MIRA
INFORM REPORT
|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PSL LIMITED (w.e.f. 19.05.2003) |
|
|
|
|
Formerly Known
As : |
PSL HOLDINGS LIMITED |
|
|
|
|
Registered
Office : |
Kachigam, Daman – 396210, Daman and |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2013 |
|
|
|
|
Date of
Incorporation : |
24.08.1987 |
|
|
|
|
Com. Reg. No.: |
56-002395 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 532.968 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L67120DD1987PLC002395 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTP01477A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2734K |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of HSAW/ Spiral PIPES and Providing of pipe Coating and Ancillary Services such as Induction Pipe Bending, Turnkey HSAW Plant Manufacturing etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 13490000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company possesses a below average financial profile marked by
acceptable networth base along with huge gearing and deterioration in its cash
reserves which may act as a further thereat to the liquidity position. Management has reported a loss from its operations during FY 2013. The ratings also take into consideration, the restructuring of
company’s debt through CDR mechanism envisaged under the guidelines issued by
the Reserve Bank of India. Moreover, the final restructuring scheme was
approved by CDR Empowered group on August 23, 2013. However, trade relation seems to be fair. Business is active. Payment
terms are reported as slow. In view of unfavourable market conditions which adversely impacted the
company’s performance, the subject can be considered for business dealings
with caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : “BBB+” (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
24.02.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A2” (Suspended) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
24.02.2012 |
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 (Tel. No.: 91-22-6644777)
LOCATIONS
|
Registered Office/ Plant 1 : |
Kachigam, Daman –
396210, Daman and Diu (UT), India |
|
Tel. No.: |
91-260-2242989/ 2252248/ 2244496 |
|
Fax No.: |
91-260-2241932 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Marketing Office 1 : |
PSL Towers, 615, Makwana Road, Marol, Andheri (East), Mumbai - 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-66447777/
66447788 |
|
Fax No.: |
91-22-66447700/
66447711 |
|
|
|
|
Legal and Secretarial Office / Project Office : |
3rd Floor, Punj House, M-13A, Connaught Circus, New Delhi –
110001, India |
|
|
|
|
Marketing Office 2 : |
1106, 11th Floor, The Pinnacle,
The Claridges Office Complex, Shooting Range, Faridabad - 121001, Haryana,
India |
|
|
|
|
Marketing Office 3 : |
Meridian House,
8/2, Montieth Lane, Egmore, Chennai – 600008, Tamilnadu, India |
|
|
|
|
Plant 2 : |
Survey No.35, 37, 41, 301/1 and 308/1 and 2, Varsana and
Nani Chirai, Anjar and Bhachau, Kutch, |
|
|
|
|
Plant 3 : |
Survey No.38/1, 38/2, 39, 40 and 42 Varsana, Anjar,
Kutch, |
|
|
|
|
Plant 4 : |
East of N.H.-8 A, |
|
|
|
|
Plant 5 ; |
Plot No.4 and 5, Sector-12/B, |
|
|
|
|
Plant 6 : |
No.22, Vaiyavoor, Maduranthakam Taluka, Kancheepuram District, |
|
|
|
|
Plant 7 : |
Survey No.207, Industrial Development Area, Gurrampalem, Pendurthi,
Vishakhapatnam, |
|
|
|
|
Plant 8 : |
Plot No.2A, APIIC, Layout Phase-II, Peddapuram – 533437, Kakinada,
District East Godavari, Andhra Pradesh, India |
|
|
|
|
Plant 9 : |
Khasra No.46, 48, 73, 82, Village-Gaduda, Tehsil-Phagi, Jaipur, |
|
|
|
|
Overseas Plant 1
: |
13092, |
|
|
|
|
Overseas Plant 2
: |
Post Box No.42131, |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Ashok Punj |
|
Designation : |
Managing Director |
|
Qualification : |
Bachelors in Electrical Engineering and Masters in System Engineering |
|
|
|
|
Name : |
Mr. Alok Punj |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
29.05.1950 |
|
Qualification : |
B.E. (Industrial Engineering) |
|
Expertise in
specific functional area : |
General Management |
|
Other Directorship
: |
- Eurocoustic Products Limited - Punj Investments Private Limited - Broken Hills International Private Limited - BHI Limited - Punj International Private Limited - Sai Shakti Properties Private Limited - PSL USA Inc. - PSL Corrosion Control Services Limited |
|
Brief Resume : |
Mr. Alok Punj, who attended a Bachelor of Engineering Programme in Industrial Engineering at Illinois Institute of Technology, Chicago has over three decades of experience in senior positions in different Engineering Companies of the world and also has experience in International Marketing and Projects, both in the Middle East and Far East. Having guided different companies as a Senior Management Personnel, the Company is now being benefi ted by his being there on Company’s Board and even on few important Committees of Board such as Audit Committee, Committee of Directors, Remuneration Committee, and Shareholders’/ Investors’ Grievance Committee. |
|
|
|
|
Name : |
|
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
26.11.1942 |
|
Qualification : |
M.A English Literature |
|
Expertise in
specific functional area : |
Financial Management |
|
Brief Resume : |
Mr. N. C. Sharma
is an eminent Insurance Expert having successfully held various senior positions
in LIC of India where he rose to the position of its "Managing
Director". It is only after his retirement from LIC after serving for
more than four decades that Mr. Sharma joined Company's Board as Additional
Director with effect from July, 2003 which appointment was later confirmed by
the shareholders as they passed an unanimous Resolution in their meeting held
on 25th September, 2003. Since his appointment, Mr. Sharma has been rendering valuable service
to the Company by way of being not only on Company’s Board, but even on few
important Committees of Board such as Audit Committee, Shareholders'/
Investors' Grievance Committee etc. |
|
|
|
|
Name : |
Mr. Prakash V. Apte |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
17.08.1943 |
|
Qualification : |
B. Com, FCA |
|
Expertise in
specific functional area : |
Finance, Banking and Accounts |
|
Brief Resume : |
Mr. Prakash Vinayak Apte, after completing Chartered Accountancy
Programme from |
|
|
|
|
Name : |
Mr. Ashok Sharma |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
04.07.1942 |
|
Qualification : |
B. Tech |
|
Expertise in specific
functional area : |
Information Technology |
|
Brief Resume : |
Mr. Ashok Sharma
after his graduation from Indian Institute of Technology - Mr. Ashok Sharma
has an in-depth knowledge of IT activities and related fields of Business
Development, Marketing, Sales, Manufacturing and Personnel Management. Based
on a unique blend of experience - gained through working for some of the
world's largest Organizations - he offers practical advice for implementing
Best Practices - to help make corporate strategy work. Looking at the
vast knowledge that Mr. Sharma has in the field of Information Technology, he
was inducted on Company's Board as "Additional Director" on 15th
December, 2005. Subsequently the shareholders of the Company in their meeting
held on 31st August, 2006 passed an unanimous Resolution appointing Mr. Sharma
as a Director on the Board. Since his appointment, Mr. Ashok Sharma has been rendering valuable
services to the Company by way of being not only on Company's Board, but even
on few important Committees of Board such as Remuneration Committee and Shareholders'/
Investors' Grievance Committee. |
|
|
|
|
Name : |
Mr. Harry H. Shourie |
|
Designation : |
Independent Director |
|
Date of Birth/
Age : |
15.01.1944 |
|
Qualification : |
Masters in International Relations, MBA |
|
Expertise in specific functional area |
Finance Management |
|
Brief Resume : |
Mr. Harry H.
