MIRA
INFORM REPORT
|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SURYADEV ALLOYS AND POWER PRIVATE LIMITED |
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Registered Office : |
497 and 498, 8th Floor, |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
26.05.2006 |
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Com. Reg. No.: |
18-059997 |
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Capital
Investment / Paid-up Capital : |
Rs.396.426
Millions |
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CIN No.: [Company
Identification No.] |
U29141TN2006PTC059997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES27192E |
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PAN No.: [Permanent
Account No.] |
AAKCS1246B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Steel Products. |
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No. of employees : |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported to be usually correct and as per commitments. The company can be considered normal 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact no.: 91-44-42221000
LOCATIONS
|
Registered Office / Marketing Office: |
497 and 498, 8th Floor, Isana Building, P.H. Road, Arumbakkam, Chennai
– 600106, Tamilnadu, India |
|
Tel. No.: |
91-44-42221000 / 42153310 |
|
Fax No.: |
91-44-42221029 |
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E-Mail : |
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Website : |
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Factory : |
S. No. 298/2, New Gummidipoondi, Gummidipoondi Taluk, Tiruvallur -601201,
Tamilnadu, India |
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Tel. No.: |
91-44-27921454 |
|
Fax No.: |
91-44-27921425 |
DIRECTORS
AS ON 16.07.2013
|
Name : |
Mr. Mukesh Agarwal |
|
Designation : |
Managing Director |
|
Address : |
Old No. 638C, New No. 480, T.H. Road, 2nd Floor,
Thondiarpet, Chennai-600081, Tamilnadu, India |
|
Date of Birth/Age : |
31.10.1970 |
|
Date of Appointment : |
26.05.2006 |
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PAN No.: |
AAFPK6968E |
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Din No.: |
01122858 |
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|
Name : |
Mr. Pankaj Agarwal |
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Designation : |
Director |
|
Address : |
Flat No 4E, The Heritage Apartments, No 18- 21,4Th Cross Street,Ormes
Road, Kilpauk, Chennai, 600010, Tamilnadu, India |
|
Date of Birth/Age : |
02.08.1974 |
|
Date of Appointment : |
26.05.2006 |
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PAN No.: |
AFLPA1767N |
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Din No.: |
01357841 |
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|
|
|
Name : |
Mr. Vinod Bansal |
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Designation : |
Director |
|
Address : |
Flat No. 1A, S.A. Building, 1st Floor, 38/19, New Avadi
Road, Kilpauk, Tamilnadu, India |
|
Date of Birth/Age : |
28.12.1973 |
|
Date of Appointment : |
04.09.2008 |
|
PAN No.: |
ABRPV7290B |
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Din No.: |
02299776 |
|
Name : |
Mr. Govind Baburam Gagoria |
|
Designation : |
Director |
|
Address : |
D-16, Permier Grihalakshmi Apartments, 640/643, T.H. Road, Tondiarpet,
Chennai, 600081, Tamilnadu, India |
|
Date of Birth/Age : |
12.2.1975 |
|
Date of Appointment : |
10.08.2011 |
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PAN No.: |
AAIPG7792B |
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DIN No. : |
00326647 |
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|
|
|
Name : |
Mr. Mukesh Rambihari Rohatgi |
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Designation : |
Director |
|
Address : |
D-190 Sector-41, G.B. Nagar, Noida, 201303, Uttar Pradesh, India |
|
Date of Birth/Age : |
27.09.1949 |
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Date of Appointment : |
26.12.2011 |
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DIN No. : |
00136067 |
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|
Name : |
Mr. Balaji Radhakrishnan |
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Designation : |
Director |
|
Address : |
Meenatchi Street, Lakshmi Amman Nagar, Kodungaiyur, 600118, Tamilnadu,
India |
|
Date of Birth/Age : |
25.07.1975 |
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Date of Appointment : |
27.08.2012 |
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PAN No.: |
ALSPB3946P |
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DIN No. : |
06365346 |
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|
Name : |
Mr. Gautam Kumar Kundu |
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Designation : |
Director |
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Date of Birth/Age : |
07.05.1959 |
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Date of Appointment : |
12.09.2012 |
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DIN No. : |
06379876 |
|
Address : |
No 319-A Second Floor, Seventh Cross, Bridavan Road, Salem, 636004,
Tamilnadu, India |
KEY EXECUTIVES
|
Name : |
Mr. Ganesh K P |
|
Designation : |
Secretary |
|
Address : |
West Street, Keezha
Derisanamcope, Azhagiapandiapuram Post, kaniyakumari – 629851, Tamilnadu,
India |
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Date of Birth/Age : |
30.06.1986 |
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PAN No.: : |
BAYPG1861Q |
|
Date of Appointment : |
08.05.2013 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.07.2013
Shareholders details file are attached.
AS ON 16.07.2013
Equity Share Breakup
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
7.96 |
|
Bodies corporate |
76.90 |
|
Directors or relatives of Directors |
15.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Products. |
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Products : |
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PRODUCTION STATUS
AS ON 31.03.2012
Production for Sale (in Million tones)
|
Particulars |
31.03.2012 |
|
Pig Iron |
5.78 |
|
Sponge Iron |
20.37 |
India is the 4th
largest crude steel producer of steel in the world. In 2011-12(Prov), production
for sale of total finished steel (alloy+ non alloy) was 73.42 MT.
