MIRA
INFORM REPORT
|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
STEELCO GUJARAT LIMITED |
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Registered
Office : |
Plot No. 2, G.I.D.C, Estate Palej, District Bharuch – 392 220, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
09.01.1989 |
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Com. Reg. No.: |
04-011748 |
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Capital
Investment / Paid-up Capital : |
Rs.753.695 Millions |
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CIN No.: [Company Identification
No.] |
L27110GJ1989PLC011748 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Steel Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3515000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Profitability of the company appears to be very low. The financial
position of the company seems to below average. The company has also called for corporate debt Restructuring to reduce
its debt burden. However, business is active. Payments are reported to be slow. The company can be considered for business dealings with great
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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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.
LOCATIONS
|
Registered Office /Factory/ Head Office : |
Plot No. 2, G.I.D.C, Estatel, Palej, District Bharuch – 392 220,
Gujarat, India |
|
Tel. No.: |
91-2642-277479 / 480 / 481 |
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Fax No.: |
91-2642-277307 |
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E-Mail : |
secretarial@steelcogujarat.com |
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Website : |
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Branches : |
Located at: ·
·
·
Mumbai |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. N M Mohnot |
|
Designation : |
Managing Director |
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Date of Birth / Age : |
59 years |
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Qualification : |
B.Sc., C.A. |
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Experience : |
33 years |
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Last Employment Held : |
Indian Rayon Corporation Limited. (Unit: Jayshree Insulators) |
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Name : |
Dr. R. S. Mamak |
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Designation : |
Non Executive Vice Chairman (w.e.f. 01.02.2013) |
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Name : |
Mr. R P Chandaria |
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Designation : |
Director |
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Name : |
Ms. Rashmi Chandaria |
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Designation : |
Director |
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Experience : |
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|
Name : |
Mr. J. Mehra |
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Designation : |
Director |
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Name : |
Mr. Mahendra Lodha |
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Designation : |
Director |
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Name : |
Mr. Vimal Chandaria |
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Designation : |
Alternate to Mr. R. P. Chandaria |
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Name : |
Mr. P.G.R Prasad |
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Designation : |
Director (upto 16.11.2012) |
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Name : |
Mr. S. S. Ranjan |
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Designation : |
Additional Director (w.e.f. 22.05.2013) |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Singhvi |
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Designation : |
JT. General Manager Finance |
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Name : |
Mr. Arvind Tambi |
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Designation : |
Financial Controller and Assistant Company
secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
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Bodies Corporate |
33308398 |
78.26 |
|
|
33308398 |
78.26 |
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Total shareholding of Promoter and Promoter Group (A) |
33308398 |
78.26 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
19290 |
0.05 |
|
|
625642 |
1.47 |
|
|
644932 |
1.52 |
|
|
|
|
|
|
875723 |
2.06 |
|
|
|
|
|
|
5969346 |
14.03 |
|
|
1686040 |
3.96 |
|
|
77383 |
0.18 |
|
|
44660 |
0.10 |
|
|
29198 |
0.07 |
|
|
3525 |
0.01 |
|
|
8608492 |
20.23 |
|
Total Public shareholding (B) |
9253424 |
21.74 |
|
Total (A)+(B) |
42561822 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
42561822 |
0.00 |
(1) Indian
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Steel Products. |
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Product : |
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AS ON 31.03.2011
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity Per
Annum @ |
Actual
Production |
|
Cold Rolled (Steel) Coils Current Year Previous Year |
MT MT |
* * |
144000 144000 |
93099 # 94149 # |
|
GP/GC Coils/Sheets Current Year Previous Year |
MT MT |
* * |
78000 78000 |
44474 $ 43888 $ |
* Not applicable, since the Cold Rolling Industry has been de-licensed.
