MIRA
INFORM REPORT
|
Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
|
|
|
|
Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai –
400009, |
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Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.03.1985 |
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Com. Reg. No.: |
11-035806 |
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Capital Investment
/ Paid-up Capital : |
Rs.1422.600
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27104MH1985PLC035806 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMU03480B |
|
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PAN No.: [Permanent
Account No.] |
AAACU1710C |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges |
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Line of Business
: |
Subject is in
the business of manufacturing of intermediate steel products i.e Cold Rolled Steel (CR) and Galvanised
Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour
Coated Products (CCP) Coils and Sheets. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject
is an established company having satisfactory track record. The
rating takes into consideration company’s sound financial risk profile and fair
liquidity position of the company. 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 |
FITCH |
|
Rating |
A = long Term issuer rating |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
|
Date |
21, August 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-66563500)
LOCATIONS
|
Registered
/ Corporate Office
: |
Uttam
House, 69, P D Mello Road, Carnac Bandar, Mumbai –
400 009, Maharashtra, India |
|
Tel.
No.: |
91–22–23420557/ 23421968/ 66563500/ 23440440/ 23413192 |
|
Fax
No.: |
91–22–23430765/ 23415025/ 23441383/ 56311949/
23434188/ 23485025/ 23481598 |
|
E-Mail
: |
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|
Website
: |
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|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Khopoli -
Pen Road, Village - Donvat, Taluka-
Khalapur, District Raigad
- 410202, Maharashtra, India |
|
Tel.
No.: |
91-2192-278053/278055/278146 |
|
Fax
No.: |
91-2192-278143 |
|
|
|
|
Factory
2 : |
Khopoli-Pali
Road, Village Dahivali, Taluka
Khalapur, District Raigad,
Maharashtra, India |
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|
|
|
Factory
3: |
Taloja
-12, MIDC, District Raigad, Maharashtra,
India |
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Branch
Offices 1 : |
No.896/A, 1st Main
Road, 6th Cross, H.M.T. Layout, Gokul, 1st Phase, Mathikere, Bangalore - 560 054, India. |
|
Tel.
No.: |
91-80-23475084 |
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Branch
Offices 2 : |
Located
at : ·
Keonjhar, Odisha ·
Pune ·
New
Delhi ·
Ahmadabad ·
Chennai
·
Indore ·
Hyderabad
|
|
|
|
|
Steel
Service Centers : |
Located
at : ·
Mumbai, Maharashtra ·
Kolkata,
West Bengal ·
New Delhi ·
Kanpur,
Uttar Pradesh ·
Ghaziabad, Uttar Pradesh ·
Guwahati,
Assam |
DIRECTORS
As on 31.03.2013
|
Name
: |
Mr. Rajinder K. Miglani |
|
Designation
: |
Chairman |
|
Address
: |
21-B, Embassy Apartments, 46, Nepean Sea Road,
Mumbai – 400 036, Maharashtra, India |
|
Date of Birth/Age: |
66 Years |
|
Qualification
: |
Science Graduate |
|
Date
of Appointment : |
31.12.1998 |
|
Last Employment |
Business |
|
|
|
|
Name : |
Mr. S P Talwar |
|
Designation : |
Director |
|
Qualification: |
BA, LLB |
|
|
|
|
Name : |
Mr. O P Gahrotra |
|
Designation : |
Additional Director |
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|
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|
Name : |
Mr. D L Rawal |
|
Designation : |
Additional director |
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|
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|
Name : |
Mr. Pandurang. G. Kakodkar |
|
Designation : |
Director |
|
Qualification: |
MA (Economics) |
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|
