MIRA
INFORM REPORT
|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELECTRO STEEL CASTINGS LIMITED |
|
|
|
|
Registered
Office : |
Rathod Colony, Rajgangpur, Sundergarh-700017, Orissa |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.11.1955 |
|
|
|
|
Com. Reg. No.: |
000310 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 326.753 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27310OR1955PLC000310 |
|
|
|
|
TIN No. : |
08051764761V |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP4709N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Ductile
Iron Pipes, Fittings and Cast Iron Pipes. |
|
|
|
|
No. of Employees
: |
Information denied by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Care Ratings |
|
Rating |
Long term bank facilities “AA-” |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
December 04, 2013 |
|
Rating Agency Name |
Care Ratings |
|
Rating |
Short term bank facilities “A1+” |
|
Rating Explanation |
Very Strong degree of safety and lowest credit risk |
|
Date |
December 04, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Ms. Kavita |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-33-22839990 |
|
Date : |
05.05.2014 |
LOCATIONS
|
Registered Office : |
Rathod Colony, Rajgangpur, Sundergarh-770017, Orissa, India |
|
Tel. No.: |
91-6622-207008/ 9/ 287047 |
|
Mobile No.: |
91-6622-481803 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate and Head Office : |
19, Camac Street, Kolkata – 700017, West Bengal, India |
|
|
|
|
Factory 1 : |
30, B.T. Road, Sukchar, Khardah, 24-Paraganas (North) -743179, West
Bengal, India |
|
|
|
|
Factory 2 : |
Gummodipoondi Taluk, P.O. Elavur, District. Chengal, MGR – 601211,
Tamilnadu, India |
|
|
|
|
Factory 3: |
Haldia,Kasberia, P.O. Khanjan Chawk, Haldia, Midnapore (East), West
Bengalm India |
|
|
|
|
Factory 4: |
Parbatpur Coal Mine, P.O. Batbinor, District: Bokaro – 827013,
Jharkhand India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. P.K. Khaitan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Umang Kejriwal |
|
Designation : |
Managing Director |
|
Qualification : |
B.Com. (Hons.) |
|
Date of Appointment : |
16.02.1975 |
|
|
|
|
Name : |
Mr. B. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Naresh Chnadra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jamshed J. Irani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.B.N. Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.Y. Rajagopalan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Uddhav Kejriwal |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. V.M. Ralli |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. M.K. Jalan |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. R.S. Singh |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Mayank Kejriwal |
|
Designation : |
Joint Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. A. K. Kanodia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2014
|
Category
of Shareholder |
Total
No. of Shares |
Percentage
of Shareholding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
40945003 |
12.01 |
|
|
135136369 |
39.62 |
|
|
176081372 |
51.63 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
176081372 |
51.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3000200 |
0.88 |
|
|
1030016 |
0.30 |
|
|
25353164 |
7.43 |
|
|
12979980 |
3.81 |
|
|
42363360 |
12.42 |
|
|
|
|
|
|
23313205 |
6.84 |
|
|
|
|
|
|
61741750 |
18.10 |
|
|
7622475 |
2.24 |
|
|
29925160 |
8.77 |
|
|
27480414 |
8.06 |
|
|
106810 |
0.03 |
|
|
466906 |
0.14 |
|
|
1871030 |
0.55 |
|
|
122602590 |
35.95 |
|
Total Public shareholding (B) |
164965950 |
48.37 |
|
Total (A)+(B) |
341047322 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2770000 |
0.00 |
|
|
2770000 |
0.00 |
|
Total (A)+(B)+(C) |
343817322 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Ductile
Iron Pipes, Fittings and Cast Iron Pipes. |
|
|
|
|
Products : |
· Ductile Iron Pipes · Ductile Iron Fittings |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by Management |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· HSBC Limited · State Bank of India · Punjab National Bank · Standard Chartered Bank · ICICI Bank Limited · IDBI Bank Limited · HDFC Bank Limited · Bank of India · Indusland Bank limited · ING Vyasya Bank Limited · DBS Bank Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company, Chartered Accountant |
|
Address : |
14, Government Place East, Kolkata-700 069, West Bengal, India |
|
Tel. No.: |
91-33-22481507 / 7102 / 6962 / 1111 |
|
E-Mail : |
