MIRA
INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
USHA MARTIN
LIMITED (w.e.f. 22.07.2003) |
|
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|
Formerly Known
As : |
USHA BELTRON
LIMITED |
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Registered
Office : |
2 A, Shakespeare Sarani, P.S. Shakespeare Sarani,
Mangal Kalash, Kolkata – 700071, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.05.1986 |
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Com. Reg. No.: |
21-091621 |
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Capital Investment
/ Paid-up Capital : |
Rs.305.400 Millions |
|
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CIN No.: [Company Identification
No.] |
L31400WB1986PLC091621
(New) L99999WB1986PTC091621
(Old) |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALU01301G |
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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 engaged in the
manufacturing of speciality steel and value added
steel products. |
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|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Profitability of the company seems to be low during 2013. However, the ratings reflects the long experience and satisfactory track record of the promoters of Usha Martin Limited (UML), leadership position in the domestic steel wire ropes industry, strong presence in the export in the export market and improvement in operating performance in FY13. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
13.11.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Sujo Roy |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-33-22828540 |
|
Date : |
04.07.2014 |
LOCATIONS
|
Registered
Office : |
2 A, Shakespeare Sarani, P.S. Shakespeare Sarani,
Mangal Kalash, Kolkata – 700 071, West Bengal, India |
|
Tel. No.: |
91-33-22828540/
41/ 6737/ 8545/ 39800300/ 22825816 |
|
Fax No.: |
91-33-22821660/
1971/ 39800400 |
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E-Mail : |
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Website : |
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Factory 1 : |
Adityapur,
Jamshedpur – 831 001, Jharkhand - India |
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Factory 2 : |
Tatilswai, Ranchi
– 835 103, Jharkhand,
India |
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Factory 3 : |
Hoshiarpur – 146 024, Punjab,
India |
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Factory 4 : |
Nawalganj, Agra – 282 006, Uttar
Pradesh, India |
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Factory 5 : |
Sri Perumbudur, Tamilnadu, India |
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Factory 6 : |
Silvassa, (U M Cables) |
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Overseas Office:
|
·
Navanakoran Industrial
Estate, Thailand (Usha Siam Steel Industries) ·
Jebel Ali Free Zone, Dubai, UAE (Brunton Wolf Wire Ropes) ·
Worksop,
Nottinghamshire, UK (Usha Martin UK) |
|
|
|
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Mines : |
· Barajamda, Jharkhand, India · Daltonganj, Jharkhand, India |
DIRECTORS
As on: 31.03.2013
|
Name |
Mr. B.K. Jhawar |
|
Designation |
Chairman Emeritus |
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|
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|
Name : |
Mr. Prashant Jhawar |
|
Designation : |
Chairman |
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|
Name : |
Mr. Brij K Jhawar |
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Designation : |
Director |
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Name : |
Mrs. Ramni Nirula |
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Designation : |
Director |
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|
Name : |
Mr. S Singhal |
|
Designation : |
Director |
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|
Name : |
Mr. G N Bajpai |
|
Designation : |
Director |
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|
Name : |
Mr. Nripendra Misra |
|
Designation : |
Director |
|
|
|
|
Name |
Mr. Jitender
Balakrishnan |
|
Designation |
Director |
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|
|
|
Name : |
Mr. R S Thakur |
|
Designation : |
Director |
|
|
|
|
Name |
Mr. Rajeev Jhawar |
|
Designation |
Managing Director |
|
Qualification : |
B. Com (Hons) |
|
Date of Appointment : |
01.10.1997 |
|
|
|
|
Name |
Dr. Vijay Sharma |
|
Designation |
Joint Managing Director [Steel Business] |
|
|
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|
Name : |
Mr. Pravin Kumar Jain |
|
Designation : |
Executive Director and Chief Executive [Wire and Wire Ropes Business] |
|
Qualification : |
B. Tech, MBA |
|
Date of Appointment : |
01.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Sujo Roy |
|
Designation : |
Finance Manager |
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|
|
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|
Name : |
Mr. A.K. Somani |
|
Designation : |
Chief Financial Officer and Company Secretary |
|
Qualification : |
B. |
|
Date of Appointment : |
03.04.1990 |
|
|
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|
Name : |
Mr. Debasish Mazumder |
|
Designation : |
Associate President [Steel] |
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|
Name : |
Mr. Sanjay Nath |
|
Designation : |
Senior Vice President [Sales and Marketing] |
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|
Name : |
Mr. D.J. Basu |
|
Designation : |
Senior Vice President [HR] |
