MIRA
INFORM REPORT
|
Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAITHAN ALLOYS LIMITED |
|
|
|
|
Registered
Office : |
Ideal Centre, 4th Floor, 9, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.09.1985 |
|
|
|
|
Com. Reg. No.: |
21-039503 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 145.589
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101WB1985PLC039503 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM01139F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM7758B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Bulk Ferro Alloys Ferro Sillicon, Ferro
Manganese and Silico Manganese and also engaged in the Generation and Supply
of Wind Power. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is an established company having good track record. There is a dip in sales and profit of the company in the year 2014.
However, fundamental of the company is decent. Overall financial position of
the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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 – 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 that 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 = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
September 02, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
September 02, 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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Pramod Choudhary |
|
Designation : |
General Finance Manager |
|
Contact No.: |
91-8170018308 |
|
Date : |
26.08.2014 |
LOCATIONS
|
Registered Office : |
Ideal Centre, 4th Floor, 9, A.J.C. Bose Road, Kolkata -
700017, West Bengal, India |
|
Tel. No.: |
91-33-64502228/ 2229/ 2230/ 2231 |
|
Mobile No.: |
91-8170018308 [Mr. Pramod Choudhary] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Corporate Office/ Factory 1 : |
P.O. Kalyaneshwari, District Burdwan - 713369, West Bengal, India |
|
Tel. No.: |
91-341-2014611 |
|
Fax No.: |
91-341-2521303/ 2522996 |
|
E-Mail : |
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|
|
|
|
Factory 2 : |
Ri-Bhoi, Meghalaya, India |
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|
|
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Factory 3 : |
Jaisalmer, Rajasthan, India |
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|
|
|
Factory 4 : |
Sangli, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B. K. Agarwalla |
|
Designation : |
Chairman and Whole Time Director |
|
Date of Birth/Age : |
66 Years |
|
Qualifications : |
B.Com. |
|
Experience : |
46 Years |
|
Date of Appointment : |
01.04.2011 |
|
|
|
|
Name : |
Mr. S. C. Agarwalla |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Date of Birth/Age : |
62 Years |
|
Qualifications : |
B.Com. |
|
Experience : |
43 Years |
|
Date of Appointment : |
01.04.2011 |
|
|
|
|
Name : |
Mr. Subodh Agarwalla |
|
Designation : |
Whole Time Director and Chief Operating Officer |
|
Date of Birth/Age : |
35 Years |
|
Qualifications : |
MBA, B. Tech. |
|
Experience : |
12 Years |
|
Date of Appointment : |
01.04.2011 |
|
|
|
|
Name : |
Mr. Shrigopal Jhunjhunwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Raj Kumar Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.10.1945 |
|
Qualifications : |
B.Com, LLB, FCA |
|
Experience : |
45 Years |
|
Date of Appointment : |
17.08.2001 |
|
|
|
|
Name : |
Mr. Nand Kishore Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vikash Kumar Jewrajka |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.11.1974 |
|
Qualifications : |
FCA, DBF (ICFAI), BCOM ( H ) |
|
Experience : |
14 Years |
|
Date of Appointment : |
23.07.2008 |
|
|
|
|
Name : |
Mr. Biswajit Choudhuri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P K Venkatramani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pramod Choudhary |
|
Designation : |
General Finance Manager |
|
|
|
|
Name : |
Mr. Rajesh K Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Aditya Agarwalla |
|
Designation : |
Chief Financial Officer |
|
Date of Birth/Age : |
38 Years |
|
Qualifications : |
MBA |
|
Experience : |
14 Years |
|
Date of Appointment : |
23 July, 2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6829875 |
46.92 |
|
|
3994050 |
27.44 |
|
|
10823925 |
74.36 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10823925 |
74.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
0 |
0.00 |
|
|
|
|
|
|
2362118 |
16.23 |
|
|
|
|
|
|
1142028 |
7.85 |
|
|
178932 |
1.23 |
|
|
48772 |
0.34 |
|
|
41570 |
0.29 |
|