|
|
Name : |
Mr. Shirish T. Parikh |
|
Designation : |
Director |
|
Qualification: |
B.E. (Civil) |
|
Date of Appointment: |
29.03.1985 |
|
Other Directorship: |
Frontline Rolls, Forms Limited |
|
|
|
|
Name : |
Mrs. Swarna Prabha
Sukumar |
|
Designation : |
Director (Nominee of LIC) |
|
Qualification: |
Science Graduate |
|
Experience : |
32 Years in LIC |
|
|
|
|
Name : |
Mr. Anuj Miglani |
|
Designation : |
Managing Director |
|
Date of Birth/Age: |
38 Years |
|
Qualification : |
Mechanical Engineer from Imperial College, Mumbai |
|
Date of Appointment : |
01.02.1995 |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director (Commercial) |
|
Date of Birth/Age: |
33 Years |
|
Qualification : |
Graduate in Economics from Wharton School U.S.A. |
|
Date of Appointment : |
29.01.2003 |
|
|
|
|
Name : |
Mr. Sharad G Tudekar
|
|
Designation : |
Director (Works) |
|
Tel No. : |
91-22-23436930 |
|
Qualification: |
Graduate Engineer in Metallurgy |
KEY EXECUTIVES
|
Name
: |
Mr. Gursharan S Sawhney |
|
Designation
: |
Executive Director (Finance) and Chief Financial Officer |
|
|
|
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Senior Vice President and Company Secretary |
|
Tel
No. : |
91-22-23437831 |
|
E-mail
: |
|
|
|
|
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Department |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
5961700 |
4.19 |
|
|
39304520 |
27.63 |
|
|
45266220 |
31.82 |
|
|
|
|
|
|
41327931 |
29.05 |
|
|
41327931 |
29.05 |
|
Total shareholding of
Promoter and Promoter Group (A) |
86594151 |
60.87 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
38883 |
0.03 |
|
|
21672 |
0.02 |
|
|
124104 |
0.09 |
|
|
38858662 |
27.32 |
|
|
39043321 |
27.45 |
|
|
|
|
|
|
2656260 |
1.87 |
|
|
|
|
|
|
7336290 |
5.16 |
|
|
3109720 |
2.19 |
|
|
3520361 |
2.47 |
|
|
246289 |
0.17 |
|
|
3273772 |
2.30 |
|
|
300 |
0.00 |
|
|
16622631 |
11.68 |
|
Total Public
shareholding (B) |
55665952 |
39.13 |
|
Total (A)+(B) |
142260103 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
142260103 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in the
business of manufacturing of intermediate steel products i.e
Cold Rolled Steel (CR) and Galvanised Products
comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour
Coated Products (CCP) Coils and Sheets. |
||||||
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|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Galvanised Coils / Sheets / Slit Coils |
(M.T) |
750000 |
561498 |
|
Colour Coated Coils / Sheets / Slit Coils |
(M.T) |
90000 |
77617 |
|
Cold Rolled Coils / Sheets / Slit Coils |
(M.T) |
960000 |
693713 |
|
Less : Captive Consumption (CR) |
(M.T) |
-- |
(415528) |
|
Less : Captive Consumption (GP) |
(M.T) |
-- |
(81748) |
|
Total Saleable Steel |
(M.T) |
-- |
835552 |
GENERAL INFORMATION
|
No. of Employees : |
1500 (Approximately) |
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Bankers : |
·
State Bank
of India, Madame CAMA Road, Mumbai – 400021, Maharashtra,
India ·
Canara Bank,
144, Jawahar Nagar, Goregaon (West), Mumbai, India ·
Punjab
National Bank ·
Union
Bank of India ·
IDBI
Bank Limited ·
Bank
of Baroda ·
Indian
Overseas Bank ·
ICICI
Bank Limited ·
Punjab
and Maharashtra Co-Operative Bank Limited |
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Facilities : |
Note: (Rs. In Millions) Long Term
Borrowing Details of terms of repayment of the Secured
Non-convertible Redeemable Debentures issued by the Company and security
provided in respect thereof
Details of terms of repayment for the Secured Long-Term Borrowings and
security provided in respect there of:
1)
11.25 % Non Convertible Redeemable Debentures are
secured by first pari passu
Mortgage of all immovable property and hypothecation of all movable
properties including movable machineries, machinery spares, tools and
accessories both present and future except Packing Machine supplied by