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|
Name : |
Mr. S.K. Jala |
|
Designation : |
Senior Vice President [IT] |
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|
Name : |
Mr. Rajesh Sharma |
|
Designation : |
Senior Vice President [Wire and Wire Rope Division] |
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|
Name : |
Mr. Sunil Gupta |
|
Designation : |
Senior Vice President [Commercial] |
|
|
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|
Name : |
Mr. Anjan Kumar Dey |
|
Designation : |
Senior Vice President [Iron Making] |
|
|
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|
Name : |
Mr. Malay Kumar De |
|
Designation : |
Senior Vice President [Metallurgical Services] |
|
|
|
|
Name : |
Mr. Arvind Kapoor |
|
Designation : |
Vice President [Marketing] |
|
|
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|
EUROPE |
|
|
Name : |
Mr. S. Jodhawat |
|
Designation : |
Chief Executive Officer – Usha Martin
International Limited |
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|
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|
Name : |
Mr. Paul Scutt |
|
Designation : |
Managing Director – European Marine and Management |
|
|
|
|
Name : |
Mr. Len Allen |
|
Designation : |
Director Operation – Brunton Shaw |
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|
|
|
Name : |
Mr. Henk Steenbergen |
|
Designation : |
General Manager – De Ruiter Staalkabel B.V |
|
|
|
|
Name : |
Mr. Franco Clerici |
|
Designation : |
Director - Group
R and D and Technical Services-Usha Martin Italia
SRL |
|
|
|
|
SOUTH EAST ASIA |
|
|
Name : |
Mr. Amogh Sharma |
|
Designation : |
Managing Director – Usha Siam Steel
Industries Public Company Limited |
|
|
|
|
Name : |
Mr. Tapas Ganguly |
|
Designation : |
Chief Executive Officer – Usha Martin
Singapore Pte Limited |
|
|
|
|
MIDDLE EAST |
|
|
Name : |
Mr. S. Mazumder |
|
Designation : |
Sr. DGM, Sales and Marketing – Brunton Wold Wire Ropes, Fzco. |
|
|
|
|
UNITED STATES OF
AMERICA |
|
|
Name : |
Mr. Jeffrey Schipani |
|
Designation : |
President – Usha Martin Americas Inc. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.04.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6042267 |
2.32 |
|
|
86311935 |
33.11 |
|
|
92354202 |
35.43 |
|
|
|
|
|
|
2422983 |
0.93 |
|
|
33336135 |
12.79 |
|
|
35759118 |
13.72 |
|
Total shareholding
of Promoter and Promoter Group (A) |
128113320 |
49.15 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
43055673 |
16.52 |
|
|
13780 |
0.01 |
|
|
12006129 |
4.61 |
|
|
8887024 |
3.41 |
|
|
63962606 |
24.54 |
|
|
|
|
|
|
22482035 |
8.63 |
|
|
|
|
|
|
24666572 |
9.46 |
|
|
21424072 |
8.22 |
|
|
68572679 |
26.31 |
|
Total Public
shareholding (B) |
132535285 |
50.85 |
|
Total (A)+(B) |
260648605 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
23500345 |
0.00 |
|
|
20592830 |
0.00 |
|
|
44093175 |
0.00 |
|
Total (A)+(B)+(C) |
304741780 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the
manufacturing of speciality steel and value added
steel products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India · Axis Bank Limited · ICICI Bank Limited · HDFC Bank Limited · IndusInd Bank Limited ·
Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
Plot No. Y-14,
Block EP, Sector V, Kolkata – 700 091, West |
|
|
|
|
|
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Subsidiary: |
·
Usha Martin International Limited (UMIL) ·
Usha Martin Americas Inc. (UMAI) ·
Usha Martin UK Limited (UMUK) ·
UMICOR Africa (Pty) Limited (UMICOR) ·
Usha Martin Vietnam Company Limited (UMVCL) ·
Usha Martin Australia Pty Limited (UMAUS) ·
European Management and Marine Corporation
Limited (EMMC) ·
EMM Caspian Limited (EMM Caspian) ·
Usha Siam Steel Industries Public Company
Limited (USSIL) ·
Brunton Shaw UK Limited
(BSUK) ·
Usha Martin Singapore Pte.
Limited (UMSPL) ·
Brunton Wolf Wire Ropes
FZCO. (BWWR) ·
P. T. Usha Martin
Indonesia (PTUMI) ·
De Ruiter Staalkabel B.V. (De Ruiter) ·
Usha Martin Europe B.V. (UMEBV) ·
Usha Martin Italia S.R.L (UMISRL) ·
U M Cables Limited (UMCL) ·
Usha Martin Power and Resources Limited
(UMPRL) ·
Bharat Minex Private Limited (BMPL) |
|
|
|
|
Joint Venture
Company: |
·
Gustav Wolf Speciality
Cords Limited (GWSCL) Joint Venture Company ·
Pengg Usha Martin
Wires Private Limited (PUMWPL) ·
CCL Usha Martin
Stressing Systems Limited (CCLUMSSL) ·
Dove Airlines Private Limited (DAPL) |
|
|
|
|
Substantial
Interest in voting power of the entity: |
·
UMI Special Steel Limited (UMISSL ) - (under
liquidation) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity Shares |
Re.1/- each |
Rs.500.000 Millions |
|
10000000 |
Redeemable Cumulative Preferences Shares |
Rs.50/- each |
Rs.500.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
304741780 |
Equity Shares |
Re.1/- each |
Rs.304.700
Millions |
|
|
Add: Shares Forfeited |
|
Rs.0.700
Million |
|
|
|
|
|
|
|
Total |
|
Rs.305.400 Millions |
Note:
2,42,74,715 (31st
March, 2012 : 80,19,495) Equity Shares are represented by Global Depository
Receipts (GDRs) out of above paid up Equity Shares.
(b) Rights, preference and restrictions attached to
shares issued:
The Company has
only one class of equity shares having a par value of Re.1/- per share. Each
shareholder is eligible for one vote per share held (except in case of GDRs). The dividend if proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
(c) Details of
shares held by shareholders holding more than 5 % of the aggregate shares in
the Company.