91-33-22486960 / 4572 |
|
|
|
|
Solicitors: |
Khaitan and Company |
|
|
|
|
Associates Company: |
·
Lanco
Industries Limited ·
Electrosteel
Steels Limited ·
Electrosteel
Thermal Power Limited |
|
Subsidary Company: |
·
Electrosteel
Europe SA ·
Electrosteel
Algerie SPA ·
Electrosteel
Castings (UK) Limited ·
Electrosteel
USA LLC ·
WaterFab,
LLC ·
Mahadev
Vyapaar Private Limited ·
Electrosteel
Trading S.A, Spain ·
Singardo
International Pte Limited ·
Electrosteel
Castings Gulf FZE ·
Electrosteel
Doha for Trading LLC ·
Electrosteel
Brasil Ltda. Tubos e Conexoes Duteis |
|
Joint Venture Company: |
·
North
Dhadhu Mining Company Private Limited ·
Domco
Private Limited |
|
Enterprises: |
·
Global
Exports Limited ·
G.K. and
Sons Private Limited ·
Badrinath
Industries Limited ·
Akshay
Ispat and Ferro Alloys Private Limited ·
Electrocast
Sales India Limited ·
Tulsi
Highrise Private Limited ·
Wilcox
Merchants Private Limited ·
Murari
Investment and Trading Company Limited ·
Electrosteel
Thermal coal Limited |
CAPITAL STRUCTURE
As on: 22.08.2013
Authorised Capital: Rs. 500.000
Millions
Issued, Subscribed & Paid-up Capital: Rs.356.955 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
326752705 |
Equity Shares |
Rs.1/- each |
Rs.326.753
Millions |
|
|
|
|
|
NOTE:
1. The company has only one class of shares referred to as equity shares
having a par value of Re.1/- each holder of equity shares is entitled to one
vote per share. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the company, after distribution of
all preferential amount, in proportion of their shareholding.
2. The dividend proposed by the board of directors is subject to the
approval of the shareholders in the ensuing annual general meeting.
3. During the year ended 31 March 2013, the amount of per share dividend
recognized as distribution to equity shareholders was Re.0.50
4. Reconciliation of the number of shares outstanding.
|
Particular |
31.03.2013 |
|
Number of shares at the beginning |
326752705 |
|
Number of shares at the end |
326752705 |
Shareholders holding more than 5% shares
|
Name of Shareholders |
31.03.2013 |
|
Murari Investment and Trading Company |
30053080 |
|
G.K. and Sons Private Limited |
23763602 |
|
G.K. Investment Limited |
21739560 |
|
Uttam Commercial Company Limited |
18590570 |
|
Electrocast Sales India Limited |
16931750 |
|
Stemcor Metals Limited |
19243836 |
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 |
326.753 |
326.753 |
326.753 |
|
(b) Reserves & Surplus |
23217.694 |
16703.491 |
16521.531 |
|
(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) |
23544.447 |
17030.244 |
16848.284 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
12062.222 |
8568.264 |
7848.496 |
|
(b) Deferred tax liabilities (Net) |
339.792 |
208.061 |
440.868 |
|
(c) Other long term liabilities |
102.549 |
41.240 |
42.188 |
|
(d) long-term provisions |
105.633 |
101.787 |
93.011 |
|
Total Non-current Liabilities (3) |
12610.196 |
8919.352 |
8424.563 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8566.793 |
6754.544 |
5129.945 |
|
(b) Trade payables |
1444.259 |
3393.304 |
3623.283 |
|
(c) Other current
liabilities |
3020.350 |
3476.187 |
2518.048 |
|
(d) Short-term provisions |
673.539 |
1139.867 |
1381.341 |
|
Total Current Liabilities (4) |
13704.941 |
14763.902 |
12652.617 |
|
|
|
|
|
|
TOTAL |
49859.584 |
40713.498 |
37925.464 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10936.626 |
5537.047 |
5354.842 |
|
(ii) Intangible Assets |
8.415 |
17.718 |
25.637 |
|
(iii) Capital
work-in-progress |
9860.930 |
6558.132 |
4319.522 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
10284.052 |
8656.527 |
8490.737 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
835.449 |
733.942 |
692.524 |
|
(e) Other Non-current assets |
139.636 |
111.635 |
11.678 |
|
Total Non-Current Assets |
32065.108 |
21615.001 |
18894.940 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1141.912 |
2530.685 |
5508.030 |
|
(b) Inventories |
4517.359 |
5529.432 |
5197.958 |
|
(c) Trade receivables |
6566.132 |
6192.021 |
4874.150 |
|
(d) Cash and cash
equivalents |
3204.354 |
1564.692 |
1896.696 |
|
(e) Short-term loans and
advances |
1453.082 |
2287.398 |
1039.001 |
|
(f) Other current assets |
911.637 |
994.269 |
514.689 |
|
Total Current Assets |
17794.476 |
19098.497 |
19030.524 |
|
|
|
|
|
|
TOTAL |
49859.584 |
40713.498 |
37925.464 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19345.473 |
19166.615 |
17095.332 |
|
|
|
Other Income |
950.528 |
707.724 |
1017.479 |
