MIRA INFORM REPORT
|
Report Date : |
06.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ STEEL INDUSTRIES LIMITED |
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Registered
Office : |
Imambada Road, Nagpur – 440018, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.02.1961 |
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Com. Reg. No.: |
11-011936 |
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Capital
Investment / Paid-up Capital : |
Rs.23.500
Millions |
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CIN No.: [Company Identification
No.] |
L27100MH1961PLC011936 |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Cotton Ginning Automation and Cotton Pressing
Machinery and Spare Parts. |
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No. of Employees
: |
1300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2438000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There is a dip in sales and profit of the company during 2013. However,
general financial position seems to be good. Fundamentals of the company is
decent. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous year.
The drop in India was steeper at 21 %. State run carrier Air India is doling
out free tickets to its 24000 employees, even as it expects to incur a loss of
Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number
of jobs generated across India in 2013, a fall of 0.4 % as compared to with a
year earlier. The National Capital Region has a one-fourth share in total
jobs created, according to a study by industry lobby group Assochem, Banks,
real estate, automobile and telecommunications sectors are showing a rise of
job creation. $ 805 mn investments by venture capital firms in India during
2013, registering a drop of about 18 % over the previous year. The Information
Technology and IT-Enabled Services Industry retained its status as the
favourable venture capital investors in 2013. Pakistan has temporarily banned
gold imports for the second time in six months, as it tries to stem smuggling
into India. India’s import duty on gold is 10 % and curbs on purchases have
dried up legal imports into what used to be the world’s biggest bullion buyers.
The World Gold Council puts the amount smuggled into India at upto 200 tonnes
in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits
estimated to be about Rs 35000 mn be used for education and awareness among
depositors. According to the plan, deposits that have not been claimed
for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A [Long Term] |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
02.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 [Short Term] |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
02.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. M K Sharma |
|
Designation : |
President |
|
Contact No.: |
91-9325132305 |
|
Date : |
04.03.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
Imambada Road, Nagpur – 440018, Maharashtra, India |
|
Tel. No.: |
91-712-2720071 / 80 |
|
Mobile No.: |
91-9325132305 (Mr. M K Sharma) |
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Fax No.: |
91-712-2728050 / 2723068 |
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E-Mail : |
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Website : |
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Area : |
10 Acre |
|
Location : |
Owned |
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Factory 2 : |
C-108, MIDC, Hingna Industrial Area, Nagpur - 440028, Maharashtra, India |
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Factory 3 : |
D-5/2, MIDC, Hingna Industrial Area, Nagpur – 440028, Maharashtra,
India |
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Factory 4 : |
G 108, Butibori, MIDC
Industrial, Nagpur - 441122, Maharashtra, India |
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Regional Office : |
Godown No. 72, Sahajanand Estate,
Co-operative Housing Society, Near Lalmulji Transport, Sarkhej.
Ahmedabad-332210, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rohit Bajaj |
|
Designation : |
Chairman cum Managing Director |
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|
Name : |
Mr. Sunil Bajaj |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Vinod Kumar Bajaj |
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Designation : |
Directors (Promoter - Non-Executive Director) |
