MIRA INFORM REPORT
|
Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM GALVA STEELS LIMITED |
|
|
|
|
Registered
Office : |
Uttam House, 69, P D ‘Mello Road, Mumbai – 400009, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.03.1985 |
|
|
|
|
Com. Reg. No.: |
11-035806 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1422.600
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27104MH1985PLC035806 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMU03480B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACU1710C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Subject is in
the business of manufacturing of intermediate steel products i.e Cold Rolled
Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP),
Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 49862000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject
is an established company having satisfactory track record. General
financial position of the company seems to be sound and healthy. Trade
relations are fair. Business is active. Payment terms are reported to be usually
correct. The
company 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
(IND) A = long Term Debt |
|
Rating Explanation |
The default risk is low. The capacity for
payment of financial commitments is considered strong. |
|
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
Management Non-Cooperative (91-22-66563500)
LOCATIONS
|
Registered
/ Corporate Office
: |
Uttam House, 69, P D Mello Road, Carnac Bandar, Mumbai
– 400 009, Maharashtra, India |
|
Tel.
No.: |
91–22–23420557/ 23421968/ 66563500/ 23440440/
23413192 |
|
Fax
No.: |
91–22–23430765/ 23415025/ 23441383/ 56311949/
23434188/ 23485025/ 23481598 |
|
E-Mail
: |
|
|
Website
: |
|
|
Location : |
Owned |
|
|
|
|
Factory
1 : |
Khopoli - Pen Road, Village - Donvat, Taluka- Khalapur,
District Raigad - 410202, Maharashtra, India |
|
Tel.
No.: |
91-2192-278053/278055/278146 |
|
Fax
No.: |
91-2192-278143 |
|
|
|
|
Factory
2 : |
Khopoli-Pali Road, Village Dahivali, Taluka
Khalapur, District Raigad, Maharashtra, India |
|
|
|
|
Factory
3: |
Taloja -12, MIDC, District Raigad, Maharashtra,
India |
|
|
|
|
Branch
Offices 1 : |
No.896/A, 1st Main
Road, 6th Cross, H.M.T. Layout, Gokul, 1st Phase, Mathikere, Bangalore - 560
054, India. |
|
Tel.
No.: |
91-80-23475084 |
|
|
|
|
Branch
Offices 2 : |
Located
at :
|
|
|
|
|
Steel
Service Centers : |
Located
at : ·
Mumbai, Maharashtra ·
Kolkata, West Bengal ·
New Delhi ·
Kanpur, Uttar Pradesh ·
Ghaziabad, Uttar Pradesh ·
Guwahati, Assam |
DIRECTORS
As on 31.03.2013
|
Name
: |
Mr. Rajinder K. Miglani |
|
Designation
: |
Chairman |
|
Address
: |
21-B, Embassy Apartments, 46, Nepean Sea Road,
Mumbai – 400 036, Maharashtra, India |
|
Date of Birth/Age: |
66 Years |
|
Qualification
: |
Science Graduate |
|
Date
of Appointment : |
31.12.1998 |
|
Last Employment |
Business |
|
|
|
|
Name : |
Mr. S P Talwar |
|
Designation : |
Director |
|
Qualification: |
BA, LLB |
|
|
|
|
Name : |
Mr. O P Gahrotra |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. D L Rawal |
|
Designation : |
Additional director |
|
|
|
|
Name : |
Mr. Pandurang. G. Kakodkar |
|
Designation : |
Director |
|
Qualification: |
MA (Economics) |
|
|
|
|
Name : |
Mr. Shirish T. Parikh |
|
Designation : |
Director |
|
Qualification: |
B.E. (Civil) |
|
Date of Appointment: |
29.03.1985 |
|
Other Directorship: |
Frontline Rolls, Forms Limited |
|
|
|
|
Name : |
Mrs. Swarna Prabha Sukumar |
|
Designation : |
Director (Nominee of LIC) |
|
Qualification: |
Science Graduate |
|
Experience : |
32 Years in LIC |
|
|
|
|
Name : |
Mr. Anuj Miglani |
|
Designation : |
Managing Director |
|
Date of Birth/Age: |
38 Years |
|
Qualification : |
Mechanical Engineer from Imperial College, Mumbai |
|
Date of Appointment : |
01.02.1995 |
|
|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director (Commercial) |
|
Date of Birth/Age: |
33 Years |
|
Qualification : |
Graduate in Economics from Wharton School U.S.A. |
|
Date of Appointment : |
29.01.2003 |
|
|
|
|
Name : |
Mr. Sharad G Tudekar |
|
Designation : |
Director (Works) |
|
Tel No. : |
91-22-23436930 |
|
Qualification: |
Graduate Engineer in Metallurgy |
|
|
|
KEY EXECUTIVES
|
Name
: |
Mr. Gursharan S Sawhney |