PESMEL, Finland. 2)
Term Loan from Banks and Financial Institutions
namely Axis Bank, Bank of Baroda, Dena Bank, Exim
Bank of India, Oriental Bank of Commerce, Punjab National Bank, State Bank of
India, Syndicate Bank, State Bank of Hyderabad, IDFC and ICICI Bank Limited
are secured by mortgage and the lenders have pari passu charge on all the present and future movable and
immovable assets of the Company except Packing Machine supplied by PESMEL,
Finland but not limited to plant and machinery, machinery spares, tools and
accessories in possession or not, stored, or to be brought in companies premises
or lying at any other place of the companies representative affiliates and
all the intangible assets of the company. The above security will rank pari passu amongst the lenders. 3)
ECB loan from ICICI Bank Limited is secured by
mortgage of all immovable property and hypothecation of all movable
properties including movable machineries, machinery spares, tools and
accessories, both present and future except Packing Machine supplied by
PESMEL, Finland. 4)
ECA loan from Nordea
Bank is secured by hypothecation of packing machine supplied by PESMEL,
Finland. 5)
Term Loan from ICICI, IFCI, LIC, GIC, and UII
ranking pari pasu are
secured by Mortgage of all immovable property and hypothecation of all
movable properties including movable machineries, machineries spares, tools
and accessories both present and future except Packing Machine supplied by
PESMEL Finland. 2502500 Equity Shares (Previous Year 2502500 equity shares)
held by Promoters are pledged against term loan of Rs
95.500 Millions availed from ICICI Bank. Short Term
Borrowing ·
Working Capital Loans from Banks on Cash Credit
(CC) and Packing Credit (PC) Accounts are Secured by Hypothecation of all
Tangible, Moveable assets such as Raw Material, WIP, Finished Goods, Stock in
Transit and Book Debts etc. and the second charge on fixed assets of the
Company except Packing Machine supplied by PESMEL, Finland. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Prakkash Muni and Associates Chartered Accountants |
|
Address : |
303, The Engle’s Flight, Suren
Road, off Andheri Kurla
Road, Near Western Express Highway Junction, Andheri
(East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66300900 |
|
Fax No.: |
91-22-66300990 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Internal Auditors : |
|
|
Name : |
K S Aiyar and Company |
|
Address : |
Mumbai, Maharashtra,
India |
|
|
|
|
Wholly Owned Subsidiary / Step down Subsidiary: |
·
Atlantis International Services Company Limited ·
Ferro Zinc International FZE ·
Uttam Galva Steels , Netherlands BV ·
Neelraj International
Trade Limited, BV ·
Uttam Galva Steels ( BVI) Limited ·
Uttam Galva Steels FZE |
|
|
|
|
Associates/Joint Ventures : |
·
Grow well Mercantile Limited ·
Shree Uttam Steel and
Power Limited ·
Uttam Galva Metallics
Limited ·
Uttam Distribution Network Limited ·
Uttam Utkal Steels
Limited ·
Sainath Trading Company
Private Limited ·
Texturing Technology Private Limited ·
Moira Madhujore Coal
Limited ·
Uttam Value Steels Limited (Formerly known as Llyods Steel Industries Limited) ·
Kredence Multi Trading
Limited ·
Archisha Investment
Private Limited ·
Uttam Galva Ferous
Limited |
|
|
|
|
Ability to Control / Exercise Significant Influence : |
·
ArcelorMittal Finanzaria, SRL ·
ArcelorMittal Cons Reunion ·
ArcelorMittal SSC, Italia ·
ArcelorMittal International
FZE ·
ArcelorMittal International
Luxembourg ·
ArcelorMittal Distribution
Solution ·
ArcelorMittal Singapore
Private Limited |
CAPITAL STRUCTURE
As on: 17.08.2013
Authorised Capital : Rs.5000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1422.601 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
142260103 |
Equity Shares |
Rs. 10/- each |
Rs. 1422.600 Millions |
|
|
|
|
|
(Out of this
5874760 Equity Share have been Issued for consideration other than Cash and 21857924
