MIRA INFORM REPORT
|
Report Date : |
15.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL SAW LIMITED (w.e.f. 07.02.2005) |
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Formerly Known
As : |
SAW PIPES LIMITED |
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Registered
Office : |
A-1,
UPSIDC Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.10.1984 |
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Com. Reg. No.: |
20-023979 |
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Capital Investment
/ Paid-up Capital : |
Rs. 552.500 Millions |
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CIN No.: [Company Identification
No.] |
L27104UP1984PLC023979 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AGRS10410B |
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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
: |
Manufacturer and Supplier of Pipe
Products for the Energy, Water Industry and other Industrial Applications. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of the Jindal Group. It is having good track record. Financial performance of the company
seems strong. Fundamental are healthy. Liquidity position is good. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
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 |
|
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 |
CARE |
|
Rating |
Long term bank facilities: AA- |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
11.08.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
|
Rating Explanation |
Have very strong degree pf safety and carry lowest credit risk. |
|
Date |
11.08.2014 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-26188360)
LOCATIONS
|
Registered Office/ Factory 1 : |
A-1 UPSIDC Industrial Area, |
|
Tel. No.: |
91-5662-252277/ 252224/ 232426/ 232001/ 02/ 03 |
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Fax No.: |
91-5662-232577 |
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E-Mail : |
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Website : |
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Corporate Office : |
‘Jindal Centre’, 12, |
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Tel. No.: |
91-11-26188360–74/ 26188345 |
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Fax No.: |
91-11-26170691/ 41659575 |
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E-Mail : |
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Factories : |
MUNDRA - IPU Village: Samaghogha, Pragpar - Phone : 91-2838-240755-756, 240773 Fax : 91-2838-240700 MUNDRA - JCO S.No. 94/1, 94/2 and 96, Village: Nanakapaya Taluka: Mundra, District
Kutch – 370415, Phone: 91-2838-287305-06 Fax : 91-2838-22700 NASHIK A-59-60 Fax : 91-2551-230967 |
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Regional Offices : |
MUMBAI Phone : 91-22-23513000 Fax : 91-22-23521889 AHMEDABAD 601, Phone : 91-79-26431323 Fax : 91-79-26431433 H. No. 8-2-618/2/2/A, Plot No. 25, Road No. 10 , Classic Emerald Lane,
Near Rainbow Hospital, Banjara Hills, Hyderabad, Andhra Pradesh, India Phone : 91-40-55778694 / 95 6th Floor, East Wing, Phone : 91-80-25559869/ 73 Fax : 91-80-25598898 CHENNAI 4-B, Phone : 91-44-4213 2033/ 42043737 Fax : 91-44-4204 3737 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mrs. Savitri Devi Jindal |
|
Designation : |
Chairperson |
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Date of Birth/Age : |
20.03.1950 |
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Qualification : |
Under Graduate |
|
Date of Appointment : |
28.04.2005 |
|
|
|
|
Name : |
Mr. Prithvi R. Jindal |
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Designation : |
Vice Chairman (Non Executive) |
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Name : |
Mr. Indresh Batra |
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Designation : |
Managing Director |
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Date of Birth/Age : |
27.12.1971 |
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Qualification : |
MBA |
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Date of Appointment : |
28.04.2007 |
|
Experience : |
17 Years |
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|
|
|
Name : |
Ms. Sminu Jindal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
40 Years |
|
Qualification : |
B.Com
(Hons.) MBA (Finance) |
|
Experience : |
20 Years |
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|
|
|
Name : |
Mr. Devi Dayal |
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Designation : |
Director |
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Date of Birth/Age : |
02.07.1941 |
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Qualification : |
LL. B., M. A. |
|
Date of Appointment : |
30.07.2004 |
|
Other Directorship : |
· Hotels Sun Air Limited · Omexe Limited · Sahara Prime City Limited |
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|
