MIRA
INFORM REPORT
|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MITTAL CORP LIMITED (w.e.f. 16.12.2008) |
|
|
|
|
Formerly Known
As : |
JEWELS SEAMLESS LIMITED (w.e.f. 16.09.2008) JEWEL SEAMLESS LIMITED (w.e.f. 28.08.1995) JEWEL STEELS LIMITED |
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Registered
Office : |
315, Jolly Bhawan No.1, 10, New Marine Line, Mumbai – 400020, |
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Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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|
|
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Date of
Incorporation : |
05.07.1985 |
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|
|
|
Com. Reg. No.: |
11-169768 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.405.244
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27106MH1985PLC169768 |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCJ1303P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Stainless Steel Billets and Flats. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5600000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is sound and healthy. Rating
also reflects long experience of promoters in stainless steel industry. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 |
ICRA |
|
Rating |
Fund Based Limits=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits=A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
March 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Avdesh Gupta |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-731-2437500 |
|
Date : |
06.10.2014 |
LOCATIONS
|
Registered Office : |
315, Jolly Bhawan No.1, 10, New Marine Line, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22007526 |
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Fax No.: |
91-22-22072752 |
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E-Mail : |
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Website : |
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Corporate Office : |
Maa Krepa, 16/1, New Palasia, Opposite Aishwarya Apatemtn, Near Curewell
Hospital, Indore-452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2437500 / 2436063 |
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Fax No.: |
91-731-2430408 |
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|
|
|
Factory 1 : |
Plot No.159, Sector-III, Industrial Area, Pithampur, District Dhar, |
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Factory 2 : |
Plot No.164-C, Sector III, Industrial Area, Pithampur, District Dhar,
Madhya Pradesh, India |
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Branch Office : |
Located At: ·
Ahmedabad ·
New Delhi ·
Jodhpur |
DIRECTORS
AS ON 27.09.2013
|
Name : |
Mr. Karan Mittal |
|
Designation : |
Managing Director |
|
Address : |
153/1, |
|
Date of Birth/Age : |
31.12.1978 |
|
Date of Appointment : |
01.09.2011 |
|
DIN No.: |
00328725 |
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|
|
|
Name : |
Mr. Dinesh Kumar Agrawal |
|
Designation : |
Whole Time Director |
|
Address : |
471, Sudama Nagar, |
|
Date of Birth/Age : |
12.10.1967 |
|
Date of Appointment : |
26.09.2009 |
|
DIN No.: |
00328874 |
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|
|
|
Name : |
Mr. Vinod Kumar |
|
Designation : |
Whole Time Director |
|
Address : |
101, Pushp Ratan Pride, 35/2, New Palsia, |
|
Date of Birth/Age : |
08.07.1952 |
|
Date of Appointment : |
26.09.2009 |
|
DIN No.: |
02728746 |
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|
|
|
Name : |
Mr. Chandra Prakash Swarnkar |
|
Designation : |
Director |
|
Address : |
Gurukripa, C-1, 2919A, Phase-1, Shushant Lok, Gurgaon – 122 001, |
|
Date of Birth/Age : |
01.05.1948 |
|
Date of Appointment : |
15.09.2009 |
|
DIN No.: |
00262730 |
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|
|
|
Name : |
Mr. Jugal Kishore Tandon |
|
Designation : |
Director |
|
Address : |
B-201, Mon Repos, 45, HK Bhabhu Road, Lands End, Bandra (West),
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1941 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
01282681 |
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|
|
|
Name : |
Mr. Jaiprakash Narain Lal |
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Designation : |
Director |
|
Address : |
26, Dilpasand Colony, Race course Road, Near Abhay Prashal,
Indore-452003, Madhya Pradesh, India |
|
