MIRA
INFORM REPORT
|
Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
USHDEV INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai – 400001,
Maharashtra |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.05.1994 |
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|
|
|
Com. Reg. No.: |
11-078468 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.338.494
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40102MH1994PLC078468 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03616E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1672R |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Trading of Metal and also Power Generation by Windmills. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22460000 |
|
|
|
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having a satisfactory track record. Profitability of the company seems to be fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB + (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
03.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
03.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-22672450)
LOCATIONS
|
Registered Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai - 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22672450/ 60 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate
Office: |
6th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort,
Mumbai – 400006, Maharashtra, India |
|
Tel. No.: |
91-22-22672450/ 60/ 66368888/ 61948888 |
|
Fax No.: |
91-22-22671931/ 22821416 |
|
|
|
|
Factory 1 : |
Chinnapthur Village, Taluka Dharapuram, Periyaa District, Tamilnadu,
India |
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|
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|
Factory 2 : |
Gundikere Village, Halalkere Taluka, Chitradurga District, Karnataka,
India |
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Factory 3 : |
Bhu Village, Kita Village, Jaisalmer District, Rajasthan, India |
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Factory 4 : |
Hadmatiya Village, Taluka Kalyanpur, Jamnagar District, Gujarat, India
|
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Factory 5 : |
Methan Village, Taluka Jamjodhpur, Jamnagar District, Gujarat, India |
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Factory 6 : |
Andipatti Taluka, Thane District, Tamilnadu, India |
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Factory 7 : |
Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra,
India |
DIRECTORS
As on 31.03.2013
|
Name : |
Ms. Suman Gupta |
|
Designation : |
Chairperson and Non-Executive Director |
|
|
|
|
Name : |
Mr. Prateek Gupta |
|
Designation : |
Vice Chairman and Non-Executive Director |
|
|
|
|
Name : |
Mr. Arvind Prasad |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ashwin Rathi |
|
Designation : |
Managing Director and Group CFO |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
M.B.A (Finance) |
|
Experience : |
More than 20 years |
|
Date of Appointment : |
29.01.2013 |
|
|
|
|
Name : |
Mr. Narayan Hegde |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth/Age : |
17.06.1947 |
|
Qualification : |
M. Sc. (Agriculture), M.S. (Horticulture), Ph.D. |
|
Experience : |
Mr. Narayan Hedge has wide experience in the field of wastelands development and environmental science. He has also pursued a PG Certificate in Program for Management in Agriculture and is currently serving on the Board of Directors of Companies in different industry sector, he is also a rural development expert. |
|
Date of Appointment : |
29.04.2006 |
|
|
|
|
Name : |
Mr. Vinay Kamat |
|
Designation : |
Independent and Non-Executive Director |
|
|
|
|
Name : |
Mr. Suresh Lakhiani |
|
Designation : |
Independent and Non-Executive Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Independent and Non-Executive Director |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9324356 |
27.55 |
|
|
6792170 |
20.07 |
|
|
16116526 |
47.61 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
16116526 |
47.61 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
20000 |
0.06 |
|
|
6182915 |
18.27 |
|
|
6202915 |
18.33 |
|
|
|
|
|
|
1469834 |
4.34 |
|
|
|
|
|
|