|
|
Name : |
Dr. S.K. Gupta |
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Designation : |
Director |
|
Date of Birth/Age : |
18.08.1938 |
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Qualification : |
Technocrat |
|
Date of Appointment : |
22.11.2005 |
|
|
|
|
Name : |
Mr. Kuldip Bhargava |
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Designation : |
Director |
|
Date of Birth/Age : |
22.04.1953 |
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Qualification : |
Industrialist |
|
Date of Appointment : |
22.11.2001 |
|
Other Directorship : |
Hexa Tradex Limited |
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|
|
|
Name : |
Mr. Raj Kamal Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
07.07.1952 |
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Qualification : |
M.B.B.S. |
|
Date of Appointment : |
30.01.2006 |
|
Other Directorship : |
· Hexa Tradex Limited · Virtue Drilling PTE Limited |
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|
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|
Name : |
Mr. Ravinder Nath Leekha |
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Designation : |
Director |
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|
Name : |
M. Girish Sharma |
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Designation : |
Director |
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Date of Birth/Age : |
19.12.1951 |
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Qualification : |
IRS (Retd.) |
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Date of Appointment : |
30.05.2012 |
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|
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|
Name : |
Mr. H.S. Chaudhary |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
05.09.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
07.10.1988 |
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|
|
|
Name : |
Mr. Neeraj Kumar |
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Designation : |
Group Chief Executive Officer and Executive Director |
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Date of Birth/Age : |
02.05.1963 |
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Qualification : |
M. Sc. (Physics) and MBA |
|
Date of Appointment : |
01.07.2013 |
KEY EXECUTIVES
|
Name : |
Mr. Sunil K Jain |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
1635300 |
0.59 |
|
|
94573120 |
34.24 |
|
|
96208420 |
34.83 |
|
|
|
|
|
|
98700 |
0.04 |
|
|
31514985 |
11.41 |
|
|
31613685 |
11.44 |
|
Total shareholding of Promoter
and Promoter Group (A) |
127822105 |
46.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
25957519 |
9.40 |
|
|
175550 |
0.06 |
|
|
7153500 |
2.59 |
|
|
51559268 |
18.67 |
|
|
84845837 |
30.72 |
|
|
|
|
|
|
41340663 |
14.97 |
|
|
|
|
|
|
17830232 |
6.46 |
|
|
2224945 |
0.81 |
|
|
2159739 |
0.78 |
|
|
807945 |
0.29 |
|
|
1155094 |
0.42 |
|
|
196700 |
0.07 |
|
|
63555579 |
23.01 |
|
Total Public shareholding (B) |
148401416 |
53.73 |
|
Total (A)+(B) |
276223521 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
276223521 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Pipe
Products for the Energy, Water Industry and other Industrial Applications. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
· State Bank of Patiala · State Bank of India · Punjab National Bank · Canara Bank · Axis Bank Limited · Credit Agricole Corporate and Investment bank · HDFC Bank Limited · ICICI Bank Limited · ING Vysya Bank Limited · Standard Chartered Bank · State Bank of Mysore · State Bank of Travancore · Syndicate Bank · United Bank of India · Karnataka Bank Limited |
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Facilities : |
NOTE Non-convertible Debentures include : (i) 10.75% Non-Convertible Debentures of Rs. 3000.000 Millions (Previous Year Rs. 3000.000 Millions) are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of moveable fixed assets both present and future in favour of Debenture Trustees. The same are repayable in three equal installments of Rs. 1000.000 Millions each on April 08, 2015, April 08, 2016 and April 08, 2017 (ii) 10.50% Non-Convertible Debentures of Rs. 1000.000 Millions (Previous Year Nil) in three series are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of moveable fixed assets both present and future in favour of Debenture Trustees. The same are repayable in three installments of Rs. 300.000 Millions (Series I), Rs. 300.000 Millions (Series II) and Rs. 400.000 Millions (Series III) on September 12, 2018, September 12, 2019 and September 12, 2020 respectively. There is a call option excercisable at the end of three years from the date of allotment (September 12, 2012) for all series of NCDs. The Call option is also available in every subsequent year for each series of NCD individually i.e.at the end of 4th, 5th, 6th and 7th