MIRA INFORM REPORT
|
Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM VALUE STEELS LIMITED [w.e.f. 18.03.2013] |
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Formerly Known
as : |
LLOYDS STEEL INDUSTRIES LIMITED |
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Registered
Office : |
4th Floor, Uttam House, 69, P. D Mello Road, Mumbai –
400009, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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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.12051.700 Millions |
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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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Line of Business
: |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
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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 |
|
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 company’s moderate financial risk profile marked
by accumulated losses incurred over a year and below average operational performance
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 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.
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 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Mhatre |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-30418111 |
|
Date : |
18.07.2014 |
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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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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Branch Office : |
Located At: ·
Delhi ·
Ahmedabad ·
Bangalore ·
Indore ·
Hyderabad ·
Pune ·
Chennai ·
Nagpur ·
Kolkata ·
Indore ·
Cochin ·
Jaipur |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Rajinder Miglani |
|
Designation : |
Chairman |
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Name : |
Mr. S K Soni |
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Designation : |
Director |
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Name : |
Mr. B L Khanna |
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Designation : |
Director |
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|
Name : |
Mr. U N Challu |
|
Designation : |
Director |
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|
Name : |
Mr. Manash Chakraborty |
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Designation : |
Director (Nominee - ARCIL) |
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|
Name : |
Mr. R K Bansal |
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Designation : |
Director (Nominee - IDBI) |
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|
Name : |
Mr. Ankit Miglani |
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Designation : |
Director |
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|
Name : |
Mr. Rajiv Munjal |
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Designation : |
Director (Commercial) |
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|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director (Engg. Division) |
KEY EXECUTIVES
|
Name : |
Mr. Gursharan S Sawhney |
|
Designation : |
Group Chief Finance Officer |
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|
Name : |
Mr. Ram Gaud |
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Designation : |
Company Secretary |
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|
Name : |
Mr. Mhatre |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
% of holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
Bodies Corporate |
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 |
|
|
|
|
|
|
267468915 |
20.24 |
|
|
|
|
|
|
57563317 |
4.36 |
|
|
32797099 |
2.48 |
|
|
144129075 |
10.91 |
|
|
105792 |
0.01 |
|
|
7375609 |
0.56 |
|
|
900 |
0.00 |
|
|
136646774 |
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 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of Shareholder |
Total No. of Shares |
% of holding |
|
Ultimate Logistics Solutions Private Limited |
42,36,37,469 |
32.05 |
|
Metallurgical Engineering & Equipments Limited |
18,58,34,763 |
14.06 |
|
Total |
60,94,72,232 |
46.12 |
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
|
Category of Shareholder |
Total No. of Shares |
% of holding |
|
Shree Global Tradefin Limited |
188355601 |
14.25 |
|
IDBI Bank Limited |
150000000 |
11.35 |
|
State Bank of India |
50261802 |
3.80 |
|
Trump Investments Limited |
37404966 |
2.83 |
|
Ragini Trading & Investments Limited |
14244686 |
1.08 |
|
UD Industrial Holding Pte Limited |
127096774 |
9.62 |
|
Total |
567363829 |
42.93 |
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
|
Category of Shareholder |
Total No. of Shares |
% of holding |
|
Shree Global Tradefin Limited |
188355601 |
14.25 |
|
IDBI Bank Limited |
150000000 |
11.35 |
|
UD Industrial Holding Pte
Limited |
127096774 |
9.62 |
|
Total |
465452375 |
35.22 |
Details of Locked-in Shares
|
Category of Shareholder |
Total No. of Shares |
% of holding |
|
Shree Global Tradefin Limited |
3,20,00,000 |
2.42 |
|
Ultimate Logistics Solutions Private Limited |
20,89,03,699 |
15.81 |
|
UD Industrial Holding Pte Limited |
12,70,96,774 |
9.62 |
|
Total |
36,80,00,473 |
27.84 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
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Products : |
· Steel Products · Engineering Equipment ·
Executing Turnkey Projects |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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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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Statutory Auditors : |
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|
Name : |
Todarwal and Todarwal Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
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Internal Auditors : |
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|
Name : |
Ernst and Young
LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Associates: |
Indrajit Power Private Limited |
|
|
|
|
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 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
500000000 |
Preference 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.11945.200 Millions |
|
2714451 |
Preference Shares |
Rs.10/- each |
Rs.13.200 Millions |
|
9325420 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.93.300 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.12051.700
Millions |
a. Reconciliation of the shares outstanding at
the beginning and at the end of the year.