|
Designation
: |
Executive Director (Finance) and Chief Financial Officer |
|
|
|
|
Name : |
Mr. R. K. Agrawal |
|
Designation : |
Senior Vice President and Company Secretary |
|
Tel
No. : |
91-22-23437831 |
|
E-mail
: |
|
|
|
|
|
Name : |
Mr. Pankaj |
|
Designation : |
Account Department |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5961700 |
4.19 |
|
|
39304520 |
27.63 |
|
|
45266220 |
31.82 |
|
|
|
|
|
|
41327931 |
29.05 |
|
|
41327931 |
29.05 |
|
Total shareholding of Promoter and Promoter Group (A) |
86594151 |
60.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
38951 |
0.03 |
|
|
19945 |
0.01 |
|
|
124104 |
0.09 |
|
|
38860985 |
27.32 |
|
|
39043985 |
27.45 |
|
|
|
|
|
|
2737783 |
1.92 |
|
|
|
|
|
|
7228831 |
5.08 |
|
|
3115472 |
2.19 |
|
|
3539881 |
2.49 |
|
|
267335 |
0.19 |
|
|
3272546 |
2.30 |
|
|
16621967 |
11.68 |
|
Total Public shareholding (B) |
55665952 |
39.13 |
|
Total (A)+(B) |
142260103 |
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) |
142260103 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is in
the business of manufacturing of intermediate steel products i.e Cold Rolled
Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP),
Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Galvanised Coils / Sheets / Slit Coils |
(M.T) |
750000 |
561498 |
|
Colour Coated Coils / Sheets / Slit Coils |
(M.T) |
90000 |
77617 |
|
Cold Rolled Coils / Sheets / Slit Coils |
(M.T) |
960000 |
693713 |
|
Less : Captive Consumption (CR) |
(M.T) |
-- |
(415528) |
|
Less : Captive Consumption (GP) |
(M.T) |
-- |
(81748) |
|
Total Saleable Steel |
(M.T) |
-- |
835552 |
GENERAL INFORMATION
|
No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Facilities : |
Note: (Rs.
In Millions) Long Term
Borrowing Details of terms of repayment of the Secured
Non-convertible Redeemable Debentures issued by the Company and security
provided in respect thereof
Details of terms of repayment for the Secured Long-Term Borrowings and
security provided in respect there of:
1)
11.25 % Non Convertible Redeemable Debentures are
secured by first pari passu Mortgage of all immovable property and
hypothecation of all movable properties including movable machineries,
machinery spares, tools and accessories both present and future except
Packing Machine supplied by PESMEL, Finland. 2)
Term Loan from Banks and Financial Institutions
namely Axis Bank, Bank of Baroda, Dena Bank, Exim Bank of India, Oriental
Bank of Commerce, Punjab National Bank, State Bank of India, Syndicate Bank,
State Bank of Hyderabad, IDFC and ICICI Bank Limited are secured by mortgage
and the lenders have pari passu charge on all the present and future movable
and immovable assets of the Company except Packing Machine supplied by PESMEL,
Finland but not limited to plant and machinery, machinery spares, tools and
accessories in possession or not, stored, or to be brought in companies
premises or lying at any other place of the companies representative
affiliates and all the intangible assets of the company. The above security
will rank pari passu amongst the lenders. 3)
ECB loan from ICICI Bank Limited is secured by
mortgage of all immovable property and hypothecation of all movable properties
including movable machineries, machinery spares, tools and accessories, both
present and future except Packing Machine supplied by PESMEL, Finland. 4)
ECA loan from Nordea Bank is secured by
hypothecation of packing machine supplied by PESMEL, Finland. 5)
Term Loan from ICICI, IFCI, LIC, GIC, and UII
ranking pari pasu are secured by Mortgage of all immovable property and
hypothecation of all movable properties including movable machineries,
machineries spares, tools and accessories both present and future except
Packing Machine supplied by PESMEL Finland. 2502500 Equity Shares (Previous
Year 2502500 equity shares) held by Promoters are pledged against term loan
of Rs 95.500 Millions availed from ICICI Bank. Short Term
Borrowing
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Prakkash Muni and Associates Chartered Accountants |
|
Address : |
303, The Engle’s Flight, Suren Road, off Andheri Kurla
Road, Near Western Express Highway Junction, Andheri (East), Mumbai – 400093,
Maharashtra, India |
|
