MIRA INFORM REPORT
|
Report Date : |
07.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
USHDEV INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai – 400001,
Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
18.05.1994 |
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Com. Reg. No.: |
11-078468 |
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Capital
Investment / Paid-up Capital : |
Rs. 338.494 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40102MH1994PLC078468 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03616E |
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|
|
PAN No.: [Permanent Account No.] |
AAACU1672R |
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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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Line of Business
: |
Trading of Metal and also Power Generation by Windmills. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy.
Profitability of the company is fair Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy stake
in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities BBB+ |
|
Rating Explanation |
Moderate degree of and moderate credit risk. |
|
Date |
August 01, 2011 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
August 01, 2011 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Amit Soni |
|
Designation : |
Account Officer |
|
Contact No.: |
91-22-66368888 |
|
Date : |
05.11.2014 |
LOCATIONS
|
Registered Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai - 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22672450 / 60 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate
Office: |
6th Floor, Apeejay House, 130 Mumbai Samachar Marg, Fort,
Mumbai – 400006, Maharashtra, India |
|
Tel. No.: |
91-22-22672450 / 60 / 66368888 / 61948888 |
|
Fax No.: |
91-22-22671931 / 22821416 |
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|
|
|
Factory 1 : |
Chinnapthur Village, Taluka Dharapuram, Periyaa District, Tamilnadu,
India |
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Factory 2 : |
Gundikere Village, Halalkere Taluka, Chitradurga District, Karnataka,
India |
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Factory 3 : |
Bhu Village, Kita Village, Jaisalmer District, Rajasthan, India |
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Factory 4 : |
Hadmatiya Village, Taluka Kalyanpur, Jamnagar District, Gujarat, India
|
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Factory 5 : |
Methan Village, Taluka Jamjodhpur, Jamnagar District, Gujarat, India |
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Factory 6 : |
Andipatti Taluka, Thane District, Tamilnadu, India |
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|
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Factory 7 : |
Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra,
India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Ms. Suman Gupta |
|
Designation : |
Chairperson and Non-Executive Director |
|
|
|
|
Name : |
Mr. Prateek Gupta |
|
Designation : |
Vice Chairman and Non-Executive Director |
|
|
|
|
Name : |
Mr. Arvind Prasad |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ashwin Rathi |
|
Designation : |
Managing Director and Group CFO |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
M.B.A (Finance) |
|
Experience : |
More than 20 years |
|
Date of Appointment : |
29.01.2013 |
|
|
|
|
Name : |
Mr. Narayan Hegde |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth/Age : |
17.06.1947 |
|
Qualification : |
M. Sc. (Agriculture), M.S. (Horticulture), Ph.D. |
|
Experience : |
Mr. Narayan Hedge has wide experience in the field of wastelands development and environmental science. He has also pursued a PG Certificate in Program for Management in Agriculture and is currently serving on the Board of Directors of Companies in different industry sector, he is also a rural development expert. |
|
Date of Appointment : |
29.04.2006 |
|
|
|
|
Name : |
Mr. Vinay Kamat |
|
Designation : |
Independent and Non-Executive Director |
|
|
|
|
Name : |
Mr. Suresh Lakhiani |
|
Designation : |
Independent and Non-Executive Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Independent and Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Amit Soni |
|
Designation : |
Account Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
9324356 |
27.55 |
|
|
6792170 |
20.07 |
|
|
16116526 |
47.61 |
|
|
|
|
|
|
1687864 |
4.99 |
|
|
1687864 |
4.99 |
|
Total shareholding of Promoter and
Promoter Group (A) |
17804390 |
52.60 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
20000 |
0.06 |
|
|
6179291 |
18.26 |
|
|
6199291 |
18.31 |
|
|
|
|
|
|
1345339 |
3.97 |
|
|
|
|
|
|
167163 |
0.49 |
|
|
5478582 |
16.19 |
|
|
2854635 |
8.43 |
|
|
85 |
0.00 |
|
|
2854550 |
8.43 |
|
|
9845719 |
29.09 |