|
|
|
TOTAL (A) |
20296.001 |
19874.339 |
18112.811 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9664.694 |
9541.981 |
7649.870 |
|
|
|
Purchases of Stock-in-Trade |
484.129 |
973.367 |
1096.595 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
91.504 |
(46.862) |
(202.273) |
|
|
|
Employees benefits expense |
1374.904 |
1230.923 |
1228.737 |
|
|
|
Other expenses |
5827.677 |
6399.992 |
4860.855 |
|
|
|
TOTAL (B) |
17442.908 |
18099.401 |
14633.784 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2853.093 |
1774.938 |
3479.027 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1112.418 |
1006.479 |
786.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1740.675 |
768.459 |
2693.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
530.868 |
542.603 |
544.126 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1209.807 |
225.856 |
2148.874 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
237.536 |
(197.972) |
602.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
972.271 |
423.828 |
1546.374 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8486.331 |
7523.989 |
5724.097 |
|
|
|
Commission Earnings and Others |
21.948 |
0.000 |
113.690 |
|
|
|
Other Earnings |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
8508.279 |
7523.989 |
5837.787 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2457.920 |
4400.684 |
4338.879 |
|
|
|
Stores & Spares |
292.362 |
294.258 |
230.454 |
|
|
|
Capital Goods |
171.841 |
403.352 |
169.451 |
|
|
TOTAL IMPORTS |
2922.123 |
5098.294 |
4738.784 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.98 |
1.30 |
4.73 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.79 |
2.13 |
8.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.25 |
1.18 |
12.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.07 |
0.89 |
8.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.01 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.88 |
0.90 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.29 |
1.50 |
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 |
326.753 |
326.753 |
326.753 |
|
Reserves & Surplus |
16521.531 |
16703.491 |
23217.694 |
|
Net
worth |
16848.284 |
17030.244 |
23544.447 |
|
|
|
|
|
|
long-term borrowings |
7848.496 |
8568.264 |
12062.222 |
|
Short term borrowings |
5129.945 |
6754.544 |
8566.793 |
|
Total
borrowings |
12978.441 |
15322.808 |
20629.015 |
|
Debt/Equity
ratio |
0.770 |
0.900 |
0.876 |
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 |
17095.332 |
19166.615 |
19345.473 |
|
|
|
12.116 |
0.933 |
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 |
17095.332 |
19166.615 |
19345.473 |
|
Profit |
1546.374 |
423.828 |
972.271 |
|
|
9.05% |
2.21% |
5.03% |
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 |
No |
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
Operations:
The Company''s Revenue from operations has increased from Rs.19166.600 millions in 2011-12 to Rs.19345.500 millions in 2012-13. Export sales showed an increase from Rs.8226.900 millions to Rs.9366.800 millions, an increase of 14% due to higher proportion of sales in the export market. The Company''s profit (PAT) for the financial year was Rs.972.300 millions as against Rs.423.800 millions of previous financial year which is an increase of 129.42% since last financial year.
During the year Ductile Iron (DI) pipes production was 2,84,849 MT as against 2,70,168 MT in the previous year, showing a marginal increase in production. Production of DI Fittings during the year was 6,214 MT as compared to 6,063 MT in previous year. The production of Cast Iron (CI) pipes at Elavur was 24,451 MT as against 19,177 MT in the previous year.
Apart from improvement in Production and Productivity, special attention has been given to increase Energy efficiency. Further, Product variety has been added to meet newer requirements from International and enlightened Indian customers.
Future
Prospects:
Demand for Ductile Iron Pipes and Fittings in the domestic market remains stable. The Company continues to maintain its dominant position in the market against competitors. In the Export market, market shares have increased in the European markets even after the crisis in Europe. A new office and stockyard has been set up in Germany and it should start initial business in the current fiscal. Initial business has also started with government orders in Brazil and other South American markets. We will maintain our emphasis in the Gulf markets where we have opened subsidiaries in Qatar and UAE.
