MIRA INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
|
|
|
|
Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai – 400009, |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.03.1985 |
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|
|
|
Com. Reg. No.: |
11-035806 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1422.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104MH1985PLC035806 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03480B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1710C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges |
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|
|
|
Line of Business
: |
Manufacturing of
Intermediate Steel Products i.e. Cold Rolled Steel (CR) and Galvanised
Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and
Colour Coated Products (CCP) Coils and Sheets. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 |
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|
Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk
profile and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
A = long Term issuer rating |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
|
Date |
13.08.2013 |
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
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-66563500)
LOCATIONS
|
Registered
/ Corporate Office
: |
Uttam House, 69, P D Mello Road, Carnac Bandar,
Mumbai – 400009, Maharashtra, India |
|
Tel.
No.: |
91-22-66563500 |
|
Fax
No.: |
91-22-23485025 |
|
E-Mail
: |
|
|
Website
: |
|
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Khopoli - Pen Road, Village Donvat, Taluka
Khalapur, District Raigad - 410202, Maharashtra, India |
|
Tel.
No.: |
91-2192-278053/ 278055/ 278146 |
|
Fax
No.: |
91-2192-278143 |
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|
|
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Factory
2 : |
Khopoli - Pali Road, Village Dahivali, Taluka
Khalapur, District Raigad, Maharashtra, India |
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|
|
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Factory
3: |
Taloja -12, MIDC, District Raigad, Maharashtra,
India |
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Branch
Offices : |
Located
at : · Keonjhar, Odisha · Pune · New Delhi · Bangalore · Ahmedabad · Chennai · Indore ·
Secunderabad
·
Bangalore |
|
|
|
|
Steel
Service Centers : |
Located
at : · Mumbai, Maharashtra · Kolkata, West Bengal · New Delhi · Kanpur, Uttar Pradesh · Ghaziabad, Uttar Pradesh · Guwahati, Assam |
DIRECTORS
AS ON 31.03.2014
|
Name
: |
Mr. Rajinder K. Miglani |
|
Designation
: |
Chairman |
|
Address
: |
21-B, Embassy Apartments, 46, Nepean Sea Road,
Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age: |
68 Years |
|
Qualification
: |
Science Graduate |
|
Experience
: |
48 Years |
|
Date
of Appointment : |
31.12.1998 |
|
|
|
|
Name : |
Mr. O P Gahrotra |
|
Designation : |
Additional Director |
|
Brief Resume : |
He is a Science Graduate and has done Masters in Financial
Management from Jamnalal Bajaj Institute of management, Bombay and Masters in
Social Science (Development Finance) from Birmingham University, United
Kingdom. He is a Member of the Indian Administrative Service (IAS) belonging
to the 1969 Batch of the Maharashtra Cadre of the service. He retired in
September, 2006 as Additional Chief Secretary, Finance to the Government of
Maharashtra. |
|
|
|
|
Name : |
Mr. D L Rawal |
|
Designation : |
Additional director |
|
Brief Resume : |
He is a Science Graduate (Hons.) and Certified Associate
of Indian Institute of Banker (CAIIB). He has an experience of more than 40
years in operational and policy formulation in Corporate Banking. After
serving in Punjab National Bank as General Manager and Canara Bank as an
Executive Director, he retired as a Chairman & Managing Director of Dena
Bank. He had also been on the Boards and Executive Committee of Life