|
Name of
Shareholder |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the Year |
1194518493 |
11945.200 |
|
Issued during the year - Preferential issue |
-- |
-- |
|
Issued during the year - Conversion of preference share |
-- |
-- |
|
Outstanding at the end of the Year |
1194518493 |
11945.200 |
|
Redeemable Preference shares |
|
|
|
At the beginning of the Year |
9325420 |
93.300 |
|
Less : Conversion into equity share |
-- |
-- |
|
Outstanding at the end of the Year |
9325420 |
93.300 |
b.
Terms and Rights attached 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.
c.
Terms
and Rights attached 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.
d. Details of shareholders holding more than
5% shares in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Ultimate Logistics Solutions Private Limited |
423637469 |
35.47% |
|
Shree Global Tradefin Limited |
188355601 |
15.77% |
|
Metallurgical Engineering and Equipments Limited |
185834763 |
15.56% |
|
IDBI Bank Limited |
150000000 |
12.56% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 [12 Months] |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12051.700 |
12051.700 |
9021.173 |
|
(b) Reserves & Surplus |
(9660.800) |
(7423.500) |
(8203.220) |
|
(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) |
2390.900 |
4628.200 |
817.953 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
7580.400 |
3514.900 |
3852.639 |
|
(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 |
253.400 |
234.200 |
204.863 |
|
Total Non-current
Liabilities (3) |
7833.800 |
3749.100 |
4057.502 |
|
|
13082.4 |
3614.5 |
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5502.100 |
99.600 |
0.000 |
|
(b) Trade
payables |
18605.900 |
19437.800 |
12943.858 |
|
(c) Other
current liabilities |
8273.000 |
2570.900 |
5994.738 |
|
(d) Short-term
provisions |
21.600 |
21.600 |
20.474 |
|
Total Current
Liabilities (4) |
32402.600 |
22129.900 |
18959.070 |
|
|
|
|
|
|
TOTAL |
42627.300 |
30507.200 |
23834.525 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
17105.700 |
12537.700 |
10748.567 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1694.100 |
1642.400 |
11.351 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
174.700 |
16.000 |
25.026 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
92.500 |
58.500 |
142.559 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
19067.000 |
14254.600 |
10927.503 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5655.100 |
4575.100 |
3768.367 |
|
(c) Trade
receivables |
4682.000 |
1185.000 |
1192.307 |
|
(d) Cash
and cash equivalents |
1015.400 |
588.100 |
497.212 |
|
(e)
Short-term loans and advances |
11820.600 |
9461.400 |
6996.411 |
|
(f) Other
current assets |
387.200 |
443.000 |
452.725 |
|
Total
Current Assets |
23560.300 |
16252.600 |
12907.022 |
|
|
|
|
|
|
TOTAL |
42627.300 |
30507.200 |
23834.525 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 [12 Months] |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
66615.400 |
63440.424 |
38481.637 |
|
|
|
Other Income |
512.800 |
620.328 |
434.693 |
|
|
|
TOTAL (A) |
67128.200 |
64060.752 |
38916.330 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
23830.000 |
20402.572 |
15738.282 |
|
|
|
Purchase of traded goods |
32088.300 |
33453.118 |
17183.856 |
|
|
|
Employee benefits expenses |
843.800 |
742.596 |
508.654 |
|
|
|
Other expenses |
7549.000 |
7280.033 |
4927.969 |
|
|
|
Exceptional items |
0.000 |
0.000 |
132.240 |
|
|
|
Increase/decrease in inventories of finished goods and work in
progress |
(273.400) |
(935.399) |
(990.103) |
|
|
|
TOTAL (B) |
64037.700 |
60942.920 |
37500.898 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3090.500 |
3117.832 |
1415.432 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2543.700 |
1657.550 |
1084.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
546.800 |
1460.282 |
330.438 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1534.100 |
1450.105 |
1064.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(987.300) |
10.177 |
(734.546) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(987.300) |
10.177 |
(734.546) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(16991.249) |