Equity Share have been issued on Conversion of Global Depository Receipts)
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Equity Shares at the beginning of the year |
122260103 |
|
Add: Shares Issued during the year (QIP) |
20000000 |
|
Equity Shares at
the end of the year |
142260103 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares
with Voting Rights |
|
|
|
Kredence Multi Trading
Limited |
14921063 |
10.49% |
|
Uttam Exports Private
Limited |
7324379 |
5.15% |
|
Shree Uttam Steel and Power Limited |
7885600 |
5.54% |
|
Arcelomittal Netherlands BV |
41327931 |
29.05% |
|
Cresta Fund Limited |
14101426 |
9.91% |
|
Albula Investment Fund
Limited |
10806750 |
7.60% |
|
Asia Investment Corporation (Mauritius)
Limited |
8442125 |
5.93% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1422.600 |
1222.600 |
1222.600 |
|
(b) Reserves & Surplus |
11043.000 |
9027.500 |
8247.900 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12465.600 |
10250.100 |
9470.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17745.100 |
19710.600 |
17619.500 |
|
(b) Deferred tax liabilities (Net) |
1682.500 |
1217.000 |
869.200 |
|
(c) Other long term liabilities |
3257.500 |
3474.800 |
0.000 |
|
(d) long-term provisions |
115.300 |
115.500 |
114.100 |
|
Total Non-current Liabilities (3) |
22800.400 |
24517.900 |
18602.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2658.000 |
453.500 |
2573.900 |
|
(b) Trade payables |
18175.200 |
14266.600 |
17289.700 |
|
(c) Other current
liabilities |
12110.900 |
8734.600 |
6155.000 |
|
(d) Short-term provisions |
117.200 |
137.400 |
(73.800) |
|
Total Current Liabilities (4) |
33061.300 |
23592.100 |
25944.800 |
|
|
|
|
|
|
TOTAL |
68327.300 |
58360.100 |
54018.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
32175.100 |
28987.400 |
18193.400 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
5468.000 |
3786.900 |
9674.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
234.600 |
120.200 |
88.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1064.600 |
871.600 |
680.400 |
|
(e) Other Non-current assets |
32.500 |
238.900 |
220.000 |
|
Total Non-Current Assets |
38974.800 |
34005.000 |
28857.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
10372.400 |
10851.400 |
13659.800 |
|
(c) Trade receivables |
6844.900 |
5578.400 |
7236.000 |
|
(d) Cash and cash
equivalents |
1696.400 |
1312.600 |
675.900 |
|
(e) Short-term loans and
advances |
10438.800 |
6612.700 |
3588.800 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
29352.500 |
24355.100 |
25160.500 |
|
|
|
|
|
|
TOTAL |
68327.300 |
58360.100 |
54018.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
59110.700 |
51716.000 |
50408.100 |
|
|
|
Other Income |
139.600 |
76.400 |
39.300 |
|
|
|
TOTAL |
59250.300 |
51792.400 |
50447.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
Consumed |
32521.600 |
31551.100 |
31076.300 |
|
|
|
Purchase of Traded
Goods |
16094.600 |
6208.000 |
13515.700 |
|
|
|
Changes in Inventories
of Finished Goods, Work-in-Progress and Stock-in-Trade |
(1862.000) |
3128.200 |
(3423.500) |
|
|
|
Employee Benefits
Expense |
763.300 |
675.000 |
618.000 |
|
|
|
Other Expenses |
5707.300 |
4873.200 |
4209.000 |
|
|
|
TOTAL |
53224.800 |
46435.500 |
45995.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6025.500 |
5356.900 |
4451.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3046.400 |
2673.200 |
2122.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2979.100 |
2683.700 |
2329.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1825.800 |
1273.700 |
1194.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXTRAORDINARY ITEM |
1153.300 |
1410.000 |
1135.400 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEM |
200.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
1353.300 |
1410.000 |
1135.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
737.800 |
630.400 |
367.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