Insurance Corporation of India, Agriculture Finance Corporation and many
other such renowned Institutions. |
|
|
|
|
Name : |
Mr. Shirish T. Parikh |
|
Designation : |
Director |
|
Qualification: |
B.E. (Civil) |
|
Date of Appointment: |
29.03.1985 |
|
Other Directorship: |
Frontline Rolls, Forms Limited |
|
|
|
|
Name : |
Mrs. Swarna Prabha Sukumar |
|
Designation : |
Director (Nominee of LIC) |
|
Qualification: |
Science Graduate |
|
Experience : |
32 Years in LIC |
|
|
|
|
Name : |
Mr. Anuj Miglani |
|
Designation : |
Managing Director |
|
Date of Birth/Age: |
40 Years |
|
Qualification : |
Mechanical Engineer from Imperial College, Mumbai |
|
Experience : |
19 Years |
|
Date of Appointment : |
01.02.1995 |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director (Commercial) |
|
Date of Birth/Age: |
35 Years |
|
Qualification : |
Graduate in Economics from Wharton School U.S.A. |
|
Experience : |
12 Years |
|
Date of Appointment : |
29.01.2003 |
|
Brief
Resume : |
He is a Graduate in Economics with specialization in Finance
from Wharton School, University of Pennsylvania, Philadelphia, U.S.A. He has
joined the Board of Uttam Galva Steels Limited on 29th July, 2005. He is
overseeing all the major commercial functions such as Marketing and
procurement of Critical Raw Materials and is actively involved in formulating
strategic alliances and undertaking strategic business initiatives. |
|
|
|
|
Name
: |
Mr. Gursharan S Sawhney |
|
Designation
: |
Executive Director (Finance) and Chief Financial Officer |
|
Brief
Resume : |
He is a Science Graduate, qualified Chartered Accountant
from the Institute of Chartered Accountants of India and a qualified Company
Secretary from the Institute of Company Secretaries of India. He also has
done post graduate diploma in business management from XLRI. He has over 36
years of experience in finance and accounts with Companies like Batliboi and
Company and Ispat Industries. He specializes in project financing. |
|
|
|
|
Name : |
Mr. Sharad G Tudekar |
|
Designation : |
Director (Works) |
|
Tel No. : |
91-22-23436930 |
|
Qualification: |
Graduate Engineer in Metallurgy |
KEY EXECUTIVES
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Senior Vice President and Company Secretary |
|
Tel
No. : |
91-22-23437831 |
|
E-mail
: |
|
|
|
|
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Department |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholders |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
5961700 |
4.19 |
|
|
39304520 |
27.63 |
|
|
45266220 |
31.82 |
|
|
|
|
|
|
41327931 |
29.05 |
|
|
41327931 |
29.05 |
|
Total shareholding of Promoter
and Promoter Group (A) |
86594151 |
60.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
38745 |
0.03 |
|
|
30291 |
0.02 |
|
|
69 |
0.00 |
|
|
124104 |
0.09 |
|
|
39078158 |
27.47 |
|
|
39271367 |
27.61 |
|
|
|
|
|
|
2246277 |
1.58 |
|
|
|
|
|
|
7511363 |
5.28 |
|
|
3057293 |
2.15 |
|
|
3579652 |
2.52 |
|
|
316623 |
0.22 |
|
|
3262529 |
2.29 |
|
|
500 |
0.00 |
|
|
16394585 |
11.52 |
|
Total Public shareholding (B) |
55665952 |
39.13 |
|
Total (A)+(B) |
142260103 |
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) |
142260103 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Intermediate Steel Products i.e. Cold Rolled Steel (CR) and Galvanised Products
comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour
Coated Products (CCP) Coils and Sheets. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
· State Bank of India · Canara Bank · Punjab National Bank · Union Bank of India · IDBI Bank Limited · Bank of Baroda · Indian Overseas Bank · ICICI Bank Limited ·
Punjab and Maharashtra Co-Operative Bank
Limited |
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Facilities : |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Prakkash Muni and Associates Chartered Accountants |
|
Address : |
303, The Engle’s Flight, Suren Road, off Andheri Kurla