Date of Birth/Age : |
11.03.1948 |
|
Date of Appointment : |
06.12.2011 |
|
DIN No.: |
06397527 |
KEY EXECUTIVES
|
Name : |
Ms. Sonali |
|
Designation : |
Accounts Manager |
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|
|
|
Name : |
Toshiba Sugandhi |
|
Designation : |
Secretary |
|
Address : |
1, Ada Bazar, Near Rajwada, Indore-452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
05.12.1986 |
|
Date of Appointment : |
01.01.2012 |
|
Pan No.: |
CKKPS4453H |
MAJOR SHAREHOLDERS
AS ON 27.09.2013
|
Names of Shareholders |
No. of Shares |
|
Karan Mittal |
599100 |
|
Maha Laxmi Exim Private Limited, |
4302000 |
|
Sphinx Investments Private Limited, |
3462090 |
|
Gee Tee Forms Private Limited, |
723000 |
|
Labh Ganga Marketing Private Limited, |
13732703 |
|
Parks Holding Private Limited, |
1356300 |
|
Parks Sales Private Limited, |
1436100 |
|
Parks Infoway Private Limited, |
1020600 |
|
Parks Webtech Limited, |
1014900 |
|
Pandit Holding Private Limited, |
6866700 |
|
KN Metals Private Limited, |
1419000 |
|
Future Stainless Steels Private Limited, |
870000 |
|
Mittal Enterprises Private Limited, |
2329800 |
|
Mahesh G. Jarani |
1095720 |
|
Kamla Jarani |
240000 |
|
Dinesh Agrawal |
22500 |
|
Omprakash Purey |
33900 |
|
Bennett Coleman and Company Limited |
5 |
|
|
|
|
Total |
40524418 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2013
|
Category |
Percentage |
|
Bodies corporate |
95.09 |
|
Directors or relatives of Directors |
1.53 |
|
Other top fifty shareholders |
3.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Stainless Steel Billets and Flats. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2012]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Steel Billets/Flats |
MT |
1,20,000 |
1,20,000 |
63,770 |
NOTES:
1) As certified by
the management, this being technical matter.
2) Production
includes 2458.365 MT towards goods recycled (incl. burning loss 374.805 MT).
3) The capacity shown is on triple shift basis.
GENERAL INFORMATION
|
No. of Employees : |
250 (Approximately) |
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Bankers : |
·
ICICI Bank Limited, Landmark, Race Course Road,
Vadodara – 390 007, Gujarat, India ·
State Bank of Patiala, Mid Corporate Branch,
Orbit Mall, A. B. Road, Indore – 452 010, Madhya Pradesh, India ·
Oriental Bank of Commerce, 12/2, RNT Marg, Chetak
Centre, Indore – 452 001, Madhya Pradesh, India ·
Indian Bank, RNT Marg Branch, 4, RNT Marg,
Indore-452001, Madhya Pradesh, India ·
IDBI Bank ·
State Bank of India ·
Allahabad Bank ·
United Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mahendra Badjatya and Company Chartered Accountants |
|
Address : |
208, Morya
Centre, 16, |
|
PAN No: |
ACFPB4495F |
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|
|
|
Enterprises
in which key managerial personnel and their relatives exercise significant
influence : |
·
B L Agencies Private Limited ·
KNK Corp Private Limited ·
Labhganga Markeing Private Limited ·
Mahalaxmi Exim Private Limited ·
Matashrey Investment Services Private
Limited ·
MCL Global Steel Private Limited ·
Mittal Enterprises Private Limited ·
Pandit Holding Private Limited ·
Parks Holdings Private Limited ·
Parks Infoway Private Limited ·
Parks Sales Private Limited ·
Parks Webtech Limited ·
Sphinx Investments Private Limited |
CAPITAL STRUCTURE
AS ON 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40524418 |
Equity Shares |
Rs.10/- each |
Rs.405.244 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
405.244 |
352.196 |
356.502 |
|
(b) Reserves & Surplus |
1007.040 |
705.403 |
372.902 |
|
(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) |
1412.284 |
1057.599 |
729.404 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
962.315 |
942.523 |
353.214 |
|
(b) Deferred tax liabilities (Net) |
60.386 |
38.416 |
31.383 |
|
(c) Other long term liabilities |
826.325 |
340.150 |
246.450 |
|
(d) long-term provisions |
7.198 |
6.773 |
2.641 |
|
Total Non-current Liabilities (3) |
1856.224 |
1327.862 |
633.688 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2488.552 |
1503.634 |
1167.973 |
|
(b) Trade payables |
186.143 |
34.952 |
46.055 |
|
(c) Other current
liabilities |
256.085 |
161.960 |
151.882 |
|
(d) Short-term provisions |
50.626 |
63.738 |
40.473 |
|
Total Current Liabilities (4) |
2981.406 |
1764.284 |
1406.383 |
|
|
|
|
|
|
TOTAL |
6249.914 |
4149.745 |