Shourie holds Masters degree in International Relations from Having
considered his experience in diverse fields such as Finance and International
Business, Mr. Shourie was inducted on Company's Board in December, 2005 and
since then Mr. Shourie is rendering very useful advice in the Board
deliberations. |
|
|
|
|
Name : |
Mr. Harsh Pateria |
|
Designation : |
Independent Director |
|
Date of Birth/
Age : |
24.09.1958 |
|
Qualification : |
B.Sc |
|
Expertise in specific functional area : |
Effective Management of various business organisations, involved in diverse activities |
|
Other Directorship : |
· Primo Pick N. Pack Limited (Chairman) Primo
Infrastructure Private Limited |
|
Brief Resume : |
Mr. Harsh Pateria born in 1958, after his academic attainments promoted a company under the name and style of Primo Pick N. Pack Limited, which was incorporated in 1985. Additionally, he started getting involved in few other business activities. Since then he has very ably managed the various business ventures and has acquired adequate exposure in company’s management involving different activities associated with scheduling, planning, organising and implementing the policies of the organisation in an optimal manner. Considering his vast exposure as an industrialist, Mr.Harsh Pateria was co-opted as “Director” in the Annual General Meeting held on 4th September, 2008 Since his appointment Mr. Harsh Pateria has been rendering valuable services to the company by way of being not only on Company’s Board, but even on few important committees of Board such as Audit committee and Remuneration Committee. |
|
|
|
|
Name : |
Mr. Sandip Sharma |
|
Designation : |
Nominee Director |
|
|
|
|
Name : |
Mr. M.M. Mathur |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
11.09.1936 |
|
Qualification : |
M.A. and Diploma in Management |
|
Expertise in
specific functional area : |
General Management and Marketing |
|
Brief Resume : |
Mr. M.M.Mathur after completing his Graduation in Science obtained a Masters Degree in English in addition to a Diploma in Management. Mr. M.M. Mathur’s association with the Group now stretches to about four decades during which he has held various Senior positions. Most of Mr. Mathur’s experience is in the Energy Sector as Service provider in oil and gas transmission of pipelines, onshore and offshore in areas of Internal and External Coatings and Cathodic Protection System. Mr. Mathur is a member of several International Associations viz; National Association of Pipeline Applicators, U.S.A. Indo-German Chamber of Commerce etc. Since his fi rst appointment, he has been rendering valuable service to the Company by way of being not only on Company’s Board, but even on few important Committees of Board such as Committee of Directors and Share Transfer Committee. |
|
|
|
|
Name : |
Mr. R.K. Bahri |
|
Designation : |
Whole-time Director |
|
Date of Birth/
Age : |
10.09.1942 |
|
Qualification : |
B.E. Mech. |
|
Expertise in specific functional area |
General Management and Production |
|
Brief Resume : |
Mr. R. K. Bahri,
primarily a qualified Mechanical Engineer, had joined the Company as a Director
in 1989 and later elevated to the position of Whole Time Director in April
1994. Prior to his induction, he had spent over two decades with Fedders
Lloyd Corporation in various senior positions. Mr. Bahri introduced Fusion
Bonded Epoxy Coating for Reinforced Steel Bars for the first time in |
|
|
|
|
Name : |
Mr. D.N. Sehgal |
|
Designation : |
Whole-time Director |
|
Date of Birth/
Age : |
01.01.1947 |
|
Qualification : |
B.Tech. - (Prodn) Engg. (Hons), M.tech- Industrial Engg. |
|
Expertise in specific functional area : |
General Management and Marketing |
|
Brief Resume : |
Mr. D.N. Sehgal
is a qualified Production Engineer having completed his Post Graduation Programme
in Industrial Management and Engineering with distinction. Mr. Sehgal has
spent three decades in core sector of Indian Economy - eg. Marketing and
Project Management of large value complex Industrial projects in Refinery,
Petrochemical, Metallurgical and other onshore and offshore pipeline
projects. Prior to joining PSL about 2 decades ago, he has held important
portfolios in senior capacities in Dodsal Private Limited, BST Engineering
Services Limited, Dynacraft Machine Co. Limited and Mukund Iron Steel Works.