Road, Near Western Express Highway Junction, Andheri (East), Mumbai – 400093,
Maharashtra, India |
|
Tel. No.: |
91-22-66300900 |
|
Fax No.: |
91-22-66300990 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Internal Auditors : |
|
|
Name : |
K S Aiyar and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Wholly Owned Subsidiary : |
· Uttam Galva Holdings Limited · Atlantis International Services Company Limited · Uttam Galva Steels, Netherlands, B.V. · Neelraj International Trade Limited · Uttam Galva Steels (BVI) Limited ·
Uttam Galva Steels FZE |
|
|
|
|
Co-Promoter |
ArcelorMittal Netherlands, B.V. |
|
|
|
|
Ability to Control/
Exercise Significant Influence : |
· ArcelorMittal Finanzaria, SRL · ArcelorMittal Cons Reunion · ArcelorMittal SSC, Italia · ArcelorMittal International FZE · ArcelorMittal International Luxembourg · ArcelorMittal Distribution Solution ·
ArcelorMittal Singapore Private Limited |
|
|
|
|
Associates/ Joint
Ventures : |
· Grow Well Mercantile Limited · Evergreen Tradeplace Private Limited · Shree Uttam Steel and Power Limited · Uttam Galva Metallics Limited · Uttam Distribution Network Limited · Uttam Utkal Steels Limited · Sainath Trading Company Private Limited · Texturing Technology Private Limited · Moira Madhujore Coal Limited · Uttam Value Steels Limited (Formerly known as Lloyds Steel Industries Limited) · Kredence Multi Trading Limited · Archisha Steels Private Limited (Formerly known as Archisha Investment Private Limited) ·
Uttam Galva Ferous Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs. 10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
142260103 |
Equity Shares |
Rs. 10/- each |
Rs. 1422.600 Millions |
|
|
|
|
|
(Out of this
5874760 Equity Share have been Issued for consideration other than Cash and
21857924 Equity Share have been issued on Conversion of Global Depository
Receipts)
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Equity Shares at the beginning of the year |
142260103 |
|
Add: Shares Issued during the year (QIP) |
-- |
|
Equity Shares at
the end of the year |
142260103 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
Equity Shares
with Voting Rights |
|
|
|
Kredence Multi Trading Limited |
14921063 |
10.49% |
|
Uttam Exports Private Limited |
7324379 |
5.15% |
|
Arcelomittal Netherlands BV |
41327931 |
29.05% |
|
Cresta Fund Limited |
14101426 |
9.91% |
|
Albula Investment Fund Limited |
12856750 |
9.04% |
|
Asia Investment Corporation (Mauritius)
Limited |
8442125 |
5.93% |
|
Evergreen Tradeplace Private Limited |
7885600 |
5.54% |
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 |
1422.600 |
1422.600 |
1222.600 |
|
(b) Reserves & Surplus |
11396.200 |
11043.000 |
9027.500 |
|
(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) |
12818.800 |
12465.600 |
10250.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
23582.600 |
17745.100 |
19710.600 |
|
(b) Deferred tax liabilities (Net) |
1958.800 |
1682.500 |
1217.000 |
|
(c)
Other long term liabilities |
5710.000 |
3257.500 |
3474.800 |
|
(d)
long-term provisions |
115.200 |
115.300 |
115.500 |
|
Total
Non-current Liabilities (3) |
31366.600 |
22800.400 |
24517.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2945.000 |
2658.000 |
453.500 |
|
(b)
Trade payables |
23447.200 |
18175.200 |
14266.600 |
|
(c)
Other current liabilities |
9465.400 |
12110.900 |
8734.600 |
|
(d)
Short-term provisions |
3.000 |
117.200 |
137.400 |
|
Total
Current Liabilities (4) |
35860.600 |
33061.300 |
23592.100 |
|
|
|
|
|
|
TOTAL |
80046.000 |
68327.300 |
58360.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
39842.000 |
32175.100 |
28987.400 |
|
(ii)
Intangible Assets |
229.800 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
6941.100 |
5468.000 |
3786.900 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
239.400 |
234.600 |
120.200 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1295.800 |
