MIRA
INFORM REPORT
|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
|
|
|
|
Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai –
400009, Maharashtra |
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|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.03.1985 |
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|
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|
Com. Reg. No.: |
11-035806 |
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|
Capital
Investment / Paid-up Capital : |
Rs.1422.600
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27104MH1985PLC035806 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMU03480B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU1710C |
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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
: |
Subject is in the
business of manufacturing of intermediate steel products i.e
Cold Rolled Steel (CR) and Galvanised Products
comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour
Coated Products (CCP) Coils and Sheets. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 49862000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject
is an established company having satisfactory track record. These appears
slight dip in its profit of the company during the year 2013. However,
general financial position of the company seems to be decent. Trade
relations are reported to be 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
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 |
FITCH |
|
Rating |
(IND) A = long Term Debt |
|
Rating Explanation |
The default risk is low. The capacity for payment
of financial commitments is considered strong. |
|
Date |
August 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-66563500)
LOCATIONS
|
Registered
/ Corporate Office
: |
Uttam
House, 69, P D Mello Road, Carnac Bandar, Mumbai –
400 009, Maharashtra, India |
|
Tel.
No.: |
91–22–23420557/ 23421968/ 66563500/ 23440440/
23413192 |
|
Fax
No.: |
91–22–23430765/ 23415025/ 23441383/ 56311949/
23434188/ 23485025/ 23481598 |
|
E-Mail
: |
|
|
Website
: |
|
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Khopoli -
Pen Road, Village - Donvat, Taluka-
Khalapur, District Raigad
- 410202, Maharashtra, India |
|
Tel.
No.: |
91-2192-278053/278055/278146 |
|
Fax
No.: |
91-2192-278143 |
|
|
|
|
Factory
2 : |
Khopoli-Pali
Road, Village Dahivali, Taluka
Khalapur, District Raigad,
Maharashtra, India |
|
|
|
|
Factory
3: |
Taloja
-12, MIDC, District Raigad, Maharashtra,
India |
|
|
|
|
Branch
Offices 1 : |
No.896/A, 1st Main
Road, 6th Cross, H.M.T. Layout, Gokul, 1st Phase, Mathikere, Bangalore - 560 054, India. |
|
Tel.
No.: |
91-80-23475084 |
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|
|
|
Branch
Offices 2 : |
Located
at : ·
Keonjhar, Odisha ·
Pune ·
New
Delhi ·
Ahmadabad ·
Chennai
·
Indore ·
Hyderabad
|
|
|
|
|
Steel
Service Centers : |
Located
at : ·
Mumbai, Maharashtra ·
Kolkata,
West Bengal ·
New Delhi ·
Kanpur,
Uttar Pradesh ·
Ghaziabad, Uttar Pradesh ·
Guwahati,
Assam |
DIRECTORS
As on 31.03.2013
|
Name
: |
Mr. Rajinder K. Miglani |
|
Designation
: |
Chairman |
|
Address
: |
21-B, Embassy Apartments, 46, Nepean Sea Road,
Mumbai – 400 036, Maharashtra, India |
|
Date of Birth/Age: |
66 Years |
|
Qualification
: |
Science Graduate |
|
Date
of Appointment : |
31.12.1998 |
|
Last Employment |
Business |
|
|
|
|
Name : |
Mr. S P Talwar |
|
Designation : |
Director |
|
Qualification: |
BA, LLB |
|
|
|
|
Name : |
Mr. O P Gahrotra |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. D L Rawal |
|
Designation : |
Additional director |
|
|
|
|
Name : |
Mr. Pandurang. G. Kakodkar |
