|
Report Date : |
05.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
LOHA ISPAAT LIMITED |
|
|
|
|
Formerly Known As : |
LOHA ISPAAT PRIVATE LIMITED |
|
|
|
|
Registered Office : |
9th Floor, Naman Centre, C 31, Bandra Kurla Complex, Bandra
(East), Mumbai - 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
20.12.1988 |
|
|
|
|
Com. Reg. No.: |
11-050107 |
|
|
|
|
Capital Investment/ Paid-up Capital : |
Rs.707.587 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U27200MH1988PLC050107 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUML05501G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACL1583C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Hot
Rolled Coils and Cold Rolled Coils and Sheets. |
|
|
|
|
No. of Employees : |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20330000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exits |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The company has shown a significant improvement in its sales volume as
well as net profitability during 2013. Overall position appears to be good
marked by decent financials, wide distribution network and large customer
base. The ratings also take into consideration the working capital intensive
nature of the subject, along with the volatility in prices of raw materials
and the prevailing downturn in the steel industry. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of long standing experience of the promoters, the subject can
be considered good 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
IPO Grade 3 |
|
Rating Explanation |
Average fundamentals |
|
Date |
26.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non co-operative (91-22-67577000)
LOCATIONS
|
Registered Office / Corporate Office : |
9th Floor, Naman Centre, C 31, Bandra Kurla Complex, Bandra
(East), Mumbai - 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26102771/ 26127174/ 67577017/ 67577000 |
|
Mobile No.: |
91-9320470079 (Mr. Rishi Vyas) |
|
Fax No.: |
91-22-26102771/ 26122396/ 26719749/ 67577031 |
|
Email : |
lohaispat@vsnl.net info@lohaispaat.com |
|
Website : |
www.lohaispaat.com |
|
Area : |
4000 Sq. Ft. |
|
Location : |
Rented |
|
|
|
|
Factory 1 : |
E-19, MIDC, Taloja, Raigad - 410206, Maharashtra, India |
|
Tel. No.: |
91-22-27410838/ 27402647/ 65159605 |
|
Fax No.: |
91-22-27412347/ 27410938 |
|
E-Mail : |
|
|
Area : |
10000 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Village – Ransai, |
|
Tel No.: |
91-2192-304700 |
|
|
|
|
International
Offices : |
Located At: §
Dubai §
Hong Kong |
DIRECTORS
AS ON 20.05.2013
|
Name : |
Mr. Sanjay Bansal |
|
Designation : |
Whole Time Director |
|
Address : |
J-206, Haware Apartments, Sector – 9, Khanda Colony, New Panvel –
410206, Maharashtra, India |
|
Date of Birth/Age : |
15.06.1983 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
01.08.2009 |
|
DIN No.: |
00064532 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27200MH1988PLC050107 |
LOHA ISPAAT
LIMITED |
Whole-time
director |
01/08/2012 |
15/03/2004 |
Active |
NO |
|
2 |
U51909DL2010PLC209452 |
LOHA
INTERNATIONAL LIMITED |
Director |
18/10/2010 |
18/10/2010 |
Active |
NO |
|
3 |
U93030MH2012PTC226150 |
PODDAR FININ
CONSULTANCY PRIVATE LIMITED |
Director |
17/01/2012 |
17/01/2012 |
Active |
NO |
|
4 |
U74999MH2012PLC228892 |
LOHA POWER AND
INFRASTRUCTURE LIMITED |
