MIRA INFORM REPORT
|
Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
HIRA FERRO ALLOYS LIMITED |
|
|
|
|
Registered
Office : |
Plot No.567/B, Urla Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
31.12.1984 |
|
|
|
|
Com. Reg. No.: |
33-005837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.195.885 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27101CT1984PLC005837 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
JBPH00186E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACH5697M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject
is mainly engaged in Manufacturing of Ferro Alloys Products, Generation of
Electricity and Fly Ash Bricks. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Godawari Power and Ispat Limited”. It is a
well-established company having satisfactory track. The company possesses an acceptable financial profile marked by
favourable Networth base, comfortable capital structure along with steep
deterioration in its cash balance. Management has witnessed a drastic dip in its sales volume as well as
net profitability during FY 2014. The ratings also take into consideration, the volatility in the raw
material prices and the financial support extended by the subject to its
group entity. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of experience of the promoters and management, 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- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
06.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
06.02.2014 |
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 Co-operative (91-771-4082450 / 4082470)
LOCATIONS
|
Registered Office : |
Plot No.567/B, Urla Industrial Area, Raipur – 493221, Chhattisgarh,
India |
|
Tel. No.: |
91-771-4082450 / 4082470 |
|
Fax No.: |
91-771-4082440 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Hira
Arcade, Near New Bus Stand, Pandri, Raipur – 492004, Chhattisgarh, India |
|
Tel. No.: |
91-771-4082000/ 4082001 |
|
Fax No.: |
91-771-4057601 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Biswajit Choudhuri |
|
Designation : |
Chairman, Independent Director |
|
|
|
|
Name : |
Mr. N. P. Agrawal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. B.N. Ojha |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Arvind Dubey |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Y. C. Rao |
|
Designation : |
Non- Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Mohit Chande |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
478782 |
2.44 |
|
|
11747500 |
59.97 |
|
|
1988000 |
10.15 |
|
|
0 |
0 |
|
|
14214282 |
72.56 |
|
|
0 |
0 |
|
Total shareholding of Promoter and Promoter Group (A) |
14214282 |
72.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
0 |
0 |
|
|
|
|
|
|
4237897 |
21.63 |
|
|
|
|
|
|
792141 |
4.04 |
|
|
310938 |
1.59 |
|
|
|
|
|
|
10758 |
0.05 |
|
|
0 |
0 |
|
Non Resident
Indians (Repat) |
16808 |
0.09 |
|
Non
Resident Indians (Non Repat) |
5676 |
0.03 |
|
|
5374218 |
27.44 |
|
Total Public shareholding (B) |
5374218 |
27.44 |
|
Total (A)+(B) |
19588500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0 |
|
Total (A)+(B)+(C) |
19588500 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Societies
BUSINESS DETAILS
|
Line of Business : |
Subject
is mainly engaged in manufacturing of Ferro Alloys Products, Generation of
Electricity and Fly Ash Bricks. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||||
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Bankers : |
·
State Bank of India ·
Allahabad Bank ·
Axis Bank Limited ·
IDBI Bank Limited |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
O.P. Singhania and Company Chartered Accountants |
|
Address : |
Raipur, Chhattisgarh, India |
|
|
|
|
Holding
Company : |
Godawari Power and Ispat Limited |
|
|
|
|
Subsidiary of Holding Company : |
·
Krishna Gobal Minerals Limited ·
Ardent Steel Limited |
|
|
|
|
Related Enterprises where control exist : |
·
Active Chemical Private Limited ·
Hira Foundation ·
Vrindavan Realcon LLP ·
Vinay Green Energy LLP ·
Kumar Eco Power LLP ·
Dinesh Realcon LLP |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.195.885 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19588500 |
Equity Shares |
Rs. 10/- each |
Rs.195.885 Millions |
|
|
|
|
|
a.
Reconciliation of the shares
outstanding at the beginning and at the end of the reporting period:
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the period |
19588500 |
195.885 |
|
Bonus Issue during the period |
-- |
-- |
|
Outstanding
at the end of the period |
19588500 |
195.885 |
b.
Terms/rights
attached to equity shares:
The
company has only one class of equity shares having a par value of Rs.10/- per share.
Each holder of equity shares is entitled to one vote per share. The company
declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
During
the year ended 31st March, 2013, the amount of per share dividend recognized as
distributions to equity shareholders was Re.0.60 (31st March, 2012: Re.0.60).
In
the event of liquidation of the company, the holders of the equity shares will
be entitled to receive remaining assets of the company, after distribution of
all preferential amounts. The distribution will be in proportion to the number
of equity shares held by the shareholders.
c.
10041000 (P.Y.10041000) Equity Shares
of the company have been held by M/s Godawari Power and Ispat Limited, the
holding company.
d.
During the year ended 31st
March,2012,the company had issued 1,56,70,800 bonus shares in the ratio of 4 :
1 by capitalizing of Securities Premium Reserve Account for consideration other
than cash.
e.
