MIRA INFORM REPORT
|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRAKASH STEELAGE LIMITED |
|
|
|
|
Registered
Office : |
701, “Mahalaxmi Chambers”, Bhulabhai Desai Road, Mahalaxmi, Mumbai –
400 025, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.05.1991 |
|
|
|
|
Com. Reg. No.: |
11-061595 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.175.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27106MH1991PLC061595 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP07782F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6673K |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturing and Trading of Stainless
Steel Tubes and Pipes. |
|
|
|
|
No. of Employees
: |
850 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a
well-established company having satisfactory track. The company
possesses an above average financial profile marked by moderate networth, and
healthy gearing along with working capital intensive operations. Management has
reported an improvement in its sales volume during FY 13. The ratings also
take into consideration the susceptibility of its profitability to volatility
in prices of inputs and in foreign exchange rates. However, trade
relations are fair. Business is active. Payment terms are reported as usually
correct. In view of
established market position, 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 – 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
November 20, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
November 20, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Surendra Tiwari |
|
Designation : |
DGM – Finance |
|
Contact No.: |
91-22-66134500 |
|
Date : |
27.05.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
701, “Mahalaxmi Chambers”, Bhulabhai Desai Road, Mahalaxmi, Mumbai –
400 025, Maharashtra, India |
|
Tel. No.: |
91-22-66134500 |
|
Fax No.: |
91-22-66134599 |
|
E-Mail : |
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|
Website : |
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|
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Factory 1 : |
Survey No.46/1, Parjai Road, Village: Kherdi, Silvassa –
396 230, Union Territory of Dadra and Nagar Haveli, India |
|
|
|
|
Factory 2 : |
Plot No.131/1, Umbergaon, Sanjan Road, District Valsad – 396 170, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Prakash C. Kanugo |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age
: |
02.07.1953 |
|
Date of Appointment
: |
09.05.1991 |
|
Background
Details : |
Mr. Prakash C. Kanugo is a Matriculate and has
more than 20 years of experience in trading of Stainless Steel Products and
he looks after the entire management of the Company more particularly the
domestic procurement of raw material. |
|
|
|
|
Name : |
Mr. Ashok M. Seth |
|
Designation : |
Whole-time Director |
|
Date of Birth/ Age
: |
11.05.1973 |
|
Date of Appointment
: |
09.11.1993 |
|
Background
Details : |
Mr. Ashok M. Seth has done F.Y. B.Com and
has around 18 years of experience in trading and manufacturing of stainless steel
pipes and tubes. He is responsible for successfully managing and expanding
the business initiatives of subject over the years. |
|
|
|
|
Name : |
Mr. Hemant P. Kanugo |
|
Designation : |
Whole-time Director |
|
Date of Birth/ Age
: |
14.10.1979 |
|
Date of Appointment
: |
30.09.2003 |
|
Background
Details : |
Mr. Hemant P. Kanugo has done B.Com and MBA
and has more than 10 years of experience in the Stainless Steel Industry. He
looks after the production unit at Umbergaon. |
|
|
|
|
Name : |
Mr. Kamal P. Kanugo |
|
Designation : |
Whole-time Director |
|
Date of Birth/ Age
: |
11.03.1984 |
|
Date of Appointment
: |
16.05.2008 |
|
Background
Details : |
Mr. Kamal P. Kanugo is a B.E. (Industrial Engineering)
from U.S.A. He looks after the international marketing and exports of the
Company. |
|
|
|
|
Name : |
Dr. Bipin C. Doshi |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Himanshu J. Thaker |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Gautam Chand Jain |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. A. Prakashchandra Hegde |
|
Designation : |
Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Ms. Pallavi P. Shedge |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Surendra Tiwari |
|
Designation : |
DGM – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
% of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
360437 |
2.06 |
|
|
11366587 |
64.95 |
|
|
6889713 |
39.37 |
|
|
4476874 |
25.58 |
|
|
11727024 |
67.01 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
11727024 |
67.01 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
774746 |
4.43 |
|
|
739992 |
4.23 |
|
|
1514738 |
8.66 |
|
|
|
|
|
|
3339967 |
19.09 |
|
|
|
|
|
|
329947 |
1.89 |
|
|
579616 |
3.31 |
|
|
8747 |
0.05 |
|
|
2033 |
0.01 |
|
|
6714 |
0.04 |
|
|
4258277 |
24.33 |
|
Total
Public shareholding (B) |
5773015 |
32.99 |
|
Total
(A)+(B) |
17500039 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
17500039 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Stainless
Steel Tubes and Pipes. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Stainless Steel Tubes and Pipes |
M.T. |
NA |
17600 |
11463.434 |
|
Scrap |
M.T. |
NA |
NA |
667.606 |
Note: The installed capacities are as certified by the management on
which the auditors have placed reliance.
