MIRA INFORM REPORT
|
Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
KAMDHENU ISPAT LIMITED |
|
|
|
|
Registered
Office : |
L-311, Khasra No. 724, Street No. 7, Mahipalpur Extension, New Delhi –
110037 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.09.1994 |
|
|
|
|
Com. Reg. No.: |
55-134282 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.234.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101DL1994PLC134282 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufactures and sells steel products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track record.
The company possesses a favourable financial profile marked by decent
networth base along with moderate debt protection indicators and no major
addition to the company’s debt levels. Further the working capital intensity of the business continue to
remain relatively high driven by high inventory and debtor levels, which are
mitigated by infusion of funds by the promoters. Management has seen steady
revenue growth achieved by the company over past few years as also
demonstrated by the increase in operating income during FY13. The rating also take into consideration the low profitability margins
due to sizeable increase in steel trading revenue. However, trade relations seem to be fair. Business is active. Payment
terms are reported as usually correct. In view of established operation OF track and brand name “KAMDHENU”
along with long 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 – 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 |
ICRA |
|
Rating |
Working capital limits: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
August 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based : A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
August 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Vinit Agarwal |
|
Designation : |
Finance Head |
|
Contact No.: |
91-124-4604500 |
|
Date : |
06.06.2014 |
|
Name : |
Mr. Rajesh Sharma |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-124-4604500 |
|
Date : |
06.06.2014 |
LOCATIONS
|
Registered Office : |
L-311, Khasra No. 724, Street No. 7, Mahipalpur Extension, New Delhi –
110037 , India |
|
Tel. No.: |
91-11-65493417 |
|
Fax No.: |
91-11-26784596 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
2nd Floor, Tower A, Building No 9, Phase III, DLF Cyber City, Gurgaon –
122002, Haryana, India |
|
Tel. No.: |
91-124-4604500 |
|
Fax No.: |
91-124-4218524 |
|
|
|
|
Works |
|
|
Steel: |
A-1114, RIICO Industrial Area, Phase III, Bhiwadi, District Alwar –
301019, Rajasthan, India |
|
Tel. No.: |
91-1493-520401-430 |
|
Fax No.: |
91-1493-520428 |
|
|
|
|
Paints: |
E-538-539, A, Indsutrial Area, Chopanki, District Alwar, Rajasthan,
India |
|
Tel. No.: |
91-1493-306800 |
|
Fax No.: |
91-1493-306810 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Satish Kumar Agaral |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Sunil Kumar Agarwal |
|
Designation: |
Whole time director |
|
|
|
|
Name : |
Mr. Surabh Agarwal |
|
Designation : |
Whole time director |
|
|
|
|
Name : |
Mr. Sachin Agarwal |
|
Designation : |
Whole time director |
|
|
|
|
Name : |
Mr. Purshottam Das Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mahendra Kumar Doogar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Radha Krishna Pandey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramesh Chand Surana |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Dwivedi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Harish Kumar Agarwal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Audit Committee: |
Mr. Mahendra Kumar Doogar Mr. Purshottam Das Agarwal Mr. Radha Krishna Pandey Mr. Sunil Kumar Agarwal |
|
|
|
|
Inventors Grievance Committee: |
Mr. Mahendra Kumar Doogar Mr. Ramesh Chand Surana Mr. Surabh Agarwal |
|
|
|
|
Remuneration Committee: |
Mr. Mahendra Kumar Doogar Mr. Ramesh Chand Surana Mr. Purshottam Das Agarwal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7932776 |
33.90 |
|
|
7628968 |
32.60 |
|
|
15561744 |
66.50 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
15561744 |
66.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
700 |
0.00 |
|
|
700 |
0.00 |
|
|
|
|
|
|
1745366 |
7.46 |
|
|
|
|
|
|
3712866 |
15.87 |
|
|
2317867 |
9.91 |
|
|
61457 |
0.26 |
|
|
55416 |
0.24 |
|
|
6041 |
0.03 |
|
|
7837556 |
33.49 |
|
Total Public shareholding (B) |
7838256 |
33.50 |
|
Total (A)+(B) |
23400000 |
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) |
23400000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and sells steel products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
|
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S Singhal and Company Chartered Accountants |