Tel. No.: |
91-22-66300900 |
|
Fax No.: |
91-22-66300990 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
K S Aiyar and Company |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Wholly Owned Subsidiary / Step down Subsidiary: |
|
|
|
|
|
Associates/Joint Ventures : |
|
|
|
|
|
Ability to Control / Exercise Significant Influence : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1750.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
142260103 |
Equity Shares |
Rs. 10/- each |
Rs. 1422.600 Millions |
(Out of this
5874760 Equity Share have been Issued for consideration other than Cash and 21857924
Equity Share have been issued on Conversion of Global Depository Receipts )
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Equity Shares at the beginning of the year |
122260103 |
|
Add: Shares Issued during the year (QIP) |
20000000 |
|
Equity Shares at
the end of the year |
142260103 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares
with Voting Rights |
|
|
|
Kredence Multi Trading Limited |
14921063 |
10.49% |
|
Uttam Exports Private Limited |
7324379 |
5.15% |
|
Shree Uttam Steel and Power Limited |
7885600 |
5.54% |
|
Arcelomittal Netherlands BV |
41327931 |
29.05% |
|
Cresta Fund Limited |
14101426 |
9.91% |
|
Albula Investment Fund Limited |
10806750 |
7.60% |
|
Asia Investment Corporation (Mauritius)
Limited |
8442125 |
5.93% |
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 |
1422.600 |
1222.600 |
1222.600 |
|
(b) Reserves & Surplus |
11043.000 |
9027.500 |
8247.900 |
|
(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) |
12465.600 |
10250.100 |
9470.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17745.100 |
19710.600 |
17619.500 |
|
(b) Deferred tax liabilities (Net) |
1682.500 |
1217.000 |
869.200 |
|
(c) Other long term
liabilities |
3257.500 |
3474.800 |
0.000 |
|
(d) long-term
provisions |
115.300 |
115.500 |
114.100 |
|
Total Non-current
Liabilities (3) |
22800.400 |
24517.900 |
18602.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
2658.000 |
453.500 |
2573.900 |
|
(b) Trade
payables |
18175.200 |
14266.600 |
17289.700 |
|
(c) Other
current liabilities |
12110.900 |
8734.600 |
6155.000 |
|
(d) Short-term
provisions |
117.200 |
137.400 |
(73.800) |
|
Total Current Liabilities
(4) |
33061.300 |
23592.100 |
25944.800 |
|
|
|
|
|
|
TOTAL |
68327.300 |
58360.100 |
54018.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
32175.100 |
28987.400 |
18193.400 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
5468.000 |
3786.900 |
9674.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
234.600 |
120.200 |
88.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1064.600 |
871.600 |
680.400 |
|
(e) Other
Non-current assets |
32.500 |
238.900 |
220.000 |
|
Total Non-Current
Assets |
38974.800 |
34005.000 |
28857.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
10372.400 |
10851.400 |
13659.800 |
|
(c) Trade
receivables |
6844.900 |
5578.400 |
7236.000 |
|
(d) Cash
and cash equivalents |
1696.400 |
1312.600 |
675.900 |
|
(e)
Short-term loans and advances |
10438.800 |
6612.700 |
3588.800 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
29352.500 |
24355.100 |
25160.500 |
|
|
|
|
|
|
TOTAL |
68327.300 |
58360.100 |
54018.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
59110.700 |
51716.000 |
50408.100 |
|
|
|
Other Income |
139.600 |
76.400 |
39.300 |
|
|
|
TOTAL |
59250.300 |
51792.400 |
50447.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
Consumed |
32521.600 |
31551.100 |
31076.300 |
|
|
|
Purchase of Traded
Goods |
16094.600 |
6208.000 |
13515.700 |
|
|
|
Changes in
Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(1862.000) |
3128.200 |
(3423.500) |
|
|
|
Employee Benefits
Expense |
763.300 |
675.000 |
618.000 |
|
|
|
Other Expenses |
5707.300 |
4873.200 |
4209.000 |
|
|
|
TOTAL |
53224.800 |
46435.500 |
45995.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6025.500 |
5356.900 |
4451.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3046.400 |
2673.200 |
2122.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2979.100 |
2683.700 |
2329.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1825.800 |
1273.700 |
1194.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXTRAORDINARY ITEM |