year from the date of allotment upto their respective dates of maturity. (iii) 10.38% Non-Convertible Debentures of Rs. 3000.000 Millions (Previous Year Nil) in two series are secured by first pari passu charge by way of English mortgage on the Company's specific immovable properties located in the state of Gujarat and by way of equitable mortgage of Company's other immovable properties and hypothecation of moveable fixed assets both present and future in favour of Debenture Trustees. The same are repayable in single installment of Rs. 3000.000 Millions on December 26, 2021.There is a put/call option for Rs. 1500.000 Millions at the end of third year (December 26, 2015) and for Rs. 1500.000 Millions at the end of Fourth year (December 26, 2016) from the date of allotment i.e.December 26, 2012 Term Loans from Banks include : i) Term Loan of Rs. 1370.000 Millions (rate of interest 1.50% p.a.)(Previous Year Rs. 1370.000 Millions) is secured by way of second charge on all the assets of the Company both present and future and also by way of personal guarantee of Director. The same is repayable in three installments of Rs. 411.000 Millions, Rs. 411.000 Millions and Rs. 548.000 Millions on Jan 31, 2017, Jan 31, 2018 and Jan 31, 2019 respectively. ii) Term Loan of Rs. 500.000 Millions (rate of interest 10.75% p.a.) (Previous Year Nil) is secured by way of second charge on all the assets of the Company, both present and future and also by way of personal guarantee of a Director. The repayment is by way of a bullet payment of Rs. 500.000 Millions on May 23, 2017. iii) Term Loan of USD 8904719.50 (Rs. 484.321 Millions) (rate of interest 6 M Libor+400 bps p.a.) (Previous Year Nil) is secured by way of second charge on all the assets of the Company both present and future and also by way of personal guarantee of a Director. The repayment is by way of a bullet payment of USD 8904719.50 (Rs. 484.321 Millions) on May 23, 2017. iv) Term Loan includes Vehicle Loans of Rs. 0.846 million (Previous Year-nil) is secured by way of hyphothecation of Vehicles, which carries rate of interest ranging from 10.50% to 11.00% p.a. Secured Short Term
Borrowings Above short term borrowings of Rs.12645.476 Millions are secured by hypothecation of finished goods, raw materials, work-in-progress, stores and spares, book debts and second pari passu charge in respect of other moveable and immoveable properties of the Company and Rs. 951.813 Millions is secured by second charge pari passu on current assets of the Company. |
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Banking
Relations : |
-- |
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Statutory Auditors
: |
|
|
Name : |
N.C. Aggarwal and Company Chartered
Accountants |
|
Address : |
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Internal Auditors :
|
· Singhi and Company Chartered Accountants · T.R. Chadha and Company Chartered Accountants |
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Subsidiaries : |
Direct Subsidiaries: · Jindal ITF Limited · IUP Jindal Metal and Alloys Limited · S.V. Trading Limited · Jindal Fittings Limited · Quality Iron and Steel Limited · Ralael Holdings Limited · Jindal Saw Holdings FZE · Greenray Holdings Limited · Universal Tube Accessories Private Limited (w.e.f. 30th August 2012) · Jindal Saw Espana SL (w.e.f. 21st March 2013) Indirect Subsidiaries (Control Exist) · Jindal Saw USA, LLC · Jindal Saw Middle East FZC · Jindal Intellicom Limited · JITF Water Infrastructure Limited · JITF Urban Infrastructure Limited · JITF Shipyards Limited · Jindal Rail Infrastructure Limited · JITF Waterways Limited · JITF Infralogistics Limited · JITF Water Infra (Naya Raipur ) Limited · JITF ESIPL CETP (Sitarganj) Limited ·
Timarpur-Okhla Waste Management Company
Private Limited · Jindal Saw Gulf LLC · Jindal Saw Italia S.P.A. · JITF Urban Infrastucture Services Limited · Intellicom Insurance Advisors Limited · Derwant Sand SARL · JITF Coal Logistics Limited · JITF Shipping and Logistics ( Singapore) PTE. Limited · JITF Urban Waste Management (Ferozepur) Limited · JITF Urban Waste Management (Jalandhar) Limited · JITF Urban Waste Management (Bathinda) Limited · JITF Industrial Infrastructure Development Company Limited (w.e.f. 2nd May 2012) · Jindal ITF Kobelco Eco Limited (upto 31st October 2012) · JITF Manila Water Development Company Limited (upto 6th Feburuary 2013) · JITF Global Water Holding Pte. Limited · (Strike off application for closure is filed on 3rd January, 2013 with Accounting and Corporate Regulatory Authority, Singapore. Closure action is awaited) ·
JITF Water Infra (Rajkot) Limited (upto 29th
January, 2013) |
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Joint Venture : |
· Jindal Sigma Limited · JWIL-SSIL JV (w.e.f. 28th Feb. 2012) · SMC-JWIL- JV (w.e.f. 24th Dec. 2012) ·
JWIL- Ranhill- JV (w.e.f. 27th Nov.