|
Designation : |
Director |
|
Qualification: |
MA (Economics) |
|
|
|
|
Name : |
Mr. Shirish T. Parikh |
|
Designation : |
Director |
|
Qualification: |
B.E. (Civil) |
|
Date of Appointment: |
29.03.1985 |
|
Other Directorship: |
Frontline Rolls, Forms Limited |
|
|
|
|
Name : |
Mrs. Swarna Prabha
Sukumar |
|
Designation : |
Director (Nominee of LIC) |
|
Qualification: |
Science Graduate |
|
Experience : |
32 Years in LIC |
|
|
|
|
Name : |
Mr. Anuj Miglani |
|
Designation : |
Managing Director |
|
Date of Birth/Age: |
38 Years |
|
Qualification : |
Mechanical Engineer from Imperial College, Mumbai |
|
Date of Appointment : |
01.02.1995 |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director (Commercial) |
|
Date of Birth/Age: |
33 Years |
|
Qualification : |
Graduate in Economics from Wharton School U.S.A. |
|
Date of Appointment : |
29.01.2003 |
|
|
|
|
Name : |
Mr. Sharad G Tudekar
|
|
Designation : |
Director (Works) |
|
Tel No. : |
91-22-23436930 |
|
Qualification: |
Graduate Engineer in Metallurgy |
|
|
|
KEY EXECUTIVES
|
Name
: |
Mr. Gursharan S Sawhney |
|
Designation
: |
Executive Director (Finance) and Chief Financial Officer |
|
|
|
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Senior Vice President and Company Secretary |
|
Tel
No. : |
91-22-23437831 |
|
E-mail
: |
|
|
|
|
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Department |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5961700 |
4.19 |
|
|
39304520 |
27.63 |
|
|
45266220 |
31.82 |
|
|
|
|
|
|
41327931 |
29.05 |
|
|
41327931 |
29.05 |
|
Total shareholding of Promoter and Promoter Group (A) |
86594151 |
60.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
39034 |
0.03 |
|
|
13020 |
0.01 |
|
|
124104 |
0.09 |
|
|
38878654 |
27.33 |
|
|
39054812 |
27.45 |
|
|
|
|
|
|
3017874 |
2.12 |
|
|
|
|
|
|
7241034 |
5.09 |
|
|
2911516 |
2.05 |
|
|
3440716 |
2.42 |
|
|
159850 |
0.11 |
|
|
3280866 |
2.31 |
|
|
16611140 |
11.68 |
|
Total Public shareholding (B) |
55665952 |
39.13 |
|
Total (A)+(B) |
142260103 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
142260103 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|||
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
|
1 |
Ankit Miglani |
13,00,000 |
0.91 |
0 |
0.00 |
0.00 |
0.91 |
|
2 |
Anuj Miglani |
13,02,094 |
0.92 |
0 |
0.00 |
0.00 |
0.92 |
|
3 |
Archana Miglani |
3,07,500 |
0.22 |
0 |
0.00 |
0.00 |
0.22 |
|
4 |
Neelam Rajinder Miglani |
11,27,501 |
0.79 |
0 |
0.00 |
0.00 |
0.79 |
|
5 |
Priyanka Miglani |
3,07,500 |
0.22 |
0 |
0.00 |
0.00 |
0.22 |
|
6 |
Rajinder Uttamchand Miglani |
13,91,855 |
0.98 |
0 |
0.00 |
0.00 |
0.98 |
|
7 |
Sheetal Miglani |
2,03,750 |
0.14 |
0 |
0.00 |
0.00 |
0.14 |
|
8 |
Sudiksha Miglani - Minor (U/G Anuj R Miglani) |
21,500 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
9 |
Archisha Investments Private Limited |
58,49,878 |
4.11 |
0 |
0.00 |
0.00 |
4.11 |
|
10 |
Sainath Trading Company Private Limited |
33,23,600 |
2.34 |
0 |
0.00 |
0.00 |
2.34 |
|
11 |
Kredence Multi Trading Limited |
1,49,21,063 |
10.49 |
0 |
0.00 |
0.00 |
10.49 |
|
12 |
Uttam Exports Private Limited |
73,24,379 |
5.15 |
2502500 |
34.17 |
1.76 |
5.15 |
|
13 |
Evergreen Tradeplace Private Limited |
78,85,600 |
5.54 |
0 |
0.00 |
0.00 |
5.54 |
|
14 |
Arcelormittan Netherlands BV |
4,13,27,931 |
29.05 |
0 |
0.00 |
0.00 |
29.05 |
|
|
Total |
8,65,94,151 |
60.87 |
2502500 |
2.89 |
1.76 |
60.87 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Albula Investment Fund Limited |
12856750 |
9.04 |
9.04 |
|
2 |
Asia Investment Corporation (Mauritius) Limited |
8442125 |
5.93 |
5.93 |
|
3 |
Cresta Fund Limited |
14101426 |
9.91 |
9.91 |
|
4 |