|
Total Public shareholding (B) |
16045010 |
47.40 |
|
Total (A)+(B) |
33849400 |
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) |
33849400 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of
the Shareholder |
Details of
Shares held |
|
|
No. of
Shares held |
As a % of
grand total |
||
|
1 |
Natasha Gupta |
20,19,600 |
5.97 |
|
2 |
Montex Trading Private Limited |
14,06,570 |
4.16 |
|
3 |
Ushdev Commercial Services
Private Limited |
38,75,000 |
11.45 |
|
4 |
Ushdev Trade LImited |
15,10,600 |
4.46 |
|
5 |
Suman Vijay Gupta |
67,25,426 |
19.87 |
|
6 |
Prateek Vijay Gupta |
5,79,330 |
1.71 |
|
7 |
UD Trading Group Holding Pte |
16,87,864 |
4.99 |
|
|
Total |
1,78,04,390 |
52.60 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of
the Shareholder |
No. of
Shares held |
Shares as %
of Total No. of Shares |
|
|
1 |
Albula Investment Fund Limited |
483659 |
1.43 |
|
|
2 |
Ankit Rajinder Miglani |
659727 |
1.95 |
|
|
3 |
Anuj Miglani |
602882 |
1.78 |
|
|
4 |
Chhaya Ilesh Gadhia |
1800000 |
5.32 |
|
|
5 |
Ilesh Gadhia |
475014 |
1.40 |
|
|
6 |
Ilesh Gadhia |
676440 |
2.00 |
|
|
7 |
Lotus Global Investments
Limited |
941412 |
2.78 |
|
|
8 |
Oxley Securities No2 Pte
Limited |
4423600 |
13.07 |
|
|
9 |
Sanjeev Gupta |
1601950 |
4.73 |
|
|
10 |
Shree Global Tradefin Limited |
1310000 |
3.87 |
|
|
11 |
Siddhartha Suresh Khatwani |
1236717 |
3.65 |
|
|
|
Total |
14211401 |
41.98 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
Sl. No. |
Name(s) of
the shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of
Shares |
Shares as
% of Total No. of Shares |
|
|
1 |
Chhaya Ilesh Gadhia |
1800000 |
5.32 |
|
|
2 |
Oxley Securities No 2 Pte Ltd |
4423600 |
13.07 |
|
|
|
Total |
6223600 |
18.39 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Metal and also Power Generation by Windmills. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam
House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Solicitors : |
|
|
Name : |
Desai and Diwanji |
|
Address : |
Lentin Chambers, Dalal Street, Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel No.: |
91-22-22651682/ 39841000 |
|
Fax No.: |
91-22-22658245 |
|
E-Mail : |
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|
|
|
|
Subsidiaries : |
|
|
|
|
|
Enterprises
under common control and Enterprises in which Key Management Personnel and their
relatives are able to exercise significant influence (Other Related Parties)
: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33849400 |
Equity Shares |
Rs.10/- each |
Rs.338.494 Millions |
|
|
|
|
|
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Outstanding at the beginning of the year |
33849400 |
|
Addition during the year |
-- |
|
Matured during the year |
-- |
|
Outstanding at the end of the year |
33849400 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Natasha Gupta |
3619600 |
10.7% |
|
Ushdev Commercial Services Private Limited |
3875000 |
11.4% |
|
Suman Gupta |
5125426 |
15.1% |
|
Vijay Gupta (HUF) |
-- |
-- |
|
Chhaya Ilesh Gadhia |
1800000 |
5.3% |
|
Oxley Securities No.2 Pte Limited |
4423600 |
13.1% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
338.494 |
338.494 |
294.258 |
|
(b) Reserves &
Surplus |
6232.137 |
5277.019 |
3281.291 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
1327.100 |
|
Total Shareholders’ Funds
(1) + (2) |
6570.631 |
5615.513 |
4902.649 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
479.397 |
932.478 |
1369.365 |
|
(b) Deferred tax
liabilities (Net) |
2.370 |
1.484 |
10.957 |
|
(c) Other long term
liabilities |
659.867 |
370.464 |
8.637 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1141.634 |
1304.426 |
1388.959 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
12301.995 |
10755.714 |
1327.669 |
|
(b) Trade payables |
9894.916 |
6792.974 |
10962.473 |
|
(c) Other current
liabilities |
1138.512 |
449.376 |
1311.357 |
|
(d) Short-term provisions |
130.463 |
71.105 |
61.815 |
|
Total Current Liabilities
(4) |
23465.886 |
18069.169 |
13663.314 |
|
|
|
|
|
|
TOTAL |
31178.151 |
24989.108 |
19954.922 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1247.383 |
1332.787 |
1383.004 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
160.449 |
1298.868 |
787.797 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
294.974 |
256.962 |
1431.971 |
|
(e) Other Non-current
assets |
734.007 |
692.313 |
1248.293 |
|
Total Non-Current Assets |
2436.813 |
3580.930 |
4851.065 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1182.427 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
546.403 |
4.988 |
|
(c) Trade receivables |
20514.139 |
13370.481 |
9975.729 |
|
(d) Cash and cash
equivalents |
3654.878 |
3439.522 |
1711.441 |
|
(e) Short-term loans and advances |
3179.939 |
3863.117 |
3155.069 |
|
(f) Other current assets |
209.955 |
188.655 |