@ The capacity [as certified by the management] is notional, depending on a particular product mix.(Size -0.20*900 MM)
# Including 41234 MT (Previous Year 40908 MT) for Captive Consumption.
$ Including 153 MT (Previous Year 912 MT) defective and rejects used in-house for packing purposes.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of India ·
Bank of India ·
Canara Bank ·
State Bank of Mysore ·
State Bank of Travancore ·
State Bank of Hyderabad ·
The Federal Bank Limited |
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Facilities : |
NOTES: Long Term Borrowings: Securities and
Terms of Repayment for Secured Long Term Borrowings: Rupee Term
Loans: Rupee Term Loan
of Rs.403.386 Millions is secured by way of joint mortgage of immovable properties
of the company situated at Plot No.2, GIDC Estate, Palej, District Bharuch,
Gujarat (India) both present and future and by way of hypothecation of whole
of immovable property of the Company, including plant and machinery and other
movables, both present and future (Save and except inventories and book
debts) whether installed or not, or in the course of transit by way of first
charge to the lenders subject to the first charge on specified movable assets
created in favour of banks providing Working capital finance) to rank on
pari-passu basis. The secured
borrowings are further secured by way of pledge of 3,33,08,398 Equity Shares
held by the promoters in favour of the Consortium of Bankers and corporate
guarantee of Spica Business Corp., Panama, the holding Company of Spica
Investments Limited, Mauritius. The loans are
rescheduled in terms of Corporate Debts Restructuring Scheme as approved by
the Corporate Debt Restructuring Cell vide its approval letter Date June 27, 2012. Accordingly the loans are
now repayable in stepped-up quarterly 30 instalments commencing from December
2013 as detailed hereunder.
Short
Term Borrowings: [*]
Working Loan comprising Cash Credit (CC), Packing Credit Foreign Currency
(PCFC), Export Packing Credit (EPC) and Demand Loan (DL) is repayable on
demand from Banks are secured by way of hypothecation of the Company’s entire
current assets including stock of goods, including raw material,
work-in-process, finished goods, stores, consumables, spares, goods in
transit etc. and book-debts, both present and future, to rank on “pari-passu”
basis. These facilities are also secured by way of first charge over the
entire fixed assets including Equitable mortgage over leasehold right over
the factory land of the Company situated at Plot No.2, GIDC estate, Palej,
Dist. Bharuch, Gujarat (India) both present and future. Interest for
borrowing in Indian Currency through CC, EPC and DL is in the range of 9.25%
p.a. to 16% p.a. and for borrowing in foreign currency through PCFC is in the
range of Libor + 2.00% p.a. to Libor+3.50% p.a. The
secured borrowings are further secured by way of pledge of 3,33,08,398 Equity
Shares held by the promoters in favour of the Consortium of Bankers. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Mukesh M. Shah and Company Chartered Accountants |
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Address : |
Ahmadabad, Gujarat, India |
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Internal
Auditor: |
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Name : |
M/s. Deloitte Haskins and Selles Chartered Accountants |
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Address : |
Vododara, Gujarat, India |
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Holding Company : |
Spica Investment Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs. 10/- each |
Rs.750.000 Millions |
|
75000000 |
Preference Shares |
Rs. 10/- each |
Rs.750.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42561822 |
Equity Shares |
Rs. 10/- each |
Rs.425.618 Millions |
|
|
Less: Calls in
arrears – Due from others |
|
Rs.(0.123) Millions |
|
32820000 |
Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs.328.200 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.753.695
Millions |
a)
The
reconciliation of the number of Shares outstanding is as under:
|
Equity Shares |
Number
of Shares |
|
Number of shares at the beginning |
42561822 |
|
Add: Bonus shares issued during the year/shares issued
during the year |
- |
|
Less:
Shares bought back/redeemed during the year |
- |
|
Number of shares at the end |
42561822 |
b)
The equity shares rank parri passu and
carry equal rights with respect to voting and dividend.
In the event of liquidation of the Company, the equity
shareholders shall be entitled to proportionate share of their holding in the assets
remained after distribution of all preferential amounts.
c)
The Preference Shares are redeemable
after a period of 18 years from the date of its issues i.e.29-09-2008.
The said shares do not carry any voting rights nor do they
participate in the profits of the Company, except that they carry preferential
right in respect of cumulative arrears of unpaid dividend. In the event of
liquidation of the Company, the preference shareholders shall be entitled to
proportionate share of their holding in the assets remained after distribution
of all other preferential amounts but before distribution to the equity
shareholders.
d)
In terms of conditions and covenents
laid down in the approved Corporate Debt Restructuring Scheme, promoters are
required to contribute a stipulated margin of Rs.34.700 Millions towards
Lenders' sacrifice, which has been remitted by the promoters as an advance
towards subscription to Preference Shares proposed to be issued by the Company.