(17001.426) |
(16266.880) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(17978.549) |
(16991.249) |
(17001.426) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
509.600 |
258.477 |
164.501 |
|
|
|
Brokerage and Commission |
10.000 |
13.956 |
6.300 |
|
|
TOTAL EARNINGS |
519.6 |
272.433 |
170.801 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
68.137 |
935.102 |
|
|
|
Production Consumables, Stores and Spares |
460.200 |
408.323 |
345.012 |
|
|
TOTAL IMPORTS |
460.200 |
476.460 |
1280.114 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
(0.83) |
0.01 |
(1.43) |
|
|
|
-
Diluted |
(0.83) |
0.01 |
(1.75) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 [12 Months] |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(1.48) |
0.02 |
(1.91) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.64 |
4.91 |
3.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.42) |
0.04 |
(3.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.41) |
0.00 |
(0.90) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.47 |
0.78 |
4.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.73 |
0.68 |
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 |
9021.173 |
12051.700 |
12051.700 |
|
Reserves & Surplus |
(8203.220) |
(7423.500) |
(9660.800) |
|
Net
worth |
817.953 |
4628.200 |
2390.900 |
|
|
|
|
|
|
long-term borrowings |
3852.639 |
3514.900 |
7580.400 |
|
Short term borrowings |
0.000 |
99.600 |
5502.100 |
|
Total
borrowings |
3852.639 |
3614.500 |
13082.500 |
|
Debt/Equity
ratio |
4.710 |
0.781 |
5.472 |
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 |
38481.637 |
63440.424 |
66615.400 |
|
|
|
64.859 |
5.005 |
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
|
38481.637 |
63440.424 |
66615.400 |
|
Profit |
(734.546) |
10.177 |
(987.300) |
|
|
(1.91%) |
0.02% |
(1.48%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
1701.100 |
837.800 |
1062.896 |
|
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 |
31.03.2014 [12 Months] Rs. In Millions |
31.03.2013 [12 Months] Rs. In Millions |
|
Long Term
Borrowings |
|
|
|
Deferred payment liabilities |
|
|
|
Sales Tax Deferral |
1088.900 |
814.600 |
|
Loan from related parties |
500.000 |
500.000 |
|
Other Loans & Advances |
|
|
|
Sales Tax Loan from Government of Maharashtra |
7.000 |
11.100 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loan from others |
5502.100 |
99.600 |
|
|
|
|
|
TOTAL
|
7098.000 |
1425.300 |
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.
FIXED ASSETS:
·
Land
·
Building
·
Plant Machinery
·
Computer
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Railway Siding
STEEL INDUSTRY
SCENARIO
In 2013 world
steel demand grew higher than estimates due to a stronger than expected
performance in the developed world in the second half of the year. In
particular, the recovery in the United States gained strength. In addition the
downturn in the EU we now expect that steel demand in the Eurozone will move
into positive growth in 2014. On the other hand, many emerging economies
continue to struggle with structural issues and financial market volatility.
This along with China’s deceleration, is the reason for our slightly lower
global growth rate forecast for 2014. In short, the global steel demand
recovery continues but growth is stabilizing at a lower rate with continued
volatility and uncertainty leading to a challenging environment for steel
companies.
After growth of
6.1% in 2013 with support from government infrastructure investment, apparent
steel use in China is expected to slow to 3.0% growth in 2014 to 721.2 Mt as
the Chinese government’s efforts to rebalance the economy continues to restrain
investment activities. In 2015, steel demand growth is expected to further
decelerate to 2.7%.
In India, steel
demand is expected to grow by 3.3% to 76.2 Mt in 2014, following 1.8% growth in
2013, due to an improved outlook for the construction and manufacturing
sectors, although this will be constrained by high inflation and structural
problems. Steel demand is projected to grow by 4.5% in 2015 supported by the
expectation that structural reforms will be implemented.
