MIRA
INFORM REPORT
|
Report Date : |
16.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM VALUE STEELS LIMITED [w.e.f.
18.03.2013] |
|
|
|
|
Formerly Known
as : |
LLOYDS STEEL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Uttam House, 69, |
|
|
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|
Country : |
|
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
27.04.1970 |
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|
|
|
Com. Reg. No.: |
11-014621 |
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Capital
Investment / Paid-up Capital : |
Rs.12051.673
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1970PLC014621 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
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|
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|
No. of Employees
: |
1322 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18512000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by continuous
accumulated losses incurred by the company and below average liquidity
position of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings dealing with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB – [Long Term Bank Facilities] |
|
Rating Explanation |
Having moderate degree of safety and carry moderate credit risk. |
|
Date |
11.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facilities] |
|
Rating Explanation |
Having moderate degree of safety and higher credit risk. |
|
Date |
11.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Mhatre |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-30418111 |
|
Date : |
91-22-30418111 |
LOCATIONS
|
Registered Office : |
4th Floor, Uttam House, 69, P.D Mello Road, Mumbai, 400009, Maharashtra, India |
|
Tel. No.: |
91-22-30418111 |
|
Fax No.: |
91-22-30418260 |
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E-Mail : |
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|
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Factory 1 : |
Lloyds Nagar, Bhugaon Link Road, Wardha, Maharashtra, India |
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|
|
|
Factory 2 : |
Plot No. A-5/5 and A-6/3 MIDC Industrial Area, Murbad District Thane, Maharashtra, India |
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|
|
|
Mumbai Office : |
Trade World, C-Wing, 16th Floor, Kamala, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India |
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|
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|
Branch Office : |
Located At: ·
Delhi ·
Ahmedabad ·
Bangalore ·
Indore ·
Hyderabad ·
Pune ·
Chennai ·
Nagpur ·
Kolkata ·
Indore ·
Cochin ·
Jaipur |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rajinder Miglani |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. S K Soni |
|
Designation : |
Director |
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|
Name : |
Mr. B L Khanna |
|
Designation : |
Director |
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|
Name : |
Mr. U N Challu |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Manash Chakraborty |
|
Designation : |
Director (Nominee - ARCIL) |
|
|
|
|
Name : |
Mr. R K Bansal |
|
Designation : |
Director (Nominee - IDBI) |
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|
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|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Rajiv Munjal |
|
Designation : |
Director (Commercial) |
|
|
|
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director (Engg. Division) |
KEY EXECUTIVES
|
Name : |
Mr. Gursharan S Sawhney
|
|
Designation : |
Group Chief Finance Officer |
|
|
|
|
Name : |
Mr. Ram Gaud |
|
Designation : |
Company Secretary |
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|
|
Name : |
Mr. Mhatre |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.04.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
609472232 |
46.12 |
|
|
609472232 |
46.12 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
609472232 |
46.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
573153 |
0.04 |
|
|
205004032 |
15.51 |
|
|
1500 |
0.00 |
|
|
4389894 |
0.33 |
|
|
216050 |
0.02 |
|
|
210184629 |
15.90 |
|
|
|
|
|
|
265283276 |
20.07 |
|
|
|
|
|
|
58515400 |
4.43 |
|
|
33983120 |
2.57 |
|
|
144176610 |
10.91 |
|
|
70565 |
0.01 |
|
|
7456471 |
0.56 |
|
|
900 |
0.00 |
|
|
136648674 |
10.34 |
|
|
501958406 |
37.98 |
|
Total Public shareholding (B) |
712143035 |
53.88 |
|
Total (A)+(B) |
1321615267 |
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) |
1321615267 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
GENERAL INFORMATION
|
No. of Employees : |
1322 [Approximately] |
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Bankers : |
· State Bank of India · Punjab and Sind Bank · Abu Dhabi Commercial Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Statutory Auditors : |
|
|
Name : |
Todarwal & Todarwal Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Internal Auditors : |
|
|
Name : |
Ernst &
Young LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
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|
Associates: |
Indrajit Power Private Limited |
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|
|
|
Other Related Parties : |
·
Uttam Galva Metallics
Limited ·
Uttam Galva Steels Limited ·
Sainath Trading Company
Private Limited ·
Kredence Multi Trading
Limited ·
Grow well Mercantile Limited ·
Shree Global Tradefin
Limited. (ceased w.e.f 6th December 2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
500000000 |
Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.5000.000 Millions |
|
|
TOTAL
|
|
Rs.20000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1194518493 |
Equity Shares |
Rs.10/- each
|
Rs.11945.185
Millions |
|
2714451 |
Equity Shares Forfeited Shares |
|
Rs.13.234
Millions |
|
9325420 |
Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.93.254
Millions |
|
|
TOTAL |
|
Rs.12051.673 Millions |
NOTES:
TERMS AND RIGHTS
TO EQUITY SHARES
The company has only
one class of shares having a par value at Rs. 10/-
per share. Each holder of equity shares is entitled to one vote per share.