|
PARTICULAR |
As on 31.03.2013 |
|
UMIL Shares and Stock Broking Services Limited |
36673238 [12.68%] |
|
HSBC Global Investment Funds Mauritius Limited |
@ @ |
|
Usha Martin Ventures Limited |
19822588 [6.50%] |
|
Peterhouse Investments Limited |
18971455 [6.23%] |
|
Peterhouse Investments India Limited (PIIL) |
20767330 [6.81%] |
|
Deutsche Bank Trust Company Americas |
24274715 [7.97%] |
@ Not applicable as the holding is less than 5%
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 |
305.400 |
305.400 |
305.400 |
|
(b) Reserves & Surplus |
15143.800 |
15003.300 |
15265.100 |
|
(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) |
15449.200 |
15308.700 |
15570.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
22957.000 |
19710.900 |
13195.000 |
|
(b) Deferred tax liabilities (Net) |
2079.800 |
2038.400 |
2148.800 |
|
(c) Other long term liabilities |
5010.800 |
4114.200 |
1635.800 |
|
(d) long-term provisions |
285.300 |
180.500 |
166.100 |
|
Total Non-current Liabilities (3) |
30332.900 |
26044.000 |
17145.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3576.500 |
2030.200 |
1503.700 |
|
(b) Trade payables |
14365.300 |
13685.100 |
9379.100 |
|
(c) Other current
liabilities |
6922.100 |
3814.100 |
5633.700 |
|
(d) Short-term provisions |
149.500 |
54.800 |
453.800 |
|
Total Current Liabilities (4) |
25013.400 |
19584.200 |
16970.300 |
|
|
|
|
|
|
TOTAL |
70795.500 |
60936.900 |
49686.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
32852.700 |
29065.700 |
27472.300 |
|
(ii) Intangible Assets |
19.500 |
23.200 |
2.900 |
|
(iii) Capital
work-in-progress |
11736.100 |
7624.900 |
3824.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1747.800 |
1869.500 |
1869.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2552.500 |
2085.600 |
1567.800 |
|
(e) Other Non-current assets |
63.600 |
202.100 |
114.900 |
|
Total Non-Current Assets |
48972.200 |
40871.000 |
34852.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
80.000 |
0.000 |
0.000 |
|
(b) Inventories |
13056.500 |
12127.400 |
9626.600 |
|
(c) Trade receivables |
4907.200 |
3597.100 |
2834.800 |
|
(d) Cash and cash
equivalents |
1231.100 |
2531.800 |
1129.900 |
|
(e) Short-term loans and
advances |
2065.000 |
1333.500 |
1042.800 |
|
(f) Other current assets |
483.500 |
476.100 |
200.200 |
|
Total Current Assets |
21823.300 |
20065.900 |
14834.300 |
|
|
|
|
|
|
TOTAL |
70795.500 |
60936.900 |
49686.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30445.300 |
28368.900 |
25247.100 |
|
|
|
Other Income |
432.200 |
426.400 |
488.100 |
|
|
|
TOTAL (A) |
30877.500 |
28795.300 |
25735.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11286.800 |
13140.000 |
10690.500 |
|
|
|
Purchases of Stock-in-trade |
35.100 |
35.400 |
37.600 |
|
|
|
Employees Benefits Expense |
1767.800 |
1520.900 |
1332.800 |
|
|
|
Other Expenses |
13108.700 |
12403.000 |
10029.700 |
|
|
|
Adjustment of Items Capitalised and
Departmental Orders for own consumption |
(171.200) |
(35.000) |
(30.400) |
|
|
|
Changes in
inventories of Finished Goods, Work-in-progress, Stock-in-trade and Scrap |
(873.000) |
(2357.000) |
(1365.500) |
|
|
|
TOTAL (B) |
25154.200 |
24707.300 |
20694.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5723.300 |
4088.000 |
5040.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3267.700 |
2548.500 |
1822.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2455.600 |
1539.500 |
3217.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2352.400 |
1977.600 |
1764.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
103.200 |
(438.100) |
1453.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.700 |
(110.400) |
457.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
70.500 |
(327.700) |
995.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
226.700 |
554.400 |
411.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
0.000 |
500.000 |
|
|
|
Proposed Dividend on Equity Shares and tax
thereon |
53.500 |
0.000 |
352.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
223.700 |
226.700 |
554.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (On FOB basis) |
4967.200 |
4681.400 |
3956.100 |
|
|
|
Interest Received |
6.200 |
5.700 |
5.000 |
|
|
|
Service Charges |
0.700 |
0.400 |
0.300 |
|
|
|
Dividend |
29.800 |
19.900 |
165.000 |
|
|
|
|
0.000 |
0.000 |
15.500 |
|
|
TOTAL EARNINGS |
5003.900 |
4707.400 |
4141.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5482.800 |
5363.300 |
3936.800 |
|
|
|
Components and Spare Parts |
315.400 |
360.400 |
491.800 |
|
|
|
Capital Goods |
1606.200 |
419.300 |
486.500 |
|
|
TOTAL IMPORTS |
7404.400 |
6143.000 |
4915.100 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.23 |
(1.08) |
3.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.23
|
(1.14) |
3.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.34
|
(1.54) |
5.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.18
|
(0.85) |
3.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.03) |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.72
|
1.42 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.87
|
1.02 |
0.87 |
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 |
305.400 |
305.400 |
305.400 |
|
Reserves & Surplus |
15265.100 |
15003.300 |
15143.800 |
|
Net
worth |
15570.500 |
15308.700 |
15449.200 |
|
|
|
|
|
|
long-term borrowings |
13195.000 |
19710.900 |
22957.000 |
|
Short term borrowings |
1503.700 |
2030.200 |
3576.500 |
|
Total
borrowings |
14698.700 |
21741.100 |
26533.500 |
|
Debt/Equity
ratio |
0.944 |
1.420 |
1.717 |
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 |
25247.100 |
28368.900 |
30445.300 |
|
|
|
12.365 |
7.319 |
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 |
25247.100 |
28368.900 |
30445.300 |
|
Profit |
995.300 |
(327.700) |
70.500 |
|
|
3.94% |
(1.16%) |
0.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
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 |
REVIEW OF OPERATIONS
The Company’s operating profit
increased to Rs. 7052.000 Millions. On consolidated
basis and Rs. 5723.300 Millions on standalone basis
from Rs. 4977.700 Millions and Rs.