Ipro Funds Limited |
2100000 |
1.48 |
1.48 |
|
5 |
Sanjeev Gupta |
2714700 |
1.91 |
1.91 |
|
|
Total |
40215001 |
28.27 |
28.27 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Albula Investment Fund Limited |
12856750 |
9.04 |
9.04 |
|
2 |
Asia Investment Corporation (Mauritius) Limited |
8442125 |
5.93 |
5.93 |
|
3 |
Cresta Fund Limited |
14101426 |
9.91 |
9.91 |
|
|
Total |
35400301 |
24.88 |
24.88 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the
business of manufacturing of intermediate steel products i.e
Cold Rolled Steel (CR) and Galvanised Products
comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour
Coated Products (CCP) Coils and Sheets. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Galvanised Coils / Sheets / Slit Coils |
(M.T) |
750000 |
561498 |
|
Colour Coated Coils / Sheets / Slit Coils |
(M.T) |
90000 |
77617 |
|
Cold Rolled Coils / Sheets / Slit Coils |
(M.T) |
960000 |
693713 |
|
Less : Captive Consumption (CR) |
(M.T) |
-- |
(415528) |
|
Less : Captive Consumption (GP) |
(M.T) |
-- |
(81748) |
|
Total Saleable Steel |
(M.T) |
-- |
835552 |
GENERAL INFORMATION
|
No. of Employees : |
1500 (Approximately) |
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Bankers : |
·
State Bank
of India, Madame CAMA Road, Mumbai – 400021, Maharashtra,
India ·
Canara Bank,
144, Jawahar Nagar, Goregaon (West), Mumbai, India ·
Punjab
National Bank ·
Union
Bank of India ·
IDBI
Bank Limited ·
Bank
of Baroda ·
Indian
Overseas Bank ·
ICICI
Bank Limited ·
Punjab
and Maharashtra Co-Operative Bank Limited |
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Facilities : |
Note: (Rs. In Millions) Long Term
Borrowing Details of terms of repayment of the Secured
Non-convertible Redeemable Debentures issued by the Company and security
provided in respect thereof
Details of terms of repayment for the Secured Long-Term Borrowings and
security provided in respect there of:
1)
11.25 % Non Convertible Redeemable Debentures are
secured by first pari passu
Mortgage of all immovable property and hypothecation of all movable
properties including movable machineries, machinery spares, tools and
accessories both present and future except Packing Machine supplied by
PESMEL, Finland. 2)
Term Loan from Banks and Financial Institutions
namely Axis Bank, Bank of Baroda, Dena Bank, Exim
Bank of India, Oriental Bank of Commerce, Punjab National Bank, State Bank of
India, Syndicate Bank, State Bank of Hyderabad, IDFC and ICICI Bank Limited
are secured by mortgage and the lenders have pari passu charge on all the present and future movable and
immovable assets of the Company except Packing Machine supplied by PESMEL,
Finland but not limited to plant and machinery, machinery spares, tools and
accessories in possession or not, stored, or to be brought in companies premises
or lying at any other place of the companies representative affiliates and
all the intangible assets of the company. The above security will rank pari passu amongst the lenders. 3)
ECB loan from ICICI Bank Limited is secured by
mortgage of all immovable property and hypothecation of all movable
properties including movable machineries, machinery spares, tools and
accessories, both present and future except Packing Machine supplied by
PESMEL, Finland. 4)
ECA loan from Nordea
Bank is secured by hypothecation of packing machine supplied by PESMEL,
Finland. 5)
Term Loan from ICICI, IFCI, LIC, GIC, and UII
ranking pari pasu are
secured by Mortgage of all immovable property and hypothecation of all
movable properties including movable machineries, machineries spares, tools
and accessories both present and future except Packing Machine supplied by
