MIRA INFORM REPORT
|
Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
RATHI STEEL AND POWER LIMITED (w.e.f.20.03.2008) |
|
|
|
|
Formerly Known
As : |
RATHI UDYOG LIMITED |
|
|
|
|
Registered
Office : |
Chauhan Market, Madanpur Khadar, Near Local Shopping Complex, Pocket D
and E, Sarita Vihar, New Delhi - 110076 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
17.12.1971 |
|
|
|
|
Com. Reg. No.: |
55-005905 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 313.081
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27109DL1971PLC005905 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Steel and Steel
related products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
Maximum Credit Limit : |
USD 3210000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile marked by loss incurred from its operational activities and
stretched liquidity position of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 BY
|
Name : |
Mr. Raju Valodi |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-11-45002400 |
|
Date : |
01.07.2014 |
LOCATIONS
|
Registered Office : |
Chauhan Market, Madanpur Khadar, Near Local Shopping Complex, Pocket D
and E, Sarita Vihar, New Delhi – 110076, India |
|
Tel. No.: |
91-11-26991060-62 |
|
Fax No.: |
91-11-26991063 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/
Factory 1 : |
Industrial Area No. 1, A-3, South of GT Road, Ghaziabad – 201009, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2840346-350 |
|
Fax No.: |
91-120-2840352-353 |
|
|
|
|
Factory 2 : |
Village Potapalli, Sikirdi, P.S. Burla, District Sambalpur – 768006, Orissa, India |
|
Tel. No.: |
91-663-2541170/ 2230495 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Pradeep Kumar Rathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Prem Narain Varshney |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shree Kumar Daga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dwarka Das Lakhotia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Raju Valodi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Atul Agarwal |
|
Designation : |
Chief Financial Officer (CFO) |
|
|
|
|
Name : |
Mr. Manish Rakesh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8245219 |
26.34 |
|
|
7867695 |
25.13 |
|
|
0 |
0.00 |
|
|
16112914 |
51.47 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
16112914 |
51.47 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
686913 |
2.19 |
|
|
2185127 |
6.98 |
|
|
2872040 |
9.17 |
|
|
|
|
|
|
2181588 |
6.97 |
|
|
|
|
|
|
5917942 |
18.90 |
|
|
3749801 |
11.98 |
|
|
337463 |
1.08 |
|
|
136363 |
0.44 |
|
|
136363 |
0.44 |
|
|
12323157 |
39.36 |
|
Total Public
shareholding (B) |
15195197 |
48.53 |
|
Total (A)+(B) |
31308111 |
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) |
31308111 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Steel and Steel
related products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda · Canara Bank · Syndicate Bank · State Bank of India · Dena Bank · Karur Vyasa Bank Limited ·
Corporation Bank |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. Lal and Company Chartered Accountants |
|
Address : |
III-A, 49 Nehru Nagar, Ghaziabad – 201001, Uttar Pradesh,
India |
|
Tel. No.: |
91-120-2717412/ 2722949 |
|
|
|
|
Legal Advisor : |
|
|
Name : |
Mr. Shiv Khurana, Advocate |
|
Address : |
F-7, Second Floor, Lajpat Nagar-III, New Delhi - 110024,
India |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs. 10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31308111 |
Equity Shares |
Rs. 10/- each |
Rs. 313.081
Millions |
|
|
|
|
|
(a) Reconciliation of
Number of Shares
|
Particular |
31.03.2013 |
|
Shares Outstanding as at 1st April 2013/ 1st April 2012 |
31,308.111 |
|
Add: Issued during the year |
- |
|
Shares Outstanding
as at 31st March 2013/ 31st March 2012 |
31,308,111 |
(b) List of
shareholders holding more than 5% of the total number of shares issued by the
Company
|
Name of
Shareholders |
As at 31 March 2013 No. of Shares held |
|
|
|
|
Punam Chand Rathi (HUF) |
4601247 (14.697%) |
|
Archit Securities Private Limited |
3824622 (12.216%) |
|
DBG Leasina and Housina Limited |
36125591 (11.548%) |
|
Rathi Electrosteel Limited |
-- |
The Company has issued only one class of equity shares having a par value of Rs.10 per share. Each holder of Equity share is entitled to one vote per share.