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Name : |
Mr. Kamal Kishore Kela |
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Designation : |
Independent Director |
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Name : |
Mr. Mohan Agarwal |
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Designation : |
Independent Director |
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Name : |
Mr. Alok Goenka |
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Designation : |
Independent Director |
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Name : |
Mr. Rajkumar Lohia |
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Designation : |
Independent Director |
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Name : |
Mr. Rajiv Ranka |
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Designation : |
Independent Director |
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Name : |
Mr. Deepak Batra |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Jadish Shirke |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Manish Sharma |
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Designation : |
Chief Financial Officer |
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|
|
Name : |
Mr. M K Sharma |
|
Designation : |
President |
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|
|
Audit Committee
of Board of Directors |
|
|
Name : |
Shri Deepak Batra |
|
Designation : |
Chairman |
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|
|
|
Name : |
Shri Rajiv Ranka |
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Designation : |
Member |
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|
Name : |
Shri Alok Goenka |
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Designation : |
Member |
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|
Remuneration
Committee of Board of Directors |
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|
Name : |
Shri Deepak Batra |
|
Designation : |
Chairman |
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|
Name : |
Shri Rajiv Ranka |
|
Designation : |
Member |
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|
Name : |
Shri Alok Goenka |
|
Designation : |
Member |
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|
Shareholders Grievance
Committee |
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|
Designation : |
Chairman |
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|
|
|
Name : |
Shri Rajiv Ranka |
|
Designation : |
Member |
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|
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|
Name : |
Shri Alok Goenka |
|
Designation : |
Member |
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|
|
|
Name : |
Shri Rohit Bajaj |
|
Designation : |
Member |
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|
|
Name : |
Shri Sunil Bajaj |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
651650 |
27.73 |
|
|
209000 |
8.89 |
|
|
860650 |
36.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
860650 |
36.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
400 |
0.02 |
|
|
100 |
0.00 |
|
|
500 |
0.02 |
|
|
|
|
|
|
491872 |
20.93 |
|
|
|
|
|
|
655123 |
27.88 |
|
|
130367 |
5.55 |
|
|
211488 |
9.00 |
|
|
130466 |
5.55 |
|
|
81022 |
3.45 |
|
|
1488850 |
63.36 |
|
Total Public shareholding (B) |
1489350 |
63.38 |
|
Total (A)+(B) |
2350000 |
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) |
2350000 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Ashish Bajaj |
89,950 |
3.83 |
|
2 |
Bina Bajaj |
44,600 |
1.90 |
|
3 |
Gayatridevi Bajaj |
1,51,400 |
6.44 |
|
4 |
Goyal Sundeep |
200 |
0.01 |
|
5 |
Hargovind Gangabisan Bajaj |
17,400 |
0.74 |
|
6 |
Kanika Bajaj |
1,000 |
0.04 |
|
7 |
Kumkum Bajaj |
44,600 |
1.90 |
|
8 |
Kush Bajaj |
29,464 |
1.25 |
|
9 |
Lav Bajaj |
29,464 |
1.25 |
|
10 |
Mutha Ramdas Chandanmal |
500 |
0.02 |
|
11 |
Pawan Ruia |
3,350 |
0.14 |
|
12 |
Rohit Bajaj |
55,325 |
2.35 |
|
13 |
Ruia Akshat |
100 |
0.00 |
|
14 |
Ruia Pawan |
100 |
0.00 |
|
15 |
Ruia Pawan |
100 |
0.00 |
|
16 |
Sangeeta Goyal |
21,800 |
0.93 |
|
17 |
Shakuntaladevi Bajaj |
29,800 |
1.27 |
|
18 |
Sundeep Goyal |
2,600 |
0.11 |
|
19 |
Sunil Bajaj |
58,325 |
2.48 |
|
20 |
Sunil Bajaj |
5,000 |
0.21 |
|
21 |
Varun Bajaj |
24,900 |
1.06 |
|
22 |
Vedant Bajaj |
28,372 |
1.21 |
|
23 |
