MIRA INFORM REPORT
|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ STEEL INDUSTRIES LIMITED |
|
|
|
|
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 |
|
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 old and 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.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
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 |
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) |
|
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 |
|
Designation : |
Directors (Promoter - Non-Executive Director) |
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|
Name : |
Mr. Kamal Kishore Kela |
|
Designation : |
Independent Director |
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|
Name : |
Mr. Mohan Agarwal |
|
Designation : |
Independent Director |
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|
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|
Name : |
Mr. Alok Goenka |
|
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 |
|
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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|
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|
Name : |
Mr. Manish Sharma |
|
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 |
|
Designation : |
Member |
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|
|
|
Name : |
Shri Alok Goenka |
|
Designation : |
Member |
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|
|
|
Remuneration
Committee of Board of Directors |
|
|
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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|
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|
Name : |
Shri Rohit Bajaj |
|
Designation : |
Member |
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|
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|
Name : |
Shri Sunil Bajaj |
|
Designation : |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
No. of Shares |
% of 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 |
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 : |
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|
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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|
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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
|
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 |
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Fixed Deposits |
0.283 |
2.177 |
|
Less: Current Maturity |
(44.270) |
(29.915) |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
From Related Parties |
286.230 |
263.809 |
|
|
|
|
|
TOTAL
|
242.243 |
236.071 |
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
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12.2013
|
Sr. |
Particular |
Quarter
Ended |
Nin
Month Ended |
|
|
No. |
||||
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from Operations |
|
|
|
|
|
Net Sales |
1658.664 |
1190.911 |
3323.658 |
|
|
Other Operating Income |
19.782 |
11.133 |
31.648 |
|
|
Net Sales/Income from Operations |
1678.446 |
1202.044 |
3355.306 |
|
|
|
|
|
|
|
2 |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
1052.017 |
714.928 |
2150.978 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
67.100 |
72.092 |
92.919 |
|
|
Employee Benefits Expenses |
90.387 |
73.435 |
208.475 |
|
|
Depreciation and Amortization Expenses |
16.395 |
16.577 |
49.145 |
|
|
Other Expenses |
289.913 |
185.858 |
568.197 |
|
|
f) Total |
1515.812 |
1062.890 |
3069.714 |
|
|
|
|
|
|
|
3 |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
162.634 |
139.154 |
285.592 |
|
|
|
|
|
|
|
4 |
Other Income |
6.179 |
5.949 |
19.460 |
|
|
|
|
|
|
|
5 |
Profit Before Interest and Exceptional Items (3+4) |
168.813 |
145.103 |
305.052 |
|
|
|
|
|
|
|
6 |
Interest |
17.403 |
18.553 |
51.387 |
|
|
|
|
|
|
|
7 |
Profit After Interest but before Exceptional Items (5-6) |
151.410 |
126.550 |
253.665 |
|
|
|
|
|
|
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9 |
Profit from Ordinary Activities before Tax (7+8) |
151.410 |
126.550 |
253.665 |
|
|
|
|
|
|
|
10 |
Tax Expense |
49.125 |
33.176 |
82.301 |
|
|
|
|
|
|
|
11 |
Net Profit from Ordinary Activities after Tax (9-10) |
102.285 |
93.374 |
171.364 |
|
|
|
|
|
|
|
12 |
Extraordinary Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13 |
Net Profit for the period (11-12) |
102.285 |
93.374 |
171.364 |
|
|
|
|
|
|
|
14 |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
23.500 |
23.500 |
23.500 |
|
|
|
|
|
|
|
15 |
Reserves Excluding Revaluation Reserve |
- |
- |
- |
|
|
|
|
|
|
|
16 |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not
Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
43.53 |
39.73 |
72.92 |
|
|
b) Basic and diluted EPS after extraordinary items |
43.53 |
39.73 |
72.92 |
|
|
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
-Number of Shares |
1489350 |
1489350 |
1489350 |
|
|
- Percentage of Shareholding |
63.38% |
63.38% |
63.38% |
|
|
|
|
|
|
|
18 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of Shares |
860650 |
860650 |
860650 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
36.62% |
36.62% |
36.62% |
|
Particulars |
Quarter Ended 31.12.2013 |
|
Pending at the beginning of
the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
NA |
|
Remaining unresolved at the
end of the quarter |
NA |
NOTES
1. The above financial results have been taken on record by the Board of
Directors at their Meeting held on February 06, 2014 alter reviewed by the
Audit Committee. The Statutory Auditors have carried out limited review of the
financials of the Company as required under Clause 41 of the Listing Agreement
and the related report is being attached with the Financials Results.
2. There were no investor complaints outstanding at the beginning of the
quarter.
3. Previous year/ quarter figures are regrouped / restated wherever necessary.
4. The classification /disclosure of items in the financial results shall be in
accordance with the Revised Schedule VI of the Companies Act, 1956.
(Rs. In Millions)
|
Sl. No. |
|
Particulars |
3 Month Ended |
Preceding 3 month ended |
Year to date figures for current period (Nine
months ended) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|||
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel and Related Products |
1366.821 |
925.083 |
2515.267 |
|
|
|
|
Plastic and Related Products |
311.625 |
276.961 |
840.039 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
1678.446 |
1202.044 |
3355.306 |
|
|
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
1678.446 |
1202.044 |
3355.306 |
|
|
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel and Related Products |
149.428 |
126.359 |
251.496 |
|
|
|
|
Plastic and Related Products |
19.384 |
18.744 |
53.554 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
168.812 |
145.103 |
305.050 |
|
|
|
|
|
|
|
|
|
|
|
|
Less :Finance Cost |
17.404 |
18.553 |
51.387 |
|
|
|
|
Less : Other Unallocable Expenses Net of Unallocable Income |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
151.409 |
126.550 |
253.664 |
|
|
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Steel and Related Products |
797.703 |
653.574 |
797.703 |
|
|
|
|
Plastic and Related Products |
40.850 |
33.574 |
40.850 |
|
|
|
|
Others |
(27.275) |
(3.153) |
(27.275) |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
811.278 |
683.995 |
811.278 |
|
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 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.60.03 |
|
|
1 |
Rs.101.96 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPT |
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.