Pending the completion of relevant formalities and obtaining requisite approval
from regulatory authorities, the amount so received is shown as “Share
application money pending allotment”.
e)
Details of Share Holders holding more
than 5% of Share Capital :
Spica Investments Limited (Holding
Company), Mauritius, which is a subsidiary of Spica Business Corp., Panama.
|
Name
of Shareholder |
Number of Shares |
|
Number of Equity Shares |
33308398 |
|
% to total share holding |
78.26% |
|
Number of Preference Shares |
32820000 |
|
% to total share holding |
100.00% |
|
|
|
|
f)
Equity shares allotted without payment being received in cash |
Nil |
|
|
|
|
g)
Preference shares allotted without payment being received in cash |
Nil |
|
|
|
|
h) Equity Shares allotted as fully paid up shares by way of
Bonus Shares |
Nil |
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 |
753.695 |
753.695 |
753.695 |
|
(b) Reserves & Surplus |
90.228 |
148.439 |
498.740 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
34.864 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
878.787 |
902.134 |
1252.435 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
404.811 |
31.890 |
63.962 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1.610 |
1.779 |
1.794 |
|
(d) long-term provisions |
20.669 |
20.548 |
17.062 |
|
Total Non-current Liabilities (3) |
427.090 |
54.217 |
82.818 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
549.173 |
604.566 |
497.991 |
|
(b) Trade payables |
1263.462 |
1623.150 |
1454.263 |
|
(c) Other current
liabilities |
114.588 |
145.027 |
151.020 |
|
(d) Short-term provisions |
12.559 |
12.528 |
19.602 |
|
Total Current Liabilities (4) |
1939.782 |
2385.271 |
2122.876 |
|
|
|
|
|
|
TOTAL |
3245.659 |
3341.622 |
3458.129 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1250.514 |
1345.748 |
1512.158 |
|
(ii) Intangible Assets |
0.621 |
0.480 |
0.801 |
|
(iii) Capital
work-in-progress |
9.260 |
18.412 |
10.892 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
106.882 |
97.209 |
98.915 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1367.277 |
1461.849 |
1622.766 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
655.054 |
859.598 |
808.303 |
|
(c) Trade receivables |
810.447 |
640.149 |
726.961 |
|
(d) Cash and cash
equivalents |
63.070 |
91.657 |
78.094 |
|
(e) Short-term loans and
advances |
177.368 |
130.503 |
108.959 |
|
(f) Other current assets |
172.443 |
157.866 |
113.046 |
|
Total Current Assets |
1878.382 |
1879.773 |
1835.363 |
|
|
|
|
|
|
TOTAL |
3245.659 |
3341.622 |
3458.129 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5415.145 |
4698.011 |
5363.915 |
|
|
|
Other Income |
32.311 |
14.122 |
15.325 |
|
|
|
TOTAL (A) |
5447.456 |
4712.133 |
5379.240 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4246.784 |
3653.328 |
4148.374 |
|
|
|
Changes in Inventories of finished goods, work-in-progress |
(2.532) |
78.858 |
(64.873) |
|
|
|
Employee Benefits Expenses |
109.166 |
109.977 |
96.274 |
|
|
|
Other Expenses |
842.902 |
796.354 |
831.819 |
|
|
|
TOTAL (B) |
5196.320 |
4638.517 |
5011.594 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
251.136 |
73.616 |
367.646 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
202.133 |
236.377 |
211.072 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49.003 |
(162.761) |
156.574 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.300 |
124.298 |
123.339 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.703 |
(287.059) |
33.235 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
8.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1.703 |
(287.059) |
25.235 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings on FOB Basis |
2619.180 |
2589.732 |
2983.846 |
|
|
TOTAL EARNINGS |
2619.180 |
2589.732 |
2983.846 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
619.995 |
1119.965 |
842.170 |
|
|
|
Spare Parts |
12.682 |
24.911 |
42.989 |
|
|
|
Capital Goods |
0.000 |
0.000 |
4.613 |
|
|
TOTAL IMPORTS |
632.677 |
1144.876 |
889.772 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.92) |
(7.71) |
(0.37) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.03