Vidarbha Tradelinks Private Limited |
2,09,000 |
8.89 |
|
24 |
Vinodkumar Bajaj |
13,200 |
0.56 |
|
25 |
Vinodkumar Gangabisan Bajaj |
100 |
0.00 |
|
|
Total |
8,60,650 |
36.62 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN
1% OF THE TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Bajaj Global Limited |
67500 |
2.87 |
|
2 |
Dnyanesh Lad |
33950 |
1.44 |
|
3 |
Glycosic Merchants Private Limited |
78900 |
3.36 |
|
4 |
Lohia Corp Limited |
25299 |
1.08 |
|
5 |
Nissan Merchandise Private Limited |
50000 |
2.13 |
|
6 |
Bajaj Exports Private Limited |
213800 |
9.10 |
|
7 |
Lalchand Chandanmal Mutha |
128800 |
5.48 |
|
|
Total |
598249 |
25.46 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC”
AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Bajaj Export Private Limited |
213800 |
9.10 |
|
2 |
Lalchand Chandanmal Mutha |
128800 |
5.48 |
|
|
Total |
342600 |
14.58 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cotton Ginning Automation and Cotton Pressing
Machinery and Spare Parts. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1300 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
B. Chhawcharia and Company Chartered Accountants |
|
Address : |
602, Govind
Estates, Plot No. 172, Shivaji Nagar, Nagpur, Maharashtra, India |
|
|
|
|
Wholly Owned Foreign Subsidiary : |
Bajaj Coneagle LLC |
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|
Associates : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2350000 |
Equity Shares |
Rs.10/- each
|
Rs.23.500
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 |
23.500 |
23.500 |
23.500 |
|
(b) Reserves & Surplus |
586.034 |
551.623 |
478.404 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
9.900 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
609.534 |
575.123 |
511.804 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
16.153 |
28.844 |
56.860 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
2.030 |
|
(c)
Other long term liabilities |
9.642 |
9.642 |
7.142 |
|
(d)
Long-term provisions |
31.569 |
25.520 |
23.487 |
|
Total
Non-current Liabilities (3) |
57.364 |
64.006 |
89.519 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
473.350 |
456.843 |
441.674 |
|
(b)
Trade payables |
418.460 |
314.330 |
129.726 |
|
(c)
Other current liabilities |
143.956 |
91.534 |
345.031 |
|
(d)
Short-term provisions |
8.194 |
8.194 |
93.054 |
|
(e)
Advance from customers |
203.617 |
136.094 |
5.462 |
|
Total
Current Liabilities (4) |
1247.577 |
1006.995 |
1014.947 |
|
|
|
|
|
|
TOTAL |
1914.475 |
1646.124 |
1616.270 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
307.446 |
297.431 |
308.197 |
|
(ii)
Intangible Assets |
13.670 |
20.992 |
34.506 |
|
(iii)
Capital work-in-progress |
251.040 |
194.438 |
130.357 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
38.405 |
2.784 |
2.784 |
|
(c) Deferred tax assets
(net) |
11.119 |
5.258 |
0.000 |
|
(d) Long-term Loan
and Advances |
3.652 |
6.208 |
8.742 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
625.332 |
527.111 |
484.586 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
521.742 |
502.821 |
614.159 |
|
(c)
Trade receivables |
400.975 |
299.302 |
236.343 |
|
(d)
Cash and cash equivalents |
225.078 |
220.517 |
185.625 |
|
(e)
Short-term loans and advances |
141.348 |
96.373 |
95.557 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1289.143 |
1119.013 |
1131.684 |
|
|
|
|
|
|
TOTAL |
1914.475 |
1646.124 |
1616.270 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2852.328 |
3133.938 |
2042.003 |
|
|
|
Other Income |
33.654 |
30.588 |
18.220 |
|
|
|
TOTAL (A) |
2885.982 |
3164.526 |
2060.223 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1938.275 |
1968.716 |
1410.922 |
|
|
|
Purchases |
0.119 |
139.791 |
12.015 |
|
|
|
Manufacturing and Processing Charges |
293.257 |
284.277 |
230.265 |
|
|
|
Employee Benefit Expenses |
230.363 |
213.218 |
202.494 |
|
|
|
Other Expenses |
239.788 |
199.412 |
163.190 |
|
|
|
Changes in Inventories |
5.210 |
118.547 |
(100.819) |
|
|
|
TOTAL (B) |
2707.012 |
2923.961 |
1918.067 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
178.970 |
240.565 |
142.156 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.129 |
69.274 |
58.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
112.841 |
171.291 |
83.182 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.178 |
65.459 |
57.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
