MIRA INFORM REPORT
|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
Pipe
Nagar, Village-Sukeli, N.H.17, B.K.G. Road, Roha, Raigad -402 126,
Maharashtra |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
10.05.1988 |
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|
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|
Com. Reg. No.: |
11-080545 |
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|
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|
Paid-up Capital
: |
Rs.352.667 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1988PLC080545 |
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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
: |
Manufacturer of Seamless Pipes. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-establishment and a reputed company having fine
track record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good 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=AA+ |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk. |
|
Date |
30.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
30.09.2013 |
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 DENIED
Management Non Co-operative (91-2194-238511 / 91-124-2574325)
LOCATIONS
|
Registered Office/ Factory 1 : |
Pipe Nagar,
Village-Sukeli, N.H.17, B.K.G. Road, Roha, Raigad – 402126, Maharashtra,
India |
|
Tel. No.: |
91-2194-238511/ 12/ 16 |
|
Fax No.: |
91-2194-238513 |
|
E-Mail : |
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|
Website : |
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|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Jindal
Corporate Centre, Plot No 30, Institutional Sector 44, Gurgaon – 122002,
Haryana, India |
|
Tel. No.: |
91-124-2574325,
2574326, 4624000 |
|
Fax No.: |
91-124-2574327,
4624215 |
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E-Mail : |
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Website : |
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Head Office : |
2nd Floor, 5 Pusa
Road, New Delhi – 110005, India |
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Factory 2 : |
D –
114, Industrial Area, Vile Bhagad, Taluka Mangaon, District Raigad,
Maharashtra, India |
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Factory 3 : |
Village
Nivknae, Taluka Patan, District Satara, |
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Factory 4 : |
Pokaran,
District Jaisalmer, Rajasthan, India |
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Mumbai Office : |
402,
Sarjan Plaza, 100, Dr. Annie Besant Road, Opposite Telco Showroom, Worli, Mumbai
– 400018, Maharashtra, India |
|
|
|
|
Kolkata Office : |
Sukh
Sagar Apartment, Flat No.8A, 8th Floor, 2/5, Sarat Bose Road,
Kolkata – 700020, West Bengal, India |
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|
|
|
Chennai Office : |
3A, Royal
Court, 44, Venkatanarayan Road, T Nagar, Chennai – 600017, Tamilnadu, India |
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New Delhi Office : |
1/23-B, 1st Floor, Asaf Ali Road, New Delhi – 110002, India
|
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. D.P. Jindal |
|
Designation : |
Chairman |
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|
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|
Name : |
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|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. U.C. Agarwal |
|
Designation : |
Director |
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|
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|
Name : |
Mr. P. N. Vijay |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Sanjeev Rungta |
|
Designation : |
Director |
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|
Name : |
Mr. N. C. Jain |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S.P. Raj |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
|
|
Designation : |
VP and Company Secretary |
|
|
|
|
Name : |
Mr. Ravi Gupta |
|
Designation : |
CFO |
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|
|
|
Audit Committee : |
Mr. U.C. Agarwal – Chairman Mr. D.P. Jindal Mr. Sanjeev Rungta Mr. N. C. Jain |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
2172467 |
3.24 |
|
|
37012220 |
55.24 |
|
|
39184687 |
58.48 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
39184687 |
58.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3869786 |
5.78 |
|
|
40320 |
0.06 |
|
|
511807 |
0.76 |
|
|
9778143 |
14.59 |
|
|
0 |
0.00 |
|
|
14200056 |
21.19 |
|
|
|
|
|
|
5269527 |
7.87 |
|
|
|
|
|
|
4588206 |
6.85 |
|
|
1570035 |
2.34 |
|
|
2187115 |
3.26 |
|
|
418072 |
0.62 |
|
|
1769043 |
2.64 |
|
|
13614883 |
20.32 |
|
Total Public shareholding (B) |