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 |
313.081 |
313.081 |
313.081 |
|
(b) Reserves & Surplus |
488.381 |
1588.863 |
1465.101 |
|
(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) |
801.462 |
1901.944 |
1778.182 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1432.511 |
1916.009 |
2057.675 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
3.285 |
25.321 |
|
(c)
Other long term liabilities |
341.532 |
336.099 |
171.453 |
|
(d)
long-term provisions |
20.156 |
16.756 |
13.559 |
|
Total
Non-current Liabilities (3) |
1794.199 |
2272.149 |
2268.008 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1734.406 |
1399.196 |
1175.250 |
|
(b)
Trade payables |
806.653 |
716.083 |
483.984 |
|
(c)
Other current liabilities |
677.209 |
508.982 |
456.159 |
|
(d)
Short-term provisions |
3.563 |
2.290 |
12.100 |
|
Total
Current Liabilities (4) |
3221.831 |
2626.551 |
2127.493 |
|
|
|
|
|
|
TOTAL |
5817.492 |
6800.644 |
6173.683 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3242.755 |
3378.886 |
3380.560 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
85.711 |
85.254 |
116.615 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
7.321 |
10.861 |
10.471 |
|
(c) Deferred tax assets
(net) |
452.765 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
34.433 |
30.442 |
35.636 |
|
(e)
Other Non-current assets |
68.697 |
39.833 |
23.229 |
|
Total
Non-Current Assets |
3891.682 |
3545.276 |
3566.511 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
440.856 |
1398.399 |
1238.289 |
|
(c)
Trade receivables |
1223.135 |
1184.140 |
833.930 |
|
(d)
Cash and cash equivalents |
67.631 |
114.721 |
84.562 |
|
(e)
Short-term loans and advances |
177.338 |
541.899 |
433.118 |
|
(f)
Other current assets |
16.850 |
16.209 |
17.273 |
|
Total
Current Assets |
1925.810 |
3255.368 |
2607.172 |
|
|
|
|
|
|
TOTAL |
5817.492 |
6800.644 |
6173.683 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
8084.318 |
9366.584 |
8246.401 |
|
|
|
Other Income |
29.145 |
11.509 |
19.368 |
|
|
|
TOTAL (A) |
8113.463 |
9378.093 |
8265.769 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7394.678 |
7669.947 |
6736.777 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
524.900 |
(139.390) |
(85.330) |
|
|
|
Employees benefits expense |
118.505 |
130.225 |
132.776 |
|
|
|
Other expenses |
849.603 |
854.784 |
783.867 |
|
|
|
Exceptional Items |
0.000 |
(0.079) |
0.000 |
|
|
|
TOTAL (B) |
8887.686 |
8515.487 |
7568.090 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(774.223) |
862.606 |
697.679 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
561.706 |
535.306 |
386.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1335.929) |
327.300 |
310.925 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
220.740 |
225.573 |
197.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
BEFORE TAX (E-F) (G) |
(1556.669) |
101.727 |
113.545 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(456.186) |
(22.035) |
(26.955) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
AFTER TAX (G-H) (I) |
(1100.483) |
123.762 |
140.500 |
|
|
|
|
|
|
|
|
|
|
Earnings/ [Loss]
Per Share (Rs.) |
(35.15) |
3.95 |
4.57 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1133.200 |
955.300 |
1047.800 |
1519.100 |
|
Total Expenditure |
1210.700 |
1059.500 |
1171.200 |
1669.000 |
|
PBIDT (Excl. OI) |
(77.500) |
(104.200) |
(123.500) |
(150.000) |
|
Other Income |
2.200 |
8.800 |
2.100 |
4.400 |
|
Operating Profit |
(75.300) |
(95.500) |
(121.400) |
(145.600) |
|
Interest |
116.500 |
106.500 |
142.200 |
127.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(191.800) |
(201.900) |
(263.600) |
(273.200) |
|
Depreciation |
55.300 |
56.100 |
(44.700) |
22.500 |
|
Profit Before Tax |
(247.100) |
(258.000) |
(218.900) |
(295.800) |
|
Tax |
0.000 |
0.000 |
0.000 |
(276.300) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(247.100) |
(258.000) |
(218.900) |
(19.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(247.100) |
(258.000) |
(218.900) |
(19.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(13.56) |
1.32 |
1.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(19.26) |
1.09 |
1.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(29.53) |
1.52 |
1.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.94) |
0.05 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.95 |
1.74 |
1.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.60 |
1.24 |
1.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
313.081 |
313.081 |
313.081 |
|
Reserves & Surplus |
1465.101 |
1588.863 |
488.381 |
|
Net
worth |
1778.182 |
1901.944 |
801.462 |
|
|
|
|
|
|
long-term borrowings |
2057.675 |
1916.009 |
1432.511 |
|
Short term borrowings |
1175.250 |
1399.196 |
1734.406 |
|
Total
borrowings |
3232.925 |
3315.205 |
3166.917 |
|
Debt/Equity ratio |
1.818 |
1.743 |
3.951 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8246.401 |
9366.584 |
8084.318 |
|
|
|
13.584 |
(13.690) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
8246.401 |
9366.584 |
8084.318 |
|
Profit/ (Loss) |
140.500 |
123.762 |
(1100.483) |
|
|
1.70% |
1.32% |
(13.61%) |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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 |
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 |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
O.M.P. 449/2014
BAJAJ FINANCE LTD .....