PESMEL Finland. 2502500 Equity Shares (Previous Year 2502500 equity shares)
held by Promoters are pledged against term loan of Rs
95.500 Millions availed from ICICI Bank. Short Term
Borrowing ·
Working Capital Loans from Banks on Cash Credit
(CC) and Packing Credit (PC) Accounts are Secured by Hypothecation of all
Tangible, Moveable assets such as Raw Material, WIP, Finished Goods, Stock in
Transit and Book Debts etc. and the second charge on fixed assets of the
Company except Packing Machine supplied by PESMEL, Finland. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Prakkash Muni and Associates Chartered Accountants |
|
Address : |
303, The Engle’s Flight, Suren
Road, off Andheri Kurla
Road, Near Western Express Highway Junction, Andheri
(East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66300900 |
|
Fax No.: |
91-22-66300990 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
K S Aiyar and Company |
|
Address : |
Mumbai, Maharashtra,
India |
|
|
|
|
Wholly Owned Subsidiary / Step down Subsidiary: |
·
Atlantis International Services Company Limited ·
Ferro Zinc International FZE ·
Uttam Galva Steels , Netherlands BV ·
Neelraj International
Trade Limited, BV ·
Uttam Galva Steels ( BVI) Limited ·
Uttam Galva Steels FZE |
|
|
|
|
Associates/Joint Ventures : |
·
Grow well Mercantile Limited ·
Shree Uttam Steel and
Power Limited ·
Uttam Galva Metallics
Limited ·
Uttam Distribution Network Limited ·
Uttam Utkal Steels
Limited ·
Sainath Trading Company
Private Limited ·
Texturing Technology Private Limited ·
Moira Madhujore Coal
Limited ·
Uttam Value Steels Limited (Formerly known as Llyods Steel Industries Limited) ·
Kredence Multi Trading
Limited ·
Archisha Investment
Private Limited ·
Uttam Galva Ferous
Limited |
|
|
|
|
Ability to Control / Exercise Significant Influence : |
·
ArcelorMittal Finanzaria, SRL ·
ArcelorMittal Cons Reunion ·
ArcelorMittal SSC, Italia ·
ArcelorMittal International
FZE ·
ArcelorMittal International
Luxembourg ·
ArcelorMittal Distribution
Solution ·
ArcelorMittal Singapore
Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
142260103 |
Equity Shares |
Rs. 10/- each |
Rs. 1422.600 Millions |
(Out of this 5874760
Equity Share have been Issued for consideration other than Cash and 21857924
Equity Share have been issued on Conversion of Global Depository Receipts )
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Equity Shares at the beginning of the year |
122260103 |
|
Add: Shares Issued during the year (QIP) |
20000000 |
|
Equity Shares at
the end of the year |
142260103 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares
with Voting Rights |
|
|
|
Kredence Multi Trading
Limited |
14921063 |
10.49% |
|
Uttam Exports Private
Limited |
7324379 |
5.15% |
|
Shree Uttam Steel and Power Limited |
7885600 |
5.54% |
|
Arcelomittal Netherlands BV |
41327931 |
29.05% |
|
Cresta Fund Limited |
14101426 |
9.91% |
|
Albula Investment Fund
Limited |
10806750 |
7.60% |
|
Asia Investment Corporation (Mauritius)
Limited |
8442125 |
5.93% |
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 |
1422.600 |
1222.600 |
1222.600 |
|
(b) Reserves & Surplus |
11043.000 |
9027.500 |
8247.900 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12465.600 |
10250.100 |
9470.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17745.100 |
19710.600 |
17619.500 |
|
(b) Deferred tax liabilities (Net) |
1682.500 |
1217.000 |
869.200 |
|
(c) Other long term liabilities |
3257.500 |
3474.800 |
0.000 |
|
(d) long-term provisions |
115.300 |
115.500 |
114.100 |
|
Total Non-current Liabilities (3) |
22800.400 |
24517.900 |
18602.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2658.000 |