He joined the Company's Board on September, 1994 and is directly responsible
for execution of various important projects of the Company. |
|
|
|
|
Name : |
Mr. S.P. Bhatia |
|
Designation : |
Whole-time Director |
|
Date of Birth/
Age : |
18.12.1951 |
|
Qualification : |
B.Sc. Engg. (Mechanical) |
|
Expertise in specific functional area : |
Management of various Projects |
|
Brief Resume : |
Mr. S.P. Bhatia,
born in 1951 is a BSC. Engg. (Mechanical) from |
|
|
|
|
Name : |
Mr. C.K. Goel |
|
Designation : |
Whole-time Director |
|
Date of Birth/
Age : |
16.11.1957 |
|
Qualification : |
Diploma in Mech. Engg, Business Management and Diploma in Business Management, Refrigeration and Air Conditioning. |
|
Expertise in specific functional area : |
General Management and Production |
|
Brief Resume : |
Mr. C.K. Goel,
born in 1957 has a post graduate diploma in Mechanical Engineering with specialization
apart from a Diploma in Business Management, Refrigeration and Air
Conditioning. He had joined PSL way back in 1978 and has now completed 33
years of working in responsible positions. Before taking over as In charge of
an important production facility at Varsana in |
|
|
|
|
Name : |
Mr. G. Gehani |
|
Designation : |
Whole-time Director and Company Secretary |
|
Date of Birth/
Age : |
27.01.1953 |
|
Qualification : |
M.Com, LLB, DPM and IR and DCL and SP |
|
Expertise in
specific functional area : |
Legal and Secretarial |
|
Brief Resume : |
Mr. G. Gehani, born in 1953, is a fellow Member of Institute of Company Secretary of India (ICSI) and has to his Credit a few other degrees and Diplomas in different disciplines such as M.Com, LLB, DPM and IR and DCL and SP. Since completion of his Company Secretaryship way back in 1979 and prior to joining PSL in 1991 he worked at various Senior positions in Public and Private Sector Companies such as Pawan Hans, CCIC, Taj Group of Hotels etc. Hence, out of total 35 years of post qualifi cation experience, Mr. Gehani has been heading the Legal and Secretarial Department of PSL Limited for more than 23 years now. He had effectively contributed in successful completion of Company’s maiden IPO, FCCB issue, Right issue and few Preferential Allotments which directly helped in raising adequate funds for establishment of new Production Facilities. Mr. Gehani has been associated with various Professional and Social Organisations of the country for last 27 years and has held Senior responsible positions in some of them. |
KEY EXECUTIVES
|
Name : |
Mr. G. Gehani |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17361610 |
32.58 |
|
|
3621100 |
6.79 |
|
|
20982710 |
39.37 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
20982710 |
39.37 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1904645 |
3.57 |
|
|
204540 |
0.38 |
|
|
1235706 |
2.32 |
|
|
3344891 |
6.28 |
|
|
|
|
|
|
7266045 |
13.63 |
|
|
|
|
|
|
13934308 |
26.14 |
|
|
6553955 |
12.30 |
|
|
1214902 |
2.28 |
|
|
1048859 |
1.97 |
|
|
162543 |
0.30 |
|
|
1000 |
0.00 |
|
|
2500 |
0.00 |
|
|
28969210 |
54.35 |
|
Total Public shareholding (B) |
32314101 |
60.63 |
|
Total (A)+(B) |
53296811 |
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) |
53296811 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of HSAW/ Spiral PIPES and Providing of pipe Coating and Ancillary Services such as Induction Pipe Bending, Turnkey HSAW Plant Manufacturing etc. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
Installed Capacity
and Licensed Capacity
|
Particulars |
Unit |
Installed
Capacity and Licensed Capacity |
|
Spiral Arc Welded Pipes |
Mt. |
1400000 |
|
Coating on Steel Pipes |
Mtrs. |
NA |
|
Anode |
Mt. |
1500 |
|
Wire Mesh |
Sqm. |
720000 |
|
Outer Wrap |
Sqm. |
2500000 |
|
Rebar Coating |
-- |
NA |
Actual Production
|
Particulars |
Unit |
Actual
Production |
|
HSAW Pipes |
Mt. |
398451.116 |
|
Coating on Steel Pipes |
Mtrs. |
Turnkey Jobs |
|
Anodes |
Kgs. |
55050.770 |
|
Wire Mesh |
Sqm. |
NIL |
|
Outer Wrap |
Sqm. |
NIL |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· ICICI Bank Limited Indian
Overseas Bank State
Bank of India Union
Bank of India Bank
of Baroda ING
Vysya Bank Limited Punjab
National Bank (International) Limited Yes
Bank Limited Bank
of India DBS
Bank Limited Standard
Chartered Bank Deutsche
Bank Export
Import Bank of India Indian
Bank IDBI
Bank Limited Kotak
Mahindra Bank Axis
Bank Limited Development
Credit Bank Syndicate
Bank Abu
Dhabi Commercial Bank Oriental
Bank of Commerce Bank
of Bahrain and Kuwait Canara
Bank Federal
Bank Limited |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE All the Bank Loans are secured by First Charge on the Specific Immovable Property, entire Moveable Assets and the entire Current Assets of the Company on pari passu basis except for a Bank which has the First Exclusive Charge on the Specific Non Core Assets of the Company, namely land at Pipava, Mahudi and Panipat. During this period the Company has sought Restructuring package from all the Bankers towards the Bank Loan Outstanding. The Company has fi led the Flash Report on 6th March 2013 before Corporate Debt Restructuring (CDR) Cell at Mumbai. The restructuring package was approved by the CDR cell with an effective date being 24.08.2013. The outstanding loan balance is worked out on the basis of the approved package and it is accounted. The interest rate was calculated @ 10.25% on the loan outstanding balance of non CDR member bankers as on 1st January 2013 and accounted the excess interest charged by the non CDR member banks during the period from 1st January 2013 to 30th September 2013 was adjusted accordingly in the interest account. Interest payable for CDR member banks were not accounted for the period from 1st January 2013 to 30th September 2013. The Master Restructuring Agreement (MRA) drafted by Amarachand and Mangaldas and Suresh A Shroff and Co. (AMSS) (Legal Counsel to the Bankers) appointed by the Banks through MI is under signature as on the date of Balance sheet. The Repayment of Loan starts from 1st January
2015 and the Repayment completes in the third quarter of F.Y. 2023. The text
of CDR approval is enclosed as Annexure 1 to the Balance Sheet. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors (From 27.09.2012
to 19/03/2014) : |
|
|
Name : |
Suresh C. Mathur and Company Chartered Accountants |
|
Address : |
64, Regal Building, Connaught Place, New Delhi – 110001, India |
|
|
|
|
Subsidiary
Companies : |
· PSL Corrosion Control Services Limited PSL
Gas Distribution Private Limited PSL
Infrastructure and Ports Private Limited Pipeline
Systems Limited, Mauritius PSL
USA INC., Delaware , USA PSL
North America LLC |
|
|
|
|
Associate : |
· BHI Limited Broken
Hills International Limited Eurocoustic
Products Limited Punj
International Private Limited Punj
Investments Limited Punj
Corporation Private Limited Rosoboronterra
India Private Limited (Subsidiary of Punj Corporation Private Limited) |
CAPITAL STRUCTURE
As on 19.03.2014
Authorised Capital : Rs. 1000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.