615.500 |
779.600 |
767.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6904.000 |
6249.400 |
5668.400 |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years - Taxes |
0.000 |
0.000 |
61.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
125.000 |
125.000 |
125.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7394.500 |
6904.000 |
6249.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
19493.900 |
12607.900 |
15535.300 |
|
|
TOTAL EARNINGS |
19493.900 |
12607.900 |
15535.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
20299.300 |
19249.500 |
24087.100 |
|
|
|
Spare Parts and Components |
107.700 |
56.300 |
35.200 |
|
|
|
Capital Goods |
412.200 |
390.100 |
273.700 |
|
|
TOTAL IMPORTS |
20819.200 |
19695.900 |
24396.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and
Diluted including Extraordinary Item |
5.03 |
6.38 |
6.28 |
|
|
|
Basic and
Diluted excluding Extraordinary Item |
3.72 |
6.38 |
6.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
13367.600 |
|
Total Expenditure |
12282.400 |
|
Profit before interest, depreciation and tax
(Excluding Other Income) |
1085.200 |
|
Other income |
108.900 |
|
Operating Profit |
1194.100 |
|
Interest |
513.700 |
|
Exceptional Items |
0.000 |
|
Profit before depreciation and tax |
680.400 |
|
Depreciation |
519.800 |
|
Profit before tax |
160.600 |
|
Tax |
119.300 |
|
Profit after tax |
41.300 |
|
Extraordinary items |
21.900 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
63.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.04
|
1.51
|
1.52
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.29
|
2.73
|
2.25
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.44
|
5.56
|
4.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.64
|
1.97
|
2.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
1.03
|
0.97
|
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 |
1222.600 |
1222.600 |
1422.600 |
|
Reserves & Surplus |
8247.900 |
9027.500 |
11043.000 |
|
Net
worth |
9470.500 |
10250.100 |
12465.600 |
|
|
|
|
|
|
long-term borrowings |
17619.500 |
19710.600 |
17745.100 |
|
Short term borrowings |
2573.900 |
453.500 |
2658.000 |
|
Total
borrowings |
20193.400 |
20164.100 |
20403.100 |
|
Debt/Equity
ratio |
2.132 |
1.967 |
1.637 |
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 |
50408.100 |
51716.000 |
59110.700 |
|
|
|
2.595 |
14.299 |
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 |
50408.100 |
51716.000 |
59110.700 |
|
Profit |
767.700 |
779.600 |
615.500 |
|
|
1.52% |
1.51% |
1.04% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ARBPL/963/2010 |
Failing Date:- |
18/8/2010 |
Reg. No.:- |
ARBP/303/2011 |
Reg. Date:- |
22/03/2011 |
|
|
|||||||
|
Petitioner:- |
CENTRAL WAREHIUSING |
Respondent:- |
UTTAM GALVA STEELS LIMITED |
||||
|
Petn.Adv:- |
S.I. SHAH AND CO (0) |
Resp. Adv.: |
M.S. BHARDWAJ (1) (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
Category:- |
ARBITRATION ACT. |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
ARBP FOR HEARING AND FINAL DISPOSAL U/S 34 |
||||
|
Last Date:- |
11/07/2014 |
|
|||||
|
Coram:- |
HON’BLE SMT. JUSTICE R.S. DALVI |
||||||
|
Last Date :- |
04/07/2014 |
||||||
|
Last Coram :- |
HON’BLE SMT. JUSTICE R.S. DALVI |
||||||
|
Act. : |
Arbitration and Conciliation Act,1966 |
Under Section:- 34 |
|||||
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Other loans ( SICOM and Others) |
13.000 |
16.700 |
|
Total |
13.000 |
16.700 |
INDEX OF CHARGE:
|
Sr .No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10431919
|
13/06/2013
|
12,562,450,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURANG
BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B77441731
|
|
2 |
10424495
|
29/04/2013
|
815,217,000.00
|
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,
WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA
|
B74694381
|
|
3 |
10359845
|
17/04/2013
* |
1,500,000,000.00