4088.000 Millions respectively. On consolidated basis, the Company achieved
profit after tax and minority interest of Rs. 788.400
Millions against Rs. 36.100 Millions. in previous
year. On standalone basis, the profit after tax is Rs.
70.500 Millions against loss of Rs. 327.700 Millions.
in the previous year. The turnover for the year increased to Rs. 36218.300 Millions on consolidated basis and Rs. 30445.300 Millions on standalone basis against Rs. 33608.200 Millions and Rs.
28368.900 Millions respectively in the previous year.
PROJECTS
The cost optimisation
projects undertaken by the Company have progressed well. The major projects
successfully commissioned during the financial year 12- 13 are 30 MW CPP, Char Beneficiation,
DRI-V, 100 TPD Lime Kiln, Beneficiation Plant Phase-1, EBNER annealing furnace
and Fume Exhaust System of SMS-2. The projects, which are under advanced stage
of implementation, namely pellet plant, coke oven, Iron ore Beneficiation Plant
Phase-2, DRI-IV, Waste Heat based 35 MW Captive Power plant and other related
projects are expected to be commissioned in phases over FY 13-14. Upon
completion, these projects would significantly strengthen cost base, which in
turn would enhance profitability and competitiveness.
BUSINESS OUTLOOK
The adverse economic factors, such
as higher level of fiscal deficit, expanding trade gap, deteriorating current
account deficit, rising inflation and resultant higher interest rates which
have caused industrial slow down and worsened economic environment in the
financial year, continue to prevail with serious challenges to Indian economy
even in current financial year. However with the advantage of a higher level of
integration with mineral resources and range of value added products, the
Company is hopeful of performing better in future.
SUBSIDIARIES
The international subsidiaries
provide significant synergy and support to the Company’s business and
performance. All the operating subsidiaries of the Company have continued to
perform reasonably well in the prevailing economic and business conditions
during the year.
The facilities of Usha Siam Steel Industries Public Company Limited [USSIL],
a key subsidiary of the Company which was severely affected in devastating
floods in Thailand in October 2011, has resumed normal operations during the
later part of the financial year.
JOINT VENTURES
All the key joint ventures formed
by the Company namely, Pengg Usha
Martin Wires Private Limited, Gustav Wolf Speciality
Cords Limited and Dove Airlines Private Limited, have done reasonably well in
the year. During the year, Usha Siam Steel Industries
Public Company Limited (USSIL) has entered into a Joint Venture Agreement with
Tesac Wireropes Co Limited (TWCL), Japan for setting
up a new joint venture company named “Tesac Usha Wirerope Company Limited” Which shall manufacture specialty
wire ropes for elevator and other applications. This new company had been
incorporated under the laws of Thailand. USSIL, along with Usha
Martin Singapore Pte Limited a wholly owned
subsidiary of the Company, holds 50% equity in new JV, while the remaining 50%
is being held by TWCL.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
The difficult global economic
conditions continued also during financial year 2012-13. The global economic
growth in calendar year 2012 reduced to 3.2% from 3.9% in 2011. While the
advanced economies achieved a lower growth of 1.2% compared to 1.6% in 2011,
the emerging and developing economies slowed down to 5.1% during 2012 from 6.4%
in 2011. The Euro Area economy registered a negative growth of 0.6%, suggesting
that the factors which posed challenges not only continued to prevail but in
fact had a deeper impact in 2012 and are likely to continue in 2013 as well with
estimated negative growth of 0.3%. In view of difficult conditions, The World
Economic Outlook has forecasted growth in World, Advanced Economies and
Emerging/Developing Economies at 3.3%, 1.2% and 5.3% respectively, in 2013 and
expects recovery in 2014 with World average reaching 4.0%, though Emerging and
Developing countries would still be at about 5.7%.
The Indian economy, which grew by 9.3% in FY ‘11 and was poised to be entering double digit, continued to drift on key economic parameters. The GDP growth declined from 6.2% in FY ’12 to 5.0%in FY ’13,lowest in several years. The Industrial growth has gone down from a low level of 3.5% in FY ’12 to 3.1% in FY’13.The Manufacturing growth came down to 1.9% from 2.7% in FY ’12 and 9.7% in FY ‘11, though Mining recovered from negative 0.6% to a small positive 0.4%.
The Index of Industrial Production (IIP), already down to 3.5% in FY ’12 from 8.1% in FY ’11,further slipped to 0.9% in FY ‘13, with Manufacturing sector growing merely by 1.0% against 3.7% in FY ’12 and 8.7% in FY ’11.The negative trend in Mining sector further deepened to (-) 2.5% in FY ’13 from (-)2.1% in FY ’12 and 5.8% in FY ’11.On use basis, Capital Goods segment suffered the most by slipping further to (-) 7.6% in FY ’13 from (-) 1.8% in FY ’12and 14.8% in FY ’11.
Higher level of fiscal deficit, expanding trade gap, deteriorating current account deficit, rising inflation and higher interest rates along with governance deficit contributed industrial slow down and worsening economic environment during FY -13.
COMPANY OVERVIEW
BUSINESS
CONFIGURATION
Usha Martin is an integrated specialty steel and value added
steel products Company, having business locations across various parts of the
world including through its subsidiaries and/or joint ventures.
The Company has state-of-art
integrated steel plant near Jamshedpur (Jharkhand) and a rolling mill at Agra (Uttar Pradesh)
producing a wide range of specialty steel wire rods and bars, with captive iron
ore and coal mines in Jharkhand. The other/auxiliary
products include DRI, hot metal, pig iron, sinter, oxygen and power generation,
primarily for captive consumption. The coke oven and pellet plant are in an
advanced stage of construction.