TERMS AND RIGHTS
TO REDEEMABLE PREFERENCE SHARES
The Redeemable
preference shares will be redeemed with a premium of 11.50 % in 6(six) annual
installments commencing from financial year 2016. No such shares shall be
redeemed except out of the profits of the company which would otherwise be
available for dividend or out of the proceeds of the fresh issue of shares made
for the purpose of the redemption.
EQUITY SHARES IN
THE COMPANY HELD BY ITS HOLDING/ULTIMATE HOLDING COMPANY AND/OR THEIR
SUBSIDIARIES /ASSOCIATES
Rs. In Millions
|
Name of
Shareholder |
As on 31.03.2013 |
|
Ultimate
Logistics Solutions Private Limited |
4236.400 |
|
Metallurgical
Engineering and Equipment’s Limited |
18583.500 |
DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
NAME OF
SHAREHOLDER |
AS ON 31.03.2013 |
|
|
|
NOS. |
% HOLDING IN THE CLASS |
|
Equity shares of
Rs. 10 each fully paid |
|
|
|
Ultimate
Logistics Solutions Private Limited |
423637469 |
35.47 % |
|
Shree Global Tradefin Limited |
188274167 |
15.76 % |
|
Metallurgical
Engineering and Equipment’s Limited |
185834763 |
15.56 % |
|
IDBI Bank
Limited |
150000000 |
12.56 % |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
30.06.2011 [15 Months] |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12051.673 |
9021.173 |
6289.371 |
|
(b) Reserves & Surplus |
(7423.543) |
(8203.220) |
(9280.222) |
|
(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) |
4628.130 |
817.953 |
(2990.851) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3014.893 |
3852.639 |
7427.285 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
234.166 |
204.863 |
192.123 |
|
Total Non-current Liabilities (3) |
3249.059 |
4057.502 |
7619.408 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
599.568 |
0.000 |
0.000 |
|
(b) Trade payables |
19437.827 |
12943.858 |
12451.823 |
|
(c) Other current
liabilities |
2570.955 |
5994.738 |
5861.518 |
|
(d) Short-term provisions |
21.618 |
20.474 |
0.000 |
|
Total Current Liabilities (4) |
22629.968 |
18959.070 |
18313.341 |
|
|
|
|
|
|
TOTAL |
30507.157 |
23834.525 |
22941.898 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
12537.715 |
10748.567 |
11482.446 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1642.342 |
11.351 |
308.962 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
16.026 |
25.026 |
25.026 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
58.542 |
142.559 |
194.380 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
14254.625 |
10927.503 |
12010.814 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4575.117 |
3768.367 |
2767.801 |
|
(c) Trade receivables |
1184.961 |
1192.307 |
2022.563 |
|
(d) Cash and cash
equivalents |
588.060 |
497.212 |
489.302 |
|
(e) Short-term loans
and advances |
9461.408 |
6996.411 |
5651.418 |
|
(f) Other current
assets |
442.986 |
452.725 |
0.000 |
|
Total Current Assets |
16252.532 |
12907.022 |
10931.084 |
|
|
|
|
|
|
TOTAL |
30507.157 |
23834.525 |
22941.898 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
30.06.2011 [15 Months] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
63440.424 |
38481.637 |
40807.376 |
|
|
|
Other Income |
620.328 |
434.693 |
463.661 |
|
|
|
TOTAL (A) |
64060.752 |
38916.330 |
41271.037 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
20402.572 |
15738.282 |
21156.524 |
|
|
|
Purchase of traded goods |
33453.118 |
17183.856 |
12069.099 |
|
|
|
Employee benefits expenses |
742.596 |
508.654 |
678.078 |
|
|
|
Other expenses |
7280.033 |
4927.969 |
6986.655 |
|
|
|
Exceptional items |
0.000 |
132.240 |
(23.689) |
|
|
|
Increase/decrease in inventories of finished goods and work in
progress |
(935.399) |
(990.103) |
(723.903) |
|
|
|
TOTAL (B) |
60942.920 |
37500.898 |
40142.764 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3117.832 |
1415.432 |
1128.273 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1657.550 |
1084.994 |
975.679 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1460.282 |
330.438 |
152.594 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1450.105 |
1064.984 |
1549.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
10.177 |
(734.546) |
(1396.713) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
10.177 |
(734.546) |
(1396.713) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(16457.079) |
(15060.366) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
(17191.625) |
(16457.079) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
258.477 |
164.501 |
0.000 |
|
|
|
Brokerage and Commission |
13.956 |
6.300 |
2.177 |
|
|
TOTAL EARNINGS |
272.433 |
170.801 |
2.177 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
68.137 |
935.102 |
1256.811 |