1153.300 |
1410.000 |
1135.400 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEM |
200.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
1353.300 |
1410.000 |
1135.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
737.800 |
630.400 |
367.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
615.500 |
779.600 |
767.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6904.000 |
6249.400 |
5668.400 |
|
|
|
|
|
|
|
|
|
Less |
Adjustments
Pertaining to Prior Years - Taxes |
0.000 |
0.000 |
61.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to Debenture Redemption Reserve |
125.000 |
125.000 |
125.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7394.500 |
6904.000 |
6249.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
19493.900 |
12607.900 |
15535.300 |
|
|
TOTAL EARNINGS |
19493.900 |
12607.900 |
15535.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
20299.300 |
19249.500 |
24087.100 |
|
|
|
Spare Parts and Components |
107.700 |
56.300 |
35.200 |
|
|
|
Capital Goods |
412.200 |
390.100 |
273.700 |
|
|
TOTAL IMPORTS |
20819.200 |
19695.900 |
24396.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic and
Diluted including Extraordinary Item |
5.03 |
6.38 |
6.28 |
|
|
|
Basic and
Diluted excluding Extraordinary Item |
3.72 |
6.38 |
6.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
13367.600 |
|
Total Expenditure |
12282.400 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
1085.200 |
|
Other income |
108.900 |
|
Operating Profit |
1194.100 |
|
Interest |
513.700 |
|
Exceptional Items |
0.000 |
|
Profit before depreciation and tax |
680.400 |
|
Depreciation |
519.800 |
|
Profit before tax |
160.600 |
|
Tax |
119.300 |
|
Profit after tax |
41.300 |
|
Extraordinary items |
21.900 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
63.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.04
|
1.51
|
1.52
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.29
|
2.73
|
2.25
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.44
|
5.56
|
4.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.14
|
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.64
|
1.97
|
2.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
1.03
|
0.97
|
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 |
1222.600 |
1222.600 |
1422.600 |
|
Reserves & Surplus |
8247.900 |
9027.500 |
11043.000 |
|
Net
worth |
9470.500 |
10250.100 |
12465.600 |
|
|
|
|
|
|
long-term borrowings |
17619.500 |
19710.600 |
17745.100 |
|
Short term borrowings |
2573.900 |
453.500 |
2658.000 |
|
Total
borrowings |
20193.400 |
20164.100 |
20403.100 |
|
Debt/Equity
ratio |
2.132 |
1.967 |
1.637 |
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 |
50408.100 |
51716.000 |
59110.700 |
|
|
|
2.595 |
14.299 |
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 |
50408.100 |
51716.000 |
59110.700 |
|
Profit |
767.700 |
779.600 |
615.500 |
|
|
1.52% |
1.51% |
1.04% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ARBPL/963/2010 |
Failing Date:- |
18/08/2010 |
Reg. No.:- |
ARBP/303/2011 |
Reg. Date:- |
22/03/2011 |
|
Petitioner:- |
CENTRAL WAREHIUSING |
Respondent:- |
UTTAM GALVA STEELS LIMITED |
||||
|
Petn.Adv:- |
S.I. SHAH AND CO (0) |
Resp. Adv.: |
M.S. BHARDWAJ (1) (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
ARBITRATION ACT. |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
ARBP FOR HEARING AND FINAL DISPOSAL U/S 34 |
||||
|
Last Date:- |
25/03/2014 |
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE R.V. MORE |
||||||
|
|
|
||||||
|
Act. : |
Arbitration and Conciliation Act,1966 |
Under Section 34 |
|||||
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term Borrowings |
|
|
|
Other loans ( SICOM and Others) |
13.000 |
16.700 |
|
Total |
13.000 |
16.700 |
INDEX OF CHARGE:
|
Sr .No |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10431919
|
13/06/2013
|
12,562,450,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURANG
BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B77441731
|
|
2 |
10424495
|
29/04/2013
|
815,217,000.00
|
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,
WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA
|
B74694381
|
|
3 |
10359845
|
17/04/2013
* |
1,500,000,000.00
|
VIJAYA BANK |