53.663 |
105.832 |
25.887 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.059 |
34.318 |
21.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
42.604 |
71.514 |
4.577 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
18.333 |
25.013 |
35.899 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Proposed dividend |
7.050 |
7.050 |
4.700 |
|
|
|
Corporate Dividend Tax |
1.144 |
1.144 |
0.763 |
|
|
|
Transfer to General Reserve |
35.000 |
70.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
17.743 |
18.333 |
25.013 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
249.545 |
261.040 |
121.685 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
400.957 |
378.562 |
365.344 |
|
|
|
Capital Goods |
42.585 |
18.159 |
34.511 |
|
|
TOTAL IMPORTS |
443.542 |
396.721 |
399.855 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
18.13 |
30.43 |
2.08 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
474.800 |
1202.000 |
1678.400 |
|
Total Expenditure |
474.800 |
1046.300 |
1499.400 |
|
PBIDT (Excl OI) |
0.000 |
155.700 |
179.000 |
|
Other Income |
07.300 |
06.000 |
06.200 |
|
Operating Profit |
07.300 |
161.700 |
185.200 |
|
Interest |
15.400 |
18.600 |
17.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(08.100) |
143.100 |
167.800 |
|
Depreciation |
16.200 |
16.600 |
16.400 |
|
Profit Before Tax |
(24.300) |
126.600 |
151.400 |
|
Tax |
0.000 |
33.200 |
49.100 |
|
Profit After Tax |
(24.300) |
93.400 |
102.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(24.300) |
93.400 |
102.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.47
|
2.25 |
0.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.88
|
3.37 |
1.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.33
|
7.33 |
1.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.18 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.80
|
0.84 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.11 |
1.12 |
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 |
23.500 |
23.500 |
23.500 |
|
Reserves & Surplus |
478.404 |
551.623 |
586.034 |
|
Net worth |
501.904 |
575.123 |
609.534 |
|
|
|
|
|
|
long-term borrowings |
56.860 |
28.844 |
16.153 |
|
Short term borrowings |
441.674 |
456.843 |
473.35 |
|
Total borrowings |
498.534 |
485.687 |
489.503 |
|
Debt/Equity ratio |
0.993 |
0.844 |
0.803 |
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) |
|
Sales |
2042.003 |
3133.938 |
2852.328 |
|
|
|
53.474 |
(8.986) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Sales |
2042.003 |
3133.938 |
2852.328 |
|
Profit |
4.577 |
71.514 |
42.604 |
|
|
0.22% |
2.28% |
1.49% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
44.270 |
29.915 |
31.076 |
|
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 |
No |
|
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) |
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] |
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 |
10465978 |
29/11/2013 |
155,000,000.00 |
IDBI BANK LIMITED |
SPECIALIZED CORPORATE
BRANCH, 3RD FLOOR, GUPTA TOWER, TEMPLE ROAD, CIVIL LINES, NAGPUR - 440001,
MAHARASHTRA, INDIA |
B91891556 |
|
2 |
10453231 |
10/09/2013 |
523,000.00 |
AXIS BANK LIMITED |
M.G. HOUSE, LOWER GROUND
FLOOR, BESIDE BOARD OFFICE, CIVIL LINES, NAGPUR - 440001, MAHARASHTRA, INDIA |
B86729399 |
|
3 |
10453233 |
10/09/2013 |
523,000.00 |
AXIS BANK LIMITED |
M.G. HOUSE, LOWER GROUND
FLOOR, BESIDE BOARD OFFICE, CIVIL LINES, NAGPUR - 440001, MAHARASHTRA, INDIA |
B86730033 |
|
4 |
10449092 |
04/09/2013 |
823,500.00 |
AXIS BANK LIMITED |
M.G. HOUSE, LOWER GROUND
FLOOR, BESIDE BOARD OFFICE, CIVIL LINES, NAGPUR - 440001, MAHARASHTRA, INDIA |
B85001386 |
|
5 |
10447353 |
23/08/2013 |
306,500.00 |
AXIS BANK LIMITED |
M.G. HOUSE, LOWER GROUND
FLOOR, BESIDE BOARD OFFICE, CIVIL LINES, NAGPUR - 440001, MAHARASHTRA, INDIA |
B84196641 |
* Date of charge modification
WORKING AND FUTURE PROSPECTS:
During
the year, the Company's performance has affected due to uncertainty about
Cotton Crop in the Country. The turnover of the Company decreased from Rs.
3133.900 Millions in 2011 -12 to Rs. 2852.300 Millions in 2012-13. The
profitability of the company has also been affected as the profit of the
Company decreased from Rs. 71.500 Millions in 2011-12to Rs. 42.600 Millions in
2012-13. The Board of Directors are trying their best to improve the
performance of the Company.