534.609 Millions
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
53,296,811 |
Equity Shares |
Rs.10/- each |
Rs. 532.968 Millions |
|
|
|
|
|
NOTE
|
Particulars |
Equity Shares |
|
As at September 30, 2013 |
|
|
Equity Shares Outstanding at the Beginning of the Year |
53,460,911 |
|
Add: Equity Shares Issued during the Year |
NIL |
|
Less: Equity Shares Bought Back during the Year |
1,64,100 |
|
Equity Shares Outstanding at the End of the Year |
53,296,811 |
The Company has only one class of equity shares having a par value of Rs. 10/- per Share. Each Shareholder is eligible for one vote per share. 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 of their shareholding.
|
Sr. No. |
Name of Shareholders |
As at September 30, 2013 |
|
|
No. of Shares
held |
% of Holding |
||
|
1. |
Ashok Y. Punj |
4,919,890* |
9.20 |
|
2. |
Arjun A. Punj |
3,011,580 |
5.63 |
|
3. |
Keshav A. Punj |
3,011,550 |
5.63 |
|
4. |
Reliance Capital Trustee Company Limited (Reliance Infrastructure Fund) |
2,849,600 |
5.33 |
* The shares held by Mr. Ashok Punj are pledged with ICICI Bank and SBI Bank
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
30.09.2013 (18 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
532.968 |
533.338 |
533.338 |
|
(b) Reserves & Surplus |
2727.813 |
8608.970 |
8370.873 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
111.176 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3371.957 |
9142.308 |
8904.211 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
34546.940 |
2663.046 |
5022.323 |
|
(b) Deferred tax liabilities (Net) |
95.050 |
74.546 |
58.314 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
134.057 |
93.033 |
0.000 |
|
Total Non-current Liabilities (3) |
34776.047 |
2830.625 |
5080.637 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3550.000 |
23026.156 |
11373.083 |
|
(b) Trade payables |
3460.788 |
11368.370 |
15227.246 |
|
(c) Other current
liabilities |
2091.894 |
5326.283 |
2903.627 |
|
(d) Short-term provisions |
0.000 |
386.540 |
508.781 |
|
Total Current Liabilities (4) |
9102.682 |
40107.349 |
30012.737 |
|
|
|
|
|
|
TOTAL |
47250.686 |
52080.282 |
43997.585 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18879.595 |
9370.443 |
8689.866 |
|
(ii) Intangible Assets |
0.064 |
0.165 |
0.276 |
|
(iii) Capital
work-in-progress |
636.734 |
2973.566 |
1966.676 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3046.107 |
2308.102 |
2019.157 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4235.532 |
4208.878 |
908.875 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
26798.032 |
18861.154 |
13584.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
10.000 |
10.000 |
|
(b) Inventories |
14970.313 |
23723.604 |
19146.956 |
|
(c) Trade receivables |
3387.639 |
7045.472 |
5537.633 |
|
(d) Cash and cash
equivalents |
1206.511 |
2087.720 |
1935.998 |
|
(e) Short-term loans and
advances |
888.191 |
352.332 |
3782.148 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
20452.654 |
33219.128 |
30412.735 |
|
|
|
|
|
|
TOTAL |
47250.686 |
52080.282 |
43997.585 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 (18 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24836.620 |
22779.438 |
24962.13 |
|
|
|
Other Income |
136.357 |
130.502 |
342.173 |
|
|
|
TOTAL
(A) |
24972.977 |
22909.940 |
25304.303 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
18204.806 |
18128.418 |
23636.596 |
|
|
|
Manufacturing and Operating Costs |
3565.517 |
4376.872 |
2823.641 |
|
|
|
Changes in Inventories of Finished Goods Work-in-Progress
and Stock-in-Trade |
1943.059 |
(5491.176) |
(6592.661) |
|
|
|
Employee Benefits Expense |
1164.390 |
830.405 |
759.23 |
|
|
|
Other Expenses |
727.260 |
739.447 |
544.55 |
|
|
|
TOTAL (B) |
25605.032 |
18583.966 |
21171.356 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(632.055) |
4325.974 |
4132.947 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3368.833 |
2487.887 |
1918.36 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(4000.888) |
1838.087 |
2214.587 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1931.163 |
1141.488 |
1167.956 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(5932.051) |
696.599 |
1046.631 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.504 |
155 |
290 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(5952.555) |
541.599 |
756.631 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Pipe Sales and Pipe Coating Receipt (FOB) |
3295.347 |
5680.312 |
4635.245 |
|
|
TOTAL EARNINGS |
3295.347 |
5680.312 |
4635.245 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
2838.003 |
6461.269 |
10638.136 |
|
|
|
Stores and Spare Parts |
23.598 |
50.173 |
26.918 |
|
|
TOTAL IMPORTS |
2861.601 |
6511.442 |
10665.054 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(111.34) |
10.13 |
14.16 |
|
|
|
Diluted |
(111.34) |
10.13 |
14.16 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.12.2013 |
31.03.2014 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
777.400 |
1309.200 |
|
Total Expenditure |
|
1237.400 |
1186.400 |
|
PBIDT (Excl OI) |
|
(460.000) |
122.800 |
|
Other Income |
|
0.000 |
95.600 |
|
Operating Profit |
|
(460.000) |
218.400 |
|
Interest |
|
25.500 |
156.500 |
|
Exceptional Items |
|
0.000 |
(103.400) |
|
PBDT |
|
(485.500) |
(41.500) |
|
Depreciation |
|
446.800 |
447.600 |
|
Profit Before Tax |
|
(932.300) |
(489.100) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(932.300) |
(489.100) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(932.300) |
(489.100) |
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 (18 Months) |
31.03.2012 (12 Months) |
31.03.2011 |
|
PAT / Total Income |
(%) |
(23.84) |
2.36 |
2.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(23.88) |
3.06 |
4.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.62) |
1.49 |
2.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.76) |
0.08 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
11.30 |
2.81 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.25 |
0.83 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
533.338 |
533.338 |
532.968 |
|
Reserves & Surplus |
8370.873 |
8608.970 |