Considering steel
consumption of 300 kg/man/year to be a fair level of economic development,
India will have to reach up to around 300 million tones, if it is to fulfill
its ambitions of being a developed country. Steel Production in India is
expected to reach 124 Million tons by 2012 and 275 Million tons by 2020 which
could make it the second largest steel maker.
GENERAL INFORMATION
|
Customer : |
·
Southern Railways ·
National Highways Authority of India (Nhai) ·
Engineers India Limited ·
Chennai Port Trust ·
Nuclear Power Corporation Limited ·
Consolidated Construction Consortium Limited |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
NOTE : LONG TERM BORROWINGS Loan taken from
other parties. Letter of
Credit/ buyer's Credit against Capital Goods. SHORT TERM
BORROWINGS Cash Credit/
Working Capital loans are secured primarily by hypothecation of all present
and future stocks, book debts and other current assets of the company on
pari-passu basis with all consortium banks and secured collateraly by
pari-passu second charge on the block of assets and personal gurantee of
directors and other relatives. Letter of credit
(LC) / Buyer's Credit (BC) is secured by hypothecation of merchandise covered
under LC/BC and extension of charge over the current assets of the company on
pari-passu with all consurtium banks. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
1, Philips Street, Chennai – 600001, Tamilnadu, India |
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PAN No.: |
AACFS0926P |
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|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their relatives
: |
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CAPITAL STRUCTURE
AFTER 16.07.2013
Authorised Capital : Rs. 700.000 Millions
Paid-up Capital : Rs. 399.453 Millions
AS ON 16.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 700.000 Millions |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
58,258,822 |
Equity Shares |
Rs.10/- each |
Rs. 582.588
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39642572 |
Equity Shares |
Rs.10/- each |
Rs. 396.426
Millions |
|
18616250 |
Equity Shares |
Rs.0.10/-
each |
Rs. 1.861 Millions |
|
|
|
|
Rs. 398.287 Millions |
AS
ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 700.000 Millions |
|
|
|
|
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39642572 |
Equity Shares |
Rs.10/- each |
Rs. 396.426
Millions |
|
|
|
|
|
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 |
396.426 |
313.038 |
179.494 |
|
(b) Reserves & Surplus |
4,983.634 |
3,053.894 |
1,308.566 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
500.002 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5,880.062 |
3,366.932 |
1,488.060 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6,906.761 |
3,672.807 |
1,263.350 |
|
(b) Deferred tax liabilities
(Net) |
84.700 |
74.500 |
84.300 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.100 |
4.400 |
2.600 |
|
Total
Non-current Liabilities (3) |
6,997.561 |
3,751.707 |
1,350.250 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5,653.007 |
3,488.423 |
1,855.092 |
|
(b) Trade payables |
682.388 |
588.153 |
178.856 |
|
(c) Other current liabilities |
405.149 |
304.462 |
202.588 |
|
(d) Short-term provisions |
28.065 |
41.911 |
51.403 |
|
Total
Current Liabilities (4) |
6,768.609 |
4,422.949 |
2,287.939 |
|
|
|
|
|
|
TOTAL |
19,646.232 |
11,541.588 |
5,126.249 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,325.203 |
1,054.781 |
996.067 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
7,620.861 |
3,563.229 |
103.998 |
|
(iv) Intangible assets under
development |
2.020 |
1.935 |
0.000 |
|
(b) Non-current Investments |
6.500 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1,623.153 |
920.915 |
997.441 |
|
(e) Other Non-current assets |
10.619 |
48.930 |
72.896 |
|
Total
Non-Current Assets |
10,588.356 |
5,589.790 |
2,170.402 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
26.951 |
2.250 |
0.000 |
|
(b) Inventories |
4,198.921 |
2,403.851 |
1,646.761 |
|
(c) Trade receivables |
1,190.893 |
1,159.669 |
857.803 |
|
(d) Cash and cash equivalents |
1,818.162 |
1,807.468 |
126.380 |
|
(e) Short-term loans and
advances |
1,781.975 |
557.062 |
311.883 |
|
(f) Other current assets |
40.974 |
21.498 |
13.020 |
|
Total
Current Assets |
9,057.876 |
5,951.798 |
2,955.847 |
|
|
|
|
|
|
TOTAL |
19,646.232 |
11,541.588 |
5,126.249 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
8,374.199 |
7,284.131 |
6,189.707 |
|
|
Other Income |
9.034 |
0.057 |
17.396 |
|
|
TOTAL
|
8,383.233 |
7,284.188 |
6,207.103 |
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
Cost of Materials Consumed |
8,162.738 |
6,888.372 |
5,829.239 |
|
|
Employees benefits expense |
|
|
|
|
|
Other expenses |
|
|
|
|
|
TOTAL
|
8,162.738 [Including
Finance and Depreciation Expenses] |
6,888.372 [Including
Finance and Depreciation Expenses] |
5,829.239 [Including
Finance and Depreciation Expenses] |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
220.495 |
395.816 |
377.864 |
|
|
|
|
|
|
|
Less |
TAX |
64.393 |
70.786 |
153.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
156.102 |
325.030 |
224.064 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