2012 ) |
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|
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|
Enterprise over which Key Management Personnel
having significant influence : |
· Sminu Jindal Charitable Trust · Hexa Securities and Finance Company Limited · Hexa Tradex Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital: Rs. 552.500 Millions
:
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000,000 |
Equity Shares |
Rs.2/- each |
Rs.1000.000 Millions |
|
10,000,000 |
Redeemable Non Convertible Cumulative |
Rs.100/- each |
Rs.1000.000 Millions |
|
|
Total |
|
Rs. 2.000
Millions |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
276,230,771 |
Equity Shares |
Rs.2/- each |
Rs. 552.462 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
276,226,771 |
Equity Shares |
Rs.2/- each |
Rs. 552.454 Millions |
|
4,000 |
Add : Forfeited Equity Shares |
Rs.1/- each |
Rs. 0.004 Million |
|
|
Total |
|
Rs. 552.458 Millions |
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 |
552.500 |
552.458 |
552.458 |
|
(b) Reserves & Surplus |
38266.700 |
36733.754 |
34976.693 |
|
(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) |
38819.200 |
37286.212 |
35529.151 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
18851.800 |
14807.385 |
9686.737 |
|
(b) Deferred tax liabilities (Net) |
2212.700 |
1747.659 |
1025.159 |
|
(c) Other long term
liabilities |
294.200 |
0.525 |
0.774 |
|
(d) long-term
provisions |
324.200 |
313.330 |
288.972 |
|
Total Non-current
Liabilities (3) |
21682.900 |
16868.899 |
11001.642 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
15194.700 |
17625.093 |
15166.847 |
|
(b) Trade
payables |
3945.800 |
4687.630 |
4368.885 |
|
(c) Other
current liabilities |
4970.700 |
4849.742 |
9350.930 |
|
(d) Short-term
provisions |
356.900 |
384.384 |
382.652 |
|
Total Current
Liabilities (4) |
24468.100 |
27546.849 |
29269.314 |
|
|
|
|
|
|
TOTAL |
84970.200 |
81701.960 |
75800.107 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
25478.320 |
20291.821 |
|
(ii)
Intangible Assets |
37451.100 |
83.994 |
84.165 |
|
(iii)
Capital work-in-progress |
|
10112.046 |
6914.080 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
7731.600 |
7565.282 |
6989.654 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2710.200 |
2289.126 |
2602.884 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
47892.900 |
45528.768 |
36882.604 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
150.000 |
700.000 |
0.000 |
|
(b) Inventories |
13867.200 |
14711.052 |
18035.025 |
|
(c) Trade
receivables |
13371.000 |
12385.701 |
12896.217 |
|
(d) Cash
and cash equivalents |
404.700 |
629.268 |
1722.158 |
|
(e)
Short-term loans and advances |
9252.300 |
7727.767 |
6250.180 |
|
(f) Other
current assets |
32.100 |
19.404 |
13.923 |
|
Total
Current Assets |
37077.300 |
36173.192 |
38917.503 |
|
|
|
|
|
|
TOTAL |
84970.200 |
81701.960 |
75800.107 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|||
|
|
SALES |
|
|
|
|||
|
|
|
Income |
55095.900 |
56166.984 |
51979.031 |
||
|
|
|
Other Income |
846.500 |
824.056 |
933.311 |
||
|
|
|
TOTAL (A) |
55942.400 |
56991.040 |
52912.342 |
||
|
|
|
|
|
|
|||
|
Less |
EXPENSES |
|