Petitioner
Through Mr.Rajesh Jangra,
Adv. with Mr.S.K. Sen, Adv.
Versus
RATHI STEEL AND POWER LTD
..... Respondent
Through None.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
SINGH
O R D E R
30.05.2014
I.A. No.11172/2014 (for modification
of order dated 16th May, 2014)
The above mentioned
application has been filed under Section 151 CPC for rectification/modification
of order dated 16th May, 2014.
By order dated 16th May,
2014, the respondent was directed to pay the instalments due within 15 days and
the respondent was restrained from disposing of or creating third party
interest in respect of the property, i.e. construction equipment/machine ?
FEDERAL make 75/30 capacity 19.205 M Span Double Girder Cabin Operated EOT
Crane. However, inadvertently Court Receiver could not be appointed in the said
order.
For the reasons stated in the
application, the same is allowed.
The order dated 16th May,
2014 is modified to the extent that Mr. Dilbag Singh Dahiya is appointed as the
Court Receiver to take possession of property i.e. construction
equipment/machine ? FEDERAL make 75/30 capacity 19.205 M Span Double Girder
Cabin Operated EOT Crane, in case of non-payment of installments within 15 days
from the date of the said order i.e. 16th May, 2014.
The application is disposed
of.
Dasti under the signatures of
the Court Master.
MANMOHAN SINGH, J.
MAY 30, 2014/jk
$ 62
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10475793 |
31/12/2013 |
188,500,000.00 |
CORPORATION BANK |
CORPORAT BANKING
BRANCH, 10TH FLOOR, HINDUATAN TIMES HOUSE,18/20 K.G. MARG, NEW DELHI, DELHI -
110001, INDIA |
B95571881 |
|
2 |
10475775 |
31/12/2013 |
212,500,000.00 |
CORPORATION BANK |
CORPORAT BANKING
BRANCH, 10TH FLOOR, HINDUATAN TIMES HOUSE,18/20 K.G. MARG, NEW DELHI, DELHI -
110001, INDIA |
B95560520 |
|
3 |
10387329 |
01/11/2012 |
350,000,000.00 |
CORPORATION BANK |
CORPORAT BANKING
BRANCH, 10TH FLOOR, HINDUATAN TIMES HOUSE,18/20 K.G. MARG, NEW DELHI, DELHI -
110001, INDIA |
B62286612 |
|
4 |
10364648 |
15/06/2012 |
290,000,000.00 |
BANK OF BARODA |
188, GANDHI
NAGAR,, GHAZIABAD, UTTAR PRADESH - 201 |
B43255876 |
|
5 |
10364650 |
15/06/2012 |
290,000,000.00 |
BANK OF BARODA |
188, GANDHI
NAGAR,, GHAZIABAD, UTTAR PRADESH - 201001, INDIA |
B43256064 |
|
6 |
10350727 |
27/03/2012 |
4,742,700,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B37878808 |
|
7 |
10338154 |
31/01/2012 |
150,000,000.00 |
BANK OF BARODA |
188, GANDHI
NAGAR, GHAZIABAD, UTTAR PRADESH - 201001, INDIA |
B33203183 |
|
8 |
10337740 |
24/01/2012 |
16,620,716.00 |
BAJAJ FINANCE
LIMITED |
AKURDI PUNE-,
PUNE, MAHARASHTRA -411035, INDIA |
B33034919 |
|
9 |
10330302 |
21/12/2011 |
100,000,000.00 |
DENA BANK |
E-13/29 HARSHA
BHAWAN, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B30065114 |
|
10 |
10266081 |
30/06/2011 * |
300,000,000.00 |
THE KARUR VYSYA
BANK LIMITED |
882, EAST PARK
ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA |
B18254359 |
|
11 |
10247493 |
05/10/2010 |
1,630,000.00 |
SREI EQUIPMENT
FINANCE PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A96845375 |
|
12 |
10242018 |
30/06/2011 * |
250,000,000.00 |
DENA BANK |
E-13/29, HARSHA
BHAWAN, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B18254078 |
|
13 |
10225241 |
30/06/2011 * |
100,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,
INDIA |
B18253757 |
|
14 |
10225244 |
26/04/2010 |
150,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,
INDIA |
A87843629 |
|
15 |
10173937 |
20/08/2009 |
2,984,000.00 |
L & T
FINANCE LIMITED |
L&T HOUSE,
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A68690817 |
|
16 |
10134696 |
31/10/2008 |