453.500 |
2573.900 |
|
(b) Trade payables |
18175.200 |
14266.600 |
17289.700 |
|
(c) Other current
liabilities |
12110.900 |
8734.600 |
6155.000 |
|
(d) Short-term provisions |
117.200 |
137.400 |
(73.800) |
|
Total Current Liabilities (4) |
33061.300 |
23592.100 |
25944.800 |
|
|
|
|
|
|
TOTAL |
68327.300 |
58360.100 |
54018.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
32175.100 |
28987.400 |
18193.400 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
5468.000 |
3786.900 |
9674.900 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
234.600 |
120.200 |
88.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1064.600 |
871.600 |
680.400 |
|
(e) Other Non-current assets |
32.500 |
238.900 |
220.000 |
|
Total Non-Current Assets |
38974.800 |
34005.000 |
28857.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
10372.400 |
10851.400 |
13659.800 |
|
(c) Trade receivables |
6844.900 |
5578.400 |
7236.000 |
|
(d) Cash and cash
equivalents |
1696.400 |
1312.600 |
675.900 |
|
(e) Short-term loans and
advances |
10438.800 |
6612.700 |
3588.800 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
29352.500 |
24355.100 |
25160.500 |
|
|
|
|
|
|
TOTAL |
68327.300 |
58360.100 |
54018.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
59110.700 |
51716.000 |
50408.100 |
|
|
|
Other Income |
139.600 |
76.400 |
39.300 |
|
|
|
TOTAL |
59250.300 |
51792.400 |
50447.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
Consumed |
32521.600 |
31551.100 |
31076.300 |
|
|
|
Purchase of Traded
Goods |
16094.600 |
6208.000 |
13515.700 |
|
|
|
Changes in
Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(1862.000) |
3128.200 |
(3423.500) |
|
|
|
Employee Benefits
Expense |
763.300 |
675.000 |
618.000 |
|
|
|
Other Expenses |
5707.300 |
4873.200 |
4209.000 |
|
|
|
TOTAL |
53224.800 |
46435.500 |
45995.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6025.500 |
5356.900 |
4451.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3046.400 |
2673.200 |
2122.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2979.100 |
2683.700 |
2329.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1825.800 |
1273.700 |
1194.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXTRAORDINARY ITEM |
1153.300 |
1410.000 |
1135.400 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEM |
200.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
1353.300 |
1410.000 |
1135.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
737.800 |
630.400 |
367.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
615.500 |
779.600 |
767.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6904.000 |
6249.400 |
5668.400 |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years - Taxes |
0.000 |
0.000 |
61.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
125.000 |
125.000 |
125.000 |
|
|
BALANCE CARRIED TO
THE B/S |
7394.500 |
6904.000 |
6249.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
19493.900 |
12607.900 |
15535.300 |
|
|
TOTAL EARNINGS |
19493.900 |
12607.900 |
15535.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
20299.300 |
19249.500 |
24087.100 |
|
|
|
Spare Parts and Components |
107.700 |
56.300 |
35.200 |
|
|
|
Capital Goods |
412.200 |
390.100 |
273.700 |
|
|
TOTAL IMPORTS |
20819.200 |
19695.900 |
24396.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and
Diluted including Extraordinary Item |
5.03 |
6.38 |
6.28 |
|
|
|
Basic and
Diluted excluding Extraordinary Item |
3.72 |
6.38 |
6.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
13367.600 |
|
Total Expenditure |
12282.400 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
1085.200 |
|
Other income |
108.900 |
|