GENERAL INFORMATION
|
No. of Employees : |
850 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long-Term
Borrowings a)
Foreign currency loan from Bank (secured) outstanding as at end of the
previous year carried interest @ LIBOR+1.5 % p.a. The loan was repayable in 9
half yearly installment of USD 388,888.88 each along with interest, from the
date of loan, viz., 16th March, 2007. The loan was secured by way
of mortgage of factory land and building and hypothecation of plant and
machinery of Company at Umbergaon (First pari passu charges between ICICI
Bank and Vijaya Bank). Further it was also secured by mortgage of residential
flat at Tardeo Tower, Mumbai belonging to Director and his relatives and by
personal guarantee of three Directors). The said loan has been repaid fully
in the current year. b)
Indian rupee loan from Bank (secured) carries interest @BPLR + 0.50 % +0.25 %
which was 15.50 % to 16.00 % p.a. The loan same is repayable in 84 monthly
installments of Rs.1.458 millions each along with interest from the date of
loan, viz., 10th July, 2008 the loan is secured by way of mortgage
of factory land and building, and hypothecation of plant and machinery of
Company at Umbergaon. (First pari passu charge with Vijaya Bank). c)
i) Vehicle loans from Banks (secured) carries interest in the range of 7.50%
p.a. to 12.50% p.a. All the loans are repayable in 34 - 55 monthly
installments from the date of disbursement. These loans are secured against
hypothecation of specific capital assets i.e. Vehicles and Post Dated Cheques
for Principal and Interest payable thereon. ii)
Vehicle loan from NBFC (secured) carries interest of approximately 11.50%
p.a. The loan is repayable in 34 monthly installments from the date of disbursement
and is secured against hypothecation of specific capital asset i.e. Vehicle
and Post Dated Cheques for Principal and Interest payable thereon. Short-Term
Borrowings Cash
Credit from Banks (Secured) and Working Capital Loan from Bank (Secured) are
repayable on demand and carries interest @ 12.75% to 16% p.a., Buyers Credit
(Secured) represents Foreign Currency Buyers Credit from various Banks which
carries interest ranging from 2 % to 5.25 % p.a. having a tenor of maximum
upto 180 days., Export Packing Credit from Banks (Secured) are for a tenor of
maximum upto 180 days and the rate of interest is Margin + LIBOR i.e.
approximately 3.50% to 5 % p.a. and Bill Discounting from Banks (Secured)
represents bill discounted with various banks. The tenor of the loan is in
the range of 40 - 120 days and the rate of interest (local bill discounting)
is 10.25% p.a. to 11% p.a. and rate of interest (foreign bill discounting) is
in the range of 4 % to 5% p.a., All these loans are secured by hypothecation
of Stocks of Raw Material, Stocks-in-process, Finished Goods, stores and
spares (not relating to plant and machinery),bills receivables, book debts
and all other current assets and movables (both present and future) at
Silvassa and Umbergaon (First Pari Passu charges amongst Vijaya Bank, ICICI
Bank, Bank of Baroda, The Royal Bank of Scotland NV, Standard Chartered Bank,
CITI Bank NA, ING Vysya Bank Limited and Union Bank Of India) and the whole
of the movable plant and machinery including all the spare parts and all
other movable assets such as furniture, fixture, fittings, vehicles and
equipments (both present and future) at Silvassa (First Pari Passu charges
amongst the above mentioned banks) and at Umbergaon (Second Pari Passu
charges amongst above mentioned banks) and collateral securities in form of
first pari-passu charge on piece and parcel of non-agricultural land along
with the building at Silvassa and office premises no 101 and 102 at Islampura
Street, at Mumbai and 701, Mahalaxmi chambers, at Mumbai belonging to two
Directors and their relatives. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Khandelwal Jain and Company Chartered Accountants |
|
Address : |
12-B,
Baldota Bhavan, 5th Floor, 117, M.K. Road, Churchgate, Mumbai –
400 020, Maharashtra, India |
|
|
|
|
Name : |
D.C. Bothra and Company Chartered Accountants |
|
Address : |
297,
Tardeo Road, Willie Mansion, 1st Floor, Nana Chowk, Mumbai – 400
007, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Anand Jain and Associates Chartered Accountants |
|
|
|
|
Wholly Owned
Foreign Subsidiary : |
Pioneer Stainless and Alloy – F.Z.E., UAE
(w.e.f. 10th April, 2013) |
|
|
|
|
Associates / Enterprises over which directors
and / or their relatives has significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17500039 |
Equity Shares |
Rs.10/- each
|
Rs.175.000
millions |
|
|
|
|
|
a)
Reconciliation of the shares outstanding at the beginning and at the end of the
reporting period:
|
Equity
shares |
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
At the beginning of the period |
17500039 |
175.000 |
|
Issued during the year |
-- |
-- |
|
Outstanding
at the end of the period |
17500039 |
175.000 |
b) Terms/rights attached to
equity shares
The
Company has only one class of equity shares having a par value of Rs.10/- per share.