Director |
29/03/2012 |
29/03/2012 |
Active |
NO |
|
5 |
U93000MH2012PTC226125 |
PODDAR ADVANTAGE
ADVISORS PRIVATE LIMITED |
Director |
26/11/2013 |
26/11/2013 |
Active |
NO |
|
Name : |
Mr. Rajesh Gaurishankar Poddar |
|
Designation : |
Managing Director |
|
Address : |
42, Gautam Apartment, 31, Juhu Road, Santacruz (West), Mumbai –
400054, Maharashtra, India |
|
Date of Birth/Age : |
18.12.1965 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
01.01.2010 |
|
Voter ID No.: |
ROL2608842 |
|
DIN No.: |
01384067 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27200MH1988PLC050107 |
LOHA ISPAAT
LIMITED |
Managing
director |
01/01/2010 |
20/12/1988 |
Active |
NO |
|
2 |
U51420MH2000PTC124938 |
DHANIDEVI
PROCESSORS PRIVATE LIMITED |
Director |
21/03/2012 |
15/03/2000 |
Active |
NO |
|
3 |
U67120MH2008PTC189199 |
LOHA INVESTMENTS
PRIVATE LIMITED |
Director |
29/12/2008 |
29/12/2008 |
Active |
NO |
|
4 |
U51909DL2010PLC209452 |
LOHA
INTERNATIONAL LIMITED |
Director |
18/10/2010 |
18/10/2010 |
Active |
NO |
|
5 |
U93030MH2012PTC226150 |
PODDAR FININ
CONSULTANCY PRIVATE LIMITED |
Director |
17/01/2012 |
17/01/2012 |
Active |
NO |
|
6 |
U93000MH2012PTC226125 |
PODDAR ADVANTAGE
ADVISORS PRIVATE LIMITED |
Director |
17/01/2012 |
17/01/2012 |
Active |
NO |
|
7 |
U74999MH2012PLC228892 |
LOHA POWER AND
INFRASTRUCTURE LIMITED |
Director |
29/03/2012 |
29/03/2012 |
Active |
NO |
|
Name : |
Ms. Sujata Chattopadhyay |
|
Designation : |
Director |
|
Address : |
D-103, Jal Vayu Vihar, Powai, Mumbai-40076, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1964 |
|
Date of Appointment : |
27.11.2012 |
|
DIN No.: |
02336683 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L67190MH1993PLC071117 |
CHOICE
INTERNATIONAL LIMITED |
Director |
30/09/2009 |
23/09/2008 |
30/01/2010 |
Active |
NO |
|
2 |
U65990MH2010PTC198262 |
CHOICE CAPITAL
ADVISORS PRIVATE LIMITED |
Whole-time
director |
15/02/2011 |
19/02/2010 |
- |
Active |
NO |
|
3 |
U27200MH1988PLC050107 |
LOHA ISPAAT
LIMITED |
Director |
20/05/2013 |
27/11/2012 |
- |
Active |
NO |
|
Name : |
Mr. Biswanath Chakraborty |
|
Designation : |
Director |
|
Address : |
43, Purbachal North, Kalitala Link Road, Kolkata-700078, West Bengal,
India |
|
Date of Birth/Age : |
01.01.1956 |
|
Date of Appointment : |
12.07.2012 |
|
DIN No.: |
05325864 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51909DL2010PLC209452 |
LOHA
INTERNATIONAL LIMITED |
Director |
24/08/2012 |
12/07/2012 |
Active |
NO |
|
2 |
U27200MH1988PLC050107 |
LOHA ISPAAT
LIMITED |
Whole-time
director |
12/07/2013 |
12/07/2012 |
Active |
NO |
|
Name : |
Ms. Shruti Jayesh Shah |
|
Designation : |
Director |
|
Address : |
10, Ruturaj, 2nd Floor, Opposite S N D T College, Juhu
Road, Santacruz West, Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
29.11.1972 |
|
Date of Appointment : |
27.11.2012 |
|
DIN No.: |
06423477 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27200MH1988PLC050107 |
LOHA ISPAAT
LIMITED |
Director |
20/05/2013 |
27/11/2012 |
Active |
NO |
|
Name : |
Ms. Sandhya Rohit Malhotra |
|
Designation : |
Director |
|
Address : |
B2-703, Rosemary, Runwal Garden City, Balkum, Thane (West),
Thane-400608, Maharashtra, India |
|
Date of Birth/Age : |
15.09.1978 |
|
Date of Appointment : |
12.12.2012 |
|
DIN No.: |
06450511 |
Other Directorship:
|
S.