The Company is one of the largest
producers of specialty steel in India, catering to requirements of automotive,
railways, general engineering and construction sectors.
The steel products manufactured at Jamshedpur facility are sold in the market to the extent of 63% and balance 37% are for inhouse production of value added products such as wire ropes, wires, strands and bright bars at Ranchi, Hoshiarpur, Chennai and Bangkok. The rolled products manufactured at Agra are sold in domestic market for use in automotive and construction sectors.
In steel wire rope manufacturing, the Company is the largest in India and one of the largest in the world. Its manufacturing plants are located at Ranchi and Hoshiarpur in India, and in Thailand, Dubai and the UK overseas. The wide range of wire ropes produced by the Company has applications in offshore oil exploration, mining, elevators, cranes, bridges, infra-structure, construction, fishing and variety of general purposes.
Besides wire ropes, other value added products include cords, strands, wires, bright bars and oil tempered wires. The Company also has a plant at Chennai to manufacture bright bars.
The global business of wire rope is supported by marketing, distribution and rigging facilities at various locations in the USA, Europe and south-east Asia. The Company also provides products and solutions for oil and gas sectors for anchoring, drilling and mooring applications from it’s facilities at Aberdeen in UK.
The Company has an in-house machinery manufacturing facility at Ranchi to cater to captive engineering requirements as well as external demand in India and export markets. Through one of its wholly owned subsidiary in India, the Company also manufactures a wide range of telecommunication cables meant for variety of applications and caters to requirements of domestic and export markets.
The strategy of integration places the Company distinctly in a unique position by combining both ends of value chain, from mining to high value wire ropes and further providing end use solutions on its key product applications. In addition to providing benefits of quality, consistency and self- sufficiency for principal raw materials, it provides captive markets for sizeable portion of finished products, thereby de-risking both the businesses. Also it enables the Company to aspire to become truly competitive across entire chain of chosen products.
STEEL BUSINESS
Business Environment
The drop in Index of Industrial Production
for steel from about 7.0% in FY ’12 to 2.2% in FY ’13 and for Motor Vehicles
from 12.6% to (-)5.6% was significant and in line with drop in manufacturing
sector to 1.0% from 3.7%. Similarly in mining sector contraction deepened from
2.1% to 2.5% in FY ’13.
The domestic consumption of steel has grown by 3.3%, though very low for a growing economy, but consumption of Alloy Steel has shrunk by 14.3% to 4.28 MnT in FY ’13 from 5.0 MnT in FY ’12.Within automobile, which accounts for major portion of consumption of alloy steel, the requirement of alloy steel bars and rods for MandHCV and Tractor segments have recorded a significant drop by 27.3% and 20.3% respectively in the current financial year.
In the circumstances it led to pressure on selling prices and consequently profitability, though partially this could be neutralized by savings due to reduction in prices of coking coal together with higher productivity and cost reduction measures adopted during the year. The entire reduction in selling price could not be neutralized through cost reductions resulting in lower margins.
Even under these constraints the steel business of the Company could achieve highest ever volume of steel sale, minerals and intermediary products, during the current financial year.
Key Achievements
The Company had following focus
areas and achievements during the year:
·
Achieved highest ever
volume production of hot metal, billets, rolled products, DRI and Sinter,
·
Achieved highest ever
volume of mineral production i.e. iron ore and coal,
·
Reduction in use of
liquid fuel by replacement with producer gas,
·
Obtained further
approvals from major OEMs for bloom and bar products,
·
Continued focus on
structural issues of improving equipment health, process robustness, correcting
missing links, skill development and TPM, and
·
Successful
commissioning of key cost optimization projects, such as :
- 30 MW CPP
- Char Beneficiation
- Fume Exhaust System of SMS-2
- 125 TPD (ASU) O2 plant
- EBNER Annealing Furnace
- Beneficiation Phase-1
- 100 TPD Lime Kiln
- Coke Oven Battery of first 48
Ovens
- DRI- V
OPERATIONAL
HIGHLIGHTS
The Steel business achieved a
higher sales turnover of Rs.23976.300 Millions in the current financial year against
Rs.22114.100 Millions in the previous year, up by 8.4%. The operating profit
and margins improved to Rs.3922.300 Millions at 16.4% during the year against
Rs.2487.400 Millions at 11.2% in the previous year.
Share of Steel business stood at
65.7% of the Company’s gross level of activity and 54.9% of reported gross
turnover in the current financial year.
PROJECTS
The cost optimization projects
undertaken by the Company have progressed well and been commissioned during the
year, except the following which are under advanced stage of implementation and
will be commissioned in financial year 2014:
- Coke Oven,
- 35 MW Waste Heat based Captive
Power Plant,
- DRI IV,
- Iron Ore Beneficiation Plant,
and
- Pellet Plant
The completion of these projects
would mark an important phase in achieving full value integration in steel
business of the Company. As is evident from improvement in operating margins
for the year as a result of benefits from some of cost saving projects, the
Company would stand to further strengthen its’ cost competitiveness with
implementation of these projects.
The Company was allotted Lohari coal block in Jharkhand in
2005 by the Government of India. The same could not be started in stipulated
time due to various reasons beyond control of the Company. Considering the
submissions, the Government has allowed to start mining during 1st half of
current financial year, which the Company is hopeful of achieving.
WIRE ROPES AND
SPECIALITY PRODUCTS BUSINESS
In addition to weak business environment
in general in global and domestic markets, the following factors further
influenced business sentiments and performance of value added products business
of the Company:
·
In continuance from
the previous financial year, while growth momentum in advanced global economies
remained subdued during the year, the crisis in Euro zone deepened further.