26.407 |
26.128 |
|
|
TOTAL
EARNINGS |
NA |
26.407 |
26.128 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
2699.343 |
1802.578 |
|
|
Components and Stores parts |
NA |
1.572 |
3.096 |
|
|
TOTAL IMPORTS |
NA |
2700.915 |
1805.674 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.94 |
10.38 |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.86 |
4.46 |
3.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.63 |
5.43 |
6.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.83 |
4.96 |
7.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.12 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.14 |
2.12 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.35 |
1.29 |
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 |
179.494 |
313.038 |
396.426 |
|
Reserves & Surplus |
1,308.566 |
3,053.894 |
4,983.634 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
500.002 |
|
Net
worth |
1,488.060 |
3,366.932 |
5,880.062 |
|
|
|
|
|
|
long-term borrowings |
1,263.350 |
3,672.807 |
6,906.761 |
|
Short term borrowings |
1,855.092 |
3,488.423 |
5,653.007 |
|
Total
borrowings |
3,118.442 |
7,161.230 |
12,559.768 |
|
Debt/Equity
ratio |
2.096 |
2.127 |
2.136 |
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) |
|
Revenue from operations |
6,189.707 |
7,284.131 |
8,374.199 |
|
|
|
17.681 |
14.965 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
6,189.707 |
7,284.131 |
8,374.199 |
|
Profit/(Loss) After Tax |
224.064 |
325.030 |
156.102 |
|
|
3.62% |
4.46% |
1.86% |
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 |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances |
822.800 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from others |
70.227 |
8.427 |
|
Other loans and advances, others |
0.000 |
3.600 |
|
Total |
893.027 |
12.027 |
|
NOTE
: Loan and advance
from related parties. This loan is repayable on demand. |
||
BUSINESS REVIEW
The company is
committed to achieving excellence in spite of having faced many hurdles and
challenges during the Financial Year 2012-13. The Year 2012-13 was challenging
due to the slowdown in economy and steep depreciation in rupee against the
dollar. The company, however, was able to operate its plant successfully and
has infact commissioned the 30T furnace on 30.07.2012.
The notice of
their share holders that inspite of having a good demand for the product and
the product being sold at a premium in the market, the production levels were
hampered and we could operate only at 51% of the Installed Capacity. This is
due to the unavailability of power.
There has been
lower profitability in FY 2012-13 in comparison to FY 2011-12 and the reasons
thereof are as below:
Power Cut was
increased from 20% to 40% w.e.f., April 2012 resulting in under utilization of
installed capacity in Steel Division.
Power Tariff has
increased in Tamil Nadu from Rs. 4 p.u. to Rs. 5.50 p.u. i.e., an increase of 38%.
This has resulted in increase in power cost by Rs. 250.000 Millions in FY
2012-13 in comparison to PY. These additional EB payments have adversely
affected the profitability of the Company.
Adverse economic
situation has also affected the industry.
The company was
able to commence its first 80 MW Power Plant by April 2013. Owing to this
backward integration, the operating costs are expected to come down
considerably due to availability of continuous supply of quality in-house
power. This will result in higher profits in the coming years. Also the steel
division will be able to run at optimum capacity due to availability of
continuous power supply.
The profit levels
are maintained in the future years. The Company has become one of the leading
manufacturers and unbeatable competitors of quality steel in the state of Tamil
Nadu and is fast expanding its horizon to other southern states of India.
FUTURE OUTLOOK OF THE COMPANY:
To tide over the
present power crisis in Tamilnadu and to be able to capture more markets by
having a wider product portfolio to cater to, the Company as part of its
current expansion plan is setting up a second 80 MW Captive Power Plant and
0.60 Million MTPA Steel Mill with Technology and also an 80 T Electric Arc
Furnace for production of billets for use in the rolling mill.
With the setting
of power plants, not only will there be continuous supply of quality in-house
power, thereby reducing cost of production but also the existing steel division
will be able to run at optimum capacity.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10103130 |
13/07/2010 * |
300,300,000.00 |
UNION BANK OF
INDIA |
OVERSEAS BRANCH,
OLD.NO.96, NEW,NO.74, G.N.CHETTY ROAD, T.NAGAR, CHENNAI, TAMILNADU -
600017, INDIA |
A89614630 |
|
2 |
10060574 |
21/06/2013 * |
10,241,800,000.00 |
INDIAN OVERSEAS
BANK |
ROYAPURAM
BRANCH, 153/62, 155/63, M.S KOIL STREET , CHENNAI, TAMILNADU - 600013,
INDIA |
B79507927 |
* Date of charge modification
FIXED
ASSETS :
·
Land
·
Building
·
Vehicles
·
Office equipment
·
Furniture and fixtures
·
Factory building
·
Plant and equipment
·
Factory equipments
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 records 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.60.14 |
|
|
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.