No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U27200MH1988PLC050107 |
LOHA ISPAAT
LIMITED |
Director |
20/05/2013 |
12/12/2012 |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Ms. Shobhana Vasant Sinkar |
|
Designation : |
Secretary |
|
Address : |
208, Tara Apartments, Bhoir Pada, Jivadani Road, Behind Om Smruti Co-Operative
Housing Society, Virar (East), Thane-401303, Maharashtra, India |
|
Date of Birth/Age : |
14.05.1970 |
|
Date of Appointment : |
03.08.2009 |
|
PAN No.: |
BCNPS1732H |
MAJOR SHAREHOLDERS
AS ON 20.05.2013
|
Names of Shareholders |
No. of Shares |
|
Rajesh Poddar |
49583587 |
|
Aayush Poddar |
24524 |
|
Anushka Poddar |
1017551 |
|
Manish Garg |
67007 |
|
Dhanidevi Processors Private Limited, India |
10896354 |
|
Rajesh Poddar (HUF) |
5035833 |
|
Gaurishankar Poddar |
134 |
|
Loha Investments Private Limited, India |
39940 |
|
Poddar Advanatage Advisors Private Limited, India |
2359375 |
|
Poddar Finin Consultancy Private Limited, India |
1734375 |
|
TOTAL
|
70758680 |
AS ON 20.05.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
21.24 |
|
Directors or relatives of Directors |
78.76 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Hot Rolled
Coils and Cold Rolled Coils and Sheets. |
||||
|
|
|
||||
|
Products : |
·
H. R. Coils and C. R. Coils · Hot rolled black coil/ sheets. · Hot rolled pickled – oiled coil/ sheets · Hot rolled skin pass coil and sheets. · Cold rolled closed annealed coils/sheets. · Galvanised plain coils and sheets / galvanised corrugated sheets · Tin plate coils/sheets. · Cold rolled grain oriented and non grain oriented coil / sheets. · Hot rolled structural, chequered, high tensile, boiler and pressure vessel quality plates. · Structural (angles, channels, beams/joists etc.) ·
bars,
rods, rebars and wire rods |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
|
Hot Rolled Coils / Cold Rolled Coils |
MT |
900000 |
GENERAL INFORMATION
|
No. of Employees : |
800 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank
of Maharashtra, 1st Floor, Janmangal, 45/47, Mumbai Samachar Marg,
Fort, Mumbai-400023, Maharashtra, India ·
Bank of India, Nariman Point Large Corporate
Branch, 92-93, Free Press House, 215 Nariman Point, Mumbai-400021,
Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A John Moris and Company Chartered Accountants |
|
Address : |
9, Sahana Uttam Co-Oprative HSG Society, St. Anthony Road, Chambur,
Mumbai-400071, Maharashtra, India |
|
PAN No.: |
AABFA3006F |
|
|
|
|
Subsidiaries : |
·
Loha Ispaat Middle East FZCO ·
Loha Ispaat Hongkong Limited |
|
|
|
|
Group Companies : |
·
Loha Commodities Trading Limited ·
Loha Investments Private Limited ·
Loha Power And Infrastructure Limited ·
Dhanidevi Processors Private Limited ·
Poddar Finin Consultancy Private Limited ·
Poddar Advantage Advisors Private Limited ·
Poddar Renaissance Reality Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103000000 |
Equity Shares |
Rs.10/- each |
Rs. 1030.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70758680 |
Equity Shares |
Rs.10/- each |
Rs. 707.587
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
707.587 |
697.587 |
686.649 |
|
(b) Reserves & Surplus |
4375.226 |
3227.610 |
2652.474 |
|
(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) |
5082.813 |
3925.197 |
3339.123 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2062.355 |
1249.860 |
31.643 |
|
(b) Deferred tax liabilities (Net) |
415.154 |
274.176 |
207.320 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
2477.509 |
1524.036 |
238.963 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6076.464 |
4784.239 |
3359.810 |
|
(b) Trade payables |
5050.203 |
4698.706 |
3545.522 |
|
(c) Other current
liabilities |
385.183 |
155.642 |
69.363 |
|
(d) Short-term provisions |
376.750 |
166.280 |
372.120 |
|
Total Current Liabilities (4) |
11888.600 |
9804.867 |
7346.815 |
|
|
|
|
|
|
TOTAL |
19448.922 |
15254.100 |
10924.901 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3493.986 |
1645.643 |
1243.308 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
74.106 |
174.701 |
57.620 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13.923 |
13.582 |
13.457 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
224.674 |
1273.413 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3806.689 |
3107.339 |
1314.385 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7066.601 |
7101.090 |
5067.767 |
|
(c) Trade receivables |
7199.000 |
4046.022 |
3812.233 |
|
(d) Cash and cash
equivalents |
724.501 |
667.306 |
237.470 |
|
(e) Short-term loans and
advances |
627.523 |
323.654 |
489.140 |
|
(f) Other current assets |
24.608 |
8.689 |
3.906 |
|
Total Current Assets |
15642.233 |
12146.761 |
9610.516 |
|
|
|
|
|
|
TOTAL |
19448.922 |
15254.100 |
10924.901 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