2727.813 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
111.176 |
|
Net
worth |
8904.211 |
9142.308 |
3371.957 |
|
|
|
|
|
|
long-term borrowings |
5022.323 |
2663.046 |
34546.940 |
|
Short term borrowings |
11373.083 |
23026.156 |
3550.000 |
|
Total
borrowings |
16395.406 |
25689.202 |
38096.940 |
|
Debt/Equity
ratio |
1.841 |
2.810 |
11.298 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
24962.130 |
22779.438 |
24836.620 |
|
|
|
(8.744) |
9.031 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
24962.130 |
22779.438 |
24836.620 |
|
Profit |
756.631 |
541.599 |
(5952.555) |
|
|
3.03% |
2.38% |
(23.97%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10483128 |
15/02/2014 |
1,909,600,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B98685043 |
|
2 |
10478022 |
18/01/2014 |
19,234,800,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BA |
B96573621 |
|
3 |
10392780 |
15/02/2013 * |
9,250,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURSE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B68966605 |
|
4 |
10393385 |
22/11/2012 |
350,000,000.00 |
RELIANCE CAPITAL LTD |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
B64677289 |
|
5 |
10390716 |
31/10/2012 |
600,000,000.00 |
FEDERAL BANK LIMITED |
GROUND FLOOR, EXPRESS TOWERS, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B63631121 |
|
6 |
10386601 |
31/10/2012 |
1,000,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
239, VIDHAN BHAVAN MAR |
B62099064 |
|
7 |
10381933 |
27/09/2012 |
230,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B60240694 |
|
8 |
10377172 |
28/08/2012 |
1,400,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B58371402 |
|
9 |
10360152 |
29/01/2013 * |
2,650,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B67231233 |
|
10 |
10351821 |
30/07/2012 * |
4,751,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B56204340 |
|
11 |
10344421 |
28/03/2012 |
900,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B35862341 |
|
12 |
10345229 |
29/01/2013 * |
850,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B67231019 |
|
13 |
10340448 |
01/02/2012 |
697,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B34252403 |
|
14 |
10329093 |
15/12/2011 |
320,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B29580412 |
|
15 |
10308503 |
10/09/2013 * |
1,500,000,000.00 |
EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED |
EDELWEISS HOUSE, OFF. C.S.T ROAD, KALINA, MUMBAI, MAHARASHTRA - 400098, INDIA |
B85766905 |
|
16 |
10302341 |
30/08/2011 * |
1,970,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
INDIAN RED CROSS SOCIETY, BUILDING 1, RED CROSS ROAD, P.O.BOX NO. 231, NEW DELHI, DELHI - 110001, INDIA |
B21688460 |
|
17 |
10302116 |
30/08/2011 * |
6,318,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
INDIAN RED CROSS SOCIETY, BUILDING 1, RED CROSS ROAD, P.O.BOX NO. 231, NEW DELHI, DELHI - 110001, INDIA |
B21685474 |
|
18 |
10285090 |
19/04/2011 |
1,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B12028908 |
|
19 |
10279928 |
30/05/2013 * |
1,337,850,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B78269347 |
|
20 |
10279595 |
21/03/2011 |
1,350,000,000.00 |
BANK OF BARODA |
3, WALCHAND HIRACHAND MARG, BALLARD PIER, MUMBAI, MAHARASHTRA - 400001, INDIA |
B10373850 |
|
21 |
10266968 |
25/01/2011 |
1,470,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL,, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B06280481 |
|
22 |
10242791 |
17/09/2010 |
900,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96054986 |
|
23 |
10237535 |
20/08/2010 |
1,000,000,000.00 |
BANK OF BARODA |
3, WALCHAND
HIRACHAND MARG, BALLARD PIER, MUMBAI, |
A93861847 |
|
24 |
10230432 |
03/07/2010 |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
A90343336 |
|
25 |
10228771 |
28/06/2010 |
1,000,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATION
BRANCH, 3RD FLOOR NO 10, HOMIJI |
A89364855 |
|
26 |
10208436 |
14/12/2012 * |
3,000,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B64425770 |
|
27 |
10211874 |
22/03/2010 |
453,000,000.00 |
STANDARD CHARTERED BANK |
23,NARAIN MAZIL, BARAKHAMBA ROAD, NEW DLEHI, DELHI - 110001, INDIA |
A83194514 |
|
28 |
10211608 |
22/03/2010 |
860,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A83088765 |
|
29 |
10201260 |
29/03/2011 * |
2,240,000,000.00 |
BANK OF BARODA |
3, WALCHAND
HIRACHAND MARG, BALLARD PIER, MUMBAI, |
B10795185 |
|
30 |
10201252 |
25/01/2010 |
2,000,000,000.00 |
CANARA BANK |
DALAMAL
TOWERS,"B" WING, 1ST FLOOR, 101, FREE PRE |
A78922796 |
|
31 |
10193943 |
29/12/2009 |
1,020,000,000.00 |
BANK OF BARODA |
1ST FLOOR,3, WALCAHND HIRACHAND MARG, BALLARD PIER, MUMBAI, MAHARASHTRA - 400001, INDIA |
A76450691 |
|
32 |
10191682 |
19/12/2009 |
1,100,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA
ROAD, NEW DELHI, |
A75933192 |
|
33 |
10192532 |
20/11/2009 |
600,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
301, DELTA PLAZA,, 414, VEER SAVARKAR MARG, PRABHADAEVI, MUMBSI, MAHARASHTRA - 400025, INDIA |
A75939637 |
|
34 |
10232998 |
20/11/2009 |
2,000,000,000.00 |
CANARA BANK |
DALAMAL TOWERS,"B" WING, 1ST FLOOR, 101, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A78798972 |
|
35 |
10176771 |
01/09/2009 |
750,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTR |
A70016316 |
|
36 |
10178316 |
04/11/2009 * |
4,600,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A73167777 |
|
37 |
10142070 |
06/07/2009 * |
3,200,000,000.00 |
BANK OF BARODA |
01ST FLOOR, 3 WALACHAND HIRACHAND MARG, BALLARD PIER, MUMBAI, MAHARASHTRA - 400001, INDIA |
A66527862 |
|
38 |
10136677 |
14/12/2012 * |
1,500,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B64425424 |
|
39 |
10132959 |
21/11/2008 |
9,560,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A51927044 |
|
40 |
10133817 |
11/11/2008 |
2,004,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A52691532 |
|
41 |
10129069 |
03/10/2008 |
7,000,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL
INFOTECH PARK,, T |
A47633862 |
|
42 |
10113670 |
31/10/2009 * |
104,400,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A72016413 |
|
43 |
10105850 |
31/10/2008 * |