27814939 |
41.52 |
|
Total (A)+(B) |
66999626 |
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) |
66999626 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Seamless Pipes. |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||
|
Bankers : |
·
State
Bank of ·
State
Bank of ·
Standard
Chartered Bank ·
HDFC
Bank Limited ·
ICICI
Bank Limited ·
Yes
Bank ·
Deutsche
Bank ·
Corporation
Bank ·
Kotak
Mahindra Bank ·
Axis
Bank ·
Citi
Bank, N.A. ·
The
Bank of Nova Scotia |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
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|
Banking Relations
: |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Kanodia Sanyal and Associates Chartered Accountant |
|
Address : |
New Delhi, India |
|
|
|
|
Joint Venture Companies : |
·
Hydril Jindal International Private Limited ·
Gondkhari Coal Mining Limited ·
Dev Drilling Pte. Limited (w.e.f. 12.02.2013) |
|
|
|
|
Associates : |
·
Jindal Pipes (Singapore) Pte. Limited ·
Star Drilling Pte. Limited |
|
|
|
|
Wholly Owned Subsidiaries : |
·
Maharashtra, Seamless (Singapore) Pte. Limited ·
Maharashtra Seamless Finance Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
a)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.5/- each |
Rs. 400.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 600.000
Millions |
b)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70533422 |
Equity Shares |
Rs.5/- each |
Rs. 352.667
Millions |
|
|
|
|
|
Terms / Rights attached to Equity
Share:
The
Company has only one class of Equity Shares having a par value of Rs.5/-. Each
holder of Equity Shares is entitled to one vote per share.
The
Company declares and pays dividend 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 May 24, 2013, proposed a dividend of
Rs.6/- per Equity Share. The proposal is subject to the approval of
shareholders at the Annual General Meeting. The total dividend appropriation
for the year ended March 31, 2013 is Rs.495.123 Millions including corporate
dividend tax of Rs.71.923 Millions.
In the
event of liquidation of the company, the holders of Equity Shares will be
entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts. However, no such preferential amounts
exist currently. The distribution will be in proportion to the number of Equity
Shares held by the shareholders.
c)
List
of shareholders holding more than 5% shares:
|
Name of Shareholder |
Number of Shares
|
% holding |
|
Franklin
Templeton Investment Funds |
4959584 |
7.03 |
|
Global
Jindal Fin-Invest Limited |
5424944 |
7.69 |
|
Brahmadev
Holding & Trading Limited |
5758992 |
8.16 |
|
Stable
Trading Company Limited |
11285544 |
16.00 |
|
Odd
& Even Trades and Finance Private Limited |
11690000 |
16.57 |
d)
Aggregate number of bonus shares issued and shares bought
back during the period of five years immediately preceding the reporting date:
Nil
Aggregate number and class of share allotted as fully paid up pursuant
to contract(s) without payment being received in cash during the period of five
years immediately preceding the reporting date: Nil
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 |
352.667 |
352.667 |
352.667 |
|
(b) Reserves & Surplus |
27,874.574 |
27,245.453 |
25,038.908 |
|
(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) |
28,227.241 |
27,598.120 |
25,391.575 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8.284 |
10.435 |
11.633 |
|
(b) Deferred tax liabilities (Net) |
705.041 |
594.020 |
448.382 |
|
(c) Other long term
liabilities |
573.618 |
627.684 |
687.798 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1,286.943 |
1,232.139 |
1,147.813 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
37.945 |
298.614 |
16.662 |
|
(b) Trade
payables |
384.389 |
1,474.991 |
1,038.958 |
|
(c) Other
current liabilities |
1,020.456 |
969.893 |
946.522 |
|
(d) Short-term
provisions |
95.118 |
94.124 |
155.904 |
|
Total Current
Liabilities (4) |
1,537.908 |
2,837.622 |
2,158.046 |
|
|
|
|
|
|
TOTAL |
31,052.092 |
31,667.881 |
28,697.434 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6,338.549 |
6,609.143 |
2,958.345 |
|
(ii) Intangible Assets |
8.182 |
12.102 |
16.020 |
|
(iii) Revalued Assets |
6,196.254 |
6,605.573 |
7,014.507 |
|
(iv) Capital work-in-progress |
524.041 |
98.853 |
2,451.251 |
|
(v) Silver Coins in hand |
0.079 |
0.065 |
0.038 |
|
(b) Non-current Investments |
1,310.186 |
1,461.515 |
340.977 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
888.362 |
579.559 |
173.568 |
|
Total Non-Current
Assets |
15,265.653 |
15,366.810 |
12,954.706 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
5,661.426 |
3,274.363 |
4,823.571 |
|
(b)
Inventories |
5,132.950 |