|
7202 |
0.05 |
|
|
3731850 |
25.64 |
|
Total Public shareholding (B) |
3731850 |
25.64 |
|
Total (A)+(B) |
14555775 |
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) |
14555775 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bulk Ferro Alloys Ferro Sillicon, Ferro
Manganese and Silico Manganese and also engaged in the Generation and Supply
of Wind Power. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· State Bank of India IndusInd
Bank Citibank
N.A. Axis
Bank Limited |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
SHORT TERM BORROWINGS 1) Working Capital Loans from Banks are secured by first charge and hypothecation of Stocks of finished goods, work in process, raw materials, stores and consumables, receivables, bills etc. These are further secured by first charge on moveable and immoveable fixed assets both present and future of the Company. 2)
Working Capital Loans are further secured by
personal guarantees of two directors. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D. K. Chhajer and Company Chartered Accountants |
|
|
|
|
Subsidiary
Companies : [As on 31.03.2013] |
· AXL Exploration Private Limited Anjaney
Alloys Limited Anjaney
Minerals Limited |
|
|
|
|
Enterprises over
which Key Managerial Personnel are able to exercise significant influence : [As on 31.03.2013] |
· Anjaney Ferro Alloys Limited Maithan
Smelters Limited Meghalaya
Carbide and Chemicals Private Limited Maithan
Ceramic Limited Maithan
Ispat Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14563375 |
Equity Shares |
Rs. 10/- each |
Rs. 145.634
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14555775 |
Equity Shares |
Rs. 10/- each |
Rs. 145.558
Millions |
|
|
Add: Forfeited Shares (7600) Amount originally paid |
|
Rs. 0.031
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 145.589 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
145.589 |
145.589 |
145.589 |
|
(b) Reserves & Surplus |
2756.334 |
2560.557 |
2157.592 |
|
(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) |
2901.923 |
2706.146 |
2303.181 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
51.910 |
52.079 |
54.049 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
6.274 |
5.036 |
3.740 |
|
Total Non-current
Liabilities (3) |
58.184 |
57.115 |
57.789 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
387.726 |
233.999 |
70.029 |
|
(b)
Trade payables |
755.133 |
1988.357 |
1786.290 |
|
(c)
Other current liabilities |
922.857 |
26.607 |
22.222 |
|
(d) Short-term
provisions |
39.953 |
39.568 |
38.344 |
|
Total Current
Liabilities (4) |
2105.669 |
2288.531 |
1916.885 |
|
|
|
|
|
|
TOTAL |
5065.776 |
5051.792 |
4277.855 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
616.166 |
710.291 |
|
(ii)
Intangible Assets |
|
3.849 |
5.036 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
911.552 |
889.639 |
566.009 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.610 |
8.871 |
9.155 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1485.405 |
1518.525 |
1290.491 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
370.944 |
369.951 |
150.190 |
|
(b)
Inventories |
1426.361 |
1287.409 |
927.689 |
|
(c)
Trade receivables |
1031.728 |
1154.248 |
851.212 |
|
(d) Cash
and cash equivalents |
255.083 |
258.122 |
506.209 |
|
(e)
Short-term loans and advances |
269.200 |
219.554 |
229.736 |
|
(f)
Other current assets |
227.055 |
243.983 |
322.328 |
|
Total
Current Assets |
3580.371 |
3533.267 |
2987.364 |
|
|
|
|
|
|
TOTAL |
5065.776 |
5051.792 |
4277.855 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
8162.508 |
8584.066 |
6391.941 |
|
|
|
Other Income |
20.409 |
44.395 |
59.690 |
|
|
|
TOTAL (A) |
8182.917 |
8628.461 |
6451.631 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3285.323 |
3689.058 |
2528.416 |
|
|
|
Purchases of Stock-in-Trade |
2094.027 |
2025.385 |
1293.310 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
41.726 |
(23.233) |
(67.867) |
|
|
|
Employees benefits expense |
102.907 |
124.967 |
124.470 |
|
|
|
Other expenses |
2258.222 |
2147.239 |
1852.351 |
|
|
|
TOTAL (B) |
7782.205 |
7963.416 |
5730.680 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
400.712 |
665.045 |
720.951 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.494 |
55.378 |
25.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
352.218 |
609.667 |
694.984 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
58.154 |
65.412 |
72.914 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