1064.600 |
871.600 |
|
(e)
Other Non-current assets |
6.500 |
32.500 |
238.900 |
|
Total
Non-Current Assets |
48554.600 |
38974.800 |
34005.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
7947.500 |
10372.400 |
10851.400 |
|
(c)
Trade receivables |
9837.500 |
6844.900 |
5578.400 |
|
(d)
Cash and cash equivalents |
463.400 |
1696.400 |
1312.600 |
|
(e)
Short-term loans and advances |
13243.000 |
10438.800 |
6612.700 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
31491.400 |
29352.500 |
24355.100 |
|
|
|
|
|
|
TOTAL |
80046.000 |
68327.300 |
58360.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
54363.700 |
59110.700 |
51716.000 |
|
|
|
Other Income - Operational |
309.000 |
54.000 |
0.000 |
|
|
|
Other Income |
295.300 |
85.600 |
76.400 |
|
|
|
TOTAL (A) |
54968.000 |
59250.300 |
51792.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
28783.200 |
32521.600 |
31551.100 |
|
|
|
Purchases of Stock-in-Trade |
11479.200 |
16094.600 |
6208.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
2057.700 |
(1862.000) |
3128.200 |
|
|
|
Employees benefits expense |
882.900 |
763.300 |
675.000 |
|
|
|
Other expenses |
5940.700 |
5707.300 |
4873.200 |
|
|
|
Extraordinary Income |
0.000 |
(200.000) |
0.000 |
|
|
|
Prior Period Income |
(27.400) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
49116.300 |
53024.800 |
46435.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5851.700 |
6225.500 |
5356.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2890.900 |
3046.400 |
2673.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2960.800 |
3179.100 |
2683.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2148.200 |
1825.800 |
1273.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
812.600 |
1353.300 |
1410.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
459.400 |
737.800 |
630.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
353.200 |
615.500 |
779.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7394.500 |
6904.000 |
6249.400 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED FROM DEBENTURE REDEMPTION RESERVE ACCOUNT |
250.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture
Redemption Reserve |
0.000 |
125.000 |
125.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7997.700 |
7394.500 |
6904.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
19239.900 |
19493.900 |
12607.900 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
18776.900 |
20299.300 |
19249.500 |
|
|
|
Spare Parts and Components |
94.500 |
107.700 |
56.300 |
|
|
|
Capital Goods |
325.300 |
412.200 |
390.100 |
|
|
TOTAL IMPORTS |
19196.700 |
20819.200 |
19695.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and
Diluted including Extraordinary Item |
2.48 |
5.03 |
6.38 |
|
|
|
Basic and
Diluted excluding Extraordinary Item |
2.33 |
3.72 |
6.38 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2014 |
30.06.2014 |
|
Type |
|
2nd
Quarter |
1st
Quarter |
|
Net Sales |
|
16641.900 |
16190.500 |
|
Total Expenditure |
|
16641.900 |
14652.100 |
|
PBIDT (Excl OI) |
|
1312.400 |
1538.400 |
|
Other Income |
|
5.200 |
0.700 |
|
Operating Profit |
|
1317.600 |
1539.100 |
|
Interest |
|
603.300 |
769.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
714.300 |
769.400 |
|
Depreciation |
|
598.600 |
522.200 |
|
Profit Before Tax |
|
115.700 |
247.200 |
|
Tax |
|
54.200 |
151.800 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
61.500 |
95.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
61.500 |
95.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.65 |
1.04 |
1.51 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.76 |
10.53 |
10.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.12 |
2.16 |
2.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.11 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.07 |
1.64 |
1.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.89 |