7,171.863 |
5,412.148 |
|
(c) Trade
receivables |
3,215.536 |
3,622.360 |
3,123.661 |
|
(d) Cash
and cash equivalents |
78.309 |
201.409 |
101.717 |
|
(e)
Short-term loans and advances |
1,646.457 |
2,018.911 |
2,273.016 |
|
(f) Other
current assets |
51.761 |
12.165 |
8.615 |
|
Total
Current Assets |
15,786.439 |
16,301.071 |
15,742.728 |
|
|
|
|
|
|
TOTAL |
31,052.092 |
31,667.881 |
28,697.434 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17,220.224 |
22,916.860 |
17,612.714 |
|
|
|
Other Income |
695.810 |
765.616 |
920.675 |
|
|
|
TOTAL (A) |
17,916.034 |
23,682.476 |
18,533.389 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11,927.695 |
15,970.765 |
11,027.917 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
128.735 |
(867.668) |
(488.165) |
|
|
|
Employee Benefits Expenses |
437.053 |
403.809 |
301.488 |
|
|
|
Other Expenses |
3,018.447 |
3,497.045 |
2,538.376 |
|
|
|
TOTAL (B) |
15,511.930 |
19,003.951 |
13,379.616 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,404.104 |
4,678.525 |
5,153.773 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
61.482 |
51.889 |
31.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2,342.622 |
4,626.636 |
5,122.238 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
365.252 |
200.838 |
184.915 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1,977.370 |
4,425.798 |
4,937.323 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
444.198 |
1,318.465 |
1,520.693 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1,533.172 |
3,107.333 |
3,416.630 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1,076.684 |
961.204 |
536.429 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
2,500.000 |
2,500.000 |
|
|
|
Proposed Dividend |
423.201 |
423.200 |
423.201 |
|
|
|
Tax on Dividend |
71.923 |
68.653 |
68.654 |
|
|
BALANCE CARRIED
TO THE B/S |
1,654.732 |
1,076.684 |
961.204 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2791.383 |
2298.312 |
587.845 |
|
|
|
Interest |
7.637 |
1.989 |
0.000 |
|
|
|
Other Earnings |
2.971 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2801.991 |
2300.301 |
587.845 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4686.380 |
3857.830 |
3126.997 |
|
|
|
Stores & Spares |
78.379 |
70.935 |
43.724 |
|
|
|
Capital Goods |
58.210 |
125.177 |
495.544 |
|
|
TOTAL IMPORTS |
4822.969 |
4053.942 |
3666.265 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.74 |
44.05 |
48.44 |
|
QUARTERLY RESULTS
(Rs. In Millions)
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net sales |
3273.500 |
2843.900 |
2667.800 |
3266.500 |
|
Total Expenditure |
2944.900 |
2584.300 |
2526.100 |
3118.000 |
|
PBIDT (Excluding Other Income) |
328.600 |
259.600 |
141.700 |
148.500 |
|
Other income |
119.600 |
99.200 |
190.900 |
222.400 |
|
Operating Profit |
448.200 |
358.800 |
332.600 |
370.900 |
|
Interest |
5.500 |
2.400 |
5.900 |
13.500 |
|
PBDT |
442.700 |
356.400 |
326.700 |
357.400 |
|
Depreciation |
94.600 |
94.500 |
93.700 |
86.700 |
|
Profit Before Tax |
348.100 |
261.900 |
233.000 |
270.700 |
|
Tax |
72.300 |
60.300 |
23.100 |
(13.200) |
|
Profit after tax |
275.800 |
201.600 |
209.900 |
283.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.56 |
13.12 |
18.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.48 |
19.31 |
28.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.59 |
18.83 |
26.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.16 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10.26 |
5.74 |
7.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
352.667 |
352.667 |
352.667 |
|
Reserves & Surplus |
25038.908 |
27245.453 |
27874.574 |
|
Net
worth |
25391.575 |
27598.120 |
28227.241 |
|
|
|
|
|
|
long-term borrowings |
11.633 |
10.435 |
8.284 |
|
Short term borrowings |
16.662 |
298.614 |
37.945 |
|
Total
borrowings |
28.295 |
309.049 |
46.229 |
|
Debt/Equity
ratio |
0.001 |
0.011 |
0.002 |
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 |
17,612.714 |
22,916.860 |
17,220.224 |
|
|
|
30.115 |
(24.858) |
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
|
17,612.714 |
22,916.860 |
17,220.224 |
|
Profit |
3,416.630 |
3,107.333 |
1,533.172 |
|
|
19.40% |
13.56% |
8.90% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
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 |
RESULTS OF OPERATIONS
Revenue
from Operations during the year was Rs.17220.200 Millions against Rs.229.169
Millions in the previous year. Profit before tax for the year was Rs.1977.400
Millions as against Rs.4425.800 Millions in the previous year. Profit after tax
and adjustments for the year was Rs.1531.700 Millions as against Rs.3107.300
Millions in the previous year.
