MIRA
INFORM REPORT
|
Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SKM STEELS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
01.12.1994 |
|
|
|
|
Com. Reg. No.: |
11-083403 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 48.592
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1994PLC083403 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS37214C/ MUMS41878E/
MUMS42024D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADC57801F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and
Exporter of Stainless Steel Products. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is the Hagship Company of “SKM Group” which was started as a
partnership concern in the year 1972. Later, it was reconstituted as a public
limited company in 1994. It is an established company having satisfactory
track record. The company possesses an average financial profile marked by moderate
total outside liabilities to tangible networth ratio and average debt
protection metrics along with working capital intensive operations owing to
stretched receivable resulting in slight impact on the liquidity position. Management has reported a low profit margin as well as has witnessed a
continuous dip in its sales revenue during FY13. The ratings also take into consideration the intensely competitive and
limited value adding nature of the business. However, trade relations are appear to be fair. Business is active.
Payment terms are reported as slow but correct. In view of long standing experience of the promoters, the subject can
be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
May 02, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term Rating) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
May 02, 2014 |
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 PARTED BY
|
Name : |
Mr. Ravi Shetty |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-23862884 |
LOCATIONS
|
Registered Office : |
Ganjanand Darshan Building, 30, 2nd Floor, C.P. Tank Road, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23862884/ 22336691/
66336691/ 40716600/ 40716666 / 66181111 |
|
Fax No.: |
91-22-23886165/
23805392/ 94 / 66181122 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
Head Office : |
SKM House, 12,
Khetwadi 6th Lane, Mumbai – 400004, Maharashtra, India |
|
|
|
|
Factory : |
Plot No. 2803, GIDC Phase III, Umbergaon, District Valsad - 396171,
Gujarat, India |
|
|
|
|
Marketing Division : |
|
|
|
|
|
Branch Offices
: |
Located at: v 13, Mooker Nalla , Muthu Street, Chennai – 600001, Tamilnadu, India v
311, v
202, Ashwarath, Opposite Fortune Landmark,
Usmanpura, |
|
|
|
|
Export
Division : |
66, C.P. Tank Road, Mumbai – 400004,
Maharashtra, India |
|
Tel. No.: |
91-22-66272727 |
|
Fax No.: |
91-22-66570103 |
|
E-Mail : |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Pankaj Dahyalal Shah |
|
Designation : |
Whole-time director |
|
Address : |
Flat No.161, 16th
Floor, Enterprise Apartment, Forjet Hill Road, Mumbai – 400004, Maharashtra,
India |
|
Date of Birth/Age : |
19.02.1973 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.12.1994 |
|
PAN No.: |
AAEPS7087D |
|
Voter ID No.: |
ISD1526912 |
|
DIN No.: |
00078997 |
|
|
|
|
Name : |
Mr. Chirag Shantilal Shah |
|
Designation : |
Director |
|
Address : |
704, Gokul Apartments, 14th Khetwadi Back Road, Mumbai –
400004, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1977 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.07.2000 |
|
PAN No.: |
AAGPS8472C |
|
Voter ID No.: |
ISD1587963 |
|
DIN No.: |
00081637 |
|
|
|
|
Name : |
Mr. Kalpesh Haribhai Chowdhary |
|
Designation : |
Director |
|
Address : |
Makharia House, 1st Floor, 327, SVP Road, Mumbai – 400004,
Maharashtra, India |
|
Date of Birth/Age : |
06.11.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.01.2011 |
|
PAN No.: |
AABPC9287C |
|
Voter ID No.: |
MT/04/023/0114628 |
|
DIN No.: |
00084800 |
|
|
|
|
Name : |
Mr. Kirtilal Moolchand Shah |
|
Designation : |
Managing director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1949 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
01.12.1994 |
|
PAN No.: |
AAHPS8248K |
|
Voter ID No.: |
MT/04/024/0135554 |
|
DIN No.: |
00105703 |
|
|
|
|