600,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23,BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A50618982 |
|
44 |
10106764 |
05/01/2009 * |
1,500,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, N |
A55480396 |
|
45 |
10093658 |
14/12/2012 * |
2,350,000,000.00 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B64425325 |
|
46 |
10072784 |
26/09/2007 |
1,000,000,000.00 |
INDIAN BANK |
210, MITTAL TOWER - B WING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A24867954 |
|
47 |
10072175 |
26/09/2007 |
1,250,000,000.00 |
DEUTSCHE BANK AG |
NEW DELHI BRANCH, ECE HOUSE, GROUND FLOOR, 28, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA |
A24183030 |
|
48 |
10069362 |
07/09/2007 |
1,250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A23383649 |
|
49 |
10058558 |
03/07/2007 |
776,340,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A18044446 |
|
50 |
10043869 |
30/05/2012 * |
2,000,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
BIRLA TOWER, 25 BARAKHAMBHA |
B41462888 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
30.09.2013 (18 Months) (Rs.
In Millions) |
31.03.2012 (12 Months) (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Promoters’ Companies |
174.800 |
0.000 |
|
Total |
174.800 |
0.000 |
COMPANY’S PERFORMANCE
ON STANDALONE BASIS
1. DURING THE YEAR
Despite the decline in the growth rate in Indian Economy,
the company’s total income amounted to Rs. 24973.000 Millions during the year
in comparison to Rs. 22909.900 Millions in the previous year. The Net Loss before and
after tax stood at Rs. (5932.100) Millions and Rs. (5952.600) Millions respectively.
Broadly some of the factors contributing to the decline in the financial
performance of the Company during the year are detailed below:
1) Delay in implementation of National Gas Grid
2) Excess capacity in the industry leading to aggressive pricing
3) Low capacity utilization
4) Increase in Interest cost
5) Adverse Movement in Exchange Rate
2. FOR THE YEAR
a) Due to the loss incurred by the company, no amount is proposed to be transferred to the General Reserve account.
b) Due to the reason as stated above, the debit balance of Profit and Loss Account proposed to be carried to Balance Sheet is Rs. 6005.100 Millions.
c) Keeping in mind the loss incurred by the Company, the directors do not recommend any dividend for the extended fi nancial year ended 30th September, 2013.
OPERATIONAL STATUS
The Company is engaged in the business of manufacturing HSAW/ Spiral pipes, Providing of pipe coating and ancillary services such as induction pipe bending, turnkey HSAW plant manufacturing etc. The Company is the largest manufacturer of HSAW pipes in India and has 1.40 million MTPA capacity in locations across India and 525000 MTPA capacities overseas.
The Company has strategically located pipe mills and coating facilities in Chennai, Kandla, Vizag, Ahmedabad, Jaipur, Daman, Mississippi (through its subsidiary company ‘PSL North America LLC’) and Sharjah (through its subsidiary company ’PSL FZE’) to cater to domestic as well as overseas market.
OPERATIONAL PERFORMANCE
During the year, the Company witnessed certain constraints due to external factors that affected its operational performance. Several delays in Implementation of the National Gas Grid projects due to jurisdictional disputes between public sector undertakings and drastic drop and reduction in national gas output have adversely impacted the pipeline sector in India. In anticipation of the demand leading from the gas grid and other pipeline projects, the production capacity have been added on exponential basis, However, as the demand has not picked up as expected, a situation of over supply in the Industry arose which resulted into cut down on margins and hence worsened the financial position of the businesses operating within the pipeline sector.
Due to the delays in implementation of country-wide projects such as the gas grid and water distribution projects, the accumulation of raw materials increased which resulted into higher inventory and lower capacity utilization. Other factors which added to the downfall were the stretched working capital cycle of the company due to higher levels of inventory and debtors resulting into increased Interest Cost and adverse movement in exchange rate.
Despite the aforesaid difficulties and strained liquidity position, the Company has managed to complete a host of projects on time and within budget.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT
Indian economy continued to face problems of high inflation, slow economic growth and high interest rates. As a result no significant improvements were noticed in the year 2012-13. Even though no improvement is expected in the short term, the Steel Pipeline Industry is expected to grow in the long run as steel pipes find its applications in various Industries such as automobiles, airports, malls and transportation of oil, gas, water etc. Owing to the growing automobile/ energy/ water demand and increase in cost of transportation through rail/ road etc., pipeline networks are essential for the mobility of various
OUTLOOK
As stated above, the opportunities for the growth of Pipeline industry is expecting to rise in the future as the demand for pipelines is continuously on the rise mainly due to the soaring crude oil prices. Also the penetration level of pipelines in oil and gas transportation is low at 32 % in India as against the global average of 79%, which represents huge scope of growth for the Indian Pipe Industry.
Regarding the Company’s own outlook, The Company is the largest producer of HSAW pipes in India as the principal competitors of the company mainly focus on the production of LSAW Pipes. The Company has lower capital costs to build and operate pipe mills as compared to their competitors as HSAW pipe mills require lighter equipments. Owing to the wide geographical spread out in India and ability to relocate the HSAW pipe mills to a location near where the pipes are to be used, the company is able to incur lower transportation costs for delivery
and this bid for large contracts at very competitive rates.