Each holder of equity shares is entitled to one vote per share. The Company
declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
The
Board of Directors, in their meeting on 30th May, 2013, proposed a
final dividend of Re.1/- per equity share. The proposal is subject to the
approval of shareholders at the Annual General Meeting to be held on 14th
August, 2013. The total dividend appropriation for the year ended 31st
March, 2013 amounted to Rs.17.500 millions excluding corporate dividend tax of
Rs.2.974 millions.
During
the year ended 31st March, 2012, the amount of final dividend recognized
as distributions to equity shareholders was Re.1/- per equity share. The total
dividend appropriation for the year ended 31st March, 2012 amounted
to Rs.17.500 millions excluding corporate dividend tax of Rs.2.839 millions. In
the event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in the proportion to the number
of equity shares held by the shareholders.
c)
Details of shareholders holding more than 5% shares in the Company
|
Particulars
|
As at 31st
March, 2013 |
|
|
No. of Shares |
%
of holding in the class |
|
|
Equity
shares of Rs. 10 each fully paid |
|
|
|
Prakash C. Kanugo |
3783500 |
21.62% |
|
AMS Trading and Investment Private Limited |
2876000 |
16.43% |
|
Seth Iron and Steel Private Limited |
1490000 |
8.51% |
|
Balmiki Agencies Private Limited |
970649 |
5.55% |
d) Aggregate number of bonus
shares issued during the period of five years immediately preceding the
reporting date:
|
Particulars |
As at 31st
March, 2013 |
|
No. of Shares |
|
|
Equity Shares allotted as fully paid bonus
shares by capitalization of General Reserve on 15th February, 2007 |
3234000 |
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 |
175.000 |
175.000 |
175.000 |
|
(b) Reserves & Surplus |
1475.412 |
1355.617 |
1204.175 |
|
(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) |
1650.412 |
1530.617 |
1379.175 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
55.699 |
62.739 |
101.970 |
|
(b) Deferred tax liabilities (Net) |
64.954 |
59.586 |
50.024 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
7.832 |
5.750 |
4.314 |
|
Total
Non-current Liabilities (3) |
128.485 |
128.075 |
156.308 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1959.306 |
1852.015 |
1658.319 |
|
(b)
Trade payables |
1350.252 |
1395.177 |
678.454 |
|
(c)
Other current liabilities |
217.326 |
343.785 |
237.683 |
|
(d)
Short-term provisions |
41.374 |
60.517 |
38.476 |
|
Total
Current Liabilities (4) |
3568.258 |
3651.494 |
2612.932 |
|
|
|
|
|
|
TOTAL |
5347.155 |
5310.186 |
4148.415 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
704.093 |
767.600 |
655.084 |
|
(ii)
Intangible Assets |
2.922 |
1.051 |
0.735 |
|
(iii)
Capital work-in-progress |
118.129 |
34.381 |
54.700 |
|
(iv) Intangible assets under development |
20.070 |
0.000 |
0.601 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
87.869 |
77.356 |
70.888 |
|
(e)
Other Non-current assets |
25.885 |
1.666 |
25.251 |
|
Total
Non-Current Assets |
958.968 |
882.054 |
807.259 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1876.954 |
1451.015 |
1159.282 |
|
(c)
Trade receivables |
2019.733 |
2097.488 |
1521.928 |
|
(d)
Cash and cash equivalents |
145.833 |
150.369 |
181.747 |
|
(e)
Short-term loans and advances |
282.845 |
677.007 |
456.648 |
|
(f)
Other current assets |
62.822 |
52.253 |
21.551 |
|
Total
Current Assets |
4388.187 |
4428.132 |
3341.156 |
|
|
|
|
|
|
TOTAL |
5347.155 |
5310.186 |
4148.415 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operations (Net) |
7932.153 |
6838.044 |
5463.025 |
|
|
|
Other Income |
96.446 |
55.454 |
33.810 |
|
|
|
TOTAL (A) |
8028.599 |
6893.498 |
5496.835 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
5155.681 |
3075.600 |
2926.960 |
|
|
|
Raw Material Consumed |
2383.765 |
2647.556 |
1964.604 |
|
|
|
Increase / (Decrease) In Stock |
(631.754) |
20.547 |
(323.627) |
|
|
|
Stores & Spares Consumed |
153.699 |
121.228 |
106.112 |
|
|
|
Employee Benefit Expenses |
105.658 |
91.823 |
70.397 |
|
|
|
Other Expenses |
283.710 |
356.945 |
169.846 |
|
|
|
Prior Period Adjustments |
1.100 |
1.598 |
(0.773) |
|
|
|
TOTAL (B) |
7451.859 |
6315.297 |
4913.519 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
576.740 |
578.201 |
583.316 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
298.509 |
244.498 |
165.384 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
278.231 |
333.703 |
417.932 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
72.372 |
65.138 |
44.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
205.859 |
268.565 |
373.098 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