|
|
|||
|
|
|
Cost of material consumed |
31360.400 |
35766.935 |
38906.067 |
||
|
|
|
Purchase of stock-in-trade |
44.800 |
213.793 |
318.595 |
||
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
2426.300 |
2308.049 |
(4687.800) |
||
|
|
|
Employee benefit Expenses |
3002.000 |
2522.608 |
2374.616 |
||
|
|
|
Other Expenses |
12072.400 |
9327.697 |
8727.254 |
||
|
|
|
Exceptional Items |
739.200 |
1142.420 |
1408.060 |
||
|
|
|
TOTAL (B) |
49645.100 |
51281.502 |
47046.792 |
||
|
|
|
|
|
|
|||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6297.300 |
5709.538 |
5865.550 |
|||
|
|
|
|
|
|
|||
|
Less |
FINANCIAL
EXPENSES (D) |
2261.900 |
1500.779 |
1139.289 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4035.400 |
4208.759 |
4726.261 |
|||
|
|
|
|
|
|
|||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2127.500 |
1549.519 |
1496.579 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1907.900 |
2659.240 |
3229.682 |
|||
|
|
|
|
|
|
|||
|
Less |
TAX (H) |
465.200 |
725.100 |
987.800 |
|||
|
|
|
|
|
|
|||
|
|
PROFIT AFTER TAX
(G-H) (I) |
1442.700 |
1934.140 |
2241.882 |
|||
|
|
|
|
|
|
|||
|
Add |
PREVIOUS YEAR
ADJUSTMENT |
NA |
(5.310) |
20.134 |
|||
|
|
|
|
|
|
|||
|
Add |
FOREIGN EXCHANGE
TRANSLATION DIFFERENCE |
NA |
(0.512) |
(1.328) |
|||
|
|
|
|
|
|
|||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1687.881 |
1444.231 |
|||
|
|
|
|
|
|
|||
|
Less |
APPROPRIATIONS |
|
|
|
|||
|
|
|
Transfer to General Reserve |
NA |
1000.000 |
1500.000 |
||
|
|
|
Dividend |
NA |
276.227 |
276.227 |
||
|
|
|
Tax on Dividend |
NA |
46.945 |
44.811 |
||
|
|
|
Debenture Redemption Reserve |
NA |
315.200 |
196.000 |
||
|
|
|
Capital Redemption Reserve |
NA |
0.000 |
0.000 |
||
|
|
|
Interim Dividend paid on Preference Shares |
NA |
0.000 |
0.000 |
||
|
|
|
Corporate dividend tax on above |
NA |
0.000 |
0.000 |
||
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1977.827 |
1687.881 |
|||
|
|
|
|
|
|
|||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|||
|
|
|
F.O.B. Value of Exports |
NA |
31986.888 |
26887.101 |
||
|
|
|
Interest |
NA |
15.430 |
17.235 |
||
|
|
|
Conversion Charges |
NA |
0.000 |
0.000 |
||
|
|
|
Carbon Credits |
NA |
13.072 |
44.788 |
||
|
|
|
Others |
NA |
85.604 |
28.780 |
||
|
|
TOTAL EARNINGS |
NA |
32100.994 |
26977.904 |
|||
|
|
|
|
|
|
|||
|
|
IMPORTS |
|
|
|
|||
|
|
|
Raw Materials |
NA |
20381.822 |
21221.886 |
||
|
|
|
Stores & Spares |
NA |
690.110 |
727.598 |
||
|
|
|
Capital Goods |
NA |
3019.894 |
1111.616 |
||
|
|
TOTAL IMPORTS |
NA |
24091.826 |
23061.100 |
|||
|
|
|
|
|
|
|||
|
|
Earnings Per
Share (Rs.) |
6.10 |
6.98 |
8.12 |
|||
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 Unaudited |
|
Type |
|
|
1st Quarter |
|
Net Sales |
|
|
11490.700 |
|
Total Expenditure |
|
|
9872.300 |
|
PBIDT (Excl OI) |
|
|
1618.400 |
|
Other Income |
|
|
273.600 |
|
Operating Profit |
|
|
1892.000 |
|
Interest |
|
|
626.500 |
|
Exceptional Items |
|
|
105.400 |
|
PBDT |
|
|
1370.900 |
|
Depreciation |
|
|
620.700 |
|
Profit Before Tax |
|
|
750.200 |
|
Tax |
|
|
201.200 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
549.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