|
(6.09) |
0.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.03
|
(6.11) |
0.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.05
|
(8.90) |
1.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.32) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.09
|
0.71 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.79 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
No |
CHARGES:
|
STEELCO GUJARAT LIMITED (Along with: SPECIA INVESTMENTS LIMITED) |
JATINDER DINANATH MEHTA |
SEBI |
DID NOT COMPLY WITH MINIMUM PUBLIC
SHAREHOLDING REQUIREMENT |
DEBARRED/RESTRAINED FROM BUYING/SELLING/DEALING/IPOS
IN SECURITIES/SPECIFIED SCRIPS DIRECTLY/INDIRECTLY FROM 04-JUNE-2013 TILL
COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT DIRECTED
FREEZINGOF VOTING RIGHTS AND CORPORATE BENEFITS LIKE DIVIDEND, RIGHTS, BONUS
SHARES, SPLIT, ETC. WITH RESPECT TO EXCESS OF PROPORTIONATE PROMOTER /
PROMOTERS COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT RESTRAINED
SHAREHOLDERS FORMING PART OF PROMOTER / PROMOTER GROUP FROM HOLDING ANY NEW
POSITION AS DIRECTOR IN ANY LISTED COMPANY FROM 04-JUNE-2013 TILL COMPLIANCE
MINIMUM PUBLIC SHAREHOLDING REQUIREMENT RESTRAINED
DIRECTORS FROM HOLDING ANY NEW POSITION AS DIRECTOR IN ANY LISTED COMPANY
FROM 04-JUNE-2013 TILL COMPLIANCE MINIMUM PUBLIC SHAREHOLDING REQUIREMENT 04-JUNE-2013 |
|
MAHENDRA GUMANMALJI LODHA |
||||
|
NARENDRA MAL MOHNOT |
||||
|
RAGHBIR SINGH MAMAK |
||||
|
RASHMIKANT DEVCHAND CHANDARIA |
||||
|
RATILAL CHANDARIA |
||||
|
SUNDARAM SRINIVAS RANJAN |
||||
|
VIMAL RATILAL CHANDARIA |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From banks |
1.600 |
2.890 |
|
From Others /
Intercorporate Deposits |
20.000 |
20.000 |
|
|
|
|
|
Total |
21.600 |
22.890 |
NOTES:
Long Term Borrowings:
Finance
obligations of Rs.5.523 Millions is taken against Hypothecation of respective
vehicles and it is repayable as per the repayment schedule ranging 36 to 48
equal monthly instalments along with interest for the year. The outstanding
amount as at 31st March 2013 is Rs.3.001 Millions. [As at
31-03-2012: Rs.4.323 Millions]
There
are no continuous default as on 31st March 2013.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10149742 |
22/10/2012
* |
2,537,200,000.00 |
STATE
BANK OF INDIA LEAD BANK |
MID
CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE,
VADODARA - 390007, GUJARAT, INDIA |
B61603825 |
|
2 |
10107812 |
08/10/2012
* |
2,537,200,000.00 |
STATE
BANK OF INDIA LEAD BANK |
MID
CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE,
VADODARA - 390007, GUJARAT, INDIA |
B60737194 |
|
3 |
80027724 |
11/01/2003 |
54,000,000.00 |
COLLECTOR
OF ELECTRICITY |
O/O
C.E. ELECTRICAL INSPECTOR & COLLECTOR OF ELEC-, BLOCK NO.18, 6TH FLOOR,
UDYOD BHAVAN, GANDHINAGAR - 382017, GUJARAT, INDIA |
- |
|
4 |
80027723 |
11/01/2003 |
250,000,000.00 |
STATE
BANK OF INDIA |
IF BRANCH,
RACE COURSE CIRCLE, BARODA - 390007, GUJARAT, INDIA |
- |
* Date of charge modification
REVIEW
OF OPERATIONS:
During
the year, subject has made a net profit of Rs.1.700 Millions on turnover of 88,901
MT Valuing Rs.5447.500 Millions against a net loss of Rs.287.100 Millions on
turnover of 77,114 MT valuing Rs.4712.100 Millions in the previous year.
Subject has made Cash Profit of Rs.49.000 Millions for the year ended 31st
March 2013 as against a Cash loss of Rs.162.800 Millions in the previous year.
This can be mainly attributed to improved capacity utilization, selection of
appropriate product mix and cost efficiency during the year as follows:-
1)
Selection of appropriate product mix
resulted into better sales realization per MT.
2)
Subject has improved its turnover by
15% resulting into efficient utilization of equipments and reduction in costs.
3)
Financial Costs during the year of operations
have reduced by Rs.34.300 Millions due to the CDR implementation.
4)
Forex losses reduced by Rs.17.500
Millions to a bare minimum of Rs.0.200 Millions during the year under review.
5)
Power cost has reduced by Rs.28.300
Millions in view of purchase of power through Open Access by entering into an
agreement with Indian Energy Exchange.