294.064 |
544.255 |
622.070 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
64.228 |
107.230 |
151.594 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
229.836 |
437.025 |
470.476 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
2450.882 |
1953.261 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
2396.984 |
2230.833 |
|
|
|
Capital Goods |
|
0.000 |
2.365 |
|
|
TOTAL IMPORTS |
NA
|
2396.984 |
2233.198 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.79 |
30.02 |
32.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
Type |
1st
Quarter |
|
Net Sales |
2246.800 |
|
Total Expenditure |
2047.500 |
|
PBIDT (Excl OI) |
199.300 |
|
Other Income |
7.900 |
|
Operating Profit |
207.200 |
|
Interest |
12.200 |
|
Exceptional Items |
0.000 |
|
PBDT |
195.000 |
|
Depreciation |
8.400 |
|
Profit Before Tax |
186.600 |
|
Tax |
47.600 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
139.000 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
139.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.81 |
5.06 |
7.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.60 |
6.34 |
9.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08 |
13.08 |
16.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.20 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.13 |
0.09 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.54 |
1.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
145.589 |
145.589 |
145.589 |
|
Reserves & Surplus |
2157.592 |
2560.557 |
2756.334 |
|
Net
worth |
2303.181 |
2706.146 |
2901.923 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
70.029 |
233.999 |
387.726 |
|
Total
borrowings |
70.029 |
233.999 |
387.726 |
|
Debt/Equity ratio |
0.030 |
0.086 |
0.134 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6391.941 |
8584.066 |
8162.508 |
|
|
|
34.295 |
(4.911) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6391.941 |
8584.066 |
8162.508 |
|
Profit |
470.476 |
437.025 |
229.836 |
|
|
7.36% |
5.09% |
2.82% |
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 |
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 |
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
CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status
: Pending |
||
|
|
||
|
Status
of COMPANY
PETITIONS (CP) 588
of 2014
|
||
|
|
||
|
RE : SATVIK ENTERPRISES LTD
-AND- Vs. RE:
MAITHAN ALLOYS LTD |
||
|
|
||
|
Pet's Adv.
: SANTOSH KUMAR RAY
|
||
|
|
||
|
Res's Adv.
: |
||
|
|
||
|
Court No.
: 23 Last Listed On
: |
||
|
|
||
|
||
|
Tuesday, August 26, 2014
|
||
|
|
||
|
Category : NO
CATEGORY MENTIONED |
||
|
|
||
|
||
|
|
||
|
Case Updated
on: Friday, August 22, 2014 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10147067 |
03/06/2011 * |
2,600,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017,
INDIA |
B17224114 |
|
2 |
10147068 |
02/02/2009 |
3,010,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017,
INDIA |
A57988578 |
|
3 |
10126155 |
28/03/2013 * |
350,000,000.00 |
INDUSIND BANK
LIMITED |
74(192),
G.T.ROAD, P C CHATTERJEE MARKET, RAMBADAN TALA, ASANSOL, WEST BENGAL - 713303,
INDIA |
B72451289 |
|
4 |
10113515 |
10/07/2014 * |
850,000,000.00 |
AXIS BANK
LIMITED |
CORPORATE
BANKING BRANCH (CBB), AC MARKET, 3RD FLOOR, 1 SHAKESPEARE SARANI, KOLKATA,
WEST BENGAL - 700071, INDIA |
C11535861 |
|
5 |
10111723 |
16/05/2008 |
400,000,000.00 |
CITIBANK N.A |
"KANAK
BUILDING", 41 CHOWRINGHEE ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
A41278870 |
|
6 |
10093169 |
22/02/2008 |
990,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017,
INDIA |
A34182204 |
|
7 |
10066687 |
27/03/2014 * |
2,407,500,000.00 |
AXIS BANK
LIMITED |
CORPORATE
BANKING BRANCH, 3RD FLOOR, AC MARKET, 1 |
C16713950 |
|
8 |
10046515 |
04/04/2007 |
796,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
INDUSTRIAL
FINANCE BRANCH, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL -
700017, INDIA |
A13596853 |
|
9 |
90252529 |
03/06/2011 * |
1,830,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL -
700017, INDIA |
B15239981 |
|
10 |
90251845 |
05/07/2004 * |
38,600,000.00 |
STATE BANK OF
INDIA |
ASANSOL BRANCH,
COURT ROAD, ASANSOL, WEST BENGAL - 731330, INDIA |
- |
* Date of charge modification
GENERAL
INFORMATION
Maithan Alloys is
manufacturer and exporter of all three bulk ferro alloys ferro Sillicon, ferro manganese
and silico manganese. It is also engaged in the generation and supply of wind
power.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30.06.2014
[RS.