100,000,000.00 |
BANK OF BARODA |
GANDHI NAGAR,
GHAZIABAD, GHAZIABAD, UTTAR PRADESH - 201001, INDIA |
A53243952 |
|
17 |
10134706 |
31/10/2008 |
100,000,000.00 |
BANK OF BARODA |
GANDHI NAGAR,
GHAZIABAD, GHAZIABAD, UTTAR PRADESH - 201001, INDIA |
A53244265 |
|
18 |
10133753 |
30/10/2008 |
140,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICE BRANCH, 16 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
A52396769 |
|
19 |
10133702 |
22/10/2008 |
140,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCE
SERVICE BRANCH, 16 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
A52396892 |
|
20 |
10005437 |
30/06/2011 * |
350,000,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, WORLD TRADE CENTRE, BARAKHAMBA LANE, NEW DELHI, DELHI -
110001, INDIA |
B18253427 |
|
21 |
10002575 |
30/06/2011 * |
340,000,000.00 |
SYNDICATE BANK |
CORPORATE
FINANCE BRANCH, SAROJINI HOUSE, 6, BHAGWAN DAS ROAD, NEW DELHI, DELHI -
110001, INDIA |
B18253070 |
|
22 |
10005209 |
23/01/2007 * |
490,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,
INDIA |
A00407429 |
|
23 |
80025392 |
30/06/2011 * |
577,700,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, A B ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B18252775 |
|
24 |
80025393 |
30/06/2011 * |
830,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,
INDIA |
B18252304 |
|
25 |
80025389 |
06/03/2014 * |
7,830,400,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, 16, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
C03308160 |
|
26 |
80025390 |
06/03/2014 * |
7,830,400,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 16, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
C03307147 |
|
27 |
80025388 |
06/03/2014 * |
7,830,400,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 16, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,
INDIA |
C03307758 |
|
28 |
90048669 |
06/03/2014 * |
7,830,400,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 16, PARLIAMENT STREET, NEW DELHI, DELHI - 110001,
INDIA |
C03308731 |
|
29 |
90061965 |
07/04/2000 |
650,000.00 |
BANK OF BARODA |
GANDHI NAGAR,
GHAZIABAD, UTTAR PRADESH, INDIA |
- |
|
30 |
90060100 |
23/01/1992 |
15,500,000.00 |
PUNJAB NATIONAL
BANK |
JANPATH, NEW
DELHI, DELHI, INDIA |
- |
|
31 |
90059604 |
04/04/1987 |
3,100,000.00 |
THE PRADESHIYA
INDUSTRIAL INVESTMENT CORPORATION U |
LUCKNOW,
LUCKNOW, UTTAR PRADESH, INDIA |
- |
|
32 |
90059548 |
14/03/1991 * |
2,400,000.00 |
THE PRADESHIYA
INDL. & INVESTMENT CORPORATION OF U |
LUCKNOW,
LUCKNOW, UTTAR PRADESH, INDIA |
- |
|
33 |
90059356 |
20/06/1978 |
560,000.00 |
THE NEW BANK OF
INDIA LIMITED |
TOLSTOY MARG, NEW
DELHI, DELHI, INDIA |
- |
|
34 |
90059351 |
29/03/1978 |
210,000.00 |
UTTAR PRADESH
FINANCIAL CORPORATION |
KANPUR, KANPUR,
UTTAR PRADESH, INDIA |
- |
|
35 |
90059320 |
13/03/1974 |
2,000,000.00 |
BANK OF BARODA |
GHAZIABAD, GHAZIABAD,
UTTAR PRADESH, INDIA |
- |
|
36 |
90059317 |
01/12/1973 |
500,000.00 |
BANK OF BARODA |
GHAZIABAD,
GHAZIABAD, UTTAR PRADESH, INDIA |
- |
|
37 |
90059314 |
03/08/1973 |
1,350,000.00 |
THE NEW BANK OF
INDIA LIMITED |
M-5, HAUZ KHAS; MEHRAULI
ROAD, NEW DELHI, DELHI - 110016, INDIA |
- |
|
38 |
90059310 |
18/12/1972 |
500,000.00 |
BANK OF BARODA |
GHAZIABAD,
GHAZIABAD, UTTAR PRADESH, INDIA |
- |
|
39 |
90059307 |
27/05/1972 |
2,000,000.00 |
UTTAR PRADESH
FINANCIAL CORPORATION |
14/88, CIVIL
LINES, KANPUR, UTTAR PRADESH, INDIA |
- |
* Date of charge modification
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 24/1A, Mohan
Co-Operative Industrial Estates, Mathura Road, New Delhi – 110044, India to the
present address.
COMPANY INFORMATION
