MIRA
INFORM REPORT
|
Report Date : |
04.01.2014 |
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 (33) |
|
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 moderate track record. Profitability of the company appears to be good. However, borrowings
of the companies are huge. Reserves of the company seems to be low. Further the rating also takes into consideration volatile in raw
material prices in the absence of captive iron and coal mines and inherent
cyclicality associated with stell industry. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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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Products : |
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Imports : |
|
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Products : |
Raw Material |
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Countries : |
· Australia Belgium |
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Terms : |
|
||||
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Selling : |
Credit and Cheque |
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|
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Purchasing : |
Credit and Cheque |
GENERAL INFORMATION
|
Customers : |
Wholesalers |
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No. of Employees : |
400 (Approximately) |
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|
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 |
|||||||||||||||||||||||||||
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|
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|
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 |
|
Income-tax
PAN of auditor or auditor's firm : |
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 31.03.2013
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 |
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 |
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
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.
FIXED ASSETS
v
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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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.