|
VIJAYA BANK |
CORP. BKG. BRANCH, MAKER CHAMBER
IV (REAR PORTION), 222, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B74584731
|
|
4 |
10324531
|
21/12/2011
|
810,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING
MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B28341154
|
|
5 |
10299516
|
08/08/2013
* |
7,000,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING
MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B83157461
|
|
6 |
10245187
|
21/06/2010
|
2,000,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A90518861
|
|
7 |
10123656
|
02/09/2008
|
810,000,000.00
|
INFRASTRUCTURE DEVELOPMENT
FINANCE COMPANY LIMITED |
ITC CENTRE, 3RD FLOOR760, ANNA
SALAI, CHENNAI - 600 002, TAMIL NADU, INDIA |
A46256640
|
|
8 |
10072969
|
30/10/2007
|
131,281,344.00
|
UNIT TRUST OF INDIA INVESTMENT
ADVISORY SERVICES LIMITED |
UTI TOWER GN BLOCKBANDRA KURLA
COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A25414228
|
|
9 |
10048847
|
23/04/2007
|
2,142,250,000.00
|
UNIT TRUST OF INDIA INVESTMENT
ADVISORY SERVICES |
UTI TOWER GN BLOCKBANDRA KURLA
COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A14219331
|
|
10 |
90227081
|
06/12/2005
|
2,795,000.00
|
UNITED INDIA INSURANCE COMPANY
LIMITED |
24; WHITES ROAD, CHENNAI,
TAMIL NADU, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
The company is promoted
by Miglani family initially in the year 1985 and ArcelorMittal has joined as Co-Promoter in the year
2009-10.
The Company is in
the business of manufacturing of intermediate steel products i.e Cold Rolled Steel (CR) and Galvanised
Products comprising of Galvanised Plain (GP), Galvanised Corrugated (GC) and Colour
Coated Products (CCP) Coils and Sheets situated at Khopoli,
Mumbai Western part of India. The Company is in the business of procuring Hot
Rolled Steel (HR) and processing it in to CR and further in to GP and PPGI. Its
current facilities are mainly in thicker and thinner guage
material. The CR not used for galvanizing is converted to value added grades in
Cold Rolled Closed Annealed (CRCA) coils, Cut to Length (CTL) Sheets and also
sold as Full Hard CR in Domestic and Overseas market. The market segment for
value added grades include Appliance, General Engineering, Automative,
Construction, Packaging, Sandwich Panels and Others
OPERATIONS:
The Company has
achieved a turnover of Rs. 62523.400 Millions as
against Rs. 54753.800 Millions in the previous year
and at the same time The Company posted the Profit before Tax of Rs. 1353.200 Millions as against Rs.
1410.000 Millions in the previous year. The decline in the Profit before Tax
was due to combined effect of higher Finance Cost and Depreciation cost
incurred during the Year.
The Company has
envisaged the various projects and also looking for the expansion and the
modernization of current projects. Consequently in view of the Capex requirement for proposed expansion projects of the
Company, the Board of Directors are in opinion that Cash flow should be
conserved and hence decided to plough back the entire profit earned by the
Company and have not recommended any dividend.
EXPORTS:
The Company has
registered growth in exportsvolume by 18% and has
added 3 more new countries –Martinique, Bahamas and Kyrgyzstan which makes now
total list of countries serviced to 148. The Company has maintained its
presence in the International Market in spite of the Global slowdown and
currency crises in some of the countries.
The Global Economic
situation has shown signs of marginal growth in USA and Russia where the
Company’s products are well established and recognized as quality supplier. The
sales growth in these 2 countries are recorded as 28% and 16% respectively
compared to last year. Growth in emerging market and developing economies is
also showing double digit and positive trends in line with expectation. This is
expected to provide wide base to our international business.