The
operations, during the year were adversely affected due to voluminous imports
at lower prices from other countries, which still continues unabated.
MANAGEMENT DISCUSSION & ANALYSIS
FORWARD LOOKING STATEMENTS
The
statement in the Directors’ Report and Management Discussion and Analysis
Report contains “forward-looking statements” about the business, financial
performance, skills and prospects of the Company. Statements about the plans,
intentions, expectations, beliefs, estimates, predictions or similar expression
for future are forward-looking statements.
Forward-looking
statements should be viewed in the context of many risk issues, and events that
could cause the actual performance to be different from that contemplated in
the Directors’ Report and Management Discussion and Analysis Report, including
but not limited to, risks arising from uncertainties as to future Oil and Gas
prices and their impact on investment programs by Oil and Gas companies, steel
prices worldwide and domestic, economic and political conditions. We cannot
assure that outcome of this forward looking statement will be realized.
The
Company disclaims any duty to update the information given in the aforesaid
report.
INTRODUCTION AND OVERVIEW OF DOMESTIC
MARKET SITUATION
The
Financial year 2012-13 has been a year of challenges. The slowdown in the
domestic economy and continued dumping of pipes by foreign suppliers has
adversely affected domestic market. The demand from export market also slowed
down during the period.
The
Prime Minister’s Economic Advisory Council in its release of a review for
2012-13 has mentioned that the slippage has been on two accounts:
-
Vigour in economic recovery (be it in
terms of output and income or investment) has diminished following heightened
stress from global crisis.
-
Delays in projects due to delays in
issuance of clearances and lack of fuel for power plants.
The Review
has suggested growth strategies by way of speedy project clearances and
enhanced energy availability. It has also emphasized on more attractive
investment environment. This would increase industrial activity. Net FDI during
the year FY13 which was around USD 18 billion is expected to touch USD24
billion in FY14 backed by higher inbound inflows of the order of USD 36
billion. All this is expected to improve capital investment and also business
environment. Further the interest rate curve moving south ward consequent to
drop in inflationary pressures, domestic demand is expected to improve.
The
demand outlook for the company going forward therefore looks positive.
GLOBAL DEMAND OUTLOOK
The
International Monetary Fund (IMF) in its world economic outlook release has
pegged the world growth at 3.25% in 2013 moving up to 4% in 2014. It further
states in its review that economic activity in advanced countries has
stabilized and in emerging and developing economies have picked up, with
continued support from policy measures renewing confidence. Some of the main
observations in the outlook are as under:
1.
Manufacturing and Trade cycles has begun to re-accelerate (particularly, for
emerging market economies).
2.
Strong positive political decisions in advanced countries.
3.
Monetary policy rates are expected to remain low for the next three years.
4.
Global inflationary pressures have moderated.
All
this augers well for global demand. The export market has shown substantial
improve since the end of Feb’ 2013. The enquiries from export markets are
increasing and going forward is seen to be growing with new opportunities.
