MIRA INFORM REPORT
|
Report Date : |
21.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
SONA ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Medi-Max House, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.01.2007 |
|
|
|
|
Com. Reg. No.: |
04-049708 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2057.348 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27107GJ2007PTC049708 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMS13750C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS5706L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Steel. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12430000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The rating reflects high leverage and working capital intensive nature
of operations marked by low reserves of the company. However, trade relations are fair. Business is active. Payments terms
are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs.350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BB+” |
|
Rating Explanation |
Moderate risk of default |
|
Date |
04.02.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4+” |
|
Rating Explanation |
Minimal degree of safety. It carry high
credit risk. |
|
Date |
04.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Dhaval |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-79-40071604 |
|
Date : |
31.12.2013 |
LOCATIONS
|
Registered / Head Office : |
4th Floor, Medi-Max House, |
|
Tel. No.: |
91-79-40071603/ 40071604-05 |
|
Fax No.: |
91-79-40071607 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
C-1, MIDC, Village Lonand, Taluka Khandala, District Satara – 415521, |
|
Tel No.: |
91-2169-226826/ 226828 |
|
Fax No.: |
91-2169-226828 |
|
|
|
|
Branch Office: |
C2/15, Brahma Estate, |
|
Tel No.: |
91-20-26831546/ 30428329 |
|
Fax No: |
91-20-26837239 |
|
Location: |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Rishabhkumar Sonaram Jain |
|
|
Designation : |
Director |
|
|
Address : |
2259-B, Agrasen Bhawan, Near H.K. Dave’s Bungalow, Bhavnagar – 364002, Gujarat, India |
|
|
Date of Birth/Age : |
10.10.1954 |
|
|
Date of Appointment : |
04.01.2007 |
|
|
PAN No.: |
ADHPJ3315M |
|
|
Voter ID No.: |
CFP4005898 |
|
|
00933473 |
|
|
|
|
|
|
|
Name : |
Mr. Asit Pawankumar Jain |
|
|
Designation : |
Director |
|
|
Address : |
E-302, Ashawari, Behind Fun Republic, Near Karnavati Club, S.G. Highway, Satellite, Ahmedabad – 380015, Gujarat, India |
|
|
Date of Birth/Age : |
12.09.1976 |
|
|
Date of Appointment : |
04.01.2007 |
|
|
PAN No.: |
AAVPJ6075F |
|
|
Voter ID No.: |
LPZ8935751 |
|
|
DIN No.: |
01353705 |
|
|
|
|
|
|
Name : |
Mr. Amit Ratankumar Jain |
|
|
Designation : |
Director |
|
|
Address : |
E-302, Ashawari, Behind Fun Republic, Near Karnavati Club, S.G.
Highway, Satellite, Ahmedabad – 380015, Gujarat, India |
|
|
Date of Birth/Age : |
10.07.1973 |
|
|
Date of Appointment : |
01.01.2008 |
|
|
PAN No.: |
ADRPJ4826H |
|
|
Voter ID No.: |
LPZ8936744 |
|
|
DIN No.: |
01353681 |
|
|
|
|
|
|
Name : |
Mr. Satyanarayan Bhagwat |
|
|
Designation : |
Additional director |
|
|
Address : |
Kadam Building, Nira Satara Road, Lonand, Taluka Khandala, District
Satara - 415521, Maharashtra, India |
|
|
Date of Birth/Age : |
12.12.1947 |
|
|
Date of Appointment : |
20.07.2013 |
|
|
DIN No.: |
06636885 |
|
KEY EXECUTIVES
|
Name : |
R. Vijayakumar |
|
Designation : |
Secretary |
|
Address : |
C-12, Shrinand Nagar, Part One, Vejalpur, Ahmedabad – 380051, |
|
Date of Birth/Age : |
27.01.1957 |
|
Date of Appointment : |
07.05.2011 |
|
PAN No.: |
AAVPR3039F |
|
|
|
|
Name : |
Mr. Dhaval |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
Amit Jain |
5372123 |
2.61% |
|
Rishab KumarJain |
5630162 |
2.74% |
|
Asit Jain |
1413345 |
0.69% |
|
RatankumarJain |
499500 |
0.24% |
|
Sachin Patel |
378221 |
0.18% |
|
Neuromed Imaging Centre Private Limited, India |
62264527 |
30.26% |
|
Ganpati Cold Warehouse Private Limited, India |
1497602 |
0.73% |
|
Narayani Vypaar Private Limited, India |
29016065 |
14.10% |
|
Amjay Medimax lndla Private Limited, India |
15875150 |
7.72% |
|
Tulsi Trimpex Private Limited, India |
39545465 |
19.22% |
|
Kristi Corporation, USA |
912487 |
0.44% |
|
Ganga Advisory Private Limited, India |
150000 |
0.07% |
|
Gurukul Dealers Private Limited, India |
7595450 |
3.69% |
|
Yamuna Advisory Private Limited, India |
13660000 |
6.64% |
|
A.S. Ferrum Private Limited, India |
1000000 |
0.49% |
|
Purple Tradecorn Private Limited, India |
200000 |
0.10% |
|
Babulal Jain |
833300 |
0.41% |
|
Kiran M Jain |
583300 |
0.28% |
|
Lonand Cement Private Limited |
583300 |
0.28% |
|
Mohan Febtux Limited |
2500000 |
1.22% |
|
Pani Logistics |
5225000 |
2.54% |
|
Ritesh M Jain (HUF) |
1666600 |
0.81% |
|
Sri Narayan Mercantiles Mineral |
833300 |
0.41% |
|
Shreya Enterprises |
6666600 |
3.24% |
|
Barsa Steel Private Limited |
1833300 |
0.89% |
|
|
|
|
|
Total |
205734797 |
100% |
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.63 |
|
Bodies corporate |
85.41 |
|
Directors or relatives of Directors |
6.28 |
|
Others |
7.68 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel. |