IN MILLIONS]
|
PARTICULARS |
Quarter Ended |
|
|
30.06.2014 Unaudited |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
2191.811 |
|
Other Operating Income |
54.979 |
|
Total Income from
operations (net) |
2246.790 |
|
|
|
|
Expenses |
|
|
(a) Cost of Material Consumed |
682.222 |
|
(b) Purchase of stock in trade |
786.698 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(11.714) |
|
(d) Employee benefit expenses |
33.406 |
|
(e) Power Cost |
446.895 |
|
(f) Depreciation and amortization expenses |
8.419 |
|
(g) Other Expenses |
110.023 |
|
Total Expenses |
2055.949 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
190.841 |
|
Other Income |
7.922 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
198.763 |
|
Finance costs |
12.193 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
186.570 |
|
Exceptional
item |
-- |
|
Profit/ Loss from Ordinary Activities before
tax |
186.570 |
|
Tax Expenses |
47.545 |
|
Net Profit for the period |
139.025 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
145.589 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
Earnings per
share before and after Extraordinary items [Not Annualised] -
Basic |
9.55 |
|
- Diluted |
9.55 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
shareholding |
|
|
- Number of
Shares |
3731850 |
|
- Percentage of Shareholding |
25.64 |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
10823925 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
74.36 |
|
|
PARTICULARS |
Quarter
Ended 30.06.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
PARTICULARS |
Quarter Ended
30.06.2014 |
|
|
Unaudited |
|
1. Segment Revenue |
|
|
a. Ferro Alloys |
2241.129 |
|
b. Wind Power |
5.661 |
|
Total |
2246.790 |
|
Less: Inter – segment revenue |
-- |
|
Total income from operations (net) |
2246.790 |
|
|
|
|
2. Segment Results |
|
|
Profit/ (loss) before tax and interest |
|
|
a. Ferro Alloys |
187.635 |
|
b. Wind Power |
3.206 |
|
Total |
190.841 |
|
Less: Interest |
12.193 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
(7.922) |
|
Total Profit Before Tax |
186.570 |
|
|
|
|
3. Capital Employed |
|
|
(Segment Assets – Segment Liabilities) |
|
|
a. Ferro Alloys |
3002.769 |
|
b. Wind Power |
96.373 |
|
Total |
3099.142 |
NOTES:
1)
The above results have been reviewed by the Audit
Committee and taken on record by the Board of Directors at their meeting held
on 12th August, 2014
2)
The limited review of these results has been done
by the Statutory Auditors of the Company.
3)
Pursuant to the Companies Act, 2013 ("The Act") being
effective from April 1, 2014, the
Company has revised depreciation rate on Fixed Assets as per the useful life
specified in Part C of Schedule II of the Act, as a result, the depreciation
expense for the current quarter is lower by Rs. 5.048 Millions.
4)
Deferred Tax Liability/ Assets, if any has not been
determined as it will be finalized at the year end.
5)
Figures for the previous year have been rearranged
I regrouped wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
|
a) Claims against the Company/ disputed liabilities not
acknowledged as debts: |
|
|
- In respect of disputed Excise Duty & Service Tax
demand |
32.302 |
|
b) Letters of Credit issued by banks and outstanding |
347.366 |
|
c) Bank Guarantees issued by Banks and Outstanding |
61.870 |
|
d) Guarantee provided to bank in respect of term loan and
ECB extended by them to a subsidiary Company. |
1751.615 |
|
e) Liability in respect of bills discounted with banks |
111.421 |
|
|
|
|
Total |
2304.574 |
FIXED ASSETS:
TANGIBLE ASSETS
·
Land
Building
Plant
and Machinery
Motor Vehicles
Furniture and Fixtures
Office Equipments
Computers
Leasehold Land & Development
INTANGIBLE ASSETS
·
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. 60.47 |
|
|
1 |
Rs. 100.15 |
|
Euro |
1 |
Rs. 79.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & 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 |
5 |
|
--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 |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.