|
Address : |
E-127, Industrial Area, Bhiwadi – 301019, Rajasthan, India |
|
|
|
|
Related Company: |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23400000 |
Equity Shares |
Rs.10/- each |
Rs. 234.0000
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 |
234.000 |
206.000 |
190.111 |
|
(b) Reserves & Surplus |
646.315 |
581.431 |
545.188 |
|
(c) Money received against
share warrants |
0.000 |
11.200 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
880.315 |
798.631 |
735.299 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
19.265 |
66.816 |
122.151 |
|
(b) Deferred tax liabilities
(Net) |
45.951 |
45.589 |
48.518 |
|
(c) Other long term
liabilities |
79.504 |
81.657 |
68.563 |
|
(d) long-term provisions |
9.325 |
7.275 |
4.968 |
|
Total
Non-current Liabilities (3) |
154.045 |
201.337 |
244.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
702.601 |
608.956 |
542.122 |
|
(b) Trade payables |
742.009 |
474.741 |
360.161 |
|
(c) Other current liabilities |
195.911 |
215.206 |
217.515 |
|
(d) Short-term provisions |
0.945 |
14.535 |
0.585 |
|
Total
Current Liabilities (4) |
1641.466 |
1313.438 |
1120.383 |
|
|
|
|
|
|
TOTAL |
2675.826 |
2313.406 |
2099.882 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
480.264 |
470.840 |
466.397 |
|
(i) Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
14.987 |
12.872 |
7.143 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17.792 |
17.792 |
27.792 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.792 |
20.573 |
20.788 |
|
(e) Other Non-current assets |
47.824 |
75.608 |
72.108 |
|
Total
Non-Current Assets |
583.659 |
597.685 |
594.228 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
504.018 |
386.217 |
335.902 |
|
(c) Trade receivables |
1196.448 |
989.433 |
651.990 |
|
(d) Cash and cash equivalents |
89.889 |
35.257 |
238.545 |
|
(e) Short-term loans and
advances |
286.436 |
291.208 |
278.529 |
|
(f) Other current assets |
15.376 |
13.606 |
0.688 |
|
Total
Current Assets |
2092.167 |
1715.721 |
1505.654 |
|
|
|
|
|
|
TOTAL |
2675.826 |
2313.406 |
2099.882 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
5475.466 |
4815.080 |
3831.339 |
|
|
Other Income |
8.674 |
7.976 |
3.233 |
|
|
TOTAL
(A) |
5484.140 |
4823.056 |
3834.572 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2500.630 |
2544.118 |
1988.806 |
|
|
Purchases of Stock-in-Trade |
1879.492 |
1256.845 |
1045.091 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(101.788) |
(46.693) |
(43.510) |
|
|
Employees benefits expense |
211.861 |
184.352 |
155.820 |
|
|
Other expenses |
775.040 |
685.596 |
541.998 |
|
|
TOTAL
(B) |
5265.235 |
4624.218 |
3688.205 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
218.905 |
198.838 |
146.367 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
109.506 |
101.887 |
69.990 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
109.399 |
96.951 |
76.377 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
43.245 |
42.088 |
34.909 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
66.154 |
54.863 |
41.468 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
18.070 |
14.556 |
13.018 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
48.084 |
40.307 |
28.450 |
|
|
|
|
|
|
|
|
IMPORTS |
3.534 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.02 |
2.08 |
1.50 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.88 |
0.84 |
0.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.21 |
1.14 |
1.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.06 |
3.04 |
2.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.07 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.82 |
0.85 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.30 |
1.34 |
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 |
190.111 |
206.000 |
234.000 |
|
Reserves & Surplus |
545.188 |
581.431 |
646.315 |
|
Net
worth |
735.299 |
787.431 |
880.315 |
|
|
|
|
|
|
long-term borrowings |
122.151 |
66.816 |
19.265 |
|
Short term borrowings |
542.122 |
608.956 |
702.601 |
|
Total
borrowings |
664.273 |
675.772 |
721.866 |
|
Debt/Equity
ratio |
0.903 |
0.858 |
0.820 |
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 |
3831.339 |
4815.080 |
5475.466 |
|
|
|
25.676 |
13.715 |
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 |
3831.339 |
4815.080 |
5475.466 |
|
Profit |
28.450 |
40.307 |
48.084 |
|
|
0.74% |
0.84% |
0.88% |
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 |
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL AND
BUSINESS PERFORMANCE
A detailed analysis into the financial and operational performance for the year and appearing under Management Discussion and Analysis and Corporate governance report which part of this report .