1.03 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1222.600 |
1422.600 |
1422.600 |
|
Reserves & Surplus |
9027.500 |
11043.000 |
11396.200 |
|
Net
worth |
10250.100 |
12465.600 |
12818.800 |
|
|
|
|
|
|
Long-term borrowings |
19710.600 |
17745.100 |
23582.600 |
|
Short term borrowings |
453.500 |
2658.000 |
2945.000 |
|
Total
borrowings |
20164.100 |
20403.100 |
26527.600 |
|
Debt/Equity ratio |
1.967 |
1.637 |
2.069 |
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 |
51716.000 |
59110.700 |
54363.700 |
|
|
|
14.299 |
(8.031) |
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 |
51716.000 |
59110.700 |
54363.700 |
|
Profit |
779.600 |
615.500 |
353.200 |
|
|
1.51% |
1.04% |
0.65% |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10513596 |
09/08/2014 |
1,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE ACCOUNTS
GROUP-BKC (16376),THE CAPITAL, 16 FLOOR, BANDRA KURLA COMPLEX, BANDRA E,
MUMBAI, |
C15505639 |
|
2 |
10481565 |
03/03/2014 |
1,750,000,000.00 |
SYNDICATE BANK |
INTERNATIONAL BUSINESS
BRANCH, 2ND FLOOR, 10, HOMJI STREET, MUMBAI, MAHARASHTRA - 400023, INDIA |
B98058712 |
|
3 |
10479690 |
19/02/2014 * |
1,500,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
LARGE CORPORATE
BRANCH, 181 - A, MAKER TOWER' E' |
B98723083 |
|
4 |
10466253 |
19/12/2013 * |
27,354,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARAS |
B92227792 |
|
5 |
10467517 |
13/12/2013 |
815,217,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B92497940 |
|
6 |
10466743 |
13/12/2013 * |
2,802,018,670.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B92760941 |
|
7 |
10431919 |
13/12/2013 * |
12,562,450,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B91998914 |
|
8 |
10424495 |
29/04/2013 |
815,217,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE |
B74694381 |
|
9 |
10359845 |
17/04/2013 * |
1,500,000,000.00 |
VIJAYA BANK |
CORP. BKG.
BRANCH, MAKER CHAMBER IV (REAR PORTION), 222, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B74584731 |
|
10 |
10299516 |
08/08/2013 * |
7,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B83157461 |
|
11 |
10245187 |
21/06/2010 |
2,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A90518861 |
|
12 |
10072969 |
30/10/2007 |
131,281,344.00 |
UNIT TRUST OF INDIA
INVESTMENT ADVISORY SERVICES L |
UTI TOWER GN
BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A25414228 |
|
13 |
90232171 |
22/09/2011 * |
25,054,000,000.00 |
STATE BANK OF
INDIA |
NEVILLE HOUSE, J.N
HEREDIA MARG, BALLARD ESTATE, |
B24822611 |
|
14 |
80064743 |
27/04/1995 |
120,000,000.00 |
UNIT TRUST OF
INDIA |
13,SIR.V.T.MARG,
NEW MARINE LINE, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans ( SICOM and Others) |
202.200 |
13.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working Capital Loan from Bank |
1340.000 |
0.000 |
|
|
|
|
|
Total |
1542.200 |
13.000 |
CORPORATE INFORMATION
The company is
promoted by Miglani family initially in the year 1985 and ArcelorMittal has joined
as Co-Promoter in the year 2009-10.
The Company is in
the business of manufacturing of intermediate steel products i.e. Cold Rolled
Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP),
Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets
situated at Khopoli, Mumbai Western part of India. The Company is in the
business of procuring Hot Rolled Steel (HR) and processing it in to CR and
further in to GP and PPGI. Its current facilities are mainly in thicker and
thinner guage material. The CR not used for galvanizing is converted to value
added grades in Cold Rolled Closed Annealed (CRCA) coils, Cut to Length (CTL)
Sheets and also sold as Full Hard CR in Domestic and Overseas market. The
market segment for value added grades include Appliance, General Engineering,
Automative, Construction, Packaging, Sandwich Panels and Others
The Registered Office of the Company is situated at Uttam House, 69 P D’Mello Road, Carnac Bunder, Mumbai.