6)
Depreciation reduced by Rs.77.000
Millions mainly on account of the Rolling Mills and other ancillary equipments
fully depreciated during the year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE, DEVELOPMENTS, OPPORTUNITIES AND OUTLOOK:
During
2012, global capacity utilization in the steel sector remained below 80% due to
continued growth in new steelmaking facilities particularly in developing
countries coupled with sluggish demand of steel. Globally steelmaking capacity
will continue to exceed the demand growth in 2013 with expected excess capacity
of 479 million tonnes.
As a
result, capacity utilization is also expected to remain below 80% in 2013, to limit
the amount of excess supply in the market. Margins will continue to be tight in
2013 as steel prices will remain flat and costs are unlikely to decrease
significantly in 2013. From 2014, the demand outlook may improve modestly
resulting in modest increases in capacity utilization and steel prices.
The
World Steel Association (WSA) has forecasted that steel demand in India to pick
up and grow by 5.9% to 75.8 MT in 2013 following 2.5% growth in 2012 as
monetary easing is expected to support investment activities. In 2014, growth
in steel demand is expected to further accelerate to 7.0% in view of the reform
measures aimed at narrowing the fiscal deficit, coupled with measures to
improve the foreign direct investment climate.
The
overall outlook for the steel sector is positive and the demand is likely to
pick up towards the end of current financial year on the back of revival in
economic growth and Govt.’s measures to ease infrastructure investments.
Infrastructure
development of the country coupled with high targeted spending in core sector
as announced by the Government in the Union Budget will boost the economy and
accelerate the domestic demand of steel. The development of ports and
infrastructure of roads and bridges are expected to accelerate steel demand and
your Company is also poised to take benefit of the same.
FINANCIAL
PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
Subject
has made net Profit of Rs.1.700 Millions on turnover of 88,901 MT valuing
Rs.5447.500 Millions against net loss of Rs.287.100 Millions on turnover of
77,114 MT. valuing Rs.4712.100 Millions in the previous year.
FIXED ASSETS:
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixture and Other Office Equipments
·
Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER,
2013
(Rs.
In Millions)
|
Particulars |
Unaudited for the quarter ended |
Unaudited for the half year ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1271.378 |
1115.303 |
2404.550 |
|
b) Other operating income |
36.990 |
28.236 |
65.226 |
|
Total
income from Operations(net) |
1308.368 |
1143.539 |
2451.907 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
976.857 |
899.256 |
1876.113 |
|
b) Purchases of stock in trade |
24.873 |
0.000 |
24.873 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
20.518 |
(24.676) |
(4.159) |
|
d) Employees benefit expenses |
28.150 |
29.909 |
58.059 |
|
e) Depreciation and amortization expenses |
11.615 |
11.445 |
23.060 |
|
f) Other expenditure |
185.218 |
224.132 |
409.350 |
|
Total expenses |
1247.231 |
1140.066 |
2387.297 |
|
Profit / (Loss) from
Operations before other Income, Finance Cost and Exceptional Items (1-2) |
61.137 |
3.473 |
64.611 |
|
Other Income |
4.066 |
3.972 |
8.038 |
|
Profit / (Loss)
from Ordinary Activities before finance cost and exceptional items (3+4) |
65.203 |
7.445 |
72.649 |
|
Finance cost |
46.294 |
41.650 |
87.944 |
|
Profit / (Loss)
from Ordinary Activities after finance cost but before exceptional items
(5-6) |
18.909 |
(34.205) |
(15.296) |
|
Exceptional items - Gain / (Loss) - Refer note no 2 |
0.000 |
0.000 |
0.000 |
|
Profit /(Loss) from
Ordinary Activities before tax (7+8) |
18.909 |
(34.205) |
(15.296) |
|
Tax expense |
0.000 |
0.000 |
0.000 |
|
Net profit / (Loss)
from Ordinary Activities after tax (9-10) |
18.909 |
(34.205) |
(15.296) |
|
Extraordinary items |
0.000 |
0.000 |
0.000 |
|
Net profit / (Loss)
for the period (11-12) |
18.909 |
(34.205) |
(15.296) |
|
Paid-up Equity Share Capital (face value of Rs.10/- each) |
425.495 |
425.495 |
425.495 |
|
Reserves excluding revaluation reserve as per balance sheet of previous accounting year |
0.000 |
0.000 |
0.000 |
|
Earning per share
(EPS) |
|
|
|
|
a) - Basic EPS before and
after Extraordinary items for the period, for the year to date and for the previous
year (not to be annualized) |
0.20 |
(1.04) |
(0.84) |
|
b) - Diluted EPS before and after Extraordinary items for
the period, for the year to date and for the previous year (not to be
annualized) (*) |
0.20 |
(1.04) |
(0.84) |
(Rs. In Millions)
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
9253424 |
9253424 |
9253424 |
|
- Percentage of shareholding |
21.74 |
21.74 |
21.74 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
33308398 |
33308398 |
33308398 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
38.33% |
|
Percentage of shares (as a % of total share capital of the
company) |
78.26% |
78.26% |
30.00% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
0 |
0 |
0 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
0% |
0% |
0% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
0% |
0% |
0% |
|
B.