OPERATIONS AND
OVERALL PERFORMANCE
The Company
achieved a Gross Turnover of Rs.70620.200
Millions in 2013-14 as against Rs.66855.700 Millions in the previous
year, showing a growth of 5.64 % over
previous year. The operating
EBIDTA for the year was Rs.3090.500
Millions as against Rs.3276.900
Millions in the previous year.
The Company posted
a loss of Rs. 987.300 Millions during
the year as against a profit of Rs.10.200
Millions in the previous year after providing depreciation of Rs.1534.100 Millions (Previous year Rs.1450.100 Millions).
MANAGEMENT
DISCUSSION AND ANALYSIS
The core business
of the Company is manufacturing, marketing steel products and manufacturing
capital equipment and turnkey projects.
a) Industry
Structure & Development
Indian Steel
Industry has grown from 76 Mt in 2012 to 81 Mt in 2013, a growth of 6.57%. The
Indian Steel Industry plays an important role in the country’s economic growth.
The growth of the Indian Steel Industry looks positive.
However, it is
impeded to some extent higher lending rates resulting in to a higher cost of
capital, thereby impacting margins as well as capital expenditure plans.
A wide range of
products are manufactured by Engineering Industries in India. The developments
of this sector is dependent upon the development of core and infrastructure
sectors. The engineering segment is highly competitive in view of tough
competition from foreign companies / agencies and giant public / private sector
undertakings.
Outlook
The outlook in the
domestic steel industry looks positive. The country has acquired an important
position on global steel map. The Indian steel industry has giant steel mills up-gradation
and modernization of old steel mills has resulted in improved efficiency. It
has to adopt the latest technological developments in the steel making and keep
pace with the global steel industry.
The per capita
steel consumption in the country grew from 60 Kg in 2012-13 to about 63 Kg in
2013-14 a growth of 5.0% against the global average per capita consumption of
215 Kg. In the coming years the
consumption is expected to grow at higher rates as the GDP growth picks
up to the earlier levels of 8 to 10%.
However,
challenges before Indian steel industries are also there and need serious
attention. Rising prices of key raw material like iron ore and coking coal,
fall in demand from automobile have posed major threats. Despite this, the
future of Indian steel industry looks bright as per capita consumption is
poised to grow substantially from the current level of 63 Kg. Further, India
has abundant mineral resources.
With acquisition
of coking coal mines by Indian companies in countries like South Africa &
Australia, India is poised to grow.
The Company
supplies Hot Rolled Special steels to the following Sectors:-
·
Defence
·
Indian Railways
·
IBR Approved Applications
·
OI & Gas Sector
·
Automobiles
·
Infrastructure Projects
·
Transmission Tower Sector
·
Pre Engineered Building Sector
·
LPG Cylinder manufacturers
·
Agro based Industries
·
General Engineering Sector
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.09.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended (Unaudited) |
Half Year Ended (Unaudited) |
||
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
1.
Income from operations |
|
|
|
|
|
Total
income from Operations(net) |
12062.700 |
14964.100 |
9243.800 |
|
|
2.Expenditure |
|
|
|
|
|
a) Cost of material consumed |
5377.200 |
3866.600 |
9243.800 |
|
|
b) Purchases of stock in trade |
3747.200 |
8401.000 |
12148.200 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(173.900) |
(270.600) |
(444.500) |
|
|
d) Employees benefit expenses |
221.900 |
219.300 |
441.200 |
|
|
e) Depreciation and amortization expenses |
283.000 |
279.700 |
562.700 |
|
|
f) Other expenditure |
2189.600 |
1885.900 |
4075.500 |
|
|
Total expenses |
11645.000 |
14381.900 |
26026.900 |
|
|
3. Profit from operations before other income and
financial costs |
417.700 |
582.200 |
999.900 |
|
|
4. Other income |
211.600 |
127.900 |
339.500 |
|
|
5. Profit from ordinary activities before finance costs |
629.300 |
710.100 |
1339.400 |
|
|
6. Finance costs |
677.200 |
751.700 |
1428.900 |
|
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(47.900) |
(41.600) |
(89.500) |
|
|
8.