OPERATIONS
Amid sluggish macroeconomic situation and weak business sentiments, combined by lower GDP growth rate of 4.6% and depreciating Indian rupee with high volatility, the year 2013-2014 proved to be a challenging year.
The Company has achieved a turnover of Rs.57545.600 Millions as against Rs.62523.400 Millions in the previous year. The Company posted Profit before Tax of Rs.812.600 Millions as against Rs.1353.300 Millions in the previous year. Reduction in Gross Revenue on account of shrinkage in International trading business, higher raw material cost and lower demand growth of the Company’s products from Auto, Industrial and Construction Segments, led to decline in the Profit before Tax.
The Company continued its long term strategy to invest in modernization and qualitative growth. The SAP system which was implemented with effect from 1st January, 2013 is now stabilized and process owners and users are carrying out all key activities through the system. The Company is also in the process of implementing the Global Availability to Promise (GATP) module which is an advanced feature in the SAP system to improve the delivery performance to their customers.
The Company has set up a Business Excellence Centre to drive operational excellence across all the functions which have yielded significant positive results. They have engaged M/s. Accenture to initiate the Marketing Transformation Program. This program will help the Company develop customer insight driven value proposition, optimize the sales and operations planning and improve their sales force productivity for better market visibility and net realization.
The Company has always emphasized on achieving operational excellence and continues to focus on customer satisfaction and delight. Backed by strong fundamentals and robust plans, the Company is fully prepared to face current challenges and benefit from expected medium and long term growth in Indian economy.
In its pursuit to achieve its long term strategy of modernization, the Company has envisaged various projects and also looking for the expansion and the modernization of current projects, consequently in view of the Capex requirement for proposed expansion projects of the Company, the Board of Directors are of the opinion that Cash _low should be conserved and hence decided to plough back the entire profit earned by the Company and have not recommended any dividend.
EXPORT
The Company has registered Growth in exports volume by 15.2% with growth in sales of 25% in North America, 104% in Europe and 58% in Asia. The Company has served 148 countries since its entry into the export business and is recognized as quality supplier in both developed and emerging markets. The Company has continued to maintain its presence in the International Markets inspite of the Global slowdown and currency crisis in some of the countries.
The Global Economic situation is showing significant signs of revival. As per World Economic Outlook Report April, 2014 published by International Monetary Fund expected growth across mature economies is 2.25% for 2014-2015, an increase of 1% compared to year 2013. The outlook for emerging and developing economies is also showing positive trends in line with their expectations and the projected growth is about 5% for the year 2014. This positive trend is expected to provide wider base to their international business.
The Company has been the recipient of 19 EEPC Awards from the Ministry of Commerce and Industry, Government of India for its outstanding exports performance.
MANAGEMENT DISCUSSION
AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENT
India is the 4th largest Steel producer in the world for the 4th year in
a row with an output of 81.2 Million Tonne (MT). The Indian Steel Industry
structure is divided into primary and secondary sectors. The primary sector
comprises of Integrated Steel Producers, producing Slabs, Billets, Blooms and
Hot Rolled among other and secondary sector comprises of units focussed on
value added products like cold rolled, galvanizing, angles, columns, other
re-rollers and sponge iron units.
India’s consumption pattern of flat products to long products ratio
currently stands at approximately 55% to 45% respectively. As per World Steel
Association, The Steel demand in India is expected to grow by 3.3% in the year
2014 compared to1.8% in the year 2013 due to improved outlook in Construction
and Manufacturing Sector.
Although slowdown is expected in demand for Capital Goods, Automotive
and Construction and Durables are expected to show marginal growth. Positive
signs are expected on back of modest recovery in economic growth. Likely
Increase in Government spends in the Power sector and Infrastructure push will
fuel segmental growth. Also with expected decline in inflation and interest
rates, demand for consumer goods is expected to show some growth.