However due to aggressive market expansion exports grew by 7.8%. Margins
continued to remain under pressure due to severe competition, and
·
The devastating floods
in Thailand in October 2011, which crippled business of Usha
Siam in 2nd half of previous financial year, has achieved normal level of
operations in later part of current financial year.
On standalone basis, the Wire and Wire Ropes business achieved turnover of Rs.14746.400 Millions in the current financial year against Rs.13308.200 Millions in previous year, higher by 10.8%. The operating profit and margin were Rs. 1950.600 Millions at 13.2% during the year against Rs.1848.000 Millions at 13.9% in previous year.
FOCUS AREAS AND NEW
INITIATIVES
·
Exploring new avenues
for growth in business of mining ropes.
·
Successfully developed
and supplied large diameter Compacted ropes for Cranes.
·
Opening of a new RandD Centre in Italy named “Usha
Martin Italia SRL” under Usha Martin International
Limited a wholly owned subsidiary of the company.
·
Opening of a new
Company in Holland named “Usha Martin Europe BV”
under Usha Martin International Limited a wholly
owned subsidiary of the company for distribution of wire ropes in the European
market.
INTERNATIONAL
BUSINESS
The Company enjoys a wide
international presence through manufacturing and distribution subsidiaries
located in different parts of the world.
The Company’s international
business accounted for 17.4% of its consolidated gross activity level. Gross
level of activities of overseas subsidiaries has increased 10.3% from Rs. 8708.300 Millions in 2011-12 to Rs.
9608.100 Millions in 2012-13.
USHA MARTIN
INTERNATIONAL LIMITED [UMIL]
UMIL enjoys a presence in the UK
and parts of Europe through its’ wholly owned subsidiaries, namely: a. Usha Martin UK Limited, which comprises manufacturing
distribution and end use solutions for wire ropes to offshore oil and gas
sectors, and b. De Ruiter Staalkabel
B.V. Netherlands, which has distribution facilities for wire ropes. The
consolidated turnover of UMIL was GBP 39.2 Mn in
2012- 13 as against GBP 43.7 Mn in 2011-12. UMIL
reported a consolidated net profit of GBP 3.0 Mn as
against GBP 3.6 Mn in the previous year.
UMIL has taken further initiatives
as under:
·
Implementing a new
project to manufacture large diameter crane rope for manufacturing in BSUK. On
completion, they will be able to reach new markets for high performance crane
ropes in oil / off shore sectors, in this project single reel weight will be upto 400 tons,
·
Setting up of RandD Centre in Italy, and
·
Opening of sales
office in Moscow.
USHA MARTIN AMERICAS
INC [UMAI]
During the year, UMAI reported a turnover
and profit after tax of US$ 16.1 Mn and US$ 1.1 Mn respectively as against US$ 17.2 Mn
and US$ 0.9 Mn respectively in the previous year.
BRUNTON WOLF WIRE
ROPES FZCO [BWWR]
BWWR, a joint venture with Gustav
Wolf of Germany, reported a turnover and profit after tax of US$ 24.3 Mn and US$ 1.2 Mn respectively in
2012-13 as against US$ 23.4 Mn and US$ 1.5Mn
respectively in the previous year. Number of steps has been taken to expand
further into African and Russian markets.
USHA SIAM STEEL
INDUSTRIES PUBLIC COMPANY LIMITED [USSIL]
USSIL is a subsidiary of the
Company which along with Usha Martin Singapore Pte Limited holds 97.85% of equity. USSIL, which was
severely affected in devastating floods in Thailand in October 2011, has
resumed normal operations during the current financial year.
The operations of USSIL, achieved
a turnover of Thai Baht 1,132 Mn during the year as
against Thai Baht 1,043 Mn in the previous year. It
reported a net profit of Thai Baht 245 Mn including
insurance claim as against Thai Baht 35 Mn in the
previous year.
During the year, USSIL has entered
into a Joint venture Agreement with Tesac Wireropes
Company Limited, Japan for setting up a joint venture company named ‘Tesac Usha Wirerope Company Limited’
which shall manufacture specialty Wire ropes for Elevator and other
applications. The new company has been incorporated under the laws of Thailand.
USHA MARTIN SINGAPORE
PTE LIMITED [UMSPL]
UMSPL together with its wholly
owned subsidiaries (Usha Martin Australia Pty
Limited, Usha Martin Vietnam Company Limited and PT Usha Martin Indonesia), achieved a consolidated turnover of
US$ 37.3 Mn and net profit of US$ 0.9 Mn during the year as against US$ 36.6 Mn
and net profit of US$ 1.7 Mn respectively in the
previous year.
CABLE BUSINESS
U M Cables Limited (UMCL), a wholly owned Indian subsidiary of the Company, engaged in business of telecommunication cables achieved turnover of Rs. 1175.000 Millions against Rs. 1091.000 Millions in the previous year. The net profit for the year doubled to Rs. 65.000 Millions as against Rs. 30.000 Millions in FY 11-12.
During the year, UMCL has redeemed
2% Cumulative Redeemable Non-Convertible Preference Shares of Rs.40.000
Millions held by the Company out of its profits. UMCL has acquired a plant and
facility for making 350 TPD of DRI, 50,000 MT of steel billets, and Waste Heat
based 5 MW Power generation for captive use, along with land at village Dugdha, Dist. Saraikela in the
state of Jharkhand, in auction from Punjab National
Bank and Bank of India (‘the banks’).
The acquisition of aforesaid plant
by the banks and handing over the same to UMCL has been challenged by the
erstwhile owners and others. The judicial process is pending conclusion.