34040.644 |
29095.641 |
20838.604 |
|
|
|
Other Income |
67.088 |
6.069 |
18.221 |
|
|
|
TOTAL (A) |
34107.732 |
29101.710 |
20856.825 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
30885.415 |
26659.459 |
19084.324 |
|
|
|
Employee benefits expenses |
94.846 |
78.205 |
55.411 |
|
|
|
Other Expenses |
779.959 |
682.525 |
390.772 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(15.226) |
(7.797) |
0.000 |
|
|
|
TOTAL (B) |
31744.994 |
27412.392 |
19530.507 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2362.738 |
1689.318 |
1326.318 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1206.510 |
968.540 |
520.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1156.228 |
720.778 |
806.235 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
104.283 |
67.827 |
59.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
1051.945 |
652.951 |
746.695 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
351.447 |
233.137 |
224.202 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
700.498 |
419.814 |
522.493 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
274.991 |
0.000 |
4.605 |
|
|
TOTAL IMPORTS |
274.991 |
0.000 |
4.605 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
10.10 |
6.29 |
7.84 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.05
|
1.44 |
2.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.09
|
2.24 |
3.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.43
|
4.33 |
6.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.17 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.60
|
1.54 |
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32
|
1.24 |
1.31 |
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) |
Yes |
|
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:
|
CASE DETAILS BENCH:-BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOAN:
|
PARTICULARS |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
From Others From IFCI Factors- Bill Discounting Facility |
36.505 |
12.805 |
|
Loans and Advances from Related Parties |
0.000 |
1.257 |
|
|
|
|
|
TOTAL |
36.505 |
14.062 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10459501 |
28/09/2013 |
100,000,000.00 |
KARUR VYSYA BANK |
KAMANWALA CHAMBERS, SIR.P.M. ROAD, FORT,
MUMBAI, |
B89247480 |
|
2 |
10428437 |
23/05/2013 |
750,000,000.00 |
PUNJAB NATIONAL BANK |
RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B75991745 |
|
3 |
10420438 |
26/03/2013 |
350,000,000.00 |
BANK OF INDIA |
NARIMAN POINT LARGE CORPORATE BRANCH,
92-93, FREE PRESS HOUSE, 215, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
B73382848 |
|
4 |
10418091 |
19/03/2013 |
300,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
GIRGAUM BRANCH, 163-165, ANAND BHUVAN,
V.P.ROAD, |
B72690324 |
|
5 |
10407076 |
26/02/2013 |
3,160,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION RAHEJA CHAMBERS, FREE PRESS JOURNAL, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
B69205482 |
|
6 |
10406087 |
05/02/2013 |
1,450,000,000.00 |
THE FEDERAL BANK LIMITED |
FEDERAL TOWERSP B NO 103, ALWAYE,
ERANAKULAM, KERALA - 683101, INDIA |
B68554120 |
|
7 |
10399926 |
10/01/2013 |
300,000,000.00 |
STATE BANK OF TRAVANCORE (ASSOCIATE OF THE
STATE BANK OF INDIA) |
MUMBAI MAIN BRANCH, N. M. WADIA BUILDING,
125, M. G. ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
B66762998 |
|
8 |
10392686 |
19/12/2012 |
360,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B64413925 |
|
9 |
10314209 |
10/04/2011 |
2,426,300,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,
COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B19688399 |
|
10 |
10283657 |
28/06/2013 * |
11,560,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,
COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B78895844 |
|
11 |
10165977 |
20/06/2009 |
11,800,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A65424608 |
|
12 |
90165166 |
24/12/2009 * |
3,630,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE LOAN ADMINISTRATION UNIT,
1/5 B SHREE HARI BUILDING, RTO LANE, ANDHERI (W), MUMBAI, |
A76308584 |
|
* Date of charge modification |
||||||
NOTE: The Registered Address
of the company has been shifted from 2, Ganesh Kunj, 1st Floor, JVPD
Scheme, V.M. Road, Next To Juhu Police Station, Juhu, Mumbai – 400049,
Maharashtra, India to the present address w.e.f. 02.05.2012
OPERATIONS
The Company operates
as an independent steel service centre with its plants situated at Khopoli and
Taloja. It purchases raw materials like Hot Rolled Coils, HRPO, Cold Rolled
Coils, CRCA, HR Chequered Coils, etc. and converts them into various shapes and
forms through Decoiling/Recoiling, Slitting, Shearing and other value additions
such as Pickling, Oiling, CNC Plasma Cutting, Profiling, Roll Forming, Bell
Annealing, Rewinding , Cold Rolling Mill, Skin Pass Mill, Trapedzoidal Cutting,
etc.