OUTLOOK
The domestic flat Steel consumption in the relevant business segments is estimated to grow at 6% to 8%. The need, however, for value added and niche products are likely to surge and have been identified as major focus area for the Company.
Economies like USA and Japan are expected to do well which will help in maintaining a balance in supply and demand. The commodity segment, however, will be under pressure due to overcapacity from Chinese mills.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(RS. IN MILLIONS)
|
PARTICULARS |
Quarter Ended |
6 Months Ended |
|
|
|
30.09.2014 Reviewed |
30.06.2014 Reviewed |
30.09.2014 Reviewed |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
16568.800 |
16141.300 |
32710.100 |
|
b) Other operating income |
73.100 |
49.200 |
122.300 |
|
Total
income from Operations(net) |
16641.800 |
16190.500 |
32832.400 |
|
|
|
|
|
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
8314.900 |
11771.800 |
20086.800 |
|
b) Purchases of stock in trade |
4586.600 |
2089.000 |
6675.600 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
569.200 |
(873.400) |
(304.200) |
|
d) Employees benefit expenses |
257.500 |
234.300 |
491.800 |
|
e) Depreciation and amortization expenses |
598.600 |
522.200 |
1120.800 |
|
f) Other expenditure |
1601.300 |
1430.400 |
3031.700 |
|
Total expenses |
15928.000 |
15174.300 |
31102.400 |
|
|
|
|
|
|
3.
Profit from operations before other income and interest and Exceptional Items |
713.800 |
1016.200 |
1730.000 |
|
4. Other income |
05.200 |
0.700 |
5.900 |
|
5.
Profit before Interest and Exceptional Items (3+4) |
719.100 |
1016.900 |
1735.900 |
|
6. Finance costs |
603.300 |
769.600 |
1373.000 |
|
7. Profit after Interest and
Finance Charges |
115.700 |
247.200 |
362.900 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities
before tax Expense: (7+8) |
115.700 |
247.200 |
362.900 |
|
10.Tax expenses |
|
|
|
|
Current Tax |
24.300 |
51.800 |
76.100 |
|
-
MAT Credit |
-- |
-- |
-- |
|
-
Wealth Tax |
-- |
-- |
-- |
|
- Deferred Tax |
30.000 |
100.000 |
130.000 |
|
- Prior Period Tax |
|
-- |
-- |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
61.500 |
95.400 |
156.900 |
|
12.Extraordinary Items (net of
Tax) |
-- |
-- |
-- |
|
13. Prior Year Items (Net of
Tax) |
-- |
-- |
-- |
|
14.Net Profit
/ (Loss) for the period (11 -12) |
61.500 |
95.400 |
156.900 |
|
15.Paid-up equity share capital (Nominal value Re.
1/- per share) |
1422.600 |
1422.600 |
1422.600 |
|
16. Paid up Debentures |
500.000 |
1000.000 |
500.000 |
|
17. Reserves
excluding Revaluation Reserves |
-- |
-- |
-- |
|
18. Debenture
Redemption Reserve |
-- |
-- |
-- |
|
19. Basic
and Diluted EPS (in Rs) before Extraordinary Items (not annualised) |
0.43 |
0.67 |
1.10 |
|
Basic and Diluted EPS ( in Rs) after
Extraordinary Items (not annualised ) |
0.43 |
0.67 |
1.10 |
|
|
|
|
|
|
20. Particulars of shareholding |
|
|
|
|
- Number of shares |
55665952 |
55665952 |
55665952 |
|
- Percentage of shareholding |
39.13 |
39.13% |
39.13% |
|
|
|
|
|
|
21.
Promoters and Promoters group Shareholding |
86594151 |
86594151 |
86594151 |
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
2502500 |
2502500 |
2502500 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
2.89% |
2.89% |
2.89% |
|
Percentage of shares (as a % of total share capital of the
company) |
1.76% |
1.76% |
1.76% |
|
|
|
|
|
|
b) Non-Encumbered |
|
|
|
|
Number of shares |
84091651 |
84091651 |
84091651 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
97.11% |
97.11% |
97.11% |
|
Percentage of shares (as a % of total share capital of the
company) |
59.11% |
59.11% |
59.11% |
|
|
Particulars |
Quarter
Ended 30.09.2014 |
|
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 |
STATEMENT
OF ASSETS AND LIABILITIES
(RS.