FINANCIAL DISCUSSION
During the year, consolidated
turnover of the Company stood at Rs. 36218.300
Millions, which is 7.8% higher than Rs. 33608.200
Millions in the previous year. On standalone basis, the Company’s turnover
increased to Rs. 30445.300 Millions in the current
financial year against Rs. 28368.900 Millions in the
previous year, up by 7.3%. The operating profit achieved by the Company on
consolidated basis was Rs. 7052.000 Millions, being
19.5% of the reported turnover against Rs. 4977.600
Millions, being 14.8% in previous year.
GENERAL INFORMATION
Subject is a public limited company domiciled in India, incorporated under the provisions of the Companies Act, 1956 and is listed on two stock exchanges in India and its GDRs are listed on stock exchange in Luxembourg. The Company is engaged in the manufacturing of speciality steel and value added steel products. The Company caters to both domestic and international markets.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10467934 |
30/12/2013 |
2,000,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL -
700001, INDIA |
B92649011 |
|
2 |
10467935 |
30/12/2013 |
1,500,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL -
700001, INDIA |
B92649375 |
|
3 |
10445936 |
03/09/2013 |
1,500,000,000.00 |
ICICI BANK LIMITED |
ZONAL OFFICE,
2B, GORKY TERRACE, KOLKATA, WEST BENGAL - 700017, INDIA |
B83508457 |
|
4 |
10413761 |
28/03/2013 * |
2,500,000,000.00 |
ICICI BANK LIMITED |
ZONAL OFFICE,
2B, GORKY TERRACE, KOLKATA, WEST BENGAL - 700017, INDIA |
B73021792 |
|
5 |
10411806 |
28/03/2013 * |
2,500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, RELIANCE HOUSE, 2ND FLOOR, 34, J. L. NEHRU ROAD,
KOLKATA, WEST BENGAL - 700071, INDIA |
B72588452 |
|
6 |
10356533 |
31/08/2012 * |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL
BRANCH, TRINITY TOWERS, GROUND FLOOR, 83, TOPSIA ROAD, KOLKATA, WEST BENGAL -
700046, INDIA |
B58306622 |
|
7 |
10338450 |
31/08/2012 * |
2,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS
GROUP BRANCH, RELIANCE HOUSE, 2ND FLOOR, 34, J. L. NEHRU ROAD, KOLKATA, WEST
BENGAL - 700071, INDIA |
B57764573 |
|
8 |
10307478 |
19/03/2012 * |
2,000,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B35384932 |
|
9 |
10309946 |
16/09/2011 |
3,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA
- |
B22445860 |
|
10 |
10266515 |
25/07/2011 * |
2,500,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 34,
CHOWRINGHEE ROAD, KOLKATA, WEST B |
B17355231 |
* Date of charge modification
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
|
A) Claims against the Company not acknowledged as debt |
|
|
|
Disputed Tax and
Duty for which the Company has preferred appeal before appropriate
authorities. |
|
|
|
Demand for Income Tax Matters |
194.000 |
194.000 |
|
Demand for Sales Tax |
197.700 |
46.500 |
|
Demand for Excise Duty and Service Tax |
649.300 |
581.800 |
|
Demand for Customs Duty |
8.300 |
57.500 |
|
Outstanding Labour Disputes |
4.400 |
3.100 |
|
Disputed Electricity duty rebate matters which is subjudice |
52.800 |
50.400 |
|
B) Bills discounted with Banks including against Letter of Credit |
818.900 |
1268.200 |
STATEMENT OF
STANDALONE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH, 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
(Unaudited) |
|
|
|
1. Income from
Operations |
|
|
|
|
(a) Net Sales / Income from Operations (Net of excise duty) |
10096.700 |
8279.100 |
32871.200 |
|
(b) Other Operating Income |
- |
- |
- |
|
Total Income from
Operations (net) |
10096.700 |
8279.100 |
32871.200 |
|
2. Expenses |
|
|
|
|
a. Cost of Materials consumed |
3309.800 |
2988.300 |
10677.300 |
|
b. Purchase of stock-in-trade |
149.400 |
10.900 |
178.800 |
|
c. Changes in inventories of finished goods, work-in-progress, stock-in-trade and scrap |
1033.100 |
(978.500) |
(673.500) |
|
d. Power and Fuel |
833.300 |
1003.600 |
3527.200 |
|
e. Consumption of Stores and Spare Parts |
627.200 |
664.700 |
2422.700 |
|
f. Employee Benefits expenses |
526.800 |
523.700 |
2057.100 |
|
g. Depreciation and amortization expenses |
839.500 |
804.700 |
3035.100 |
|
h. Other Expenses |
2207.600 |
2284.200 |
8731.700 |
|
Total Expenses |
9526.700 |
7301.600 |
29756.400 |
|
3. Profit from Operations
before Other Income, Finance costs and Exceptional Items (1-2) |
570.000 |
977.500 |
3114.800 |
|
4. Other Income |
179.700 |
169.100 |
778.300 |
|
5. Profit from
ordinary activities before Finance Costs and Exceptional Items (3 + 4) |
749.700 |
1146.600 |
3893.100 |
|
6. Finance costs |
1203.400 |
1131.999 |
4261.700 |
|
7. Profit / (Loss)
from ordinary activities after Finance Costs but before Exceptional Items (5
- 6) |
(453.700) |
14.700 |
(368.600) |
|
8. Exceptional Items |
- |
- |
- |
|
9. Profit / (Loss)
from Ordinary Activities before Tax (7 ± 8) |
(453.700) |
14.700 |
(368.600) |
|
10. Tax Expense (Note 1 below) |
(148.000) |
4.800 |
(111.800) |
|
11. Net Profit /
(Loss) from Ordinary Activities after Tax (9 ± 10) |
(305.700) |
9.900 |
(256.800) |
|
12. Extraordinary Items (net of tax expenses) |
- |
- |
- |
|
13. Net Profit /
(Loss) for the period (11 ± 12 ) |
(305.700) |
9.900 |
(256.800) |
|
14. Paid-up Equity Share Capital [Face value Re.1 each] |
305.400 |
305.400 |
305.400 |
|
15. Reserves excluding Revaluation Reserve (as per Balance Sheet of the previous accounting year) |
|
|
14921.700 |
|
16. Earning Per
Share (before / after Extraordinary Items) (of Re.1 each) (not annualised) |
|
|
|
|
Basic |
(1.00) |
0.03 |
(0.84) |
|
Diluted |
(1.00) |
0.03 |
(0.84) |
|
Part II |
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING @ |
|
|
|
|
1. Public
Shareholding |
|
|
|
|
- Number of Shares |
153128115 |
153128115 |
153128115 |
|
- Percentage of Shareholding |
50.25% |
50.25% |
50.25% |
|
2. Promoters and
Promoter Group Shareholding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
151613665 |
149566665 |
151613665 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of the total share capital of the company) |
49.75% |
49.08% |
49.75% |
@ Including Shares held by Custodians and against which Depository Receipts have been issued.