Rathi Steel And Power Limited (formerly Rathi Udyog Limited) (the
Company) is a public limited company incorporated in 1971 and engaged in the
business of manufacturing and sale of Steel and Steel related products.
PERFORMANCE REVIEW
The sales for the financial year were Rs.8080.000 Millions as against
9370.000 Millions for the previous financial year. The operational performance
of the Company has been comprehensively covered.
FUTURE OUTLOOK /
PROSPECTS
The Indian economy has been impacted due to concerns in the developed
economies. Unlike the situation post 2008, wherein the Indian economy witnessed
considerable resilience to the global economic slowdown, and was able to
recover strongly the impact this time is of higher magnitudes due to policy
related issues.
Driven by policy log jam, the industrial sector was plagued by a
slowdown in demand and consumption in 2012-13. World crude steel production for
the 62 countries reporting to the World Steel Association was 132 MT in April
2013, an increase of 1.2% compared to April, 2012 and accounted for more than
98% of world crude steel production. The average capacity utilization ratio in
2012 was 78.8% compared to 80.7% in 2011.
With the steady decline in the domestic economy’s growth rate, the
Indian steel industry’s pace of growth slowed down and in terms of all the
performance indicators.
A report by Bank of America-Merrill Lynch suggests domestic steel
outlook to remains weak with lesser possibility of turnaround in the current
financial year. Offering a negative outlook, the report blames it on demand
slowdown from key industries like construction, auto and infrastructure,
keeping margins of steel firms under pressure. A fall in the value of the rupee
has further complicated matters for the Reserve Bank to reduce policy rates,
creating fear of delaying the process of economic recovery. The report also
points out that while demand for steel products remains low; many delayed steel
projects are due for commissioning during this fiscal leading to overcapacity.
The Indian economy’s outlook for 2013-14 can be viewed as cautiously
optimistic. It is expected that the domestic steel industry will continue to be
under pressure over the short term. Domestic steel demand is expected to be
muted and profit margin in financial year 2013-2014 to remain broadly similar
to financial year 2012-13. This is mainly due to persistent high cost of steel
production. Though the Steel demand was low in 2012-13 due to continuing
economic crisis, however, spurt in demand is expected in 2014- 15.
The Government of India has planned to invest about Rs.56.32 lakh crore
in infrastructure during the 12th Five Year Plan period 2012-17. This will
augur well for the industry.
The company reasonably believes that the turbulent conditions during the
year, which did not allow the potential of the operations to be fully realized,
will not be a lasting phenomenon.
MANAGEMENT
DISCUSSION AND ANALYSIS
FINANCIAL
During the year 2012-13, the Company achieved a total turnover of Rs.
8084.300 Millions as compared to Rs. 9366.600 Millions in the previous year due
to adverse business environment and depressed scenario of key consumer sectors
e.g. infrastructure and real estate. Production in Odisha Plant came down
significantly. In fact Odisha unit remained shut since January 2013. The
company incurred loss during the year which was mainly due to hike in the price
of raw materials, scarcity of key raw materials, increase in energy cost and
freight rates, rising borrowing costs and other operating costs, depressed
economic scenario, and various other factors. The net loss for the year was Rs.