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|
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Products : |
|
||||
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|
||||
|
Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
· Australia · Belgium |
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|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Credit and Cheque |
||||
|
|
|
||||
|
Purchasing : |
Credit and Cheque |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
400 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of Saurashtra Industrial Finance Branch, Gujarat Bhavan, Near M.J. Library, Ellis Bridge, Ahsram Road, Ahmedabad – 380006, Gujarat, India · Bank of India Ahmedabad Corporate Banking Branch, 2nd Floor, Bank of India Building, Bhadra, Ahmedabad – 380001, Gujarat, India · State Bank of India Industrial Finance Branch, 1st Floor, Neptune Tower, Annexe, Opposite Gandhigram R.S, Off Ashram Road, Ahmedabad – 380006, Gujarat, India · Union Bank of India, Industrial Finance Branch, 619-Schapir, CAMP, Pune – 411001, Maharashtra, India · Dena Bank · State Bank of Bikaner and Jaipur · State bank of Patiala |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunil Poddar and Company Chartered Accountants |
|
Address : |
301-305, Vrajbhumi complex, B/H Shilp Buildings, Off C. G. Road,
Navrangapur, Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26402893/ 26431097 |
|
Fax No.: |
91-79-26462614 |
|
PAN
No.: |
ABEFS3044F |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives: |
· Ganpati Cold Warehouse Private Limited · Tulsi Trimpex Private Limited · Bhikkamal Chhotelal Exim Private Limited · Shree Krishna Ship breaking Industries · Amjay Medimax (India) Private Limited |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
210000000 |
Equity Shares |
Rs.10/- each |
Rs.2100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
205734797 |
Equity Shares |
Rs.10/- each |
Rs.2057.348 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 |
2057.348 |
1742.161 |
1667.934 |
|
(b) Reserves & Surplus |
494.172 |
180.542 |
10.272 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
557.260 |
377.598 |
220.100 |
|
Total
Shareholders’ Funds (1) + (2) |
3108.780 |
2300.301 |
1898.306 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3461.744 |
3518.775 |
3349.432 |
|
(b) Deferred tax liabilities (Net) |
199.376 |
85.943 |
3.210 |
|
(c) Other long term
liabilities |
116.823 |
91.992 |
96.763 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3777.943 |
3696.710 |
3449.405 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1674.038 |
885.383 |
709.452 |
|
(b) Trade
payables |
1977.902 |
1189.640 |
1195.166 |
|
(c) Other
current liabilities |
1454.333 |
1066.843 |
511.884 |
|
(d) Short-term
provisions |
114.914 |
72.303 |
19.827 |
|
Total Current
Liabilities (4) |
5221.187 |
3214.169 |
2436.329 |
|
|
|
|
|
|
TOTAL |
12107.910 |
9211.180 |
7784.040 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5201.918 |
5453.083 |
3789.774 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
908.807 |
131.769 |
1583.697 |
|
(iv)
Intangible assets under development |
0.000 |
5.884 |
4.432 |
|
(b) Non-current Investments |
60.100 |
60.100 |
60.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.247 |
11.247 |
11.150 |
|
(e) Other
Non-current assets |
212.592 |
2.659 |
3.368 |
|
Total Non-Current
Assets |
6394.664 |
5664.742 |
5452.421 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2694.048 |
2094.690 |
1609.059 |
|
(c) Trade
receivables |
1505.065 |
502.989 |
120.141 |
|
(d) Cash and
cash equivalents |
299.840 |
231.993 |
200.445 |
|
(e)
Short-term loans and advances |
1196.997 |
702.726 |
400.770 |
|
(f) Other
current assets |
17.296 |
14.040 |
1.204 |
|
Total
Current Assets |
5713.246 |
3546.438 |
2331.619 |
|
|
|
|
|
|
TOTAL |
12107.910 |
9211.180 |
7784.040 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
921.550 |
|
|
|
Other Income |
|
|
55.614 |
|
|
|
TOTAL (A) |
8646.600 |
6942.300 |
977.164 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
(625.361) |
|
|
|
Material Consumed |
|
|
1240.229 |
|
|
|
Manufacturing Expenses |
|
|
136.114 |
|
|
|
Administrative, Selling and General Expenses |
|
|
62.243 |
|
|
|
Miscellaneous Expenses w/off |
|
|
0.178 |
|
|
|
TOTAL (B) |
7223.400 |
5809.500 |
813.403 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1423.200 |
1132.800 |
163.761 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
776.400 |
662.500 |
105.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
646.800 |
470.300 |
58.633 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
282.800 |
217.300 |
46.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
364.000 |
253.000 |
12.631 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
113.400 |
82.700 |
3.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
250.600 |
170.300 |
9.421 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.22 |
0.98 |
0.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.90
|
2.45
|
0.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
N.A.