CORP. BKG. BRANCH, MAKER
CHAMBER IV (REAR PORTION), 222, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
B74584731
|
|
4 |
10324531
|
21/12/2011
|
810,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY
DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA -
400025, INDIA |
B28341154
|
|
5 |
10299516
|
08/08/2013
* |
7,000,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING
MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B83157461
|
|
6 |
10245187
|
21/06/2010
|
2,000,000,000.00
|
AXIS TRUSTEE SERVICES LIMITED |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A90518861
|
|
7 |
10123656
|
02/09/2008
|
810,000,000.00
|
INFRASTRUCTURE DEVELOPMENT
FINANCE COMPANY LIMITED |
ITC CENTRE, 3RD FLOOR760, ANNA
SALAI, CHENNAI - 600 002, TAMIL NADU, INDIA |
A46256640
|
|
8 |
10072969
|
30/10/2007
|
131,281,344.00
|
UNIT TRUST OF INDIA INVESTMENT
ADVISORY SERVICES LIMITED |
UTI TOWER GN BLOCKBANDRA KURLA
COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A25414228
|
|
9 |
10048847
|
23/04/2007
|
2,142,250,000.00
|
UNIT TRUST OF INDIA INVESTMENT
ADVISORY SERVICES |
UTI TOWER GN BLOCKBANDRA KURLA
COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A14219331
|
|
10 |
90227081
|
06/12/2005
|
2,795,000.00
|
UNITED INDIA INSURANCE COMPANY
LIMITED |
24; WHITES ROAD, CHENNAI,
TAMIL NADU, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
The company is promoted
by Miglani family initially in the year 1985 and ArcelorMittal has joined as
Co-Promoter in the year 2009-10.
The Company is in
the business of manufacturing of intermediate steel products i.e Cold Rolled
Steel (CR) and Galvanised Products comprising of Galvanised Plain (GP),
Galvanised Corrugated (GC) and Colour Coated Products (CCP) Coils and Sheets
situated at Khopoli, Mumbai Western part of India. The Company is in the
business of procuring Hot Rolled Steel (HR) and processing it in to CR and further
in to GP and PPGI. Its current facilities are mainly in thicker and thinner
guage material. The CR not used for galvanizing is converted to value added
grades in Cold Rolled Closed Annealed (CRCA) coils, Cut to Length (CTL) Sheets
and also sold as Full Hard CR in Domestic and Overseas market. The market
segment for value added grades include Appliance, General Engineering,
Automative, Construction, Packaging, Sandwich Panels and Others
OPERATIONS:
The Company has
achieved a turnover of Rs. 62523.400 Millions as against Rs. 54753.800 Millions
in the previous year and at the same time The Company posted the Profit before
Tax of Rs. 1353.200 Millions as against Rs. 1410.000 Millions in the previous
year. The decline in the Profit before Tax was due to combined effect of higher
Finance Cost and Depreciation cost incurred during the Year.
The Company has
envisaged the various projects and also looking for the expansion and the
modernization of current projects. Consequently in view of the Capex requirement
for proposed expansion projects of the Company, the Board of Directors are in
opinion that Cash flow should be conserved and hence decided to plough back the
entire profit earned by the Company and have not recommended any dividend.
EXPORTS:
The Company has
registered growth in exportsvolume by 18% and has added 3 more new countries
–Martinique, Bahamas and Kyrgyzstan which makes now total list of countries
serviced to 148. The Company has maintained its presence in the International
Market in spite of the Global slowdown and currency crises in some of the
countries.
The Global Economic
situation has shown signs of marginal growth in USA and Russia where the
Company’s products are well established and recognized as quality supplier. The
sales growth in these 2 countries are recorded as 28% and 16% respectively
compared to last year. Growth in emerging market and developing economies is
also showing double digit and positive trends in line with expectation. This is
expected to provide wide base to our international business.
The Company has been
the recipient of 17 EEPC Awards from the Ministry of Commerce and Industry,
Government of India for its outstanding exports performance.
OUTLOOK
The domestic flat steel
consumption in the relevant business segments is estimated to grow at 6%- 8%.
