
|
1.028 |
|
|
|
Capital Goods |
|
|
0.195 |
|
|
|
Trading activities |
|
|
194.643 |
|
|
TOTAL IMPORTS |
NA |
NA |
327.763 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
63.07 |
46.56 |
31.66 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.18 |
1.41 |
0.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.70 |
2.83 |
2.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.77 |
3.24 |
1.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.11 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.31 |
1.76 |
1.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.33 |
1.20 |
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 |
175.100 |
326.434 |
431.567 |
|
Reserves & Surplus |
821.212 |
2,220.590 |
3,012.699 |
|
Share Application money
pending allotment |
939.300 |
155.000 |
170.892 |
|
Net
worth |
1,935.612 |
2,702.024 |
3,615.158 |
|
|
|
|
|
|
long-term borrowings |
2,303.315 |
3,933.693 |
3,837.565 |
|
Short term borrowings |
508.217 |
808.966 |
893.644 |
|
Total
borrowings |
2,811.532 |
4,742.659 |
4,731.209 |
|
Debt/Equity
ratio |
1.453 |
1.755 |
1.309 |
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) |
|
Revenue from operations |
6038.385 |
10443.628 |
12193.446 |
|
|
|
72.954 |
16.755 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
6038.385 |
10443.628 |
12193.446 |
|
Profit/(Loss) After Tax |
55.444 |
147.709 |
266.443 |
|
|
0.92% |
1.41% |
2.19% |
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 |
Yes |
|
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 |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date :- 13.03.2014 |
||||||
|
Lodging No:- |
CPL/165/2014 |
Failing Date:- |
13.03.2014 |
|
||
|
|
||||||
|
Petitioner:- |
MSTC LIMITED |
Respondent:- |
TOPWORTH URJA AND METALS LIMITED |
|||
|
Petn.Adv:- |
PDS AND ASSOCIATES (825) |
Resp.Adv.: |
CHANDAN SALGAOCAR(I1868) |
|||
|
District:- |
OUTSIDE MAHARASHTRA |
|||||
|
|
||||||
|
Bench:- |
SINGLE |
Category: |
COMPANY PETITION U/SEC 433, 434, 439 COMPANIES ACT |
|||
|
Status:- |
Pre-Admission |
Stage:- |
MATTERS AT 3.00
P.M. [ORIGINAL SIDE MATTERS] |
|||
|
Next Date:- |
20.03.2014 |
|||||
|
Last Coram:- |
REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER |
|||||
|
|
|
|||||
|
Act:- |
Companies Act and Rules 1956 |
Under Section:- |
433, 434, 439 |
|||
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from bank |
0.000 |
681.742 |
|
Deferred payment liabilities |
128.701 |
0.000 |
|
Other loans and advances |
0.000 |
127.224 |
|
|
|
|
|
Total |
128.701 |
808.966 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10468650 |
05/12/2013 |
550,000,000.00 |
CANARA BANK |
145 Farm Land, Maharjbagh Road, Ramdaspeth, Nagpur, Maharashtra -
440010, INDIA |
B92915180 |
|
2 |
10441281 |
26/07/2013 |
300,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, 37,Mumbai Samachar Marg, Fort, Mumbai,
Maharashtra - 400023, INDIA |
B81308629 |
|
3 |
10430874 |
11/06/2013 * |
1,403,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, 37,Mumbai Samachar Marg, Fort, Mumbai,
Maharashtra - 400023, INDIA |
B77619302 |
|
4 |
10431076 |
24/05/2013 |
100,000,000.00 |
Oriental Bank of Commerce |
Overseas Branch, Dalamal Towers, 211, Nariman Point, Mumbai, Maharashtra
- 400021, INDIA |
B77081487 |
|
5 |
10390654 |
16/11/2012 |
150,000,000.00 |
ALLAHABAD BANK |
Industrial Finance Branch, 37,Mumbai Samachar Marg, Fort, Mumbai,
Maharashtra - 400023, INDIA |
B63602544 |
|
6 |
10381548 |
20/09/2012 |
500,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, FORT, MUMBAI, Maharashtra - 400023, INDIA |
B60085792 |
|
7 |