The Company has vertically integrated itself to offer an exhaustive range of services in the HSAW Pipe Industry. Also with an increased emphasis on investments in oil and gas and irrigation and water supply sectors by the government, the future prospects for steel pipe industry appease positive.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The financial statements have been prepared in accordance
with the requirements of the Companies Act, 1956 and the applicable
accounting standard issued by the Institute of Chartered Accountants of India.
The management of PSL accepts the integrity and objectivity of these financial
statements as well as the various estimates and judgments used therein.
Adequate powers have been deliberated to Senior and Middle Management to
minimize the occurrences of inefficient operational performance due to lack of
timely decision making. Most of the powers have been decentralized to the
different operational levels at widely spread network of company’s plants.
However important areas like requirement of funds at different units and evolution
of suitable mechanism to raise such funds is done in a centralized manner.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
A. Counter
Guarantees given by the Company for Bank Guarantees |
6371.040 |
5116.506 |
|
B. Other
Guarantees Given by the Company on behalf of Subsidiary Company [Includes Corporate Guarantee as Security for a Standby
Letter of Credit (SBLC) given by a Bank in USA amounting to Rs. 3.120
Millions (equivalent to USD 78 mn) towards Security for Tax Exempt Variable
Rate Demand Revenue Bonds – Series 2007A and Taxable Variable Rate Demand
Revenue Bonds- Series 2007 B issued by Mississippi Business Finance
Corporation USA on behalf of Company’s Wholly Owned Subsidiary] |
10645.206 |
18577.496 |
|
- Others |
457.568 |
28.607 |
|
C. Letter of
Credit Outstanding (Not yet committed) |
3.006 |
1571.950 |
|
D. Bills
Discounting |
49.384 |
1201.090 |
|
E. Estimated
amount of contracts remaining to be executed on capital account and not provided for (Net of
advances) |
0.000 |
300.000 |
STATEMENT OF AUDITED
RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2014
PART I
(Rs. in Millions)
|
Sr. No. |
PARTICULARS |
3 months ended |
Preceding 3 months
ended |
Year to date figures for current period ended |
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
(Audited) |
(Unaudited) |
(Audited) |
||
|
Part I |
|
|
|
|
|
|
Income from operations |
|
|
|
|
1 |
|
|
|
|
|
|
Net sales/income
from operations (net of Excise duty) |
1099.300 |
696.900 |
1796.200 |
|
|
|
|
|
|
|
|
Other
operating income |
209.900 |
80.500 |
290.400 |
|
|
Total income from operations (net) |
1309.200 |
777.400 |
2086.600 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of
materials consumed |
652.000 |
178.000 |
830.000 |
|
|
(b)Purchases
of stock-in-trade |
0.000 |
92.100 |
0.000 |
|
|
(b) Changes
in inventories of finished goods, work-in-progress & |
99.000 |
458.600 |
557.600 |
|
|
stock in trade |
|
|
|
|
|
(d) Employee
benefits expense |
137.500 |
128.600 |
266.100 |
|
|
(e)
Depreciation and amortisation expense |
447.600 |
446.800 |
894.400 |
|
|
(f) Other
expenditure (Any item exceeding 10% of the total expenses |
297.900 |
472.200 |
770.100 |
|
|
relating to continuing operations to be
shown separately) |
|
|
|
|
|
Total expenses |
1634.000 |
1684.200 |
3318.200 |
|
3 |
Profit/(Loss) from operations before other
income, finance costs and exceptional items (1-2) |
(324.800) |
(906.800) |
(1231.600) |
|
4 |
Other income |
95.600 |
0.000 |
95.600 |
|
|
|
|
|
|
|
5 |
Profit/(Loss) from ordinary activities before
finance costs and exceptional items (3+ -4)) |
(229.200) |
(906.800) |
(1136.000) |
|
6 |
Finance
costs |
156.500 |
25.500 |
182.000 |
|
7 |
Profit/(Loss) from ordinary activities after
finance costs but before exceptional items (5 + -6) |
(385.700) |
(932.300) |
(1318.000) |
|
8 |
Exceptional
items |
(103.400) |
0.000 |
(103.400) |
|
9 |
Profit(+)/Loss (-) from Ordinary Activities
before tax (7 + -8) |
(489.100) |
(932.300) |
(1421.400) |
|
10 |
Tax
Expense/Benefit |
0 |
0.000 |
0 |
|
11 |
Net Profit (+)/ Loss (-) from Ordinary Activities
after tax (9 + -10) |
(489.100) |
(932.300) |
(1421.400) |
|
12 |
Extraordinary
items (net of tax expense) |
0 |
0 |
0 |
|
13 |
Net Profit (+)/ Loss (-) for the period (11+ -12) |
(489.100) |
(932.300) |
(1421.400) |
|
14 |
Share of profit/(loss) of associates |
0.000 |
0.000 |
0.000 |
|
|
Loss attributable to non-controlling
interest |
|
|
|
|
15 |
Minority interest |
0.000 |
0.000 |
0.000 |
|
16 |
Net Profit/ (Loss) after taxes. Minority interest
and share of |
(489.100) |
(932.300) |
(1421.400) |
|
|
Profit /(Loss) of associates (13+ -14+-15) |
|
|
|
|
17 |
Paid-up
equity share capital ( Face value of the Share shall be indicated) |
533.3 |
53.33 |
53.33 |
|
18 |
Reserves
excluding Revaluation Reserves (as per balance sheet) of previous accounting year. |
0 |
0 |
0 |
|
19 |
Earnings Per Share (before extraordinary items) |
|
|
|
|
|
not annualised |
|
|
|
|
.i |
(a) Basic |
(9.17) |
(17.48) |
(26.65) |
|
|
(b) Diluted |
(9.17) |
(17.48) |
(26.65) |
|
|
|
|
|
|
|
19 |
Earnings Per Share (after extraordinary items) |
|
|
|
|
|
not annualised |
|
|
|
|
.ii |
(a) Basic |
(9.17) |
(17.48) |
(26.65) |
|
|
(b) Diluted |
(9.17) |
(17.48) |
(26.65) |
SELECT INFORMATION FOR THE
QUARTER AND YEAR ENDED 31.03.2014
PART II
|
|
Particulars |
3 months ended |
Preceding 3 months
ended |
Year
to date figures for current period
ended |
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
(Audited) |
(Unaudited) |
(Audited) |
||
|
A |
PARTICULARS OF SHARE HOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- Number of Shares |
32314101 60.63% |
32314101 60.63% |
32314101 60.63% |
|
|
- Percentage of Shareholding |
|||
|
|
|
|
|
|
|
2 |
Promoter and
promoter group shareholding |
|
|
|
|
|
(a) Pledged/Encumbered |
|
|
|
|
|
-
Number of shares |
20982710 100% |
8540990 40.70% |
20982710 100% |
|
|
- 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) |
39.37% |
16.03% |
39.37% |
|
|
(b) Non
encumbered |
|
|
|
|
|
- Number of
shares |
0 0 |
12441720 59.30% |
0 0 |
|
|
- 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) |
0 |
23.34% |
0 |
|
|
|
|
|
|
|
|
PARTICULARS
|
3 months ended 31/03/2014 |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at
the begining of the quarter
Received
during the quarter
Disposed off
during the quarter
Remaining
unresolved at the end of the quarter
|
0 30 30 0 |
NOTES:
1.