|
N.A.
|
1.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.27
|
2.81
|
0.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
1.91
|
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.10
|
0.96 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1,667.934 |
1,742.161 |
2,057.348 |
|
Reserves & Surplus |
10.272 |
180.542 |
494.172 |
|
Net worth |
1,678.206 |
1,922.703 |
2,551.520 |
|
|
|
|
|
|
long-term borrowings |
3,349.432 |
3,518.775 |
3,461.744 |
|
Short term borrowings |
709.452 |
885.383 |
1,674.038 |
|
Total borrowings |
4,058.884 |
4,404.158 |
5,135.782 |
|
Debt/Equity ratio |
2.419 |
2.291 |
2.013 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
977.164 |
6,942.300 |
8,646.600 |
|
|
|
610.454 |
24.550 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Total Income |
977.164 |
6,942.300 |
8,646.600 |
|
Profit |
9.421 |
170.300 |
250.600 |
|
|
0.96% |
2.45% |
2.90% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Particular |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Long Term
Borrowings |
|
|
|
Intercorporate borrowings |
189.437 |
315.747 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Other external commercial borrowings |
206.917 |
0.000 |
|
|
|
|
|
Total |
396.354 |
315.747 |
OPERATIONAL
PERFORMANCE:
The company produced 219628.92 MT of Pig Iron including Skull and chips and achieved Revenue from Gross Sales and other Income to the tune of Rs.8646.600 Millions (P.Y.Rs.6942.300 Millions), and Net Profit of Rs.250.600 Millions (P.Y. Rs. 170.300 Millions) . The Plant has achieved stability in manufacturing operations.
OUTLOOK:
During the financial year 2013-14, high volatility in foreign currency is being experienced due to various factors. However, the Directors expect a stability will be seen in the months to come.
Moreover during the current financial year, the Country has received adequate rains which will result into pushing through the economy forward. Therefore, the Directors expect the demand to pick up. The restrictions imposed on the mining activities continue and the iron ore is procured through the e-auction conducted by the Government Agency. In this method of purchase, the Company is required to make advance payment for the purchase of the same. Because of this, the Company is required to maintain larger stock of the iron ore causing liquidity strain and pressure on margin. Presently, the Company is generating huge amount of Slag from the manufacture of Pig Iron. The Company had decided to produce slag cement (GGBS) by using the slag which will improve the sales and profit. The GGBS is project is completed and has started manufacture from the financial year 2013-14. The Directors expect that the GGBS will contribute to improve profit of the Company.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10438545 |
24/07/2013 |
3,060,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B80311780 |
|
2 |
10432399 |
20/06/2013 |
4,343,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B77648061 |
|
3 |
10424711 |
28/03/2013 |
250,000,000.00 |
BANK OF MAHARASHTRA |
1208 BHUSARI COLONY BRANCH PUNE, PAUD ROAD, BHUSARI COLONY, PUNE - 411038, MAHARASHTRA, INDIA |
B74754185 |
|
4 |
10251640 |
09/11/2010 |
5,185,754.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A99913428 |
|
5 |
10246810 |
24/09/2010 |
1,770,000,000.00 |
STATE BANK OF INDIA |
INDUATRIAL FINANCE BRANCH, GUJARAT BHAVAN, OPPOSITE M J LIBRARY, ELLISEBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
A96833769 |
|
6 |
10237435 |
31/12/2010 * |
265,000,000.00 |
BANK OF MAHARASTRA |
ASHRAM ROAD BRANCH, EMBASSY MARKET, NEAR DINESH HALL, AHMEDABAD - 380009, GUJARAT, INDIA |
B04194486 |
|
7 |
10209351 |
02/02/2010 |
90,000,000.00 |
BANK OF INDIA |
AHMEDABAD CORPORATE BANKING BRANCH, 2ND FLOOR, BANK OF INDIA BUILDING, BHADRA AHMEDABAD - 380001, GUJARAT, INDIA |
A82062928 |
|
8 |
10143748 |
24/06/2010 * |
219,000,000.00 |
STATE BANK OF INDIA |
INDUATRIAL FINANCE BRANCH, GUJARAT BHAVAN, OPP M J LIBRARY, ELLISEBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
A92118116 |
|
9 |
10134430 |
24/10/2013 * |
9,484,400,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH 1ST FLOOR NEPTUNE TOWERS, ANNEXE OPPOSITE GANDHIGRAM RLY. STN. OFF ASHRAM ROAD, AHMEDABAD - 380006, GUJARAT, INDIA |
B89674477 |
|
10 |
10116214 |
24/06/2010 * |
2,039,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, GUJARAT BHAVAN, OPPOSITE M J LIBRARY, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
A92118603 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.