Details of shareholders holding more
than 5% shares in the company:
|
Equity shares of Rs.10/- each fully paid |
Number
of Shares |
% holding |
|
M/s Godawari Power &
Ispat Limited |
10041000 |
51.26 |
|
Mr. Dinesh Agrawal |
1078000 |
5.50 |
|
Total |
11119000 |
56.76 |
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 |
195.885 |
195.885 |
195.885 |
|
(b) Reserves & Surplus |
1116.896 |
1103.562 |
1078.945 |
|
(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) |
1312.781 |
1299.447 |
1274.830 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
332.861 |
290.394 |
386.155 |
|
(b) Deferred tax liabilities (Net) |
39.681 |
24.184 |
41.612 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.889 |
5.345 |
3.995 |
|
Total Non-current Liabilities (3) |
379.431 |
319.923 |
431.762 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
320.508 |
394.726 |
365.830 |
|
(b) Trade payables |
224.857 |
401.483 |
440.321 |
|
(c) Other current
liabilities |
229.887 |
154.063 |
191.652 |
|
(d) Short-term provisions |
15.296 |
14.024 |
13.825 |
|
Total Current Liabilities (4) |
790.548 |
964.296 |
1011.628 |
|
|
|
|
|
|
TOTAL |
2482.760 |
2583.666 |
2718.220 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1178.264 |
1230.811 |
1272.745 |
|
(ii) Intangible Assets |
0.000 |
14.836 |
19.472 |
|
(iii) Capital
work-in-progress |
0.000 |
6.038 |
18.630 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
120.754 |
120.766 |
120.779 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
30.347 |
26.733 |
14.789 |
|
(e) Other Non-current assets |
6.708 |
3.429 |
1.085 |
|
Total Non-Current Assets |
1336.073 |
1402.613 |
1447.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
7.590 |
7.590 |
8.839 |
|
(b) Inventories |
558.281 |
325.982 |
469.600 |
|
(c) Trade receivables |
147.830 |
236.094 |
310.356 |
|
(d) Cash and cash
equivalents |
51.090 |
245.950 |
121.502 |
|
(e) Short-term loans and
advances |
379.453 |
358.177 |
357.413 |
|
(f) Other current assets |
2.443 |
7.260 |
3.010 |
|
Total Current Assets |
1146.687 |
1181.053 |
1270.720 |
|
|
|
|
|
|
TOTAL |
2482.760 |
2583.666 |
2718.220 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2127.577 |
4439.198 |
2760.180 |
|
|
|
Other Income |
10.064 |
36.340 |
37.289 |
|
|
|
TOTAL (A) |
2137.641 |
4475.538 |
2797.469 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1372.940 |
1289.829 |
1028.086 |
|
|
|
Purchases of Stock-in-Trade |
179.935 |
2669.213 |
1192.117 |
|
|
|
(Increase)/Decrease in inventories of finished goods |
(10.588) |
(18.220) |
71.262 |
|
|
|
Employees benefits expense |
88.627 |
81.730 |
61.910 |
|
|
|
Other expenses |
301.148 |
242.261 |
218.562 |
|
|
|
TOTAL (B) |
1932.062 |
4264.813 |
2571.937 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
205.579 |
210.725 |
225.532 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
76.658 |
104.421 |
112.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
128.921 |
106.304 |
113.275 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
86.068 |
85.276 |
74.460 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
42.853 |
21.028 |
38.815 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.769 |
(17.339) |
(9.515) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
27.084 |
38.367 |
48.330 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1005.719 |
996.102 |
976.432 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final equity dividend (Amount per share Re.0.60
(31st March 2012: Re.0.60) |
|
11.753 |
11.753 |
|
|
|
Tax on proposed equity dividend |
|
1.997 |
1.907 |
|
|
|
Transfer to general reserve |
|
15.000 |
15.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1005.719 |
996.102 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at CIF Value |
|
134.927 |
51.106 |
|
|
TOTAL
EARNINGS |
NA |
134.927 |
51.106 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw
Materials |
|
|
|
|
|
|
- Manganese Ore |
|
25.565 |
51.809 |
|
|
|
- Coal |
|
55.951 |
152.313 |
|
|
TOTAL IMPORTS |
NA |
81.516 |
204.122 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.38 |
1.96 |
2.47 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2014 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
522.100 |
|
Total Expenditure |
478.900 |
|
PBIDT (Excluding Other Income) |
43.200 |
|
Other income |
4.200 |
|
Operating Profit |
47.400 |
|
Interest |
16.00 |
|
Exceptional Items |
359.100 |
|
PBDT |
390.500 |
|
Depreciation |
26.300 |
|
Profit Before Tax |
364.300 |
|
Tax |
83.400 |
|
Profit after tax |
280.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.27 |
0.86 |
1.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.01 |
0.47 |
1.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.81 |
0.86 |
1.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50 |
0.53 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.22 |
1.26 |
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 |
195.885 |
195.885 |
195.885 |
|
Reserves & Surplus |
1078.945 |
1103.562 |
1116.896 |
|
Net
worth |
1274.830 |
1299.447 |