147962 |
0.44 |
|
|
7103980 |
20.99 |
|
|
2808183 |
8.30 |
|
|
1035 |
0.00 |
|
|
2807148 |
8.29 |
|
|
11529959 |
34.06 |
|
Total Public
shareholding (B) |
17732874 |
52.39 |
|
Total (A)+(B) |
33849400 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
33849400 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Natasha Gupta |
3619600 |
10.69 |
|
Moments Candles India Private Limited |
1406570 |
4.16 |
|
Ushdev Commercial Services Private Limited |
3875000 |
11.45 |
|
Ushdev Power Limited |
1510600 |
4.46 |
|
Suman Vijay Gupta |
3040226 |
8.98 |
|
Prateek Vijay Gupta |
5,79330 |
1.71 |
|
Vijay Gupta HUF |
2085200 |
6.16 |
|
Total |
16116526 |
47.61 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Albula Investment Fund Limited |
483659 |
1.43 |
|
Ambrish L Shah |
411211 |
1.21 |
|
Ankit Rajinder Miglani |
659727 |
1.95 |
|
Anuj Miglani |
602882 |
1.78 |
|
Chhaya Ilesh Gadhia |
1800000 |
5.32 |
|
Ilesh Gadhia |
399514 |
1.18 |
|
Ilesh Gadhia |
797245 |
2.36 |
|
Lotus Global Investments Limited |
941412 |
2.78 |
|
Oxley Securities No2 Pte Limited |
4423600 |
13.07 |
|
Sanjeev Gupta |
1601950 |
4.73 |
|
Shree Global Tradefin Limited |
1430000 |
4.22 |
|
Siddhartha Suresh Khatwani |
1178463 |
3.48 |
|
Total |
14729663 |
43.52 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Chhaya ILesh Gadhia |
1800000 |
5.32 |
|
Oxley Securities No 2 Pte Limited |
4423600 |
13.07 |
|
Total |
6223600 |
18.39 |
Details of Locked-in Shares
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Oxley Securities No 2 Pte Limited |
44,23,600 |
13.07 |
|
Total |
44,23,600 |
13.07 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Metal and also Power Generation by Windmills. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Canara Bank · Central Bank of India · Dena Bank · ICICI Bank Limited · IDBI Bank Limited · Indian Overseas Bank · Oriental Bank of Commerce · Shamrao Vithal Co-operative Bank Limited · State Bank of Bikaner and Jaipur · State Bank of India · State Bank of Mysore · State Bank of Travancore ·
UCO Bank |
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|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam
House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Solicitors : |
|
|
Name : |
Desai and Diwanji |
|
Address : |
Lentin Chambers, Dalal Street, Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel No.: |
91-22-22651682/ 39841000 |
|
Fax No.: |
91-22-22658245 |
|
E-Mail : |
|
|
|
|
|
Subsidiaries : |
·
UIL Hong Kong Limited ·
UIL (Singapore) Pte Limited ·
Maa Jai Jyotawali Steels Private Limited ·
Hobli Property Management Private Limited |
|
|
|
|
Enterprises
under common control and Enterprises in which Key Management Personnel and their
relatives are able to exercise significant influence (Other Related Parties)
: |
·
Enshrine Property Management Private Limited ·
G G Trading Private Limited ·
Hurricane Wind Farms Private Limited ·
Montex Trading Private Limited ·
P G Mercantile Private Limited ·
Ushdev Power Holdings Private Limited ·
Ushdev Wind Park Private Limited ·
Ushdev MG Wind Farms Private Limited ·
Ushdev Mercantile Private Limited ·
Ushdev Trade Limited ·
Ushdev Commercial Services Private Limited ·
Ushdev Securities Limited ·
Typhoon Wind Farms Private Limited ·
Suzlon Engitech Limited ·
Ushdev Engitech TN Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33849400 |
Equity Shares |
Rs. 10/- each |
Rs. 338.494
Millions |
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Outstanding at the beginning of the year |
29425800 |
|
Addition during the year |
4423600 |
|
Matured during the year |
-- |
|
Outstanding at the end of the year |
33849400 |
- Details of equity
shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Natasha Gupta |
3619600 |
10.7% |
|
Ushdev Commercial Services Private Limited |
3875000 |
11.4% |
|
Suman Gupta |
3040226 |
9.0% |
|
Vijay Gupta (HUF) |
2085200 |
6.2% |
|
Chhaya Ilesh Gadhia |
1800000 |
5.3% |
|
Sanjeev Gupta |
1601950 |
4.7% |
|
Ushdev Trade Limited |
1510600 |
4.5% |
|
Oxley Securities No.2 Pte Limited |
4423600 |
13.1% |
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 |
338.494 |
294.258 |
294.258 |
|
(b) Reserves & Surplus |