Name : |
Mr. Amit Kirtilal Shah |
|
Designation : |
Director |
|
Address : |
Flat No.1001, 10th
Floor, Garden View, 8, J Mehta Marg, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1980 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
11.06.2001 |
|
PAN No.: |
ALTPS7632L |
|
Voter ID No.: |
ISD1622265 |
|
DIN No.: |
00105932 |
|
|
|
|
Name : |
Mr. Ramanugrah Singh |
|
Designation : |
Director |
|
Address : |
B/ 34, Abhishek Apartment, Block No. 12, Cross Road, Lokhandwala
Complex, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1946 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
27.11.1995 |
|
DIN No.: |
00369580 |
|
|
|
|
Name : |
Mr. Rajeev Singh |
|
Designation : |
Whole-time director |
|
Address : |
13/D, 13th Floor, Harmony Towers, Dr E Moses Road, Worli Mumbai –
400018, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1973 |
|
Date of Appointment : |
01.06.2013 |
|
DIN No.: |
06603416 |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Shetty |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shah Kirtilal
Moolchand and Shah Veenaben Kirtilal |
|
470941 |
|
Shah Amit
Kirtilal and Shah Veenaben Kirtilal |
|
473541 |
|
SKM Constructions
Private Limited, |
|
400000 |
|
Shah Veenaben
Kirtilal and Shah Kirtilal Moolchand |
|
474916 |
|
Sapan Chemicals Limited, India (Earlier known as Suryadeep Salt and
Chemicals Limited) |
|
12000 |
|
Kailash Ficom Limited, |
|
18000 |
|
Zen Shaving Limited, |
|
4000 |
|
Tribhuvan Housing Limited, |
|
10000 |
|
Shah Kirtilal Moolchand HUF |
|
483541 |
|
Shah Ruchita Amit and Shah
Amit Kirtilal |
|
480221 |
|
Shah Amit Kirtilal
HUF |
|
491916 |
|
Chowdhary Anju Kalpesh |
|
405718 |
|
Shah Sejal Chirag and Shah Chirag Shantilal |
|
394368 |
|
SKM Industries Private Limited, |
|
15000 |
|
Shree Parul Developers Private Limited, |
|
110000 |
|
Megha Bhavesh Shah |
|
125000 |
|
Juvenile Capfin Private Limited, |
|
490000 |
|
Total |
|
4859162 |
As on 28.09.2013
Equity Share Break up (Percentage of Total Equity)
|
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 |
2.57 |
|
Bodies corporate |
21.80 |
|
Directors or relatives of Directors |
75.63 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Stainless Steel Products. |
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Products/ Services : |
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Terms : |
|
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|
Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
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|
|
|
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|
Bankers : |
· Commonwealth Bank of Australia, Mumbai Branch, Level 2, Hoechst House, Nariman Point, Mumbai - 400021, Maharashtra, India · Union Bank of India, Fort Branch, Mumbai, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · Bank of India - Lead Bank Of Boi Consortium Large Corporate Branch, Free Press Building, 9th Floor, Free Press Journal Marg, Nariman Point,, Mumbai - 400021, Maharashtra, India · Standard Chartered Bank · HSBC Bank Limited · Yes Bank Limited ·
Citi Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial Institutions : |
· Tata Capital Financial Services Limited, One Forbes, Dr. V. B. Gandhi Marg, Fort, Mumbai - 400001, Maharashtra, India · Kotak Mahindra Prime Limited |
|
|
|
|
Auditors : |
|
|
Name : |
M.C. Doshi and Company Chartered Accountants |
|
Address : |
307, Shyamkamal-C, Agarwal Market, Vile Parle [East]
Mumbai – 400057, Maharashtra, India |
|
Tel. No.: |
91-22-67437416/ 17 |
|
Fax No.: |
91-22-23824232 |
|
E-Mail : |
|
|
PAN No.: |
AAUFM8321L |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
· Shree Steel Depot · Bharat Steel Yard · Skm Enterprises Private Limited · Heavy Metal and Tubes Limited · Maitri Metals Private Limited · Skm Metal Processors Private Limited · Skm Industries Private Limited · Shree Sejal Construction Private Limited ·
Sunstar Infratech Private Limited |
|
|
|
|
Subsidiary company
: |
Mahima Infrastructures Private Limited |
CAPITAL STRUCTURE
As on 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16500000 |
Equity Shares |
Rs.10/- each |
Rs.165.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4859162 |
Equity Shares |