65.589 |
99.119 |
124.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
140.270 |
169.446 |
248.849 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
508.714 |
409.607 |
231.097 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend & Tax on Dividend |
20.474 |
20.339 |
20.339 |
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
578.510 |
508.714 |
409.607 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods |
976.976 |
582.593 |
302.768 |
|
|
TOTAL EARNINGS |
976.976 |
582.593 |
302.768 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Material |
882.821 |
1158.889 |
1376.743 |
|
|
|
Capital Goods |
14.642 |
9.662 |
18.317 |
|
|
|
Stores & Spares |
3.179 |
2.774 |
4.903 |
|
|
TOTAL IMPORTS |
900.642 |
1171.325 |
1399.963 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.02 |
9.68 |
16.50 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
10000.000 |
|
|
|
|
|
The above information has been parted by Mr. Surendra Tiwari (DGM – Finance).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.75 |
2.46 |
4.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.60 |
3.93 |
6.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.95 |
5.09 |
9.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.18 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.22 |
1.25 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.23 |
1.21 |
1.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
175.000 |
175.000 |
175.000 |
|
Reserves & Surplus |
1204.175 |
1355.617 |
1475.412 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1379.175 |
1530.617 |
1650.412 |
|
|
|
|
|
|
Long-term borrowings |
101.970 |
62.739 |
55.699 |
|
Short term borrowings |
1658.319 |
1852.015 |
1959.306 |
|
Total borrowings |
1760.289 |
1914.754 |
2015.005 |
|
Debt/Equity ratio |
1.276 |
1.251 |
1.221 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue From Operations (Net) |
5,463.025 |
6,838.044 |
7,932.153 |
|
|
|
25.170 |
16.000 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue From Operations (Net) |
5,463.025 |
6,838.044 |
7,932.153 |
|
Profit |
248.849 |
169.446 |
140.270 |
|
|
4.56% |
2.48% |
1.77% |
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 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) |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
10449085 |
08/03/2013 |
250,000,000.00 |
BANK OF BARODA |
GULALWADI BRANCH, 24/30, 2ND PANJARAPOLE
LANE, C. P. TANK ROAD, MUMBAI, MAHARASHTRA - 400004, INDIA |
B81763484 |
|
2 |
10356754 |
30/03/2012 |
50,000,000.00 |
VIJAYA BANK |
OVERSEAS BRANCH, MAKER CHAMBERS IV, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B39999198 |
|
3 |
10309987 |
03/10/2011 |
150,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B22459986 |
|
4 |
10258901 |
29/12/2010 |
150,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA,
GUJARAT - 390015, INDIA |
B01938265 |
|
5 |
10127419 |
26/03/2009 * |
122,700,000.00 |
VIJAYA BANK |
OVERSEAS BRANCH, MAKER CHAMBERS - IV, 222,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A61379384 |
|
6 |
10017569 |
14/02/2007 * |
280,000,000.00 |
VIJAYA BANK WITH OTHER 2 BANKS |
MAKER CHAMBER IV, NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
A04130894 |
|
7 |
10018739 |
17/02/2014 * |
3,300,000,000.00 |
VIJAYA BANK AND 4 OTHER BANK |
OVERSEAS BRANCH, MAKER CHAMBER-IV, NARIMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
B98538721 |
|
8 |
90387608 |
19/12/2013 * |
1,295,400,000.00 |
VIJAYA BANK |
OVERSEAS BRANCH, MAKER CHAMBERS-IV, NAIRMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B93793941 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Working
Capital Loan |
|
|
|
Indian rupee loan from NBFC |
10.000 |
0.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Cash Credit from Bank |
0.000 |
8.834 |
|
Buyers' Credit from Banks |
0.000 |
127.629 |
|
Working Capital loan from Bank |
25.000 |
75.000 |
|
Export Packing Credit from Banks |
0.000 |
1.260 |
|
Bill Discounting from Bank |
7.944 |
8.458 |
|
Bill Discounting from a NBFC |
151.400 |
108.645 |
|
Loan from NBFC |
50.000 |
0.000 |
|
Total
|
244.344 |
329.826 |
Notes:
Long
Term Borrowings
Working
Capital loan from NBFC (unsecured) taken on 26th February, 2013 for a
period of 24 months carrying interest rate of 10.75% p.a. flat on Rs.30.000
millions. The same is repayable in 12 monthly installments of Rs.1.823 millions
in the first year of the loan and installments of Rs.1.215 millions for the
remaining period of the loan. The loan has been sanctioned against collateral
money of Rs.6.000 millions with the lender along with post-dated cheques for
Principal and Interest payable thereon and personal guarantee of three
directors.