|
Particulars |
3 months ended 31.03.2014 |
|
B.
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
12 |
|
Disposed of during quarter |
12 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Notes :
1. Figures for the quarter ended 31st March, 2014 and quarter ended 31st March, 2013 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial year.
2. Tax expense comprises Current Tax and Deferred Tax, net of MAT Credit Entitlement and Excess Provision of Current Tax relating to earlier years written back.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
Rs. In
Millions
|
PARTICULARS |
31.03.2014 Audited |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
305.400 |
|
Reserve and
surplus |
14921.700 |
|
Sub-total - Shareholders' funds |
15227.100 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
25469.400 |
|
Deferred tax
liability (net) |
1968.000 |
|
Other long-term
liabilities |
2480.300 |
|
Long term
provisions |
309.800 |
|
Sub-total - Non-current liabilities |
30227.500 |
|
Current
liabilities |
|
|
Short term
borrowings |
6689.900 |
|
Trade payables |
15031.500 |
|
Other current
liabilities |
9392.800 |
|
Short term
provisions |
129.100 |
|
Sub-total - Current liabilities |
31243.300 |
|
|
|
|
Total - Equity & Liabilities |
76697.900 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
52569.500 |
|
Non-Current
Investments |
1737.800 |
|
Long term loans
& advances |
2746.100 |
|
Other
non-current assets |
0.000 |
|
Sub-total – Non-current Assets |
57053.400 |
|
Current assets |
|
|
Current
Investment |
10.000 |
|
Inventories |
11639.700 |
|
Trade
receivables |
3614.300 |
|
Cash & bank
balances |
1549.500 |
|
Short term loans
& advances |
2354.800 |
|
Other current
assets |
476.200 |
|
Sub-total - Current Assets |
19644.500 |
|
|
|
|
Total – Assets |
76697.900 |
4. Figures for the previous periods have been reclassified where considered necessary to conform to this year's classification.
5. The above results, after review by the audit committee, have been approved and taken on record by the Board of Directors at its meeting held on 27th May, 2014.
STANDALONE
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. In
Millions
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
(Unaudited) |
|
|
|
1. Segment Revenue (Net
Sales / Income from Operations) |
|
|
|
|
a. Steel |
7927.700 |
6740.300 |
25283.600 |
|
b. Wire and Wire Ropes |
3652.000 |
4050.500 |
15192.900 |
|
c. Unallocated |
147.300 |
12.100 |
196.500 |
|
|
|
|
|
|
Total Segment
Revenue |
11727.000 |
10802.900 |
40673.000 |
|
|
|
|
|
|
Less: Inter-Segment Revenue |
1630.300 |
2523.800 |
7801.800 |
|
|
|
|
|
|
Net Sales / Income
from Operations |
10096.700 |
8279.100 |
32871.200 |
|
|
|
|
|
|
2. Segment Results [Profit(+)/Loss(-)
before tax and finance costs from each segment] |
|
|
|
|
a. Steel |
418.500 |
803.800 |
2535.100 |
|
b. Wire and Wire Ropes |
308.200 |
405.200 |
1428.100 |
|
c. Unallocated |
36.600 |
(10.700) |
6.000 |
|
Total |
763.300 |
1198.300 |
3969.200 |
|
|
|
|
|
|
Less: |
|
|
|
|
a. Finance costs |
1203.400 |
1131.900 |
4261.700 |
|
b. Other Un-allocable Expenditure (Net of Un-allocable Income) |
13.600 |
51.700 |
76.100 |
|
|
|
|
|
|
Total Profit(+) /
Loss(-) before Tax |
(453.700) |
14.700 |
(368.600) |
|
|
|
|
|
|
3. Capital Employed (Segment Assets
less Segment Liabilities) |
|
|
|
|
a. Steel |
38887.000 |
38709.400 |
38887.000 |
|
b. Wire and Wire Ropes |
9171.200 |
9379.200 |
9171.200 |
|
c. Unallocated |
1188.900 |
1155.200 |
1188.900 |
|
|
|
|
|
|
Total |
49247.100 |
49243.800 |
49247.100 |
FIXED ASSETS:
Tangible Assets
·
Land and Site Development
·
Freehold
·
Leasehold
·
Mining Lease and
Development
·
Buildings
·
Plant and Machinery
·
Railway Sidings
·
Electrical Installation
·
Water Treatment and
Supply Plant
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible Assets
· Computer Software
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 : |
HNA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.