2769.475 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2333.692 |
976.012 |
684.548 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
65.411 |
864.025 |
240.848 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.160 |
0.160 |
0.160 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
67.112 |
61.581 |
33.554 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2466.375 |
1901.778 |
959.110 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1930.446 |
889.002 |
739.101 |
|
(c) Trade receivables |
1339.902 |
994.802 |
856.952 |
|
(d) Cash and cash
equivalents |
271.764 |
231.505 |
96.919 |
|
(e) Short-term loans and
advances |
231.914 |
125.793 |
85.716 |
|
(f) Other current assets |
9.513 |
6.865 |
1.677 |
|
Total Current Assets |
3783.539 |
2247.967 |
1780.365 |
|
|
|
|
|
|
TOTAL |
6249.914 |
4149.745 |
2739.475 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8909.087 |
6666.997 |
4695.051 |
|
|
|
Other Income |
22.368 |
13.236 |
6.699 |
|
|
|
TOTAL (A) |
8931.455 |
6680.233 |
4701.750 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6240.704 |
4243.065 |
2833.370 |
|
|
|
Purchases of stock-in-trade |
1587.523 |
1233.997 |
1083.341 |
|
|
|
Employee benefit expense |
130.719 |
88.619 |
41.616 |
|
|
|
Other expenses |
835.027 |
748.431 |
559.286 |
|
|
|
Prior period items |
(10.979) |
0.368 |
3.216 |
|
|
|
Exceptional items |
18.697 |
23.125 |
1.780 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(417.040) |
(88.841) |
(137.674) |
|
|
|
TOTAL (B) |
8384.651 |
6248.764 |
4384.935 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
546.804 |
431.469 |
316.815 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
162.482 |
127.602 |
93.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
384.322 |
303.867 |
222.841 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
121.491 |
80.531 |
64.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
262.831 |
223.336 |
158.229 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
72.596 |
70.691 |
47.317 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
190.235 |
152.645 |
110.912 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material Consumed |
373.070 |
299.532 |
160.373 |
|
|
|
Stores, spares & consumables |
109.668 |
33.223 |
13.469 |
|
|
|
Capital goods |
1.686 |
347.035 |
0.474 |
|
|
|
Advances for raw material |
0.000 |
7.895 |
0.000 |
|
|
|
Advances for Capital Goods |
0.030 |
22.666 |
105.372 |
|
|
TOTAL IMPORTS |
484.454 |
710.351 |
279.688 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.69 |
4.64 |
3.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.13 |
2.29 |
2.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.95 |
3.35 |
3.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.25 |
6.80 |
6.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.21 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.44 |
2.31 |
2.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.27 |
1.27 |
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 |
356.502 |
352.196 |
405.244 |
|
Reserves & Surplus |
372.902 |
705.403 |
1007.040 |
|
Net
worth |
729.404 |
1057.599 |
1412.284 |
|
|
|
|
|
|
long-term borrowings |
353.214 |
942.523 |
962.315 |
|
Short term borrowings |
1167.973 |
1503.634 |
2488.552 |
|
Total
borrowings |
1521.187 |
2446.157 |
3450.867 |
|
Debt/Equity
ratio |
2.086 |
2.313 |
2.443 |
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 |
4695.051 |
6666.997 |
8909.087 |
|
|
|
42.001 |
33.630 |
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
|
4695.051 |
6666.997 |
8909.087 |
|
Profit |
110.912 |
152.645 |
190.235 |
|
|
2.36% |
2.29% |
2.14% |
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 |
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 |
Yes |
|
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 |
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 |
NOTE: The
registered office of the company has been shifted from Plot No.159, Sector III, Industrial Area,
Pithampur, Madhya Pradesh to the present address w.e.f. 07.03.2007.
During the year, gross
turnover of subject has increased to Rs.9663.855 Millions as against
Rs.7226.400 Millions for the year ended 31st March, 2012, recording an increase
of 33.73 %. During the year, EBITDA increased to Rs.554.522 Millions from
Rs.454.962 Millions for the year ended 31st March, 2012. Profit
after tax for the year stood at Rs.190.235 Millions as against Rs.152.645
Millions during last year.