256.630 |
|
Total Current Assets |
28741.338 |
21408.178 |
15103.857 |
|
|
|
|
|
|
TOTAL |
31178.151 |
24989.108 |
19954.922 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
62168.325 |
52574.645 |
41997.833 |
|
|
Other Income |
538.239 |
272.839 |
190.367 |
|
|
TOTAL (A) |
62706.564 |
52847.484 |
42188.200 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
58645.139 |
50570.966 |
39644.492 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
546.403 |
(541.415) |
144.451 |
|
|
Employees benefits
expense |
55.698 |
24.799 |
11.529 |
|
|
Other expenses |
632.582 |
444.186 |
236.907 |
|
|
TOTAL (B) |
59879.822 |
50498.536 |
40037.379 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
2826.742 |
2348.948 |
2150.821 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1306.036 |
1278.395 |
1308.718 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
1520.706 |
1070.553 |
842.103 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
86.038 |
87.627 |
92.309 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
1434.668 |
982.926 |
749.794 |
|
|
|
|
|
|
|
Less |
TAX (H) |
396.386 |
187.428 |
125.219 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
1038.282 |
795.498 |
624.575 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Sale of Steel |
31416.014 |
31425.346 |
15350.508 |
|
|
TOTAL EARNINGS |
31416.014 |
31425.346 |
15350.508 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
|
|
|
Basic |
30.67 |
27.03 |
21.23 |
|
|
Diluted |
30.67 |
23.50 |
18.59 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 (Unaudited) |
|
Net Sales |
14860.000 |
|
Total Expenditure |
14270.300 |
|
PBIDT (Excl OI) |
589.700 |
|
Other Income |
53.800 |
|
Operating Profit |
643.400 |
|
Interest |
349.200 |
|
Exceptional Items |
745.00 |
|
PBDT |
1039.300 |
|
Depreciation |
21.800 |
|
Profit Before Tax |
1017.500 |
|
Tax |
260.700 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
756.800 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
756.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
1.66 |
1.51 |
1.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
2.31 |
1.87 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.63 |
4.15 |
3.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.18 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.95 |
2.08 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.18 |
1.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
294.258 |
338.494 |
338.494 |
|
Reserves & Surplus |
3281.291 |
5277.019 |
6232.137 |
|
Share Application money
pending allotment |
1327.100 |
|
|
|
Net worth |
4902.649 |
5615.513 |
6570.631 |
|
|
|
|
|
|
long-term borrowings |
1369.365 |
932.478 |
479.397 |
|
Short term borrowings |
1327.669 |
10755.714 |
12301.995 |
|
Total borrowings |
2697.034 |
11688.192 |
12781.392 |
|
Debt/Equity ratio |
0.550 |
2.081 |
1.945 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
41997.833 |
52574.645 |
62168.325 |
|
|
|
25.184 |
18.248 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
41997.833 |
52574.645 |
62168.325 |
|
Profit |
624.575 |
795.498 |
1038.282 |
|
|
1.49% |
1.51% |
1.67% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS IS NOT AVAILABLE
|
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 |
Yes |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation Date:- 27/08/2014 |
||||||
|
Lodging No. : |
APPL/537/2014 CPL/415/2012 |
Failing Date:- |
27/08/2014 |
Reg. No.:- |
CP/441/2012 |
|
|
Petitioner:- |
AMAR TUBES PRIVATE LIMITED |
Respondent:- |
M/S. USHDEV INTERNATIONAL LTD- |
|||
|
Petn.Adv:- |
VYAS AND BHALWAL (16493) |
Resp. Adv.: |
DANIEL (17052) |
|||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
DIVISION |
Category:- |
APPEAL (FINAL JUDGMENT/DECREE-CP) |
|||
|
Status:- |
Pre-Admission |
Stage:- |
APPEAL FOR ADMISSION – FRESH (ORIGINAL SIDE MATTERS) |
|||
|
Next Date:- |
10/11/2014 |
|
|
|||
|
Coram:- |
HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SMT. JUSTICE R.P. MOHITE-DERE |
|||||
|
Last Date:- |
03/11/2014 |
Stage:- |
APPEAL FOR ADMISSION – FRESH (ORIGINAL SIDE MATTERS) |
|||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.J. VAZIFDAR HON’BLE SMT. JUSTICE R.P. MOHITE-DERE |
|||||
|
Act. : |
Companies Act and Rule 1956 |
Under Section:- 433,434 |
||||
Financial Results
The Company operates in two different business sectors - trading in steel and metals (ferrous and non ferrous) and generation of power. The Company`s revenue, expenditure and results of operations are presented through consolidated financial statements and the details are given below:
During the year, The Company has made sales income of Rs. 129616.092 Millions against Rs. 88836.024 Millions for the previous year. The Company has earned profit of Rs. 2081.475 Millions as compared to profit of Rs. 1263.435 Millions in the previous year.