5277.019 |
3281.291 |
2800.590 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
1327.100 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
5615.513 |
4902.649 |
3094.848 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
932.478 |
1369.365 |
747.436 |
|
(b) Deferred tax liabilities (Net) |
1.484 |
10.957 |
36.504 |
|
(c) Other long term liabilities |
370.464 |
8.636 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1304.426 |
1388.958 |
783.940 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10755.714 |
1327.669 |
2166.005 |
|
(b) Trade payables |
6792.974 |
10962.473 |
10423.643 |
|
(c) Other current
liabilities |
449.375 |
1311.358 |
1381.204 |
|
(d) Short-term provisions |
71.105 |
61.815 |
0.021 |
|
Total Current Liabilities (4) |
18069.168 |
13663.315 |
13970.873 |
|
|
|
|
|
|
TOTAL |
24989.107 |
19954.922 |
17849.661 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1332.787 |
1383.004 |
1472.432 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1298.868 |
787.797 |
694.742 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
267.587 |
1431.971 |
254.675 |
|
(e) Other Non-current assets |
692.312 |
1248.293 |
2693.854 |
|
Total Non-Current Assets |
3591.554 |
4851.065 |
5115.703 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
546.403 |
4.988 |
149.439 |
|
(c) Trade receivables |
13370.481 |
9975.729 |
8403.140 |
|
(d) Cash and cash
equivalents |
3439.522 |
1711.441 |
1620.979 |
|
(e) Short-term loans and
advances |
3852.492 |
3155.069 |
2541.580 |
|
(f) Other current assets |
188.655 |
256.630 |
18.820 |
|
Total Current Assets |
21397.553 |
15103.857 |
12733.958 |
|
|
|
|
|
|
TOTAL |
24989.107 |
19954.922 |
17849.661 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
52574.645 |
41997.833 |
25681.512 |
|
|
|
Other Income |
235.480 |
190.367 |
250.349 |
|
|
|
TOTAL (A) |
52810.125 |
42188.200 |
25931.861 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-trade |
50570.966 |
39644.492 |
24574.683 |
|
|
|
Change in inventories of Stock-in-trade |
(541.415) |
144.451 |
(149.439) |
|
|
|
Employee Benefits Expenses |
24.799 |
11.529 |
9.342 |
|
|
|
Other Expenses |
403.811 |
236.907 |
73.513 |
|
|
|
TOTAL (B) |
50458.161 |
40037.379 |
24508.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2351.964 |
2150.821 |
1423.761 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1281.411 |
1308.718 |
834.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1070.553 |
842.103 |
589.098 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.627 |
92.309 |
76.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
982.926 |
749.794 |
512.957 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
187.428 |
125.217 |
99.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
795.498 |
624.577 |
413.537 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Steel |
31425.346 |
15350.508 |
2620.723 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
27.03 |
21.23 |
14.05 |
|
|
|
Diluted |
23.50 |
18.59 |
14.05 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
10907.700 |
11568.700 |
|
Total Expenditure |
|
10874.700 |
11350.600 |
|
PBIDT (Excl OI) |
|
33.000 |
218.100 |
|
Other Income |
|
389.300 |
224.800 |
|
Operating Profit |
|
422.300 |
442.900 |
|
Interest |
|
151.900 |
221.200 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
270.400 |
221.700 |
|
Depreciation |
|
21.500 |
21.700 |
|
Profit Before Tax |
|
248.900 |
200.000 |
|
Tax |
|
52.900 |
42.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
196.100 |
158.000 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
196.100 |
158.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.51
|
1.48 |
1.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.87
|
1.79 |
2.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
4.18 |
2.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.15 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.08
|
0.55 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.11 |
0.91 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
83.556 |
378.071 |
686.838 |
|
Total |
83.556 |
378.071 |
686.838 |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
CASE DETAILS Bench:-Bombay