1100.500 Millions as compared to net profit of Rs. 123.800 Millions in the
previous year.
BUSINESS REVIEW
AND OUTLOOK
The global economic activity continued to remain soft in 2012. Fiscal
consolidation and a still-weak financial system continue to weigh on the growth
prospects in the advanced economies, balanced to some extent by an accommodative
monetary policy. Global economic outlook weakened both in developed and
developing countries. The industrial sector was plagued by a slowdown in demand
and consumption, driven by policy slowdown. According to IMF growth in global
economy was slower than expected, with risks increasing especially in emerging
markets.
Domestically too, the year was challenging with lower growth in
industrial production, continuing high rate of inflation, euro zone crises,
geopolitical disturbances, policy logjam, delay in implementation of projects
and depreciation of the rupee. These factors had an adverse impact on the
economy resulting in lower GDP growth rate. Rising input costs, slow pace of
industrial production, infrastructure development and the impact of global
slowdown constrained the performance of the industry. The growth in Indian
economy slowed for the second year in succession to 5% approximately in 2012-13
against modest growth of 6.2% in 2011-12.
The situation remained grim for the steel industry too. With the steady
decline in the domestic economy’s growth rate, the Indian steel industry’s pace
of growth slowed down and in terms of all the performance indicators viz.,
capacity creation, production, consumption, exports and price/ profitability, the
performance of the industry fell below average.
Clampdown on illegal mining in Goa and Karnataka by the Government of
India and the Supreme Court respectively, and quantitative restrictions imposed
by the Odisha Government have significantly curtailed the amount of iron ore
being produced in the country. The decline in iron ore production in India has
been driven by a simultaneous implementation of regulatory restrictions on key
iron ore producing regions, Karnataka, Goa and Orissa, which together contributed
approximately 80% of India’s iron ore production before regulatory restraints.
A series of orders issued by the State Government and the inquiry by Justice
Shah Commission also led to the stoppage of mining at a number of iron ore
mines in Odisha in the third quarter of FY 13. Since iron ore produced in the
state is largely used in domestic steel mills and by sponge iron players, the
reduction in iron ore output from Odisha has significantly affected the
availability for domestic players, especially in a scenario when iron ore
mining at Karnataka has also not gathered momentum. This has also led to an
increase in demand for alternative sources like pellets, which can replace iron
ore lumps in the steel making process. Additionally, some large players also
resorted to import of iron ore lumps and pellets. However, with a sharp rise in
iron ore prices, cost of imported ore now is significantly higher than that of
domestic ore, which may render imports economically unviable.
A tightness in the availability of non-coking coal has remained a
challenge for Indian sponge iron players for quite some time now. In addition,
the states of Karnataka and Odisha, which account for about 37% of the total
installed capacity of sponge iron in India, have been adversely affected by
iron ore mining restrictions, as a result of which sponge iron production in
these states has declined considerably. The mining restrictions in Odisha
itself are likely to lead to a production loss of over 10% of the country’s
overall sponge iron production in FY 12. With falling realizations due to weak
demand from secondary steel manufacturers, the profitability of sponge iron
producers continues to remain under stress.
Demand slowdown from key consuming industries affected sales volumes and
also led to a softening in overall sales realizations of steel producers. On
the other hand, input costs remained at high levels leading to a reduction in
the operating profitability of most of the players. Besides lower operating
margins, high capital costs too have dented the net margins. The pressure on
the profitability of steel players may continue in the near term because of
cost pressures and continuing weakness in demand.
The increase in freight rates proposed in the Railway Budget and
periodical increase in price of diesel is likely to increase operating costs
substantially, since the steel business is highly material intensive in nature,
and freight costs account for a significant proportion of the overall costs of a
steel manufacturer.
Stagnating demand, domestic oversupply, and falling prices in the last
four years have hit Indian steel makers. Barring the sporadic rise in demand in
the recent months, it has suffered from un-remunerative prices to the extent
that companies have been finding it difficult to maintain capital costs.
The Union Budget for 2013-14 did not have any major proposal that would
significantly impact the domestic steel industry directly.