Short-Term Borrowings
Short
term borrowings (unsecured) viz. Cash Credit, Buyers' Credit, Export Packing
Credit outstanding as at the end of previous year availed from various banks,
carried interest rate of approximately 14% p.a., 2% to 4.25% p.a. and 2.25%
p.a. respectively. Cash Credit facility was repayable on demand and interest on
same was payable at monthly rest.
Working
capital loan from Bank (Unsecured) is availed for meeting working capital
requirements of the company. The maximum tenor of the loan is 180 days and
rollover is permitted after cooling period 3 days. The current rate of interest
is 12.75% to 13.25% p.a. The interest is payable monthly at the end of each
month / at the end of closure of the loan transaction. Bill Discounting from
Bank (Unsecured) represents export bills discounted with local banks. The tenor
of the loan is in the range of 50 to 120 days and the rate of interest is
approximately 10% to10.70% p.a. Bill Discounting from a NBFC (Unsecured) is
availed from finance companies and the tenor of the loan is 90 to 120 days and
the rate of interest is 14.25% p.a.
Loan from NBFC (unsecured) for 12 months
taken on September 28, 2012 carries interest @ STLR (floating) less 1.75% which
is 14.75% p.a. payable on a monthly basis is availed from a finance company.
The principal amount is repayable in 3 monthly equal installments starting
after 9 months of the availment of loan. The same has been sanctioned against
the pledge of unencumbered shares of the company held by a Promoter company to
maintain the security cover equal to 2.50 times at all times during the tenure
of the loan and irrevocable and unconditional, personal guarantee of two
directors and corporate guarantee by the said promoter company.
FINANCIAL PERFORMANCE
The
income from operations for the year has increased to Rs.7932.153 millions as
compared to Rs.6838.044 millions of previous year reflecting a growth of 16%.
The Profit Before Tax for the year was Rs.205.859 millions as against
Rs.268.565 millions in the previous year reflecting a decrease of Profit by
23.35%. The Net Profit After Tax also decreased by 17.22% at Rs.140.270
millions as compared to Rs.169.446 millions during previous year.
Wholly Owned Subsidiary
Company
The
Company has incorporated a Wholly Owned Foreign Subsidiary in UAE in the name
‘Pioneer Stainless and Alloy – F.Z.E.’ with effect from 10th April,
2013, and has proposed to carry out the business of trading, import and export
of steel and steel products.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT FOR THE FINANCIAL YEAR 2012-2013
Industry Overview
India's
economic growth is contingent upon the growth of the various manufacturing
sectors, especially the Indian steel industry. Consumption of steel is taken to
be an indicator of economic development. While steel continues to have a
stronghold in traditional sectors such as construction, housing and ground
transportation, special steels are increasingly used in engineering industries
such as power generation, petrochemicals and fertilisers. India occupies a
central position on the global steel map, with the establishment of new
state-of-the-art steel mills, acquisition of global scale capacities by
players, continuous modernisation and upgradation of older plants, improving
energy efficiency and backward integration into global raw material sources.
Steel
is manufactured as a globally tradable product with no major trade barriers
across national boundaries to be seen currently. There is also no inherent
resource related constraints which may significantly affect production of the
same or its capacity creation to respond to demand increases in the global
market. Even the government policy restrictions have been negligible worldwide
and even if there are any the same to respond to specific conditions in the
market and have always been temporary. Therefore, the industry in general and
at a global level is unlikely to throw up substantive competition issues in any
national policy framework.
India's
rank in the world order of steel production remained unchanged at fourth slot
with an output of 76.7 million tonnes, despite logging the highest growth of
4.2% among major producing nations in 2012.