THE WORKING OF BOTH
THE DIVISION OF THE COMPANY IS GIVEN AS BELOW:
STEEL DIVISION:
The
Steel Division is concentrating in its core business of manufacturing Cotton
ginning and Pressing machineries which has a great potential to expand,
considering the increasing cotton cultivation in India and abroad. The Company
had successfully launched few new products like Cotton Delinting Machines and
Decorticating Machines, Pre-fabricated Industrial Sheds etc.
PLASTIC DIVISION (SUPERPACK):
The sale / disposal of the Superpack Division
is expected to complete at the earliest. However, the performance of the unit
has improved during the year achieving the Gross Turnover of Rs. 1129.600
Millions during the Financial Year 2012-13.
Shri Vinod Kumar Bajaj and Shri Ashish Bajaj
are looking at the Superpack Division of the Company. Looking at the valuable
experience and background of Shri Ashish Bajaj, the Board of Directors vide
circular resolution further has re-appointed Shri Ashish Bajaj for further
period of One (1) year w.e.f. 20.03.2013, in compliance with Section 314(1B) of
the Companies Act, 1956 read with Director's Relative (Office or Place of
Profit), Rules,2011.
Further,
Shri Ashish Bajaj Chief Executive Officer of Superpack Division of the Company
is solely responsible and liable for all the operations (including Day to Day
operations), activities and all the compliances including Statutory and Labour
compliances applicable to the Superpack Division of the Company from time to
time and necessary forms / papers in relation thereof shall be filed to the
concerned authorities.
DEVELOPMENT OF NEW PRODUCTS:
During the year, the Company has successfully
developed "Single Line Feeding Screw Conveyor with Twin Auto
Regulator" for conveying raw cotton to ginning machines evenly and
efficiently to a series of Ginning Machines. Subsequently, the company has
applied to the Patent Office for the registration of “Single Line Feeding Screw
Conveyor with Twin Auto Regulator" under the Patent Act, 1970.
MANAGEMENT
DISCUSSIONS:
INDUSTRY STRUCTURE AND DEVELOPMENT:
Primarily, the Company is having two
Divisions viz Steel Division and Superpack (Plastic) Division. Steel Division
of the Company is having distinguished manufacturing facilities in India for
Cotton Ginning and Pressing Plants located at Imambada Road Nagpur, C-108,
Hingna Industrial Area, Hingna, Nagpur, and Plot No. G-6 and G-7, MIDCHingna,
Nagpur- Maharashtra the Superpack Division of the Company is for manufacturing
of Master batches. However, the sale / disposal of the Superpack Division is
expected to complete at the earliest. Further, the Major thrust of the
Management is on the operation of Steel Division of the Company which is its
core business.
The
strong vision and dedication of the promoters has put the Company as one of the
biggest manufacturers of Cotton Ginning and Pressing Machineries with
distinction of having only company in the world with capabilities for
manufacturing Cotton Ginning Machines for all the three major cotton ginning
technologies being used in the world and enjoying more than two -thirds of the
market share in India while rapidly expanding wings in the other cotton growing
countries the world.
EXPORT POTENTIAL OF GINNING MACHINES:
Like Indian economy, agriculture always
remains the base of most of the developing countries. The company has
successfully exported its cotton processing machines to Peru, Tajikistan,
Strickland, Myanmar, Bangladesh, Egypt, Pakistan, Madagascar, Nigeria,
Zimbabwe, Zambia, Uganda, Tanzania, Malawi, Ethiopia etc.
The
demand for spare parts for ginning machines and allied equipments are increasing
manifold. In order to meet this demand, the company has opened a depot at
Ahmadabad and planning to open more depots in other cotton growing areas in
India.
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Office
Equipments
- Furniture and
Fixtures
- Vehicles
- Patents
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist
to suggest that subject is or was the subject of any formal or informal allegations,
prosecutions or other official proceeding for making any prohibited payments or
other improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No 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.61.86 |
|
|
1 |
Rs.103.06 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
|
46 |
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.