Rs.10/- each |
Rs.48.592 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 |
48.592 |
47.638 |
47.638 |
|
(b) Reserves & Surplus |
1502.912 |
1389.728 |
1287.773 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1551.504 |
1437.366 |
1335.411 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
102.857 |
144.237 |
38.100 |
|
(b) Deferred tax liabilities (Net) |
13.066 |
8.215 |
9.603 |
|
(c) Other long term liabilities |
32.899 |
22.159 |
22.047 |
|
(d) long-term provisions |
8.470 |
6.771 |
4.768 |
|
Total Non-current Liabilities (3) |
157.292 |
181.382 |
74.518 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3376.836 |
2633.024 |
2907.439 |
|
(b) Trade payables |
320.530 |
82.401 |
313.750 |
|
(c) Other current
liabilities |
69.391 |
88.513 |
59.945 |
|
(d) Short-term provisions |
4.508 |
7.793 |
46.285 |
|
Total Current Liabilities (4) |
3771.265 |
2811.731 |
3327.419 |
|
|
|
|
|
|
TOTAL |
5480.061 |
4430.479 |
4737.348 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
595.121 |
184.421 |
90.028 |
|
(ii) Intangible Assets |
108.478 |
283.322 |
0.540 |
|
(iii) Capital
work-in-progress |
0.909 |
0.736 |
141.707 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14.714 |
19.764 |
19.626 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
159.356 |
159.883 |
40.246 |
|
(e) Other Non-current assets |
5.251 |
5.251 |
5.251 |
|
Total Non-Current Assets |
883.829 |
653.377 |
297.398 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1231.724 |
959.791 |
1469.357 |
|
(c) Trade receivables |
3029.902 |
2499.798 |
2716.760 |
|
(d) Cash and cash
equivalents |
77.834 |
120.814 |
77.612 |
|
(e) Short-term loans and
advances |
255.703 |
196.266 |
175.903 |
|
(f) Other current assets |
1.069 |
0.433 |
0.318 |
|
Total Current Assets |
4596.232 |
3777.102 |
4439.950 |
|
|
|
|
|
|
TOTAL |
5480.061 |
4430.479 |
4737.348 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14813.053 |
15069.828 |
16752.538 |
|
|
|
Other Income |
90.675 |
106.223 |
65.458 |
|
|
|
TOTAL (A) |
14903.728 |
15176.051 |
16817.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2133.665 |
2150.082 |
2215.559 |
|
|
|
Purchases of Stock-in-Trade |
11589.006 |
11135.041 |
13941.235 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(316.143) |
475.793 |
(528.511) |
|
|
|
Employees benefits expense |
65.711 |
53.135 |
40.484 |
|
|
|
Prior period Expense |
1.250 |
54.863 |
0.000 |
|
|
|
Exception item |
(0.636) |
4.508 |
(1.685) |
|
|
|
Other expenses |
861.312 |
710.020 |
691.367 |
|
|
|
TOTAL (B) |
14334.165 |
14583.442 |
16358.449 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
569.563 |
592.609 |
459.547 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
384.649 |
419.432 |
235.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
184.914 |
173.177 |
224.359 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.623 |
18.199 |
8.152 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
153.291 |
154.978 |
216.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.631 |
53.023 |
76.603 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
87.660 |
101.955 |
139.604 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
339.667 |
414.506 |
360.328 |
|
|
|
Compensation Earned |
0.013 |
0.131 |
17.524 |
|
|
TOTAL EARNINGS |
339.680 |
414.637 |
377.852 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
553.492 |
458.151 |
0.000 |
|
|
|
Capital Goods |
54.354 |
10.688 |
0.000 |
|
|
|
Trading Goods |
164.616 |
140.551 |
2473.901 |
|
|
TOTAL IMPORTS |
772.462 |
609.39 |
2473.901 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.04 |
21.40 |
29.41 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
1600.000 |
|
|
|
|
|
The above information has been parted by Mr. Ravi Shetty
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.59 |
0.67 |
0.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.03 |
1.03 |
1.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.81 |
3.51 |
4.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.11 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.24 |
1.93 |
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.34 |
1.33 |
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 |
47.638 |
47.638 |