The Company has been
the recipient of 17 EEPC Awards from the Ministry of Commerce and Industry,
Government of India for its outstanding exports performance.
OUTLOOK
The domestic flat
steel consumption in the relevant business segments is estimated to grow at 6%-
8%. The need, however, for value added and niche products are likely to surge
and have been identified as major focus area for the Company. Global steel
consumption is expected to rise by1.3%. Non-tariff barriers (like Anti-Dumping
Duty on low priced, low quality suppliers) introduced recently by some of the
emerging economies is expected to open additional markets and opportunities for
The Company to increase its market share in international business.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/ YEAR
ENDED 31ST MARCH 2014
(Rs. In Millions)
|
Particulars |
For 3 Months Ended |
Previous 3 Months Ended |
Year to date figure current year ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
14884.000 |
16170.200 |
54363.700 |
|
b) Other operating income |
153.100 |
51.400 |
309.000 |
|
Total
income from Operations(net) |
15037.100 |
16221.600 |
54672.700 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
8375.900 |
7097.300 |
28783.200 |
|
b) Purchases of stock in trade |
2944.100 |
5798.000 |
11479.200 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
429.800 |
114.500 |
2057.700 |
|
d) Employees benefit expenses |
245.400 |
215.100 |
882.900 |
|
e) Depreciation and amortization expenses |
445.300 |
587.600 |
2148.200 |
|
f) Other expenditure |
1603.400 |
1483.700 |
5940.700 |
|
Total expenses |
14043.900 |
15296.200 |
51291.900 |
|
3.
Profit from operations before other income and interest and Exceptional Items |
993.200 |
874.000 |
3380.800 |
|
4. Other income |
170.700 |
51.400 |
295.300 |
|
5.
Profit before Interest and Exceptional Items (3+4) |
1163.900 |
925.400 |
3676.100 |
|
6. Finance costs |
941.100 |
708.900 |
2890.900 |
|
7. Profit after Interest and
Finance Charges |
222.500 |
216.500 |
785.200 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: (7+8) |
222.500 |
216.500 |
785.200 |
|
10.Tax expenses |
|
|
|
|
Current Tax |
46.600 |
45.400 |
164.800 |
|
- MAT
Credit |
0.000 |
0.000 |
0.000 |
|
- Wealth
Tax |
0.006 |
0.000 |
0.006 |
|
- Deferred Tax |
11.900 |
89.000 |
276.300 |
|
- Prior Period Tax |
12.200 |
0.000 |
12.200 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
151.200 |
82.100 |
331.300 |
|
12.Extraordinary Items (net of
Tax) |
0.000 |
0.000 |
0.000 |
|
13. Prior Year Items (Net of
Tax) |
|
|
21.900 |
|
14.Net
Profit / (Loss) for the period (11 -12) |
151.200 |
82.100 |
353.200 |
|
15.Paid-up equity share capital (Nominal value Re.