It provides
services such as Slitting, Cut to Length, Cold Rolled and Hot Rolled pickling,
etc. The existing plant at Khopoli operates at an installed capacity of
9,00,000 MTPA which will augment to 21,81,900 MTPA post the current expansion
project which was started initial commercial production in September 2012. The
plant at Taloja operates the manual pickling of HR sheets and plates at an
annual capacity of 105,000 TPA and has also commissioned a Cold Rolling Mills
(CRM) Complex with a capacity of 30,000 TPA which will include Automatic
Push-Pull Pickling, CRM, Skin Pass Mill, Rewinding cum Slitting Line and Bell
Annealing Furnace. The CRM Complex has started initial commercial production
with an automatic push-pull pickling division in September 2012.
The total revenue
of the Company have grown from Rs. 29101.710 Millions to Rs. 34107.732 Millions
representing an increase of Rs. 5006.022 Millions constituting 17.20% whereas
the total expenditure increased by Rs. 46070.28 lacs from Rs. 28448.759
Millions to Rs. 33055.787 Millions. The net profit of the Company thus
increased by 66.86% from Rs. 4198.14 lacs to Rs. 7004.98 lacs mainly on account
of increased Sales resulted through expanded Capacity.
SUBSIDIARIES/GROUP
COMPANIES
LOHA ISPAAT MIDDLE
EAST FZCO
Loha Ispaat Middle
East FZCo (LIMEF) is incorporated for the purpose of carrying on the trading
business of steel and steel related Products.
LOHA ISPAAT HONG
KONG LIMITED
Loha Ispaat Hong
Kong Limited (LIHKL) is yet to commence business activity. LIHKL is
incorporated for the purpose of carrying on the business of steel and steel
related Products.
LOHA COMMODITIES
LIMITED
Loha Commodities Limited (LCTL) is engaged in the business of
procurement and distribution of agricultural and other commodities
LOHA INVESTMENTS
PRIVATE LIMITED
Loha Investments Private Limited (LIPL) is incorporated to carry on the
business of an investment activities.
LOHA POWER AND
INFRASTRUCTURE LIMITED
Loha Power and
Infrastructure Limited (LPIL) is incorporated to carry on the business of
generation, producers of power and development, construction, etc. of
infrastructure and the business is yet to commence.
DHANIDEVI
PROCESSORS PRIVATE LIMITED
During the year, there were no operations in Dhanidevi Processors
Private Limited and hence there is no revenue
PODDAR FININ
CONSULTANCY PRIVATE LIMITED
Poddar Finin Consultancy Private Limited (PFCPL) is incorporated to
carry on the business of providing financial and management consultancy
PODDAR ADVANTAGE
ADVISORS PRIVATE LIMITED
Poddar Advantage Advisors Private Limited (PAAPL) is incorporated to
carry on the business of management consultancy
PODDAR RENAISSANCE
REALTY PRIVATE LIMITED
Poddar Renaissance Realty Private Limited (PRRPL) is incorporated to
carry on the business of investment in real estate, developers etc.
BUSINESS OVERVIEW
The Company
operates as an independent Steel Service Centre in India and has an existing
client base of over 500 Pan India, which makes the Company as a major player in
the flat steel product i.e. HR and CR Coils, Sheets and Plates markets in
India. The Company has a consistent retention of key customer segments. The
Company’s clientele base is well diversified with no major dependency on a
particular segment of customers. The Company’s strength lies in it being a
one-stop solution provider, dual focus on quality and service, diversified
customer base and long term relationship with our customers, locational
advantage, etc.
The strategic
objective of the Company is to be the SSC of the First Choice for consumers by
providing supply chain management, procurement services, technical services,
stocking, customized processing and just in time delivery services thereby
redefining the Indian steel sector effect effectively. The core strategy of the
Company would continue to be increase in order taking appetite by augmenting
working capital base, add variety in the product range, diversifying into
different product segments through a franchise model and also becoming an
integrated metal and steel service centre and backward integration through
setting up Cold Rolled Mill.
The Company has
identified certain key export markets for its different products based on the
type of industrial demand in the respective markets. The focus in the Export
Segment mainly lies in products such as pipes, tubes, scaffolding, roll
forming, drums and barrels. The key export markets identified by us are
Bahrain, Iraq, Kuwait, Qatar, United Arab Emirates, Oman, and Saudi Arabia.
FIXED ASSETS
·
Furniture and Fixture
·
Plant and Machinery
·
Building
·
Land Leasehold
·
Land Freehold
·
Vehicles
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. 62.68 |
|
|
1 |
Rs. 101.98 |
|
Euro |
1 |
Rs. 84.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
51 |
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.