Operating Profit |
1194.100 |
|
Interest |
513.700 |
|
Exceptional Items |
0.000 |
|
Profit before depreciation and tax |
680.400 |
|
Depreciation |
519.800 |
|
Profit before tax |
160.600 |
|
Tax |
119.300 |
|
Profit after tax |
41.300 |
|
Extraordinary items |
21.900 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
63.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.04
|
1.51
|
1.52
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.29
|
2.73
|
2.25
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.44
|
5.56
|
4.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.64
|
1.97
|
2.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
1.03
|
0.97
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
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 |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ARBPL/963/2010 |
Failing Date:- |
18/08/2010 |
Reg. No.:- |
ARBP/303/2011 |
Reg. Date:- |
22/03/2011 |
|
|
|||||||
|
Petitioner:- |
CENTRAL WAREHIUSING |
Respondent:- |
UTTAM GALVA STEELS LIMITED |
||||
|
Petn.Adv:- |
S.I. SHAH AND CO (0) |
Resp. Adv.: |
M.S. BHARDWAJ (1) (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
Category:- |
ARBITRATION ACT. |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
ARBP FOR HEARING AND FINAL DISPOSAL U/S 34 |
||||
|
Next Date : |
13/01/2014 |
|
|
||||
|
Coram:- |
PROVISIONAL BOARD |
Stage:- |
ARBP FOR HEARING AND FINAL DISPOSAL U/S 34 |
||||
|
Last Date:- |
24/06/2013 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE R.V. MORE |
||||||
|
|
|
||||||
|
Act. : |
Arbitration and Conciliation Act,1966 |
Under Section 34 |
|||||
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Other loans ( SICOM and Others) |
13.000 |
16.700 |
|
Total |
13.000 |
16.700 |
INDEX OF CHARGE:
|
Sr .No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10431919
|
13/06/2013
|
12,562,450,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURANG
BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B77441731
|
|
2 |
10424495
|
29/04/2013
|
815,217,000.00
|
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,
WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA
|
B74694381
|
|
3 |
10359845
|
17/04/2013
* |
1,500,000,000.00
|
VIJAYA BANK |
CORP. BKG. BRANCH, MAKER CHAMBER
IV (REAR PORTION), 222, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B74584731
|
|
4 |
10324531
|
21/12/2011
|
810,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING
MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B28341154
|
|
5 |
10299516
|
08/08/2013
* |
7,000,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING
MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B83157461
|
|
6 |
10245187
|
21/06/2010
|
2,000,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A90518861
|
|
7 |
10123656
|
02/09/2008
|
810,000,000.00
|
INFRASTRUCTURE DEVELOPMENT
FINANCE COMPANY LIMITED |
ITC CENTRE, 3RD FLOOR760, ANNA
SALAI, CHENNAI - 600 002, TAMIL NADU, INDIA |
A46256640
|
|
8 |
10072969
|
30/10/2007
|
131,281,344.00
|
UNIT TRUST OF INDIA INVESTMENT
ADVISORY SERVICES LIMITED |
UTI TOWER GN BLOCKBANDRA KURLA
COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A25414228
|
|
9 |
10048847
|
23/04/2007
|
2,142,250,000.00
|
UNIT TRUST OF INDIA INVESTMENT
ADVISORY SERVICES |
UTI TOWER GN BLOCKBANDRA KURLA
COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A14219331
|
|
10 |
90227081
|
06/12/2005
|
2,795,000.00
|
UNITED INDIA INSURANCE COMPANY
LIMITED |
24; WHITES ROAD, CHENNAI,
TAMIL NADU, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
The company is promoted
by Miglani family initially in the year 1985 and ArcelorMittal has joined as Co-Promoter in the year
2009-10.