549.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total
Income |
(%) |
2.58 |
3.39 |
4.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.46 |
4.73 |
6.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.47 |
4.15 |
5.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.07 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.88 |
0.87 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
1.31 |
1.33 |
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 |
552.458 |
552.458 |
552.500 |
|
Reserves & Surplus |
34976.693 |
36733.754 |
38266.700 |
|
Net
worth |
35529.151 |
37286.212 |
38819.200 |
|
|
|
|
|
|
long-term borrowings |
9686.737 |
14807.385 |
18851.800 |
|
Short term borrowings |
15166.847 |
17625.093 |
15194.700 |
|
Total
borrowings |
24853.584 |
32432.478 |
34046.500 |
|
Debt/Equity
ratio |
0.700 |
0.870 |
0.877 |
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 |
51979.031 |
56166.984 |
55095.900 |
|
|
|
8.057 |
-1.907 |
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 |
51979.031 |
56166.984 |
55095.900 |
|
Profit |
2241.882 |
1934.140 |
1442.700 |
|
|
4.31% |
3.44% |
2.62% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 DETAIL
|
IN THE HIGH COURT OF DELHI AT NEW DELHI |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10482837 |
24/02/2014 |
47,000,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, CHANDRALOK BULIDING, 36, JANPATH, NEW DELHI - 110001, INDIA |
B98591951 |
|
2 |
10464618 |
10/12/2013 |
1,000,000,000.00 |
STATE BANK OF
MYSORE |
INDUSTRIAL
FINANCE BRANCH, 15/17,, SHAHEED BHAGAT |
B91312777 |
|
3 |
10467360 |
27/11/2013 |
4,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, JAWAHAR VYAPAR, |
B92446202 |
|
4 |
10414412 |
21/03/2013 |
1,000,000,000.00 |
DEUTSCHE BANK |
4TH FLOOR, DLF
SQUARE, JACARANDA MARG, DLF PHASE |
B71674378 |
|
5 |
10411946 |
19/03/2013 * |
3,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B70931746 |
|
6 |
10397818 |
03/06/2013 * |
1,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B77248375 |
|
7 |
10375391 |
14/09/2012 |
2,370,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B57641730 |
|
8 |
10360631 |
23/05/2012 |
500,000,000.00 |
KARNATAKA BANK
LIMITED |
K - BLOCK,
OVERSEAS BRANCH,, CONNAUGHT PLACE, NEW |
B41628355 |
|
9 |
10360634 |
23/05/2012 |
500,000,000.00 |
KARNATAKA BANK
LIMITED |
K - BLOCK,
OVERSEAS BRANCH, CONNAUGHT PLACE, NEW |
B41629742 |
|
10 |
10360642 |
08/05/2012 |
1,370,000,000.00 |
KARNATAKA BANK
LIMITED |
K-2, CHOUDHRY BUILDING,
CANNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B41632894 |
|
11 |
10298410 |
25/07/2011 |
6,500,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP BARANCH, JAWAHAR VYAPAR, |
B17282294 |
|
12 |
10297075 |
06/07/2011 * |
3,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B17593559 |
|
13 |
10286630 |
29/04/2011 |
40,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B12859559 |
|
14 |
10250853 |
24/10/2013 * |
39,100,000,000.00 |
STATE BANK OF
PATIALA (LEAD BANK) |
COMMERCIAL BRANCH,
CHANDRALOK BUILDING, 2ND FLOOR, 36, JANPATH, NEW DELHI - 110001, INDIA |
B88609029 |
|
15 |
10152604 |
21/03/2009 |
37,000,000,000.00 |
STATE BANK OF
PATIALA (LEAD BANK) |
COMMERCIAL BRANCH,