FUTURE OUTLOOK
The
company could not utilize its capacity due to dumping of pipes by foreign
suppliers.
In
view of this the industry filed an application for imposition of safeguard duty
on imported seamless pipes in India to protect the domestic producers against
serious injury caused by increased dumping of seamless pipes.
The
application was examined and it was prime-facie found that increased imports
have caused and are threatening to cause serious injury to the domestic
producers of seamless pipes and accordingly it was decided to initiate
investigations in the matter by the Government.
There
is a strong case for levy of anti-dumping/safeguard duty on imports in India
and dumping of seamless pipes. The industry has provided substantial employment
and has also incurred substantial investment. Since the industry is both
capital and human resource intensive it provides direct and indirect development
in a substantial manner. It is therefore in the interest of all constituents
that an appropriate safeguard duty is imposed on imports.
There
has been significant surge in imports consequent to dumping by foreign
suppliers, causing serious injury to domestic industry. The company is
confident that in view of domestic environment the safeguard duty would
eventually be imposed. With the improvement in domestic environment and
strengths of the company as delineated below the performance going forward
would improve substantially.
a)
Capability to introduce high quality products.
b)
Manufacturing products to International standards and maintaining product
quality consistency.
c)
Strong Quality Control Team.
d)
Strategically located production site.
e)
Constant emphasis on Research and Development.
The
Company is also increasing its marketing efforts. This would result in improved
order inflow and it is expected that the production will be restored to the
original levels during the fourth quarter of the current financial year.
The
year also saw input cost pressures. The year witnessed increase in rates of
fuel and electricity. The input pressures are expected to continue. The company
would however mitigate the same by taking suitable strategic actions.
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Unsecured |
15.618 |
293.274 |
|
|
|
|
|
Total |
15.618 |
293.274 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90157124 |
05/09/2008
* |
2,567,500,000.00 |
STATE
BANK OF PATIALA |
ATLANTA,
IST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A47983648 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Shed and Building
·
Plant and Machinery
·
Office Equipment
·
Computer
·
Furniture and Fixtures
·
Vehicles
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST
MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 (Audited) |
31.12.2013 (Unaudited) |
31.03.2014 (Audited) |
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
3266.500 |
2667.800 |
12051.700 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
3266.500 |
2667.800 |
12051.700 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
2295.300 |
1979.300 |
8165.300 |
|
b) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
115.500 |
(76.900) |
385.500 |
|
d) Employees benefit expenses |
86.200 |
100.500 |
397.700 |
|
e) Depreciation and amortization expenses |
86.700 |
93.700 |
369.500 |
|
f) Other expenditure |
621.000 |
523.200 |
2224.800 |
|
Total expenses |
3204.700 |
2619.800 |
11542.800 |
|
3. Profit from operations before other income and
financial costs |
61.800 |
48.000 |
508.900 |
|
4. Other income |
222.400 |
190.900 |
632.100 |
|
5. Profit from ordinary activities before finance costs |
284.200 |
238.900 |
1141.000 |
|
6. Finance costs |
13.500 |
5.900 |
27.300 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
270.700 |
233.000 |
1113.700 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
270.700 |
233.000 |
1113.700 |
|
10.Tax expenses |
|
|
|
|
-
Current / Earlier Years |
55.800 |
48.600 |
230.400 |
|
-
Mat Credit Entitlement |
(81.800) |
(26.000) |
(113.700) |
|
-
Deferred |
12.800 |
0.500 |
25.800 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
283.900 |
209.900 |
971.200 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
283.900 |
209.900 |
971.200 |
|
14.Paid-up
equity share capital (Nominal value Re.5/- per share) |
341.400 |
343.300 |
341.400 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
21782.300 |
|
16.i) Earnings per share (before extraordinary
items) of Re.5/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
4.09 |
3.06 |
21.74 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
29098437 |
29474536 |
29098437 |
|
- Percentage of shareholding |
42.61 |
42.93 |
42.61 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
39184687 |
39184687 |
39184687 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
57.39 |
57.07 |
57.39 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
-- |
|
Receiving during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unreserved at the end of the quarter |
-- |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended |
Year
Ended |
|
|
|
31.03.2014 (Audited) |
31.12.2013 (Unaudited) |
31.03.2014 (Audited) |
|
1.