OUTLOOK
India’s growth story was, till recently, quite attractive in comparison
with many other developed and developing economies. However, the nation’s
adverse fiscal deficit and negative current account balance call for some bold
rectification measures from the Government. The Government appears to be focusing
on consolidation of the economic recovery through expeditious clearance for
projects, selective disinvestment and accelerated foreign direct investment
through policy reforms. Also, the renewed emphasis on infrastructure sector
would raise demand from Construction and Mining Industries in the domestic
market.
AUDITED
FINANCIAL RESULT FOR THE YEAR ENDED ON 31.03.2014
(RS
IN MILLIONS)
|
Sr. No |
|
Particulars
|
3 Months
ended on |
Current accounting
year ended |
||
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
|
|
|
1. |
a |
Net
sales/income from operations |
1519.062 |
1047.757 |
4655.309 |
|
|
|
b |
Other
income |
-- |
-- |
-- |
|
|
2. |
|
Total Income (a+b) |
1519.062 |
1047.757 |
4655.309 |
|
|
3. |
|
Expenditure: |
|
|
|
|
|
|
a |
Increase/decrease in stock in trade and work in progress |
(91.746) |
32.678 |
(165.895) |
|
|
|
b |
Consumption
of raw materials/purchases |
1612.847 |
995.501 |
4635.980 |
|
|
|
c |
Employees
cost |
8.151 |
15.859 |
62.798 |
|
|
|
d |
Depreciation |
22.518 |
(44.701) |
89.168 |
|
|
|
e |
Other
expenditure |
139.789 |
127.189 |
577.691 |
|
|
|
f |
Total expenditure |
1691.559 |
1126.526 |
5199.652 |
|
|
|
|
|
|
|
|
|
|
|
(Any item exceeding 10% of the total expenditure to be
shown separately |
|
|
|
||
|
4. |
Profit from operations
before other income, interest and exceptional items |
(172.497) |
(78.769) |
(544.343) |
||
|
5 |
Other
Income |
4.355 |
2.109 |
17.434 |
||
|
6 |
Profit
before interest and exceptional items |
(168.142) |
(76.660) |
(526.910) |
||
|
7. |
Interest |
127.607 |
142.206 |
492.790 |
||
|
8. |
Profit
after interest but before exceptional items |
(295.749) |
(218.866) |
(1019.700) |
||
|
9. |
Exceptional
items |
-- |
-- |
0.001 |
||
|
10 |
Profit(+)/Loss(-)
from ordinary activities before tax |
(295.749) |
(218.866) |
(1019.699) |
||
|
11 |
Tax expenses |
|
|
|
||
|
|
a |
Current
Tax (MAT) |
- |
- |
- |
|
|
|
b |
MAT
Credit Entitlement |
- |
- |
- |
|
|
|
c |
Deferred
Tax |
(276.331) |
- |
(276.332) |
|
|
12 |
Net
profit(+) from ordinary activities after tax |
(19.418) |
(218.866) |
(743.367) |
||
|
13 |
Extra-ordinary
item (Net of tax expenses Rs. Nil) |
- |
- |
- |
||
|
14 |
|
Net profit(+)/Loss(-) for the period (12 -13) |
(19.418) |
(218.866) |
(743.367) |
|
|
15 |
|
Paid-up
equity share capital (Face value Rs.10/-) |
313.081 |
313.081 |
313.081 |
|
|
16 |
|
Reserves (excluding revaluation reserves) as per balance
sheet of previous accounting year |
-- |
-- |
(274.012) |
|
|
17 |
|
Earnings per share (EPS): |
|
|
|
|
|
|
a |
Basic and diluted EPS before extraordinary item for the
period, for the year to date and for the previous year (not to be annualised) |
(4.06) |
-- |
(23.74) |
|
|
|
b |
Basic and diluted EPS after extraordinary item for the
period, for the year to date and for the previous year (not to be annualised) |
(4.06) |
-- |
(23.74) |
|
|
18 |
|
Public shareholding |
|
|
|
|
|
|
|
-
Number of shares |
15195197 |
15622679 |
15195197 |
|
|
|
|
-
Percentage of shareholding |
48.53 |
49.90 |
48.53 |
|
|
19 |
Promoters and Promoter
Group Shareholding** |
|
|
|
||
|
|
a |
Pledged/ Encumbered |
|
|
|
|
|
|
- |
Number
of Shares |
1000000 |
1000000 |
1000000 |
|
|
|
- |
Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
6.21 |
6.38 |
6.21 |
|
|
|
- |
Percentage
of Shares (as a % of the total share capital of the company) |
3.19 |
3.19 |
3.19 |
|
|
|
b |
Non-Encumbered |
|
|
|
|
|
|
- |
Number
of Shares |
15112914 |
14685432 |
15112914 |
|
|
|
- |
Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
93.79 |
93.62 |
93.79 |
|
|
|
- |
Percentage
of Shares (as a % of the total share capital of the company) |
48.28 |
46.91 |
48.27 |
|
NOTES:
1)
The
Company's operations fall under single segment namely "Steel".