|
|
|
Production Consumables, Stores and Spares |
408.323 |
345.012 |
0.000 |
|
|
TOTAL IMPORTS |
476.460 |
1280.114 |
1256.811 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
0.01 |
(1.43) |
(4.46) |
|
|
|
-
Diluted |
0.01 |
(1.75) |
(4.46) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
15448.200 |
14561.500 |
15314.400 |
|
Total Expenditure |
14778.000 |
13952.500 |
14752.600 |
|
PBIDT (Excl OI) |
670.300 |
609.000 |
561.900 |
|
Other Income |
92.600 |
134.600 |
94.100 |
|
Operating Profit |
762.900 |
743.600 |
655.900 |
|
Interest |
536.000 |
598.800 |
557.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
226.900 |
144.800 |
98.600 |
|
Depreciation |
398.100 |
395.300 |
377.500 |
|
Profit Before Tax |
(171.200) |
(250.500) |
(278.900) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(171.200) |
(250.500) |
(278.900) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(171.200) |
(250.500) |
(278.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
30.06.2011 [15 Months] |
|
PAT / Total Income |
(%) |
0.02
|
(1.89) |
(3.38) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.02
|
(1.91) |
(3.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
|
(3.09) |
(6.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.90)
|
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.78
|
4.71
|
(2.48) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72
|
0.68
|
0.60 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
31.03.2012 |
31.03.2013 |
|
|
(15 Months) |
(9 Months) |
(12 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
6289.371 |
9021.173 |
12051.673 |
|
Reserves & Surplus |
(9280.222) |
(8203.22) |
(7423.543) |
|
Net worth |
(2990.851) |
817.953 |
4628.130 |
|
|
|
|
|
|
long-term borrowings |
7427.285 |
3852.639 |
3014.893 |
|
Short term borrowings |
0.000 |
0.000 |
599.568 |
|
Total borrowings |
7427.285 |
3852.639 |
3614.461 |
|
Debt/Equity ratio |
(2.483) |
4.710 |
0.781 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2011 |
31.03.2012 |
31.03.2013 |
|
|
(15 Months) |
(9 Months) |
(12 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40807.376 |
38481.637 |
63440.424 |
|
|
|
(5.699) |
64.859 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2011 |
31.03.2012 |
31.03.2013 |
|
|
(15 Months) |
(9 Months) |
(12 Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40807.376 |
38481.637 |
63440.424 |
|
Profit |
(1396.713) |
(734.546) |
10.177 |
|
|
(3.42%) |
(1.91%) |
0.02% |
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 |
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 |
No |
|
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 |
10450652 |
25/09/2013 |
6,120,000,000.00 |
Axis Trustee
Services Limited |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B85583532 |
|
2 |
10450654 |
25/09/2013 |
13,900,000,000.00 |
Axis Trustee
Services Limited |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B85583771 |
|
3 |
10445662 |
12/07/2013 |
500,000,000.00 |
Punjab and Maharashtra Co-operative Bank Limited. |
OFFICE NO 4
& 5, 3RD FLOOR,, DREAMS MALL, L B S MARG, BHANDUP (WEST), MUMBAI -
400078, MAHARASHTRA, |
B83370783 |
|
4 |
90231025 |
14/06/1999 |
510,000,000.00 |
ICICI LTD |
ICICITOWER,
BANDR KURLA, MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
5 |
90232123 |
29/09/2006 * |
240,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A06399224 |
|
6 |
90230982 |
29/09/2006 * |
158,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A06400634 |
|
7 |
90230979 |
17/08/1999 * |
200,000,000.00 |
INDUTRIAL
DEVELOPMENT BANKOF INDIA |
IDBI TOWER,
CUFFE PRADE, MUMBAI - 400005, WEST BENGAL, INDIA |
- |
|
8 |
90240447 |
29/09/2006 * |
580,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A42687277 |
|
9 |
90230974 |
03/03/1998 |
250,000,000.00 |
INDUSTRIAL
DEVELOPMENT BNAK OF INDIA |
IDBI TOWER,
MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
10 |
90230971 |
16/01/1998 |
950,300,000.00 |
INDUSTRIAL CRDIT
INVESTMENT CORPORATION OF INDIA |
163 BACKBAY
RECLMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
|
|
Rs. in Millions |
|
|
Long Term
Borrowings |
|
|
|
Deferred payment liabilities |
|
|
|
Sales Tax Deferral |
814.638 |
532.089 |
|
Other Loans & Advances |
|
|
|
Sales Tax Loan from Government of Maharashtra |
11.143 |
18.075 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Overdraft from banks |
99.568 |
0.000 |
|
Loan from Body corporates |
500.000 |
0.000 |
|
TOTAL
|
1425.349 |
550.164 |
NOTE:
The register office address has been shifted
from “Trade World, ‘C’ Wing, 16th Floor, Kamala
City, Senapati Bapat Marg, Lower Parel, Mumbai -
400013, Maharashtra, India” to the present
address.