Awards:
EEPC INDIA, Eastern Region has given "AWARD FOR EXPORT EXCELLENCE" for star performers as large enterprise in the product group of sanitary and Industrial Castings for their outstanding contribution to engineering exports during the year 2010-11.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10456029 |
09/10/2013 * |
1,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B88351754 |
|
2 |
10437896 |
28/06/2013 |
2,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 2ND FLOOR, RELIANCE
HOUSE, 34, JAWAHAR LAL NEHRU ROAD, KOLKATA, |
B80068216 |
|
3 |
10436689 |
26/06/2013 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B79549069 |
|
4 |
10413738 |
25/03/2013 |
2,000,000,000.00 |
IDBI BANK LIMITED |
44, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B71426845 |
|
5 |
10413155 |
21/03/2013 |
750,000,000.00 |
INDUSIND BANK LIMITED |
SAVITRI TOWERS, 3A UPPER WOOD STREET, KOLKATA, WEST BENGAL - 700017, INDIA |
B71246763 |
|
6 |
10415104 |
20/03/2013 |
12,500,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 44, PARK STREET, KOLKATA, |
B71869630 |
|
7 |
10375308 |
23/12/2013 * |
260,000,000.00 |
ING VYSYA BANK LIMITED |
4/1,MIDDLETON STREET, SIKKIM HOUSE, KOLKATA, WEST BENGAL - 700071, INDIA |
B94942091 |
|
8 |
10364308 |
11/07/2012 * |
1,200,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B43669365 |
|
9 |
10355942 |
04/03/2014 * |
700,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURSE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C00374926 |
|
10 |
10323593 |
23/11/2011 |
5,000,000,000.00 |
SREI INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
B28031755 |
* Date of charge modification
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWING |
|
|
|
Repayable on demand from banks: |
|
|
|
Indian Currency |
500.000 |
0.000 |
|
Foreign Currency |
1219.707 |
1724.397 |
|
From a related party |
8.371 |
0.000 |
|
Commercial Paper |
150.000 |
750.000 |
|
|
|
|
|
Total |
1878.078 |
2474.397 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2013
Rs.
In Millions
|
Particulars |
Quarter ended |
Year to date figure for nine month ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of
excise duty) |
4909.145 |
5445.288 |
15012.309 |
|
|
(b) Other Operating Income |
218.069 |
224.387 |
706.694 |
|
|
Total income from operations (net) |
5127.214 |
5669.675 |
15719.003 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
2214.608 |
2266.216 |
6739.194 |
|
|
(b) Purchases of stock-in trade |
104.445 |
805.606 |
1442.874 |
|
|
(c) Changes in inventories of finished
goods. work-in-progress and stock in trade |
42.867 |
(116.953) |
(309.498) |
|
|
(d) Employee benefits expense |
370.079 |
300.101 |
1101.067 |
|
|
(e) Depreciation and Anmortisation Expenses |
132.331 |
134.866 |
399.223 |
|
|
(f) Power and Fuel |
397.464 |
385.849 |
1153.486 |
|
|
(g)Stores and Spares |
333.630 |
329.174 |
969.340 |
|
|
(h) Other Expenses |
718.869 |
796.251 |
2576.306 |
|
|
Total expenses |
4314.293 |
5081.110 |
14071.992 |
|
3 |
Profit/ (Loss) from operations before other
Income, finance costs and exceptional Items (1-2) |
812.921 |
588.565 |
1647.011 |
|
4 |
Other Income |
29.111 |
37.476 |
120.586 |
|
5 |
Profit/ (Loss) from operations before other
income, finance costs and exceptional items (3+4) |
842.032 |
626.041 |
1767.597 |
|
6 |
Finance Costs |
360.626 |
410.976 |
1059.459 |
|
7 |
Profit/ (Loss) from ordinary activities
after finance cost but before exceptional items (5-6) |
481.406 |
215.065 |
708.138 |
|
8 |
Tax Expense |
144.068 |
20.163 |
170.396 |
|
9 |
Net Profit / (Loss) from ordinary activities
after tax (7-8) |
337.338 |
194.902 |
537.742 |
|
10 |
Paid up equity share capital (Face Value of
Rs1/- each) |
343.817 |
326.753 |
343.817 |
|
11 |
Reserve excluding Revaluation Reserve as
per Balance Sheet of previous accounting year |
|
|
17484.620 |
|
12.i |
Earnings per share (EPS) for the period,
before and after extraordinary items and for the previous year (not
annualized) |
|
|
|
|
|
(a) Basic |
1.03 |
0.60 |
1.63 |
|
|
(b) Diluted |
1.03 |
0.60 |
1.63 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
164965950 |
164965950 |
194965950 |
|
|
- Percentage of shareholding |
47.98% |
50.48% |
47.98% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
- |
- |
- |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
176081372 |
159016755 |
176081372 |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
51.21% |
48.67% |
51.21% |
|
|
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
1 |
|
|
|
|
Disposed off during the quarter |
1 |
|
|
|
|
Remaining unresolved at the end of the
quarter |
Nil |
|
|
FIXED ASSETS:
TANGIBLE ASSETS:
·
Land – Freehold
·
Land – Leasehold
·
Buildings
·
Railway Siding
·
Plant and Equipments
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Livestock
INTANGIBLE ASSETS:
·
Computer Software
·
Mining Rights
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.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.