There
was no change in the top three steel producing nations with China, Japan and
the US retaining their slots in the respective order in 2012, World Steel
Association (WSA) data revealed.
India's
growth in steel output was, however, the highest at 4.3% in 2012 among top five
major steel producing nations. Meanwhile, WSA said, "World crude steel
production reached 1,548 MT for the year 2012, up by 1.2% compared to 2011.
This is a record for global crude steel production."
The
growth came mainly from Asia and North America while crude steel production in
the EU and South America decreased in 2012 compared to 2011, it added.
Recording
a 2.6% increase, Asia produced 1,012.7 MT steel, hiking its share of world
steel production slightly from 64.5% in 2011 to 65.4% in 2012.
The average capacity utilisation ratio in
2012 was 78.8% compared to 80.7% in 2011.
Long
term prospects of the Indian Steel Industry are very bright. Domestic Steel
consumption is expected to grow steadily in the years to come driven by
urbanisation, infrastructural investments and industrialisation. India may
become world's second largest country in terms of consumption by 2020 only
behind China. The demand for steel in the country is currently growing at the
rate of over 8% and it is expected that the demand would grow over by 10% in
the next five years. However, the steel intensity in the country remains well
below the world levels. Their per capita consumption of steel is around 110
pounds as compared to 330 Pounds for the global average. This indicates that
there is a lot of potential for increasing the steel consumption in India.
Immense
growth potential in Indian Steel Sector
•
Domestic crude steel production grew at a compounded annual growth rate of 8.4%
in the last few years.
•
Crude steel production capacity of the country is projected to be around 110
million tonne by 2012-13.
•
222 Memorandum of Understandings (MOU) have been signed with various states for
planned capacity of around 276 million tonnes by 2019-20.
•
Investments at stake are to the tune of $187 billion in the Steel sector.
•
Increase in the demand of steel in India is expected to be 14% against the
global average of 5-6% due to its strong domestic economy, massive
infrastructure needs and expansion of industrial production.
•
Demand of steel in the major industries like infrastructure, construction,
housing, automotive, steel tubes and pipes, consumer durables, packaging and
ground transportation.
•
Target for $ 1 trillion of investments in infrastructure during the 12th Five
Year Plan.
•
Infrastructure projects (like Golden Quadrilateral and Dedicated Freight
Corridor) will give boost to the demand in the steel sector in near future.
•
Projected New Greenfield and up-gradation of existing Airport shall keep the
momentum up.
•
Increased demand of specialised steel in hi-tech engineering industries such as
power generation, automotive petrochemicals and fertilizers etc.
The
benefit of Stainless Steel is quite evident and now there is increasing
awareness of the product. Apart from good demand in existing industrial use,
there is a shift from using MS steel pipe and copper pipe to using Stainless
steel. Many new areas are also adding to demand for example, in plumbing also
builders have started using stainless steel pipes. This is basically due to the
following reasons:
Airports
·
Modernization of airports.
·
Stainless steel in the form of escalators,
cladding, railing, etc.
Railways
·
Refurbishing of Railway Stations with world
class facilities
·
Addition of new stainless steel wagons and
coaches
·
Development of Metro Rail projects and street
infrastructure
Architecture, Building and
Construction
·
Urban Renewal in the form of street furniture
e.g. Bus Shelters
·
Shopping Malls, organized retail is growing
at a rapid pace.
Automotive
·
India as leading Automobile hub especially
for two wheelers and small cars
·
Increasing use of Stainless steel in
exhausts, wheel rims, etc.
Industrial Structure
Indian
iron and steel industry can be divided into two main sectors Public Sectors and
Private Sectors. Further on the basis of routes of production, the Indian
industry can be divided into two types of producers.
a)
Integrated producers: Integerated producers are those that can convert iron ore
into steel;
b)
Secondary producers: Secondary producers are the mini steel plants which make
steel by melting scrap or sponge iron or a mixture of the two.
There
are currently 100 small and medium scale units and 4 to 5 organised units
engaged in manufacturing of stainless steel welded, seamless pipes and tubes.