Investor Complaints |
For the Quarter Ended
30th September, 2013 |
|
Pending at the beginning of the quarter |
0.00 |
|
Receiving during the quarter |
5.00 |
|
Disposed of during the quarter |
5.00 |
|
Remaining unreserved at the end of the quarter |
0.00 |
(Rs. In Millions)
|
STANDALONE STATEMENT OF ASSETS AND LIABILITIES |
AS ON 30.09.2013 |
|
|
Unaudited |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
753.695 |
|
(b) Reserves & Surplus |
46.381 |
|
(c) Money
received against share warrants |
34.864 |
|
Sub-total - Shareholders’ funds |
834.940 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
456.609 |
|
(b) Other long term liabilities |
0.610 |
|
(c) long-term provisions |
21.437 |
|
Total Non-current Liabilities |
478.656 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term borrowings |
471.169 |
|
(b) Trade payables |
1285.010 |
|
(c) Other current
liabilities |
104.448 |
|
(d) Short-term provisions |
12.560 |
|
Total Current Liabilities |
1873.187 |
|
|
|
|
TOTAL - EQUITY AND LIABILITIES |
3186.783 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
1203.041 |
|
(ii) Intangible Assets |
0.495 |
|
(iii) Capital
work-in-progress |
10.157 |
|
(b) Deferred tax assets
(net) |
0.000 |
|
(c)
Long-term Loan and Advances |
144.768 |
|
(d) Other Non-current assets |
0.000 |
|
Total Non-Current Assets |
1358.461 |
|
|
|
|
(2) Current assets |
|
|
(b) Inventories |
746.110 |
|
(c) Trade receivables |
726.970 |
|
(d) Cash and cash
equivalents |
81.333 |
|
(e) Short-term loans and
advances |
121.365 |
|
(f) Other current assets |
152.544 |
|
Total Current Assets |
1828.322 |
|
|
|
|
TOTAL
- ASSETS |
3186.783 |
NOTES:-
1)
The Company has only one manufacturing
unit at Palej, to produce steel products i.e. cold rolled and galvanized steel
and hence there is only a single segment in terms of Accounting Standard on
"Segment Reporting" (AS-17) issued by ICAI applicable w.e.f. 1st
April, 2001.
2)
The above financial results were
reviewed by the Audit Committee and have been taken on record by the Board of
Directors at its meeting held on 15th November, 2013.
3)
The figures of previous year / quarter
have been regrouped and reclassified wherever necessary.
4)
Basic & Diluted EPS has been
arrived at after considering dividend payable on Preference share Capital.
5)
Depreciation for the quarter ended 30th
September 2013 is net of depreciation on revaluation Rs. 143.54 lakhs, claimed
from Revaluation Reserve.
6)
Other expenses include a sum of Rs.
188.03 Lac towards marked to market variation of foreign exchange transaction
for quarter. Ended 30th September 2013.
7)
The 'Limited Review' by the statutory
Auditors for the quarter as required under clause 41 of the Listing Agreement
has been completed and the related report is being forwarded to the Stock
Exchange. This report does not have any impact on the above results and above
notes, which need to be explained.
8)
During the last week of the quarter the
factory premises got flooded due to heavy rains in surrounding area resulting
into disruption in operations for 10 days. As the company is fully insured for
all the losses due to flood, the impact of the same has not been considered in
the above results, pending finalisation of losses by surveyors.
9)
Promoter’s contribution received as per
approved CDR scheme has been shown as share application money pending approval
from the statutory authorities.
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.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
27 |
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.