48.592 |
|
Reserves & Surplus |
1287.773 |
1389.728 |
1502.912 |
|
Net
worth |
1335.411 |
1437.366 |
1551.504 |
|
|
|
|
|
|
long-term borrowings |
38.100 |
144.237 |
102.857 |
|
Short term borrowings |
2907.439 |
2633.024 |
3376.836 |
|
Total
borrowings |
2945.539 |
2777.261 |
3479.693 |
|
Debt/Equity
ratio |
2.206 |
1.932 |
2.243 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16752.538 |
15069.828 |
14813.053 |
|
|
|
(10.045) |
(1.7040 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16752.538 |
15069.828 |
14813.053 |
|
Profit |
139.604 |
101.955 |
87.660 |
|
|
0.83% |
0.68% |
0.59% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four 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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
STRL/32/2008 |
Failing Date:- |
27/02/2008 |
Reg. No.:- |
STR/57/2010 |
Reg. Date:- |
30/08/2010 |
|
|
|||||||
|
Petitioner:- |
THE STATE OF MAHARASHTRA THROUGH |
Respondent:- |
SKM STEELS LIMITED |
||||
|
Petn.Adv:- |
SALES TAX TRIBUNAL, MAZGAON (0) |
|
|
||||
|
District:- |
BOMBAY |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
SALES TAX REFERENCES |
||||
|
Status:- |
Pre – Admission |
Stage:- |
SALES TAX REFERENCE FOR REJECTION U/R 986 OF THE H.C.(O.S) RULES 1980 |
||||
|
Last Date:- |
14/07/2009 |
|
|||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
||||||
BUSINESS RESULTS AND
OPERATIONS:
Steel sector has paned through a very depressing year because of slow growth in the international market and local demand has drastically come down due to slow down in the infrastructure sector as well as the other sectors like engineering goods, automobiles, constructions etc. where the products are sold by the company. This situation is reflected in the working of the company as turnover for the year was Rs.14903.728 Millions against Rs. 15176.051 Millions resulting into fall of 2%. Due to efficient management of funds and stringent control over cost, profits before depreciation and taxes increased to Rs. 184.914 Millions against Rs. 173.177 Millions for the last year resulting into a fourfold increase.
FINANCE:
Increase in working capital requirements due to higher level of inventories and book debts, were met partly from the borrowed funds and partly from internal accruals. Addition to capital assets were funded from the internal accruals of the company.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Loans and advances from others |
0.000 |
5.000 |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
0.000 |
7.000 |
|
Loans and advances from directors |
224.850 |
78.640 |
|
Loans and advances from others |
51.350 |
126.800 |
|
Other loans and advances |
6.996 |
21.452 |
|
Total |
283.196 |
238.892 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10434284 |
18/06/2013 * |
75,000,000.00 |
COMMONWEALTH BANK OF AUSTRALIA |
MUMBAI BRANCH, LEVEL 2, HOECHST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B78773272 |
|
2 |
10406046 |
01/02/2013 |
250,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR. V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B68432640 |
|
3 |
10387084 |
12/10/2012 |
250,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD, GUJARAT - 380006, INDIA |
B62231139 |
|
4 |
10348025 |
25/03/2012 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B37096682 |
|
5 |
10300041 |
29/03/2012 * |
100,000,000.00 |
COMMONWEALTH BANK OF AUSTRALIA |
LEVEL 2, HOECHST HOUSE, NARIMAN POINT,, MUMBAI, |
B37540309 |
|
6 |
10294191 |
29/06/2011 |
60,000,000.00 |
EDELWEISS FINANCE AND INVESTMENTS LIMITED |
2ND FLOOR, MB TOWERS, PLOT NO 5,, ROAD NO 2, BANJARA HILLS, HYDERABAD, ANDHRA PRADESH - 500034, INDIA |
B15816846 |
|
7 |
10285489 |
30/03/2011 |
399,500,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B12247367 |
|
8 |
10259012 |
30/03/2011 * |
399,500,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B12244026 |
|
9 |
10238175 |
04/08/2010 |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,
DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
A93450187 |
|
10 |
10231574 |
01/07/2010 |
50,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A89330229 |
|
11 |
10223177 |
06/05/2010 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.
ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
A86764222 |
|
12 |
10218079 |
30/03/2011 * |
2,750,000,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH FLOOR, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B12246625 |
|
13 |
10223138 |
16/04/2010 |
75,000,000.00 |
BANK OF INDIA |
C. P. TANK BRANCH,, 95, VITHALBHAI PATEL ROAD, C. P. TANK, MUMBAI, MAHARASHTRA - 400004, INDIA |
A85123529 |
|
14 |
10218080 |
16/04/2010 |
1,250,000,000.00 |
BANK OF INDIA (LEAD BANK) |
C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL, BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK, MUMBAI, MAHARASHTRA - 400004, INDIA |
A84306414 |
|
15 |
10125667 |
23/10/2008 * |
250,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 66/80, MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A83473033 |
|
16 |
10155939 |
17/03/2008 |
1,150,000,000.00 |
BANK OF INDIA (LEAD BANK) |
C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL,
BUILDING, 95, VITHALBHAI PATEL ROAD, C. P. TANK, |
A44158509 |
|
17 |
10104582 |
14/06/2010 * |
150,000,000.00 |
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
52/60 M.G. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A88854112 |
|
18 |
10039313 |
16/08/2007 * |
250,000,000.00 |
STANDARD CHARTERED BANK |
90, M G ROAD,, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA |
A21433941 |
|
19 |
10025802 |
12/07/2010 * |
250,000,000.00 |
THE FEDERAL BANK LIMITED |
CORPORATE BANKING BRANCH,1ST FLOOR, RAJA BAHADUR |
A93058469 |
|
20 |
10008601 |
15/06/2006 |
15,000,000.00 |
BANK OF INDIA |
C P TANK BRANCH CHANDARAMJI GIRL'S HIGH SCHOOL, B |
A02086494 |
|
21 |
80058515 |
29/12/2010 * |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B02781763 |
|
22 |
90160619 |
30/03/2011 * |
2,750,000,000.00 |
BANK OF INDIA - LEAD BANK OF BOI CONSORTIUM |
LARGE CORPORATE BRANCH, FREE PRESS BUILDING,, 9TH |
B12242921 |
|
23 |
90160344 |
25/10/2004 |
220,000,000.00 |
UNION BANK OF INDIA |
MUMBAI SAMACHAR MARG BRANCH, 66/80 MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
24 |
90160343 |
03/01/2005 * |
674,300,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL BUILDING; MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
25 |
90160589 |
08/09/2004 * |
330,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL |
- |
|
26 |
90159097 |
30/04/2002 |
200,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B, VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
27 |
90160088 |
22/06/2004 * |
187,500,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH; GHANDARANJI GIRLS' HIGH SCHOOL B, VITHALHHAI PATEL ROAD; C.P. TANK;, MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
28 |
90229758 |
21/09/2006 * |
30,000,000.00 |
BANK OF INDIA |
C. P. TANK BRANCH, CHANDARAMJI GIRLS' HIGH SCHOOL, |
- |
|
29 |
80038033 |
26/02/2002 |
31,000,000.00 |
BANK OF INDIA |
C.P. TANK BR., VITHALBHAI PATEL ROAD, MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
30 |
90229557 |
13/03/2000 |
11,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, VITHALBHAI PATEL ROAD, MUMAI, MAHARASHTRA - 400004, INDIA |
- |
|
31 |
90159581 |
21/01/1997 |
130,000,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL |
- |
|
32 |
90227840 |
19/12/1985 |
2,250,000.00 |
BANK OF INDIA |
C.P. TANK BRANCH, CHANDARAMJI GIRALS HIGH SCHOOL |
- |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Factory building
· Other building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Other equipments
· Leasehold improvements
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.