The above financial results have been reviewed by the
Audit Committee and were taken on record by the Board of Directors in its
meeting held today i.e. 30th May, 2014.
2.
The Company's main business is to manufacture steel
pipes. Accordingly, the Company does not have more than one segment eligible for
reporting in terms of relevant accounting standard issued by the Institute of
Chartered Accountants of India.
3.
The Financial Year 2013-14 of the Company comprised
of only six months period i.e. 1st October 2013 to 31st March 2014, whereas
Financial Year 2013-14 for its various subsidiaries excluding PSL Corrosion
Control Services Limited comprised of full twelve months period i.e. 1st April
2013 to 31st March 2014. The Financial Year aforesaid of subisidairies namely
PSL Corrosion Control Services Limited also comprises of six months period.
Hence the Consolidated results in Column 9 have been accordingly drawn.
4.
All the figures in Column 3 to 8 are pertaining to
PSL Limited's standalone results are duly audited. The figures of Consolidated
accounts in Column 9 include audited
figures of the company and all its subsidiaries excluding the two foreign
subsidiary companies namely Pipeline Systems Limited, ( Mauritius) and PSL USA
INC (USA)
5.
The figures for the corresponding previous periods
have been regrouped/restated whereever necessary to make them comparable.
6.
The above results have been submitted to the Bombay
and National Stock Exchange where the Company's Securities are listed and the
same have been posted at the respective
websites of the two exchange(s) at "www.bseindia.com" and
"www.nseindia.com", in addition to posting at Company's website at
"www.psllimited.com".
7. The summarised data for Standalone assets and liabiliites for the year ended 31.03.2014 is as follows:
|
Sr. No. |
Particular |
Standalone
31.03.2014 (As
at Current half year end/year end) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
533.000 |
|
|
(b) Reserves and surplus |
1463.300 |
|
|
(c) Money received against share warrants |
0.000 |
|
|
Sub-total
- Shareholders' funds |
1996.300 |
|
|
|
|
|
2 |
Share application money pending allotment |
180.100 |
|
|
|
|
|
3 |
Minority Interest |
0.000 |
|
|
|
|
|
4 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
34097.900 |
|
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
|
|
(c) Other long-term liabilities |
2929.600 |
|
|
(e) Long-term provision |
134.100 |
|
|
Sub-total
- Non-current liabilities |
37161.500 |
|
|
|
|
|
5 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
3549.500 |
|
|
(b) Trade payables |
536.300 |
|
|
(c) Other current liabilities |
3160.900 |
|
|
(d) Short-term provision |
0.000 |
|
|
Sub-total - Current
liabilities |
7246.600 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
46584.500 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed assets |
18620.300 |
|
|
(b) Goodwill on consolidation |
0.000 |
|
|
(c) Non-current Investments |
3046.100 |
|
|
(d) Deferred tax assets (net) |
60.500 |
|
|
(e) Long-term loans and advances |
4308.600 |
|
|
(f ) Other non-current assets |
0.000 |
|
|
Sub-total
- Non-current assets |
26035.500 |
|
2 |
Current assets |
|
|
|
(a) Current Investments |
0.000 |
|
|
(b) Inventories |
14440.400 |
|
|
( c) Trade receivables |
3498.500 |
|
|
(d) Cash and cash equivalents |
1020.200 |
|
|
(e) Short-terms loans and advances |
1589.900 |
|
|
(f) Other current assets |
0.000 |
|
|
Sub-total
- Current assets |
20549.000 |
|
|
TOTAL
- ASSETS |
46584.500 |
FIXED ASSETS
Tangible Assets
Free
Hold Land
Lease
Hold Land
Office
Buildings
Factory
Buildings
niture
and Fixtures
Plant
and Equipments
Offi
ce Equipments
Lab
Equipments
Computers
Motor
Cars
Commercial
Vehicles
Cycles
Earth
Moving Equipments
Shed
Construction
Intangible Assets
Computer
Software
PSL IN TALKS FOR $825 MILLION DEBT RECAST
March 08, 2013
Mumbai:
Steel pipe maker PSL Limited is in talks with lenders including State Bank of India and ICICI Bank to restructure its Rs. 45 billion debt, a company official told Reuters.
PSL had been stuck with excess capacity as gas pipeline projects in India have
been delayed, G Gehani, director and company secretary, told Reuters.
Lower-than-expected output from Reliance Industries KG-D6 gas field, off
India's eastern coast, has disrupted plans for industrial use of natural gas in
India. Under corporate debt restructuring, lenders typically extend the
repayment tenure for the borrower and lower the interest rate.
"We make pipes for particular projects. If projects do not come we cannot
do anything about it," Mr Gehani said on Friday. The country had planned a
natural gas pipeline grid of 30,000 kilometres by 2017.
Wind turbine maker Suzlon Energy and telecom infrastructure services provider
GTL Infra are other companies whose debt is being restructured through a
similar process.
PSL, which has a market capitalisation of about $40 million, lost Rs. 161
million in the December quarter compared to a net profit of Rs. 66 million in
the period a year earlier.
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.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
33 |
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.