OPERATIONS and OVERALL PERFORMANCE:
The Company achieved
a Gross Turnover of Rs. 66855.600 Millions in 2012-13 as against Rs.
40530.300 Millions in the
previous period (9 months), showing a growth of 23 % over previous year. The
operating EBIDTA for the year was Rs. 3117.800 Millions as against Rs. 1547.700
Millions in the previous period (9 months). The Company posted a profit
of Rs. 10.100
Millions during the year as against a loss of Rs.
734.500 Millions in the previous period (9 months) after providing depreciation
of Rs. 1450.100 Millions (Previous period Rs. 1065.000 Millions).
STEEL INDUSTRY
SCENARIO:
2012 -13 was a
challenging year for the steel industry with apparent steel use increasing at
the slowest rate since 2009 when global demand declined by 6.5%. This was mainly
due to the Eurozone crisis which persisted throughout
2012 and whose impact was felt further. On top of this, corrective
macroeconomic measures in major emerging economies also contributed to a
concerted slowdown globally. However, in the early part of 2013, the key risks
to the global economy – the Eurozone crisis, a hard
landing for the Chinese economy, and the US fiscal cliff issue – have all
stabilized considerably and they now expect a recovery in global steel demand
to kick in by the second half, led by the emerging economies. Yet, the
situation on the financial markets remains fragile and the Eurozone
crisis is far from being solved as the recent events in Cyprus have again
shown.
STEEL PRODUCTS:
Sale of steel
products during the year 2012-13 was Rs. 30333.100 Millions as against the
previous period (9 months) of Rs. 22396.900 Millions.
Export sales achieved during the year Rs. 230.700 Millions as against Rs. 107.700 Millions recorded during the previous period of
9 months.
ENGINEERING PRODUCTS:
Engineering
Division achieved sales of Rs. 4700.700 Millions
during 2012 -13 as compared to sales of Rs. 2862.400
Millions for 9 months in the previous period. During the year the division has
executed various orders / jobs by supplying critical equipment and items
including various types of Tanks and Vessels, Water Cooled Equipment to SMS
India Limited, Instrument Air Drier Unit to BOC India Limited for MRPL PP
Project , Pressure Vessels to Technimon SpA for OPAL Butene Project ,
Pressure Vessels - Passivation Drum and Pump out Drum
and Hexane Dryer Package to Technip France for OPAL Butene Project, Marine Unloading Arms to HPCL, Supply of
Cooling Bed-Fixed Structure to Danieli India Limited,
Buffer Vessels to SAIL, Pressure Vessels to HPCL, equipment for WHR Boiler to Petron Engineering Construction Limited for IOCL, Paradip and Equipment to Uttam
Galva Metallics Limited, Uttam
Galva Steels Limited, Gopani Iron and Power Limited
and Tapadia Polysters
Private Limited and supply of critical Spares and Services to all the major
public and private Oil and Gas sector, Port Trust and various Government
bodies.
MANAGEMENT DISCUSSION AND ANALYSIS:
The core business
of the Company is manufacturing and marketing Iron and Steel Products and
manufacturing capital equipment’s and turnkey projects.
STEEL DIVISION:
The crude steel
production has grown from 1490 million tonnes in 2011
to 1510 million tonnes in 2012, a growth of 1.3%.
China continued to be the largest Crude Steel producer in the world and their
production increased from 683 million tonnes in 2011
to 708 million tonnes in 2012, a growth of 3.7%.