CHANDRALOK BUILDING, 2ND FLOOR, 36, JANPATH, NEW DELHI - 110001, INDIA |
A60327673 |
|
16 |
10118974 |
13/08/2011 * |
1,900,000,000.00 |
AXIS BANK
LIMITED |
4/10, OPG HOUSE,
ASAF ALI ROAD, NEW DELHI, DELHI |
B22554810 |
|
17 |
10022913 |
31/10/2006 |
37,000,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, 2ND FLOOR, CHANDRALOK BUILDIN |
A05687629 |
|
18 |
90280740 |
13/12/2004 |
250,000,000.00 |
BANK OF
RAJASTHAN LTD. |
82, JANPATH, NEW
DELHI, DELHI - 110001, INDIA |
- |
|
19 |
90280699 |
08/11/2004 |
9,200,000,000.00 |
STATE BANK OF
PATIALA |
C0MMERCIAL
BRANCH, CHANDRALOK BUILDING; JANPATH, NEW DELHI, DELHI, INDIA |
- |
|
20 |
90275824 |
29/03/2004 * |
250,000,000.00 |
BANK OF
MAHARASHTRA |
19/21, AMBALAL
DOSHI MARG; FORT, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
21 |
90275797 |
07/10/2003 |
150,000,000.00 |
IDBI BANK LTD. |
11TH FLOOR;
SURYA KIRAN BUILDING, 19; K.G. MARG, |
- |
|
22 |
90277561 |
30/04/2005 * |
100,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LTD. |
10TH FLOOR;
NARIMAN BHAVAN, 227; VINAY K. SHAH MA |
- |
|
23 |
90277560 |
30/09/2003 * |
100,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
10TH FLOOR;
NARIMAN BHAVAN, 227; VINAY K. SHAH MA |
- |
|
24 |
90275728 |
11/09/2003 * |
1,330,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, CHANDRALOP BUILDING; JANPATH, |
- |
|
25 |
90275441 |
11/09/2003 * |
200,000,000.00 |
INDUSTRIAL BANK
OF INDIA |
INDIAN RED CROSS
SOCIETY BLDG., 1; RED CROSS ROAD, NEW DELHI, DELHI, INDIA |
- |
|
26 |
90279928 |
07/08/2001 |
200,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
INDIAN RED CROSS
SOCIETY BLDG., 1; RED CROSS ROAD, NEW DELHI, DELHI, INDIA |
- |
|
27 |
90275099 |
21/07/1999 |
1,151,500,000.00 |
STATE BANK OF
PATIALA |
30; REGAL
BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI, INDIA |
- |
|
28 |
90275088 |
30/06/1999 |
150,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
CUFFE PARADE; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
29 |
90277049 |
11/09/2003 * |
100,000,000.00 |
INDUSTRAIL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE
PARADE; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
30 |
90277037 |
18/03/1999 * |
150,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
CUFFE PARADE; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
31 |
90275001 |
28/12/1998 |
100,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
CUFFE PARADE; COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
i) External Commercial Borrowings from Banks |
5004.813 |
|
ii) Deferred Sales Tax Loans |
355.008 |
|
iii) Deposits from Public |
92.397 |
|
|
|
|
SHORT TERM BORROWINGS |
|
|
iv) From Banks |
|
|
- Short Term loan |
2175.572 |
|
- Buyers' credit |
1851.495 |
|
v) Deposits from Public |
0.737 |
|
Total |
9480.022 |
|
NOTE: Deposits from public includes
deposits from related parties Rs. 27.937 Millions. Terms
of repayment of Unsecured Term Loans – i) External Commercial Borrowing
of USD 73,018,334 (Rs. 3971.416 Millions) is repayable
in three installments of USD 24,096,050 (Rs. 1310.567 Millions), USD
24,096,050 (Rs. 1310.567 Millions) and USD 24,826,234 (Rs. 1350.282
Millions) on June 30, 2015, June 30, 2016 and June 30, 2017, respectively.