The need, however, for value added and niche products are likely to surge and
have been identified as major focus area for the Company. Global steel
consumption is expected to rise by1.3%. Non-tariff barriers (like Anti-Dumping
Duty on low priced, low quality suppliers) introduced recently by some of the
emerging economies is expected to open additional markets and opportunities for
The Company to increase its market share in international business.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
DECEMBER, 2013
(Rs. In Millions)
|
Particulars |
For 3 Months Ended |
Previous 3 Months Ended |
For 9 Months Ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
16170.200 |
9941.900 |
39479.700 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
16170.200 |
9941.900 |
39479.700 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
7097.300 |
6422.100 |
20407.300 |
|
b) Purchases of stock in trade |
5798.000 |
970.000 |
8535.100 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
114.500 |
(534.900) |
1627.800 |
|
d) Employees benefit expenses |
215.100 |
214.500 |
637.600 |
|
e) Depreciation and amortization expenses |
587.600 |
595.400 |
1702.800 |
|
f) Other expenditure |
1483.700 |
1482.400 |
4337.200 |
|
Total expenses |
15296.200 |
9149.500 |
37247.800 |
|
3. Profit from operations before other income and
financial costs |
874.000 |
792.400 |
2231.900 |
|
4. Other income |
51.400 |
120.200 |
280.500 |
|
5. Profit from ordinary activities before finance costs |
925.400 |
912.000 |
2512.400 |
|
6. Finance costs |
708.900 |
726.900 |
1949.500 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
216.500 |
185.700 |
562.900 |
|
8.
Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
216.500 |
185.700 |
562.900 |
|
10.Tax expenses |
|
|
|
|
-
MAT Credit |
45.400 |
40.700 |
118.200 |
|
-
Wealth Tax |
0.000 |
0.000 |
0.000 |
|
- Deferred Tax |
89.000 |
88.100 |
264.400 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
82.100 |
56.900 |
180.300 |
|
12.Extraordinary Items (net of
tax expense) |
0.000 |
0.000 |
21.900 |
|
13.Net Profit / (Loss) for the
period (11 -12) |
82.100 |
56.900 |
202.200 |
|
14.Paid-up equity share capital (Nominal value Re.
1/- per share) |
1422.600 |
1422.600 |
1422.600 |
|
15. Paid up Debentures |
1500.000 |
1500.000 |
1500.000 |
|
16. Reserves
excluding Revaluation Reserves |
|
|
|
|
17. Debenture
Redemption Reserve |
|
|
|
|
18 Basic
and Diluted EPS (in Rs) before Extraordinary Items (not annualised) |
0.58 |
0.40 |
1.27 |
|
Basic and Diluted
EPS ( in Rs) after Extraordinary Items (not annualised ) |
0.58 |
0.40 |
1.42 |
|
19. Particulars
of shareholding |
|
|
|
|
- Number of shares |
55665952 |
55665952 |
55665952 |
|
- Percentage of shareholding |
39.13% |
39.13% |
39.13% |
|
20. Promoters and Promoters group Shareholding- |
86594151 |
86594151 |
86594151 |
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
2502500 |
2502500 |
2502500 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
2.89% |
2.89% |
2.89% |
|
Percentage of shares (as a % of total share capital of the
company) |
1.76% |
1.76% |
1.76% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
84091651 |
84091651 |
84091651 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
97.11% |
97.11% |
97.11% |
|
Percentage of shares (as a % of total share capital of the
company) |
59.11% |
59.11% |
59.11% |
Note:
1. The
above financial results were reviewed by the Audit Committee and approved at
the meeting of Directors and the Board of Directors held on 31st
Jan, 2014.
2. Previous
year's figures have been regrouped / rearranged wherever necessary.
3. During
this year, the company has availed of FC-TL/ECB Exchange fluctuation relating
such loans is accounted in line with provision of AS-11, by amortization over a
period of tenure of the loans.
4. The
company is in manufacturing of steel products and also has a captive power
plant. Hence it is reporting its results in single segment as required by
As-17.
5. Number
of complaints for the quarter ended 31.12.2013 : Beginning - Nil, Received - 1,
Disposed off - 1 and Pending - Nil
FIXED ASSETS:
·
Land
·
Building and Site Development
·
Flat and Office Premises
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Computers
·
Housing Complex
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.60.13 |
|
UK Pound |
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.