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10238394 |
15/02/2014 * |
300,000,000.00 |
ALLAHABAD BANK |
2, NETAJI SUBHASH ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B96907175 |
|
2 |
10232991 |
10/08/2010 |
25,000,000.00 |
RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND INVESTM |
UDYOG BHAWAN TILAK MARG, JAIPUR, RAJASTHAN - 302005, INDIA |
A91228213 |
|
3 |
80014198 |
05/09/2013 * |
995,000,000.00 |
STATE BANK OF BIKANER And JAIPUR |
INDUSTRIAL ESTATE,
BHIWADI, BHIWADI, RAJASTHAN - |
B85837854 |
* Date of charge modification
STATEMENT OF
AUDITED FINANCIAL REPORT FOR THE YEAR ENDED 31ST MARCH, 2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year
Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Unaudited |
Reviewed
|
Audited |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
2530.288 |
2443.469 |
9217.059 |
|
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income
from Operations (Net) |
2530.288 |
2443.469 |
9217.059 |
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
652.0838 |
663.152 |
2481.089 |
|
|
|
b) Purchase of Stock in trade |
1488.844 |
1481.429 |
5474.955 |
|
|
c) Changes in Inventories of Finished Goods, Work-in-progress and
Stock-in-Trade |
31.993 |
(52.860) |
(18.194) |
|
|
d) Employee Benefits Expense |
53.166 |
59.199 |
219.019 |
|
|
e) Depreciation and Amortisation Expense |
10.814 |
12.674 |
47.367 |
|
|
f) Other Expenses |
243.072 |
225.586 |
8103.21 |
|
|
Total Expenses |
2479.927 |
2389.180 |
9014.558 |
|
3 |
Profit / (Loss) from
Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
50.361 |
54.289 |
202.501 |
|
4 |
Other Income |
0.894 |
1.038 |
3.601 |
|
5 |
Profit / (Loss)
before Finance Cost and Exceptional Items (3+4) |
51.255 |
55.327 |
206.102 |
|
6 |
Finance Costs |
28.582 |
29.657 |
113.817 |
|
7 |
Profit / (Loss)
after Finance cost but before Exceptional Items (5-6) |
22.673 |
25.670 |
92.285 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.00 |
|
9 |
Profit / (Loss)
before Tax (7+8) |
22.673 |
24.670 |
92.285 |
|
10 |
Tax Expense |
6.669 |
9.333 |
32.735 |
|
11 |
Net Profit /
(Loss) after Tax (9-10) |
16.004 |
16.337 |
59.550 |
|
12 |
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit /
(Loss) for the Period (11-12) |
16.004 |
16.337 |
59.550 |
|
14 |
Paid Up Equity Share Capital (Face Value of the share – Rs. 10/- each) |
234.000 |
234.000 |
234.000 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of
previous accounting year |
|
|
70.568 |
|
16 |
Earnings Per Share (EPS) (in Rs.) |
|
|
|
|
|
a) Basic |
0.68 |
0.70 |
2.54 |
|
|
b) Diluted |
0.68 |
0.70 |
2.54 |
|
Sr. No. |
Particular |
Quarter Ended |
Year
Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Unaudited |
Reviewed
|
Audited |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
7838206 |
8478207 |
7838206 |
|
|
- Percentage of Shareholding |
33.50 |
26.23 |
33.50 |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a %
of total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of
total share Capital of the Company) |
-- |
-- |
-- |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
15561794 |
14921793 |
15561794 |
|
|
- Percentage of Shares (as a %
of total shareholding of promoter and promoter group) |
100 |
100. |
100 |
|
|
- Percentage of Shares (as a %
of total share Capital of the Company) |
66.50 |
63.77 |
66.50 |
INVESTOR
COMPLAINTS
|
PARTICULARS |
QUARTER
ENDED 31.03.2014 |
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
2 |
|
disposed
off during the quarter |
2 |
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL
EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENT
(Rs.