Segment Revenue |
|
|
|
|
Steel Pipes and Tubes |
3245.400 |
2625.300 |
11883.400 |
|
Power - Electricity |
21.100 |
42.500 |
168.300 |
|
Others / Unallocated |
222.400 |
190.900 |
632.100 |
|
Total |
3488.900 |
2858.700 |
12683.800 |
|
Less : Inter Segment Revenue |
(6.200) |
14.100 |
54.500 |
|
Net
Sales |
3495.100 |
2844.600 |
12629.300 |
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
Steel Pipes and Tubes |
54.100 |
30.700 |
415.100 |
|
Power - Electricity |
7.700 |
17.300 |
93.800 |
|
Others / Unallocated |
222.400 |
190.900 |
632.100 |
|
Total |
284.200 |
238.900 |
1141.000 |
|
Less
: (i) Interest |
13.500 |
5.800 |
27.300 |
|
(ii) Other un-allocable
expenditure |
-- |
-- |
-- |
|
Profit
before Tax |
270.700 |
233.000 |
1113.700 |
|
3.
Capital Employed |
|
|
|
|
Steel Pipes and Tubes |
11968.100 |
12257.000 |
11968.100 |
|
Power - Electricity |
781.400 |
804.800 |
781.400 |
|
Others / Unallocated |
10273.000 |
9853.100 |
10273.000 |
|
Total |
23022.500 |
22914.900 |
23022.500 |
|
Less
: Unallocable Liabilities - Assets |
898.800 |
545.700 |
898.800 |
|
Total
|
22123.700 |
22369.200 |
22123.700 |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
341.400 |
|
(b) Reserves & Surplus |
21782.300 |
|
(c) Revaluation Reserve |
5787.300 |
|
Total
Shareholders’ Funds |
27911.000 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
5.400 |
|
(b) Deferred tax liabilities (Net) |
730.900 |
|
(c) Other long term
liabilities |
495.000 |
|
(d) long-term
provisions |
0.000 |
|
Total Non-current
Liabilities (3) |
1231.300 |
|
|
|
|
(3) Current
Liabilities |
|
|
(a) Short
term borrowings |
69.700 |
|
(b) Trade
payables |
1462.300 |
|
(c) Other
current liabilities |
869.600 |
|
(d) Short-term
provisions |
63.600 |
|
Total Current
Liabilities (4) |
2465.200 |
|
|
|
|
TOTAL |
31607.500 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
12481.200 |
|
(b) Non-current Investments |
1097.900 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
874.500 |
|
(e) Other
Non-current assets |
0.000 |
|
Total Non-Current
Assets |
14453.600 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
5880.100 |
|
(b)
Inventories |
4352.100 |
|
(c) Trade
receivables |
3419.200 |
|
(d) Cash
and cash equivalents |
292.700 |
|
(e) Short-term
loans and advances |
3048.000 |
|
(f) Other
current assets |
161.800 |
|
Total
Current Assets |
17153.900 |
|
|
|
|
TOTAL |
31607.500 |
NOTES:
1.
The above financial results were reviewed
by the Audit Committee and approved by the Board of Directors at its meeting
held on 24th May 2014.
2.
The Board of Directors recommended a
dividend @ Rs. 6/- per share for the financial year ended 31st March 2014 on
equity shares of Rs. 5/- each.
3.
During the quarter, the Company has
extinguished 376,099 equity shares. Consequently a sum of Rs. 1.880 Millions
has been reduced from share capital and Rs. 60.157 Millions has been reduced
from Securities Premium. The Company’s buy back of shares was completed on 7th
April 2014. Total No. 3,533,796 Equity Shares were bought back.
4.
Figures for the quarter ended 31st
March 2014 are the balancing figures between Audited figures of financial year
ended 31st March 2014 and published figures up to third quarter of the
financial year.
5.
Figures for the previous periods have
been re-grouped / rearranged / recast to make them comparable with the figures
of the current period.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.59.48 |
|
UK Pound |
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
63 |
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.