1312.781 |
|
|
|
|
|
|
long-term borrowings |
386.155 |
290.394 |
332.861 |
|
Short term borrowings |
365.830 |
394.726 |
320.508 |
|
Total
borrowings |
751.985 |
685.120 |
653.369 |
|
Debt/Equity
ratio |
0.590 |
0.527 |
0.498 |
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 |
2,760.180 |
4,439.198 |
2,127.577 |
|
|
|
60.830 |
(52.073) |
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
|
2,760.180 |
4,439.198 |
2,127.577 |
|
Profit |
48.330 |
38.367 |
27.084 |
|
|
1.75% |
0.86% |
1.27% |
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
|
Long
Term Borrowings |
|
|
Other
loans and advances |
|
|
Deferred sales tax loan |
3.163 |
|
|
|
|
Short
Term Borrowings |
|
|
Loan and advances from related parties repayable on demand |
1.611 |
|
Loan and advances from others repayable on demand |
3.739 |
|
|
|
|
Total |
8.513 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
June 2014
(Rs. In Millions)
|
Particulars |
30.06.2014 ( Unaudited) |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
522.106 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
522.106 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
354.090 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
28.514 |
|
d) Employees benefit expenses |
21.419 |
|
e) Depreciation and amortization expenses |
26.288 |
|
f) Other expenditure |
74.857 |
|
Total expenses |
505.166 |
|
3. Profit from operations before other income and
financial costs |
16.940 |
|
4. Other income |
4.181 |
|
5. Profit from ordinary activities before finance costs |
21.120 |
|
6. Finance costs |
15.975 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
5.145 |
|
8. Exceptional item |
359.102 |
|
9. Profit from ordinary activities before tax
Expense: |
364.247 |
|
10.Tax expenses |
83.347 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
280.900 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
280.900 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
195.885 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
14.34 |
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
5374218 |
|
- Percentage of shareholding |
27.44 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
0.00 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
0.00 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
14214282 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
72.56 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
30.06.2014 (
Unaudited) |
|
1.
Segment Revenue |
|
|
a. Ferro Alloys |
439.887 |
|
b. Power |
230.857 |
|
c. Trading |
0.000 |
|
Total |
670.744 |
|
Less : Inter Segment Revenue |
148.638 |
|
Net
Sales |
522.106 |
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
a. Ferro Alloys |
(14.796) |
|
b. Power |
33.205 |
|
c. Trading |
0.000 |
|
Total |
18.409 |
|
Less
: (i) Interest |
15.975 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
(361.813) |
|
Profit
before Tax |
364.247 |
|
3.
Capital Employed |
|
|
a. Ferro Alloys |
478.429 |
|
b. Power |
997.368 |
|
c. Trading |
0.188 |
|
Total |
1475.985 |
|
Add
: Unallocable Capital |
112.843 |
|
Total
Capital Employed |
1588.828 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10389929 |
27/10/2012 |
1,850,000.00 |
BAJAJ
FINANCE LIMITED |
AKURDI
PUNE-, PUNE, MAHARASHTRA - 411035, INDIA |
B63302525 |
|
2 |
10292359 |
10/09/2013
* |
955,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH -
492001, INDIA |
B85167617 |
|
3 |
10243822 |
17/01/2013
* |
100,000,000.00 |
IDBI
BANK LIMITED |
SPECIALISED
CORPORATE BRANCH, FIRST FLOOR, SIMRAN TOWERS, OPP. LIC MAIN BUILDING, PANDRI,
RAIPUR, CHHATTISGARH - 492001, INDIA |
B68087931 |
|
4 |
10233286 |
30/06/2010 |
64,900,000.00 |
IDBI
BANK LIMITED |
SPECIALISED
CORPORATE BRANCH, FIRST FLOOR, SIMRANTOWER, OPP. LIC MAIN BUILDING, PANDRI,
RAIPUR, CHHATTISGARH - 492001, INDIA |
A91834606 |
|
5 |
10212426 |
17/01/2013
* |
90,000,000.00 |
IDBI
BANK LIMITED |
SPECIALISED
CORPORATE BRANCH, FIRST FLOOR, SIMRAN TOWERS, OPP. LIC MAIN BUILDING ,
PANDRI, RAIPUR, CHHATTISGARH - 492001, INDIA |
B68087600 |
|
6 |
10123248 |
24/07/2013
* |
260,000,000.00 |
AXIS
BANK LIMITED |
JEEVAN
BEEMA MARG,, OPP. NEW BUS STAND, PANDRI,, |
B83510214 |
|
7 |
90206308 |
19/03/2005 |
1,080,000.00 |
MAGMA
LEASING LTD |
24
PARK STREET, KOLKATA, WEST BENGAL, INDIA |
- |
|
8 |
90209811 |
15/01/2011
* |
859,900,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH -
492001, INDIA |
B07689292 |
FIXED ASSETS:
·
Freehold land
·
Leasehold land
·
Site and land development
·
Factory shed and building
·
Borewell and water system
·
Plant and machinery
·
Electrical installation
·
Work shop equipment
·
Lab equipment
·
Air conditioner
·
Office equipment
·
Computer
·
Furniture and fixture
·
Vehicles
·
Pay loader
·
Weigh bridge
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 records 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 |
|
UK Pound |
1 |
Rs.100.15 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUB |
|
|
|
|
Analysis Done by
: |
HTL |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.