Main Matter Lodging No.:- RPL/94/2011 Reg
No.:- RP/24/2013
District:- MUMBAI Bench:- DIVISION Status:- Pre-Admission Category:- NOTICE OF MOTION
( REVIEW PETITION ) Last Date:- 26/04/2013 Stage:- Last Coram:- HON'BLE SHRI
JUSTICE S.J. VAZIFDAR |
PERFORMANCE DURING
THE YEAR
POWER SECTOR
The Company has its windmills in five states i.e. Tamil Nadu, Rajasthan,
Karnataka, Gujarat and Maharashtra. Mentioned below are the details of
the Company Project:
|
Date of Installation |
Location |
No. of WEG’s |
Installed
Capacity |
Investments Rs in
Millions |
|
29.03.2005 |
Tamilnadu 2 |
2 |
1.60 MW |
80.747 |
|
29.03.2006 |
Rajasthan |
3 |
2.40 MW |
117.848 |
|
29.03.2006 |
Karnataka |
2 |
1.60 MW |
78.565 |
|
30.03.2007 |
Gujarat 1 |
2 |
1.60 MW |
74.000 |
|
10.07.2007 |
Gujarat 2 |
4 |
3.20 MW |
148.000 |
|
26.09.2009 |
Tamilnadu 3 |
6 |
9.90 MW |
609.000 |
|
27.11.2010 |
Maharashtra |
4 |
8.00 MW |
490.000 |
|
Total |
|
23 |
30.83 MW |
1598.160 |
During the year, the Company has sold its first project i.e. Tamil Nadu
1 consisting of 11 wind mills aggregating to 2.53 MW and therefore, the total
installed capacity has reduced to 28.30 MW.
STEEL SECTOR
The Company’s emphasis on core competencies has paid off multifold. The
company has been successful in increasing its market share in the steel sector,
which in turn has resulted in increasing its presence in this sector. This has
resulted in an increase in top line income of 52.07%.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Industry is on its growth path in terms of capacities and global
consumption with global demand and supply growing in tandem.
OUTLOOK
The Company is well respected in both the aforesaid sectors i.e. Steel
and Power Generation. However going forward the Company will focus exclusively
on metal trading.
SUBSIDIARY
COMPANIES
As on 31st March, 2013, the Company has following four wholly owned
subsidiaries:
i.
UIL (Singapore) Pte Limited
ii.
UIL Hong Kong Limited
iii.
Maa Jai Jyotawali Steel Private Limited
iv.
Hobli Property Management Private Limited
In terms of Section 212(a) of the Companies Act, 1956, the Central
Government, Ministry of Corporate Affairs vide its General Circular No. 2/2011
dated 8th February, 2011 has granted a general exemption to the Company from
the requirement of attaching to its Annual Report, the Balance Sheet, Profit
and Loss Account and the report of the Directors and Auditors thereon of its
subsidiary, subject to fulfillment of conditions stipulated in the circular.
The Company has satisfied the conditions stipulated in the circular and hence,
is entitled to exemptions. Accordingly the same is not attached to the Balance
Sheet of the Company. The Annual accounts of the Subsidiary Company will be
made available for inspection by any Shareholder and Shareholders who wish to
have a copy of the Annual Accounts of the Subsidiary Companies may write to the
Company Secretary at the Corporate Office of the Company for the same.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10294262 |
04/07/2011 |
1,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
OVERSEAS BRANCH, DALAMAL TOWERS, 211, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B15846470 |
|
2 |
10259140 |
06/12/2010 |
365,000,000.00 |
STATE BANK OF TRAVANCORE |
CORPORATE FINANCE BRANCH, 112-115, 1ST FLOOR, WEST WING, TULSIANI
CHAMBERS, NARIMAN POINT, MUMBAI - 400021, |
B01976471 |
|
3 |
10252273 |
01/08/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B81215840 |
|
4 |
10252272 |
14/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B77015428 |
|
5 |
10251225 |
02/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
B74807306 |
|
6 |
10197575 |
06/01/2010 * |
426,300,000.00 |
CANARA BANK |
HABIBULLAH ROAD BRANCH, T. NAGAR, CHENNAI – 600017, TAMILNADU, INDIA |
A78766334 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Building
· Leased Plant and Machinery
· Office Premises
· Plant and Machinery
· Office Equipments
· Computer Equipments
· Furniture and Fixtures
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.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
49 |
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.