The domestic demand presently for stainless steel welded pipes and a tube is
about 1,00,000 MT which is expected to increase up to 2,75,000 MT by the year
2015/16. The top players globally in this segment are Valtimet/ Tubacex/
Centravis. Company specialises in meeting specific requirements of customers
and offers complete solution for stainless steel welded and seamless pipes and
tubes. The type of product varied based on the type, shape and size of the same
some of which are as listed below:
·
S.S. Welded Tubes
·
S.S. Welded Pipes
·
S.S. EFW Pipes
·
S.S. Seamless Tubes
·
S.S. Seamless Pipes
·
Square Tubes
·
U Bend Tubing
·
S.S. Seamless
Mother Hollows
BUSINESS OVERVIEW
They
are into the business of manufacturing stainless steel pipes, tubes for more
than 20 years. Since inception, they have made efforts to place their self in a
competitive position in the industry by proactively responding to their
customer requirements. The Company has emerged as one of the leading
manufacturers of stainless steel welded, seamless pipes and tubes in India and
caters to both the markets domestic as well as International. At present the
Company has the customers from oil and gas sector, power sector, desalination
and nuclear power plants, Engineering, Capital Goods, Chemical, Sugar and
various other core sector Industries. They want to leverage their strength to
their benefit in future so as to become the topmost player in the stainless
steel tube industry. They wish to continue to supply their products to
corporate houses, increase their market share in the industry, produce quality
products at the competitive rates, adopt one of the best human resource
practices and also secure various certifications for standards and quality
improvement. They plan to boost their exports by participating in trade fairs
and exhibitions all over the World.
The
Company is manufacturing stainless steel welded, seamless pipes and tubes and
has setup two industrial plants at Silvassa and Umbergaon. Having set up its
first Plant at Silvassa in the year 1996 with a capacity of 4,000 MT p.a., the
Company expanded its capacity by setting up another plant at Umbergaon in
Gujarat and presently has total capacity of 19,000 MT during the year 2012-13.
Subject
employs extensive internal controls, company-wide uniform reporting guidelines
and additional measures, including employee training and continuing education,
to ensure that its financial reporting is conducted in accordance with accepted
accounting principles.
‘Pioneer
Stainless and Alloy – F.Z.E'., a Wholly Owned Foreign Subsidiary in UAE, has
been setup in April, 2013 for achieving all round growth in trading, import and
export of steel and steel products under the said WOS. The Company has proposed
to venture into real estate and entered into Joint Venture with Omkar Group for
development of its idle land at Umbergaon, Gujarat which will strengthen the
Company's Performance in years to come.
FINANCIAL
PERFORMANCE
The
income from operations for the year has increased to Rs.7932.153 millions as
compared to Rs.6838.044 millions in the previous year reflecting a growth of 16%.
The profit before tax is Rs.205.859 millions as against Rs.268.565 millions in
the previous year reflecting a decrease of Profit by 23.35%. The Net Profit
after Tax is Rs.140.270 millions as against Rs.169.446 millions in the previous
year reflecting a decrease of profit by 17.22%. The net profit margins were due
to the competitive pricing policy adopted by the Company for retaining the
domestic clientele and at the same time expanding the export business by
offering price incentives. The Earning per Share (EPS) works out to be Rs.8.02
per share.
Outlook
The
outlook for the Company's Business in future is very good. The Management
expects CAGR of over 30% during next five years.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Contingent
liabilities not provided for in respect of: |
|
|
|
(a) Guarantees given by the bankers of the
company |
48.226 |
114.171 |
|
(b) Sales Tax demands disputed in appeals |
0.449 |
0.489 |
|
(c) Letter of Credit |
16.105 |
3.576 |
|
(d) Gujarat Commercial Tax Penalty |
0.235 |
0.235 |
|
(e) Central Sales Tax Liability towards
pending declaration forms |
7.594 |
2.829 |
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2013
(Rs. in millions)
|
Particulars |
Quarter ended |
Nine month ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
PART I |
|
|
|
|
1. Income from operations |
|
|
|
|
Gross sales/ income from operations |
2574.933 |
2054.586 |
6308.766 |
|
Less: Excise duty |
30.866 |
45.011 |
129.837 |
|
(a) Net sales/ income from operations |
2544.067 |
2009.574 |
6178.929 |
|
(b) Other operating income |
18.149 |
17.691 |
42.001 |
|
Total Income Operations (Net) |