The Company is in
the business of manufacturing of intermediate steel products i.e Cold Rolled Steel (CR) and Galvanised
Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour
Coated Products (CCP) Coils and Sheets situated at Khopoli,
Mumbai Western part of India. The Company is in the business of procuring Hot
Rolled Steel (HR) and processing it in to CR and further in to GP and PPGI. Its
current facilities are mainly in thicker and thinner guage
material. The CR not used for galvanizing is converted to value added grades in
Cold Rolled Closed Annealed (CRCA) coils, Cut to Length (CTL) Sheets and also
sold as Full Hard CR in Domestic and Overseas market. The market segment for
value added grades include Appliance, General Engineering, Automative,
Construction, Packaging, Sandwich Panels and Others
OPERATIONS:
The Company has
achieved a turnover of Rs. 62523.400 Millions as
against Rs. 54753.800 Millions in the previous year
and at the same time The Company posted the Profit before Tax of Rs. 1353.200 Millions as against Rs.
1410.000 Millions in the previous year. The decline in the Profit before Tax
was due to combined effect of higher Finance Cost and Depreciation cost
incurred during the Year.
The Company has
envisaged the various projects and also looking for the expansion and the
modernization of current projects. Consequently in view of the Capex requirement for proposed expansion projects of the
Company, the Board of Directors are in opinion that Cash flow should be
conserved and hence decided to plough back the entire profit earned by the
Company and have not recommended any dividend.
EXPORTS:
The Company has
registered growth in exportsvolume by 18% and has
added 3 more new countries –Martinique, Bahamas and Kyrgyzstan which makes now
total list of countries serviced to 148. The Company has maintained its
presence in the International Market in spite of the Global slowdown and
currency crises in some of the countries.
The Global Economic
situation has shown signs of marginal growth in USA and Russia where the
Company’s products are well established and recognized as quality supplier. The
sales growth in these 2 countries are recorded as 28% and 16% respectively
compared to last year. Growth in emerging market and developing economies is
also showing double digit and positive trends in line with expectation. This is
expected to provide wide base to our international business.
The Company has been
the recipient of 17 EEPC Awards from the Ministry of Commerce and Industry,
Government of India for its outstanding exports performance.
OUTLOOK
The domestic flat
steel consumption in the relevant business segments is estimated to grow at 6%-
8%. The need, however, for value added and niche products are likely to surge
and have been identified as major focus area for the Company. Global steel
consumption is expected to rise by1.3%. Non-tariff barriers (like Anti-Dumping
Duty on low priced, low quality suppliers) introduced recently by some of the
emerging economies is expected to open additional markets and opportunities for
The Company to increase its market share in international business.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
September, 2013
(Rs. In Millions)
|
Particulars |
For 3 Months Ended |
Previous 3 Months Ended |
For 6 Months Ended |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
9941.900 |
13367.600 |
23309.500 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
9941.900 |
13367.600 |
23309.500 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
422.100 |
6888.000 |
13310.100 |
|
b) Purchases of stock in trade |
970.000 |
1767.100 |
2737.100 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(534.900) |
2048.200 |
1513.300 |
|
d) Employees benefit expenses |
214.500 |
208.000 |
422.500 |
|
e) Depreciation and amortization expenses |
595.400 |
519.800 |
1115.200 |
|
f) Other expenditure |
1482.400 |
1371.100 |
2853.500 |
|
Total expenses |
9149.500 |
12802.200 |
21951.700 |
|
3. Profit from operations before other income and
financial costs |
792.400 |
565.400 |
1357.800 |
|
4. Other income |
120.200 |
108.900 |
229.100 |
|
5. Profit from ordinary activities before finance costs |
912.000 |
674.300 |
1586.900 |
|
6. Finance costs |
726.900 |
513.700 |
1240.600 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
185.700 |
160.600 |
346.300 |
|
8.
Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
185.700 |
160.600 |
346.300 |
|
10.Tax expenses |
|
|
|
|
- MAT
Credit |
40.700 |
32.100 |
72.800 |
|
- Wealth
Tax |
0.000 |
0.000 |
0.000 |
|
- Deferred Tax |
88.100 |
87.200 |
175.300 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
56.900 |
41.300 |
98.20 |
|
12.Extraordinary Items (net of
tax expense) |
0.000 |
21.900 |
21.900 |
|
13.Net Profit / (Loss) for the
period (11 -12) |
56.900 |
63.200 |
120.10 |
|
14.Paid-up equity share capital (Nominal value Re.
1/- per share) |
1422.600 |
1422.600 |
1422.600 |
|
15. Paid up Debentures |
1500.000 |
2000.000 |
1500.000 |
|
16. Reserves
excluding Revaluation Reserves |
|
|
|
|
17. Debenture
Redemption Reserve |
|
|
|
|
18 Basic and
Diluted EPS (in Rs) before Extraordinary Items (not
annualised) |
0.40 |
0.29 |
0.69 |
|
Basic and Diluted EPS ( in Rs) after Extraordinary Items (not annualised
) |
0.40 |
0.44 |
0.84 |
|
19. Particulars of
shareholding |
|
|
|
|
- Number of shares |
55665952 |
55665952 |
55665952 |
|
- Percentage of shareholding |
39.13% |
39.13% |
39.13% |
|
20. Promoters and Promoters group Shareholding- |
86594151 |
86594151 |
86594151 |
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
2502500 |
7302500 |
2502500 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
2.89% |
8.43% |
2.89% |
|
Percentage of shares (as a % of total share capital of the
company) |
1.76% |
5.13% |
1.76% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
84091651 |
79291651 |
84091651 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
97.11% |
91.57% |
97.11% |
|
Percentage of shares (as a % of total share capital of the
company) |
59.11% |
55.74% |
59.11% |
STATEMENT OF ASSETS AND LIABILITIES
Rs.
In Millions
|
Particular |
Six Mounts Ended 30.09.2013 |
|
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1422.600 |
|
(b) Reserves & Surplus |
11162.900 |
|
Sub Total – Shareholder Finds |
12585.500 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
23712.600 |
|
(b) Deferred tax liabilities (Net) |
1857.900 |
|
(c) Other long term liabilities |
4968.400 |
|
(d) long-term provisions |
125.700 |
|
Sub Total Non-current Liabilities |
30664.600 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term borrowings |
3583.200 |
|
(b) Trade payables |
18016.700 |
|
(c) Other current
liabilities |
9591.500 |
|
(d) Short-term provisions |
98.600 |
|
Sub Total Current Liabilities |
31290.000 |
|
|
|
|
Total Equity and Liabilities |
74540.100 |
|
|
|
|
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i)
Tangible assets |
31071.200 |
|
(ii) Intangible Assets |
13161.400 |
|
(b) Non-current Investments |
254.900 |
|
(b) Long-term Loan and Advances |
1045.000 |
|
(c) Other Non-current assets |
32.500 |
|
Sub Total Non-Current
Assets |
45565.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Inventories |
8444.800 |
|
(b) Trade receivables |
7772.900 |
|
(c) Cash and cash
equivalents |
166.600 |
|
(d) Short-term loans and
advances |
12590.800 |
|
Sub Total Current Assets |
28975.100 |
|
|
|
|
TOTAL Assets |
74540.100 |
Note:
1.
The above financial results were
reviewed by the Audit Committee and approved at the meeting of Directors and the
Board of Directors held on 30th October, 2013.
2.
Previous year's figures have been
regrouped / rearranged wherever necessary.
3.
During this year, the company has
availed of FC-TL/ECB Exchange fluctuation relating such loans is accounted in
line with provision of AS-11, by amortization over a period of tenure of the
loans.
4.
The company is in manufacturing of
steel products and also has a captive power plant. Hence it is reporting its
results in single segment as required by As-17.
5.
Number of complaints for the quarter
ended 30.09.2013 : Beginning - Nil, Received - 1, Disposed off - 1 and Pending
- Nil
FIXED ASSETS:
·
Land
·
Building and Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.52 |
|
UK Pound |
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.