OPERATIONS:
Subject is a
manufacturer of stainless steel billets and rolled flats of various thickness, width
and lengths and presently has facilities to manufacture three main products as
per American Iron and Steel Institute (AISI) 201, 304 and 400. Company is
catering to segments ranging from normal household goods to specialized steel
for pharmaceuticals etc. A comprehensive portfolio of long products allows the
company to deliver the products as per customer’s requirement.
Installed capacity
of our company is 1,20,000 TPA. During the year, capacity utilization of plant
was 78.51% of the installed capacity. Subject still holds the position of the
largest stainless steel producer in Central Region.
PROJECTS AND EXPANSION PLANS:
The New Wire Rod
and Bar Mill at Plot No. 164-C, sector III Pithampur, Dist. Dhar was
inaugurated by Mr. Damir Mezulic, Chairman of the board, Danieli India Limited.
The equipments were supplied by Danieli Morgardshammer, the world leader in
Rolling Mill equipment, plant and machinery, and rely on the experience of over
150 years of Morgarshammer Sweden and innovations done at Danieli Italy to
produce customized mill.
During the year
subject had modernized its existing steel plant at Unit-I by replacing the old
concast Machine, by installing new Continuous Casting Machine and the same was
put to use to produce better quality billets and blooms.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Other Loans and
Advances |
1276.842 |
762.784 |
|
|
|
|
|
Total |
1276.842 |
762.784 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10446306 |
14/08/2013 |
500,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
CHETAK
CENTER, 12/2, R. N.T MARG, INDORE, MADHYA PRADESH - 452001, INDIA |
B83670943 |
|
2 |
10364572 |
19/12/2013
* |
2,690,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
CHETAK
CENTER, 12/2, R. N. T. MARG, INDORE, MADHYA PRADESH - 452001, INDIA |
B93968840 |
|
3 |
10356207 |
29/05/2012
* |
970,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
CHETAK
CENTRE, 12/2, R. N. T. MARG, INDORE, MADHYA PRADESH - 452001, INDIA |
B40213845 |
|
4 |
10355752 |
25/04/2012 |
30,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
CHETAK
CENTER, 12/2, R. N. T. MARG, INDORE, MADHYA PRADESH - 452001, INDIA |
B39631924 |
|
5 |
10239349 |
19/06/2013
* |
366,500,000.00 |
ORIENTAL
BANK OF COMMERCE |
CHETAK
CENTER, 12/2, R.N.T. ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B78912730 |
|
6 |
10239240 |
19/06/2013
* |
3,770,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
CHETAK
CENTER, 12/2 R. N. T. MARG, INDORE, MADHYA PRADESH - 452001, INDIA |
B78095551 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Outstanding L/C, FLC and BLC |
2151.415 |
1170.355 |
554.704 |
|
Disputed demand
of Income Tax for AY 2006-07 (Appeal at Appellate Tribunal) fully paid but
not provided for |
1.451 |
1.451 |
0.701 |
|
Disputed demand
of Income Tax for AY 2008-09 (Appeal at CIT Appeal) fully paid but not
provided for |
1.616* |
1.616 |
0.806 |
|
Disputed demand
of Income Tax for AY 2009-10 (Appeal at CIT Appeal) fully paid but not
provided for |
3.214 |
3.214 |
0.000 |
|
Disputed demand of Income Tax for AY 2010-11 (Appeal at
CIT Appeal) fully paid but not provided for |
1.061 |
0.000 |
0.000 |
|
Bank Guarantee |
0.000 |
2.200 |
0.000 |
|
Disputed demand of Excise under Appeal fully paid but not provided for |
3.300 |
0.800 |
0.800 |
|
Disputed Demand of Commercial Tax / Entry Tax under Appeal
fully paid but not provided for |
1.340 |
1.340 |
0.000 |
|
TOTAL
|
2194.6283 |
1212.2072 |
588.2421 |
* S. No. C - Appeal has been settled and refund received on
16.07.2013 for Rs.1.734 Millions.
FIXED ASSETS:
·
Leasehold Land
·
Roads and Bridges
·
Factory Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Computers
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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.