2)
Corresponding
figures of previous period have been re-grouped to make them comparable
wherever necessary.
3)
Investors
complaints during the first quarter ended 31.03.2014 pending at the beginning
of the quarter Nil, received during the quarter Nil, disposed off Nil, pending
Nil.
4)
The
above results have been reviewed by the Audit Committee and taken on record in
the meeting of Board of Directors of the Company held on 30.05.2014.
5) The auditors report form part of annual accounts.
BALANCE
SHEET AS AT 31.03.2014
|
Particulars |
31.03.2014 |
|
|
A. EQUITY AND LIABILITIES |
Audited |
|
|
1.
Shareholders’ Funds |
|
|
|
a] Share Capital |
639.381 |
|
|
b] Reserves and Surplus |
(254.986) |
|
|
Sub-total –
Shareholders’ funds |
384.395 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
3956.829 |
|
|
b] Deferred Tax Liabilities |
0.000 |
|
|
c] Other current liabilities |
376.357 |
|
|
d] Long term provisions |
20.118 |
|
|
Sub-total -
Non-current Liabilities |
4353.304 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
867.986 |
|
|
b] Trade Payables |
99.102 |
|
|
c] Other Current Liabilities |
383.490 |
|
|
d] Short Term Provision |
3.388 |
|
|
Sub-total - Current Liabilities |
1353.966 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
6091.665 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
|
|
|
Tangible Fixed Assets |
3191.085 |
|
|
Capital WIP |
74.469 |
|
|
Deferred Tax Assets |
729.097 |
|
|
b] Non-current investment |
1.571 |
|
|
c] long Term loans and Advances |
36.272 |
|
|
d] Other non-current assets |
27.647 |
|
|
Sub-total – Non- current assets |
4060.141 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
0.000 |
|
|
Inventories |
486.464 |
|
|
Trade Receivables |
1145.246 |
|
|
Cash & Bank Balances |
37.913 |
|
|
Short Term loans and advances |
353.475 |
|
|
Other Current Assets |
8.426 |
|
Sub-total – Current Assets |
2031.524 |
|
|
|
|
|
|
TOTAL - ASSETS |
6091.665 |
|
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
A. No provision has been made for:
a. Outstanding Bank Guarantees and Counter Guarantees given by the Company Rs. 128.127 Millions (Rs. 70.398 Millions).
b. Outstanding Letter of Credit Rs. 27.000 Millions (Rs. 293.760 Millions).
c. Sales tax Liability in respect of goods impounded amount unascertained (The Company has deposited Rs.1.239 Millions as security with the dept.)
d. Civil suits and Labour cases pending against the Company not acknowledged as debts -Rs.14.041 Millions
B. (i) Show Cause notices issued by various Government department are not considered as contingent liability.
(ii) The Company has not considered those disputes/ demands/claims as contingent liability for which the chances of outflow of resources are remote.
C. Surety given to sales tax dept. for others. The Company has not considered these as contingent liability as chances of out flow of resources are remote as Company has a right to claim the same from other party.
D. Income Tax and Sales Tax Assessments:
a. Income tax assessments have been completed up to assessment year 2010-11. Additional liability, if any, in respect of pending assessments, would be provided for on completion of assessments.
b. Additional demand, if any, in respect of pending assessment of Sales Tax/ VAT would be known only on completion of the assessments.
FIXED ASSETS:
·
Land Leasehold
·
Land Freehold
·
Boundary Well
·
Building
·
Plant and Machinery
·
Furniture Fixtures
·
Office Equipments
·
Vehicles
·
Computers
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. 59.79 |
|
|
1 |
Rs. 102.66 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--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.