10372563 |
21/08/2012 |
100,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI, Maharashtra
- 400021, INDIA |
B56388614 |
|
8 |
10362357 |
12/06/2012 |
450,000,000.00 |
State Bank of Bikaner and Jaipur |
Commercial Network Branch, 239, P. D 'Mello Road, Near G.P.O, Mumbai,
Maharashtra - 400001, INDIA |
B42322958 |
|
9 |
10363588 |
11/05/2012 |
50,000,000.00 |
Oriental Bank of Commerce |
Overseas Branch, Dalamal Towers, Gr. Floor, Nariman Point, Mumbai,
Maharashtra - 400021, INDIA |
B42853424 |
|
10 |
10353730 |
10/04/2012 * |
500,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
B39042106 |
|
11 |
10338497 |
02/02/2012 |
50,000,000.00 |
Oriental Bank of Commerce |
Prabhadevi Branch, Aman Chambers,, Veer Savarkar |
B33399627 |
|
12 |
10334938 |
01/02/2012 |
1,850,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
B31844145 |
|
13 |
10315279 |
04/02/2014 * |
4,000,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, 102, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
B97569156 |
|
14 |
10303458 |
25/07/2011 |
6,898,700.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
B19278464 |
|
15 |
10302085 |
28/08/2012 * |
2,721,300,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS,, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
B56718448 |
|
16 |
10293088 |
04/02/2014 * |
4,000,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, 102, RAHEJA CHAMBERS, NARIM |
B97568562 |
|
17 |
10277771 |
05/04/2011 |
500,000,000.00 |
STATE BANK OF PATIALA |
ATLANTA, 1ST FLOOR, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
B09764234 |
|
18 |
10273840 |
11/03/2011 |
14,338,101.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
B08229072 |
|
19 |
10269072 |
22/02/2011 |
500,000,000.00 |
BANK OF BARODA |
FORT UNIVERSITY BRANCH, MUMBAI, Maharashtra - 4000 |
B06408298 |
|
20 |
10257995 |
16/02/2011 * |
1,000,000,000.00 |
State Bank of India |
BACKBAY RECLATMATION BRANCH, RAHEJA CHAMBARS, FREE PRESS JOURNAL ROAD,
NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B10199677 |
|
21 |
10247397 |
09/09/2010 |
550,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, MUMBAI SAMACHAR MARG, MUMBA, Maharashtra -
400023, INDIA |
A96754767 |
|
22 |
10246131 |
01/09/2010 |
550,000,000.00 |
BANK OF BARODA |
FORT UNIVERSITY, MUMBAI, Maharashtra - 400001, INDIA |
A96694633 |
|
23 |
10211838 |
10/03/2010 |
653,000,000.00 |
ORIENTAL BANK OF COMMERCE LIMITED |
Prabhadevi Branch, Aman Chambers, 1st Floor, Veer, |
A82994799 |
|
24 |
10206990 |
25/02/2010 |
850,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
A81184319 |
|
25 |
10188190 |
11/11/2009 |
653,000,000.00 |
ORIENTAL BANK OF COMMERCE LIMITED |
Prabhadevi Branch, Aman Chambers, 1st Floor, Veer, |
A74296492 |
|
26 |
10165868 |
28/08/2012 * |
1,750,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
B56717747 |
* Date of charge modification
REVIEW OF
OPERATIONS:
During the year,
the Company’s Net Income from operations stood at Rs. 12193.446 Millions as
compared to Rs. 10443.627 Millions in the previous year. Profit before finance
cost and taxation for the year stood at Rs. 1375.929 Millions against Rs.
799.745 Millions in the previous year. Profit after Tax increased to Rs.
266.443 Millions from Rs. 147.709 Millions in the previous year.
FIXED ASSETS
·
Land
·
Plant and Equipment
·
Furniture and Fixtures
·
Factory Building
·
Vehicles
·
Office building
·
Computer equipments
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.102.54 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
42 |
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.