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The Engineering
Division of the Company has been approved for its engineering skills/
works/services by various premier consulting companies and Inspection Agencies
such as Engineers India Limited, MECON, LRIS, BVIS, amongst various other
agencies. The Division has further been approved by Industrial Boiler
Regulatory Authority (IBR). The Division, with a view to expand its operations
acquired Plot A-5/4, MIDC, Murbad situated adjacent
to the existing Plot No. A-5/5 during January 2012 and is exploring
possibilities for further expansion. Due to recession in all sectors of Indian
Industry, the expansion projects are moving in slow phase which has affected
most of the Indian engineering companies. In addition to this, the Engineering
segment is highly competitive in view of tough competition from foreign
companies/ agencies and giant public/private sector undertakings.
FIXED ASSETS:
·
Land
·
Building
·
Plant Machinery
·
Computer
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Railway Siding
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
15314.407 |
14561.500 |
45324.144 |
|
|
Other Operating
Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
15314.407 |
14561.500 |
45324.144 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of
materials consumed |
4013.100 |
4989.890 |
13212.354 |
|
|
Purchase
of stock in trade |
8013.714 |
6792.571 |
24482.646 |
|
|
Employee
benefits expenses |
218.103 |
219.694 |
623.225 |
|
|
Depreciation
and amortization expenses |
377.513 |
395.303 |
1170.901 |
|
|
Other
expenses |
2265.420 |
2027.377 |
5969.215 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
242.214 |
(76.994) |
(813.378) |
|
|
Total Expenses |
15130.064 |
14347.841 |
44644.963 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
184.343 |
213.659 |
670.181 |
|
|
|
|
|
|
|
4. |
Other
Income |
94.090 |
134.597 |
321.269 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
278.433 |
348.256 |
991.450 |
|
|
|
|
|
|
|
6. |
Interest |
557.369 |
598.800 |
1692.129 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(278.936) |
(250.544) |
(700.679) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(278.936) |
(250.544) |
(700.679) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(278.936) |
(250.544) |
(700.679) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(278.936) |
(250.544) |
(700.679) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
119584 |
119584 |
119584 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
|
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(0.23) |
(0.21) |
(0.59) |
|
|
b)
Basic and diluted EPS after extraordinary items |
(0.23) |
(0.21) |
(0.59) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
585046261 |
585046261 |
585046261 |
|
|
-
Percentage of Shareholding |
48.98 |
48.98 |
48.98 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
298502889 |
335502889 |
298502889 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
48.98 |
55.05 |
48.98 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
24.99 |
28.09 |
24.99 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
310969343 |
273969343 |
310969343 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
51.02 |
44.95 |
51.02 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
26.03 |
22.93 |
26.03 |
|
Particulars |
Quarter Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
7 |
|
Disposed of during the quarter |
7 |
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
|
|
Steel Products |
7855.919 |
6797.319 |
20374.672 |
|
|
|
Engineering Products |
1518.924 |
2264.981 |
3904.691 |
|
|
|
Trading |
7987.078 |
6789.284 |
24425.757 |
|
|
|
TOTAL |
17361.921 |
15851.584 |
48705.120 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
2047.514 |
1290.084 |
3380.976 |
|
|
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
15314.407 |
14561.500 |
45324.144 |
|
|
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
Profit / Loss
before tax and interest from each segment |
|
|
|
|
|
|
Steel Products |
186.400 |
338.246 |
916.301 |
|
|
|
Engineering Products |
75.348 |
(0.438) |
88.251 |
|
|
|
Trading |
34.227 |
27.641 |
41.228 |
|
|
|
TOTAL |
295.975 |
365.449 |
1045.780 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
557.369 |
598.800 |
1692.129 |
|
|
|
Less : Other Unallocable Expenses and Extra
Ordinary Items |
17.542 |
17.193 |
54.330 |
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
(278.936) |
(250.544) |
(700.679) |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Steel Products |
7890.479 |
5958.557 |
7890.479 |
|
|
|
Engineering Products |
814.301 |
733.876 |
814.301 |
|
|
|
Trading |
520.704 |
486.477 |
520.704 |
|
|
|
TOTAL |
9225.484 |
7178.910 |
9225.484 |
NOTES:
1. The above results were reviewed
by the Audit Committee and thereafter approved and taken on record by the Board
of Directors of the Company at their meeting held on February 11, 2014.
2. As per the provisions of AS -17 Segment reporting,
the Company operates in two business segments namely Manufactured and Traded
Products. There are no reportable geographical segments.
3. Limited Review of Financial Results as per
Clause 41 of listing agreement has been carried out by statutory Auditors.
4. Previous period figures has been
regrouped/reclassified wherever necessary.
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.59.47 |
|
|
1 |
Rs.99.70 |
|
Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.