2562.216 |
2027.265 |
6220.930 |
|
|
|
|
|
|
'2. Expenditure |
|
|
|
|
a) Cost of materials consumed |
477.358 |
502.324 |
1362.737 |
|
b) Purchase of stock-in-trade |
1701.096 |
1227.363 |
4133.042 |
|
c) Changes in inventories of finished goods, work-in-process and stock-in-trade
|
145.623 |
(9.090) |
(85.518) |
|
d) Employees
Benefits Expense |
25.732 |
25.855 |
77.561 |
|
e) Depreciation
& Amortization Expense |
20.468 |
18.911 |
58.038 |
|
f) Consumption of stores and spares |
19.342 |
23.425 |
71.374 |
|
g)
Other Expenses |
52.558 |
84.295 |
183.845 |
|
Total Expenses |
2442.177 |
1873.083 |
5801.079 |
|
3. Profit/ (Loss) from Operations before Other Income, Financial Costs
and Exceptional Items (1-2) |
120.039 |
154.182 |
419.651 |
|
4. Other Income |
5.878 |
7.011 |
25.921 |
|
5. Profit/ (Loss) from Ordinary activities after Financial Costs but before and Exceptional
Items (3+4) |
125.917 |
161.193 |
445.773 |
|
6. Finance Costs |
82.618 |
76.023 |
239.166 |
|
7. Profit/ (Loss) from ordinary activities after Financial Costs but
before and Exceptional Items (5-6) |
43.299 |
85.170 |
206.607 |
|
8. Exceptional Item |
-- |
-- |
-- |
|
9. Profit/ (Loss) from ordinary activities Before Tax (7+8) |
43.299 |
85.170 |
206.607 |
|
10. Tax Expenses |
|
|
|
|
- Current Tax |
10.917 |
30.338 |
68.529 |
|
- Deferred Tax |
4.845 |
(0.309) |
4.181 |
|
- Income tax for earlier year(s) |
0.000 |
0.139 |
0.139 |
|
|
15.762 |
30.168 |
72.849 |
|
11. Net Profit/ (Loss) for the Period/ Year (9-10) |
27.537 |
55.002 |
133.758 |
|
12. Extraordinary Items (net of tax expense)
|
-- |
-- |
-- |
|
13. Net Profit/ (Loss) for the period (11-12) |
27.537 |
55.002 |
133.758 |
|
14. Paid-up Equity Share Capital (Face Value
Rs.10/- each) |
175.000 |
175.000 |
175.000 |
|
15. Reserves excluding Revaluation Reserves
as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16. Earnings Per Share (before and after extraordinary items) (In Rs.)
(*not annualized) |
|
|
|
|
a) Basic |
1.57 |
3.14 |
7.64 |
|
b) Diluted |
1.57 |
3.14 |
7.64 |
|
|
|||
|
PART II |
|||
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of Equity Shares |
5894637 |
5978465 |
5894637 |
|
- Percentage of Shareholding |
33.68 |
34.16 |
33.68 |
|
2. Promoter and Promoter Group’s shareholding pledged |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
-
Number of Shares |
1308093 |
1641635 |
1308093 |
|
-
Percentage of pledged
shares on shareholding of Promoter / Promoter Group |
11.27 |
14.25 |
11.27 |
|
-
Percentage of pledged
on Total Share Capital of the Company |
7.47 |
9.38 |
7.47 |
|
b) Non - Encumbered |
|
|
|
|
-
Number of Shares |
10297309 |
9879939 |
10297309 |
|
-
Percentage of shares
(as a % of the total shareholding of
Promoter / Promoter Group) |
88.73 |
85.75 |
88.73 |
|
-
Percentage of shares
(as a % of the total Share Capital of the Company) |
58.85 |
56.46 |
58.85 |
|
Particulars |
Quarter ended 31.12.2013 |
|
B. INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on February 14, 2014. The above result has been reviewed by the statutory Auditors of the Company.
2. The Company’s operations predominantly relate to “Stainless Steel Tubes and Pipes”, hence, there is no separate reportable segment as per Accounting Standard 17 “Segment Reporting” as notified under the Companies Accounting Standards Rules, 2006.
3. During the year Company has incorporated wholly-owned foreign subsidiary viz. Pioneer Stainless and Alloy - F.Z.C. at Ajman, United Arab Emirates, the annual audited consolidated financial results to the Stock Exchange shall be submitted along with annual audited financial results prepared on stand-alone basis.
4. During the quarter, the Company has completed part of its expansion programme consisting tube rolling facilities at a cost of Rs.194.109 millions.
5. Other expenses, includes foreign currency exchange loss of Rs.21.242 million, Rs.12.248 millions and Rs.41.769 millions, Rs.22.604 millions and Rs.16.783 millions for the quarter ended September 30, 2013, December 31, 2012, nine months ended December 31, 2013, December 31, 2012 and year ended March 31, 2013 respectively and includes foreign currency exchange gain for the quarter ended December 31, 2013 of Rs.13.335 millions.
6. The figures for the previous period / year have been re-arranged / re-grouped, wherever necessary to conform to current period’s presentation.
FIXED ASSETS:
Tangible
Assets
·
Factory Land
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Electrical and Telephone
·
Installation and Office Equipment
·
Computers
·
Furniture and Fixtures
·
Vehicles
·
Live Stock
Intangible
Assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 tosuggest 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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.