1/- per share) |
1422.600 |
1422.600 |
1422.600 |
|
16. Paid up Debentures |
1000.000 |
1500.000 |
1000.000 |
|
17. Reserves
excluding Revaluation Reserves |
11396.200 |
|
11396.200 |
|
18. Debenture
Redemption Reserve |
250.000 |
|
250.000 |
|
19. Basic and
Diluted EPS (in Rs) before Extraordinary Items (not
annualised) |
1.06 |
0.58 |
2.33 |
|
Basic and Diluted EPS ( in Rs) after Extraordinary Items (not annualised
) |
1.06 |
0.58 |
2.48 |
|
20. Particulars of shareholding |
|
|
|
|
- Number of shares |
55665952 |
55665952 |
55665952 |
|
- Percentage of shareholding |
39.13% |
39.13% |
39.13% |
|
21. Promoters and Promoters group Shareholding- |
86594151 |
86594151 |
86594151 |
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
2502500 |
2502500 |
2502500 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
2.89% |
2.89% |
2.89% |
|
Percentage of shares (as a % of total share capital of the
company) |
1.76% |
1.76% |
1.76% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
84091651 |
84091651 |
84091651 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
97.11% |
97.11% |
97.11% |
|
Percentage of shares (as a % of total share capital of the
company) |
59.11% |
59.11% |
59.11% |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
|
As at 31.03.2014 |
|
EQUITY AND
LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
1422.600 |
|
(b) Reserves & Surplus |
11396.200 |
|
|
12818.800 |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
23582.600 |
|
(b) Deferred tax liabilities (Net) |
1958.800 |
|
(c) Other Long term Liabilities |
5710.000 |
|
(d) Long Term Provision |
115.200 |
|
|
31366.600 |
|
(3) Current
Liabilities |
|
|
(a) Short term borrowings |
2945.000 |
|
(b) Trade payables |
23447.200 |
|
(c) Other current liabilities |
9465.400 |
|
(d) Short-term provisions |
3.000 |
|
|
35860.600 |
|
|
|
|
Total Liabilities |
80046.000 |
|
|
|
|
ASSETS |
|
|
(1) Non-current
assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
39842.000 |
|
(ii) Intangible Assets |
229.800 |
|
(iii) Capital work-in-progress |
6941.100 |
|
(iv) Intangible Assets under Development |
0.000 |
|
|
|
|
(b) Non-current Investments |
239.400 |
|
(d) Long-term Loan and Advances |
1295.800 |
|
(e) Other Non-current assets |
6.500 |
|
|
48554.600 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
7947.500 |
|
(c) Trade receivables |
9837.500 |
|
(d) Cash and cash equivalents |
463.300 |
|
(e) Short-term loans and advances |
13243.100 |
|
(f) Other current assets |
0.000 |
|
|
31491.400 |
|
|
|
|
Total Assets |
80046.000 |
Note:
1. The above financial results were reviewed by
the Audit Committee and approved at the meeting of Board of Directors held on
May 30, 2014.
2. Previous year's figures have been regrouped /
rearranged wherever necessary.
3. The Company is in manufacturing of Steel
Products and also has a Captive Power Plant, Hence it is reporting its results
in single segment as
4. Number of complaints for the quarter ended 31.03.2014, Beginning –Nil, Received –Nil, Disposed –Nil, Pending -Nil
FIXED ASSETS:
·
Land
·
Building and Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex
PRESS RELEASE
CCI clears stake buy of Uttam Galva by UD
Industrial
Fair trade regulator CCI has approved the proposed additional stake buy
in Uttam
Galva Metallics
Ltd by Singapore-based investment firm UD Industrial Holding, saying the deal
will not raise any anti-competition concerns in India.
As per the proposed deal, UD Industrial Holding which currently holds
19.10 percent stake in UGML, would purchase shares of the firm from 3 entities
- Liberty Steel Holdings, Liberty Fe Trade DMCC and Liberty Commodities.
The acquisition would hike the holding of UD Industrial Holding in UGML to 44.35 percent.
In an order dated June 25, the Competition Commission of India (CCI) said that "the proposed combination is not likely to have an appreciable adverse effect on competition in India and therefore, the Commission hereby approves the same under ...the (Competition) Act".
UGML is a part of the Uttam group of companies promoted by Miglani family and is into manufacturing pig iron and other products at its facility located at Wardha in Maharashtra.
According to the fair trade watchdog, UGML and UD Industrial group have "insignificant" market share in business related to pig iron.
Among other points, CCI noted that UD Industrial Holding held 9.62 percent in Uttam Value Steel Ltd (UVSL), "another company of Miglani family which is engaged in the business of steel manufacturing. However, the vertical relationship between the UGML and UVSL has been of a very insignificant nature".
Liberty Steel, Liberty Fe Trade and Liberty Commodities presently hold 11.02 percent, 12.10 percent and 2.67 percent shareholding in Uttam Galva Metallics.
A share purchase agreement was entered into between the parties concerned on April 11 following which CCI was approached for its approval in May.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.102.78 |
|
Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.