Performance during
the Year
(i) Power Sector
|
Date of
Installation |
Location |
No of WEG`s |
Installed Capacity |
Investments (Rs. in
Lacs) |
|
29/03/2005 |
Tamil Nadu 2 |
2 |
1.60 MW |
807.47 |
|
29/03/2006 |
Rajasthan |
3 |
2.40 MW |
1178.48 |
|
29/03/2006 |
Karnataka |
2 |
1.60 MW |
785.65 |
|
30/03/2007 |
Gujarat 1 |
2 |
1.60 MW |
740.00 |
|
10/07/2007 |
Gujarat 2 |
4 |
3.20 MW |
1480.00 |
|
26/09/2009 |
Tamil Nadu 3 |
6 |
9.90 MW |
6090.00 |
|
27/11/2010 |
Maharashtra |
4 |
8.00 MW |
4900.00 |
|
Total |
23 |
28.30 MW |
15981.60 |
Steel Sector
The Company`s emphasis on core competencies has paid off multifold`s. The Company has been successful in increasing its market share in the steel sector, thus in turn has been successful in increasing its presence in this sector. This has resulted in an increase in top line income by 45.90%.
Management Discussion and Analysis
Outlook
The Company is well respected in both aforesaid sectors i.e. Steel and Power generation. A detailed expansion is on an anvil especially in the Power generation sector to increase power generating capacity`s year on the most competitive terms.
VIEW INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10503898 |
31/05/2014 |
500,000,000.00 |
IDBI Bank Limited |
Mittal Court, Nariman Point,, 224A, A Wing, 2nd Floor, Nariman Point,, MUMBAI, Maharashtra - 400021 , INDIA |
C07158462 |
|
2 |
10504841 |
31/05/2014 |
1,500,000,000.00 |
Bank of Maharashtra |
Lokmangal, 1501, Shivajinagar, Pune 411005, Pune, Maharashtra - 411005, INDIA |
C08024432 |
|
3 |
10446851 |
05/09/2013 |
823,200,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 2ND FLOOR, ALLAHABAD |
B83941575 |
|
4 |
10453705 |
19/09/2014 * |
1,945,700,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
C28781128 |
|
5 |
10259140 |
06/12/2010 |
365,000,000.00 |
State Bank of Travancore |
Corporate Finance
Branch, 112-115, 1st Floor, West Wing, Tulsiani Chambers, Nariman Point, Mumbai, |
B01976471 |
|
6 |
10252273 |
21/03/2014 * |
20,495,800,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202 Maker Tower
'E', Cuffe Parade Colaba, Mumbai, |
C04246351 |
|
7 |
10252272 |
14/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B77015428 |
|
8 |
10251225 |
20/02/2014 * |
20,495,800,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai, Maharashtra - 400005, INDIA |
B97856009 |
|
9 |
10197575 |
06/01/2010 * |
426,300,000.00 |
Canara Bank |
Habibullah Road Branch, T. Nagar, Chennai, Tamil Nadu - 600017, INDIA |
A78766334 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Building
· Office Premises
· Plant and Machinery
· Office Equipments
· Computer Equipments
· Furniture and Fixtures
· Electrical Fittings
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. 61.38 |
|
|
1 |
Rs. 98.00 |
|
Euro |
1 |
Rs. 76.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.