Exceptional item |
-- |
-- |
-- |
|
|
9. Profit from ordinary activities before tax
Expense: |
(47.900) |
(41.600) |
(89.500) |
|
|
10.Tax expenses |
-- |
-- |
-- |
|
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(47.900) |
(41.600) |
(89.500) |
|
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
|
13.Net Profit / (Loss) for the period (11 -12) |
(47.900) |
(41.600) |
(89.500) |
|
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
13229.400 |
13229.400 |
13229.400 |
|
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
|
(a) Basic and diluted |
(0.04) |
(0.03) |
(0.07) |
|
|
|
|
|
|
|
|
|
|
|
||
|
A. Particulars of shareholding |
|
|
|
|
|
1. Public Shareholding |
|
|
|
|
|
- Number of shares |
712143035 |
712143035 |
712143035 |
|
|
- Percentage of shareholding |
53.88 |
53.88 |
53.88 |
|
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
|
Number of shares |
298502889 |
298502889 |
298502889 |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
48.98 |
48.98 |
48.98 |
|
|
Percentage of shares (as a % of total share capital of the
company) |
22.59 |
22.59 |
22.59 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
Number of shares |
310969343 |
310969343 |
310969343 |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
51.02 |
51.02 |
51.02 |
|
|
Percentage of shares (as a % of total share capital of the
company) |
23.53 |
23.53 |
23.53 |
|
|
|
|
|
|
|
|
|
|
|
||
|
B.
Investor Complaints |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Receiving during the quarter |
13 |
|
|
|
|
Disposed of during the quarter |
13 |
|
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
|
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (Unaudited) |
Half
Year Ended (Unaudited) |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1.
Segment Revenue |
|
|
|
|
a. Steel Products |
11550.100 |
14928.600 |
26478.700 |
|
b. Engineering Products |
718.300 |
537.700 |
1256.000 |
|
Total |
12268.400 |
15466.300 |
27734.700 |
|
Less : Inter Segment Revenue |
205.700 |
502.200 |
707.900 |
|
Net
Sales |
12062.700 |
14964.100 |
27026.800 |
|
2.
Segment Result (Profit before Interest and Tax) |
|
|
|
|
a. Steel Products |
366.300 |
706.700 |
1073.000 |
|
b. Engineering Products |
263.400 |
3.800 |
267.200 |
|
Total |
629.700 |
710.500 |
1340.200 |
|
Less
: (i) Interest |
677.200 |
751.700 |
1428.900 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
0.400 |
0.400 |
0.800 |
|
Profit
before Tax |
(47.900) |
(41.600) |
(89.500) |
|
3.
Capital Employed |
|
|
|
|
a. Steel Products |
11542.600 |
10836.400 |
11542.600 |
|
b. Engineering Products |
1157.400 |
895.500 |
1157.400 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
13322.600 |
|
(b) Reserves & Surplus |
|
|
(9123.100) |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
4199.500 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
8675.200 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
267.900 |
|
Sub-total of
Non-Current liabilities |
|
|
8943.100 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
4944.800 |
|
(b) Trade
payables |
|
|
26852.600 |
|
(c) Other current
liabilities |
|
|
4372.300 |
|
(d) Short-term
provisions |
|
|
21.600 |
|
Sub-total of Current liabilities |
|
|
36191.300 |
|
|
|
|
|
|
TOTAL |
|
|
49333.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
21565.100 |
|
(b)
Non-Current investments |
|
|
174.700 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
45.800 |
|
(e) Other
non-current assets |
|
|
0.000 |
|
Sub-total of
Non-Current Assets |
|
|
21785.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
5777.500 |
|
(c) Trade
receivables |
|
|
6869.700 |
|
(d) Cash
and cash equivalents |
|
|
996.700 |
|
(e) Short-term
loans and advances |
|
|
13604.200 |
|
(f) Other
current assets |
|
|
300.200 |
|
Sub-total of
Current Assets |
|
|
27548.300 |
|
|
|
|
|
|
TOTAL |
|
|
49333.900 |
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.61.65 |
|
|
1 |
Rs.96.54 |
|
Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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.