IN MILLIONS)
|
PARTICULARS |
30.09.2014 (Reviewed) |
|
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
1422.600 |
|
|
(b) Reserves & Surplus |
11525.600 |
|
|
Total Shareholders’
Funds |
12948.200 |
|
|
|
|
|
2 |
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
24326.900 |
|
|
(b) Deferred tax liabilities (Net) |
2088.800 |
|
|
(c)
Other long term liabilities |
5381.600 |
|
|
(d)
long-term provisions |
121.700 |
|
|
Sub Total
Non-current Liabilities |
31919.000 |
|
|
|
|
|
3 |
Current
Liabilities |
|
|
|
(a)
Short term borrowings |
3120.000 |
|
|
(b)
Trade payables |
29330.700 |
|
|
(c)
Other current liabilities |
10271.100 |
|
|
(d)
Short-term provisions |
60.400 |
|
|
Sub Total Current Liabilities |
42782.200 |
|
|
|
|
|
|
TOTAL-
EQUITY AND LIABILITIES |
87649.400 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a)
Fixed Assets |
|
|
|
i)
Tangible Assets |
38834.000 |
|
|
ii)
Intangible Assets |
206.700 |
|
|
iii)
Capital Work-in-Progress |
11563.100 |
|
|
(b) Non-current
Investments |
537.600 |
|
|
(c) Long-term Loan
and Advances |
1252.900 |
|
|
(d)
Other Non-current assets |
6.500 |
|
|
Sub
Total Non-Current Assets |
52400.800 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a)
Current investments |
0.000 |
|
|
(b)
Inventories |
8191.500 |
|
|
(c)
Trade receivables |
13721.700 |
|
|
(d)
Cash and cash equivalents |
219.700 |
|
|
(e)
Short-term loans and advances |
13115.700 |
|
|
(f)
Other current assets |
0.000 |
|
|
Sub
Total Current Assets |
35248.600 |
|
|
|
|
|
|
TOTAL-ASSETS |
87649.400 |
NOTES:
1) The above financial results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meeting held on 4th November, 2014.
2)
Previous year's figures have been regrouped / rearranged wherever necessary.
3) The Company is in manufacturing of Steel Products and also has a Captive Power Plant, Hence it is reporting its results in single segment as required by AS 17.
4) Pursuant to companies Act 2013 becoming effective from April 1, 2014 the company has re-worked depreciation with reference to the estimated useful lives of fixed assets prescribed under Schedule II to the Act or useful life of fixed assets as per technical evaluation and componentization. In previous year it was accounted at depreciation rates prescribed in the Companies Act, 1956.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Letters of Credit outstanding |
9886.400 |
7548.800 |
|
(b) Bank Guarantees |
1244.200 |
1291.200 |
|
(c) Estimated amount of contracts remaining to be executed
on capital account and not provided for |
832.100 |
863.100 |
|
(d) Disputed Statutory Liabilities |
163.500 |
163.700 |
|
The Company had given a corporate guarantee of Rs.875.400 Millions (Previous Year Rs. 875.400 Millions) to Commissioner of Customs against export obligation of Uttam Galva Metallics Limited. The Company had given a corporate guarantee of Rs. 43.000 Millions (Previous Year Rs. 43.000 Millions) to Punjab National Bank Limited, against Loan obtained by Moira Madhujore Coal Limited. |
||
FIXED ASSETS
·
Land
·
Building and Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex
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. 63.32 |
|
|
1 |
Rs. 98.68 |
|
Euro |
1 |
Rs. 78.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
48 |
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.