In Millions)
|
Sr.
No. |
Particulars |
Quarter
Ended |
Year
Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Unaudited |
Reviewed
|
Audited |
|
1 |
Segment Revenue |
|
|
|
|
|
Steel |
2167.904 |
2064.675 |
7926.750 |
|
|
Power |
1.015 |
0.181 |
8.522 |
|
|
Paints |
471.248 |
496.530 |
1719.539 |
|
|
Gross Sales |
2640.167 |
2561.386 |
9654.811 |
|
|
Less: Excise Duty |
109.879 |
117.917 |
437.752 |
|
|
Net sales/income from operation |
2530.288 |
2443.469 |
9217.059 |
|
|
|
|
|
|
|
2 |
Segment Result |
|
|
|
|
|
Steel |
71.936 |
59.251 |
224.618 |
|
|
Power |
(1.453) |
(2.698) |
(2.808) |
|
|
Paints |
14.541 |
24.085 |
85.805 |
|
|
Profit/(Loss) before financial cost, tax
and unallocable items |
85.024 |
80.638 |
307.615 |
|
|
Less: Financial cost |
28.582 |
29.657 |
113.817 |
|
|
Less: Other unallocable
Expenditure net of income |
33.769 |
25.311 |
101.513 |
|
|
Total profit before tax |
22.873 |
25.670 |
92.286 |
|
|
|
|
|
|
|
3 |
Capital Employed (Segment Assets- Segment Liabilities) |
|
|
|
|
|
Steel |
1029.186 |
1019.614 |
1029.186 |
|
|
Power |
25.855 |
28.005 |
25.855 |
|
|
Paints |
849.725 |
835.660 |
849.725 |
|
|
unallocable |
42.826 |
16.992 |
42.826 |
|
|
Total |
1947.593 |
1900.271 |
1947.593 |
STATEMENT OF ASSETS AND LIABILITIES AS AT
31.03.2014
(Rs. In Millions)
|
SOURCES
OF FUNDS |
31.03.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
234.000 |
|
(b) Reserves & Surplus |
705.865 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
939.865 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
13.076 |
|
(b) Deferred tax liabilities
(Net) |
50.234 |
|
(c) Other long term
liabilities |
139.068 |
|
(d) long-term provisions |
11.031 |
|
Total
Non-current Liabilities (3) |
213.409 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
838.365 |
|
(b) Trade payables |
571.052 |
|
(c) Other current liabilities |
119.431 |
|
(d) Short-term provisions |
5.649 |
|
Total
Current Liabilities (4) |
1534.497 |
|
|
|
|
TOTAL |
2687.771 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
496.446 |
|
(b) Non-current Investments |
41.692 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
21.758 |
|
(e) Other Non-current assets |
70.721 |
|
Total
Non-Current Assets |
630.617 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
550.524 |
|
(c) Trade receivables |
1284.415 |
|
(d) Cash and cash equivalents |
89.283 |
|
(e) Short-term loans and
advances |
123.985 |
|
(f) Other current assets |
8.947 |
|
Total
Current Assets |
2057.154 |
|
|
|
|
TOTAL |
2687.771 |
NOTE:
The Unaudited Financial Results and Segment Results were reviewed by the Audit Committee and approved at the meeting of Board of Directors of the Company held on February 08, 2013. The Statutory Auditors have carried out limited review of the quarterly financial results.
Tax expenses comprise current tax, deferred tax and earlier year tax.
The power segment of the Company have reported generation loss during the
quarter ended December, 2013 due to breakdown of Wind Turbines which are now
under maintenance and upgradation.
The Company operates in three segments Steel, Paints and Power.
Figures for the previous periods are re-classified, re-arranged/re-grouped
wherever necessary.
FIXED ASSETS
Tangible Assets
- Land
- Building
- Office
Equipment
- Furniture and
Fixture
- Lab
Equipment’s
- Vehicle
- Plant and
Machinery
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 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.59.20 |
|
|
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--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 |
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.