Rate of Interest is 6 months USD LIBOR plus 2.55% p.a. ii) External Commercial
Borrowings of USD 19,000,000 (Rs. 1033.397 Millions) is repayable
in three installments of USD 5,700,000 (Rs. 310.019 Millions), USD 5,700,000
(Rs. 3,100.19 Millions) and USD 7,600,000 (Rs. 413.359
Millions) on Nov 27, 2015, Nov 27, 2016 and Nov 27, 2017, respectively. Rate
of Interest is 6 months USD LIBOR plus 2.30% p.a. Deposits from public are
repayable between one to three years. There is no default in repayment
of Principal loans and interest. |
|
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
PART I
(Rs. In Millions)
|
S. No. |
Particulars |
Quarter Ended |
|
30.06.2014 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net Sales /Income from Operations |
11451.100 |
|
|
(b) Other Operating Income |
39.600 |
|
|
Total Income from Operations (net) |
11490.700 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
7405.400 |
|
|
(b) Purchases of Stock-in-Trade |
-- |
|
|
(c) Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
(1316.900) |
|
|
(d) Employee benefits expense |
859.500 |
|
|
(e) Depreciation and amortization expense |
620.700 |
|
|
(f) Other expenses |
2924.300 |
|
|
Total expenses |
10493.000 |
|
3 |
Profit/(Loss) from Operations before other Income,
finance costs and Exceptional Items (1-2) |
997.700 |
|
4 |
Other Income |
273.600 |
|
5 |
Profit/(Loss) from ordinary activities before finance
costs and Exceptional Items (3+4) |
1271.300 |
|
6 |
Financial costs |
626.500 |
|
7 |
Profit/(Loss) from ordinary activities after finance
costs but before Exceptional Items (5-6) |
644.800 |
|
8 |
Exceptional Items |
(105.400) |
|
9 |
Profit/(Loss) from Ordinary Activities before tax
(7-8) |
750.200 |
|
10 |
Tax expense |
201.200 |
|
11 |
Net Profit/(Loss) from Ordinary Activities after tax
(9-10) |
549.000 |
|
12 |
Extraordinary Items (Net of Tax expense) |
-- |
|
13 |
Net Profit/(Loss) for the period (11-12) |
549.000 |
|
14 |
Paid up equity share capital (Rs. 2 per share) |
552.500 |
|
15 |
Reserves excluding Revaluation Reserves |
|
|
16 |
Debenture Redemption Reserve |
|
|
17.i |
Earnings Per Share before Extraordinary items (on Face Value of Rs. 2/- each) (not annualized): |
|
|
|
Basic |
1.99 |
|
|
Diluted |
1.99 |
|
17.ii |
Earnings Per Share after Extraordinary items (on Face Value of Rs. 2/- each) (not annualized): |
|
|
|
Basic |
1.99 |
|
|
Diluted |
1.99 |
|
PART II |
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
— Number of shares |
148401416 |
|
|
— Percentage of shareholding |
53.73 |
|
2 |
Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
— Number of shares |
-- |
|
|
— Percentage of shares (as a % of the total |
-- |
|
|
shareholding of promoter and
promoter group) |
|
|
|
— Percentage of shares (as a % of the total |
-- |
|
|
share capital of company) |
|
|
|
b) Non-encumbered |
|
|
|
— Number of shares |
127822105 |
|
|
— Percentage of shares (as a % of the total |
100.00 |
|
|
shareholding of promoter and
promoter group) |
|
|
|
— Percentage of shares (as a % of the total |
46.27 |
|
|
share capital of company) |
|
|
|
Particulars |
Quarter Ended 30.06.2014) |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1 Exceptional items :
(a) The net foreign
exchange (gain)lloss on account of differences and reinstatement in foreign
exchange transactions is continued to be considered by the company as
"exceptional" in nature which primarily relates to finance, sales and
purchase of raw materials.
(b)The company is a net
exporterand follows natural hedging policy to manage its foreign exchange
exposure.
2 Tax Expense consists of
lncome Tax and Deferred Tax.
3 Effective from 1st April,
2014, the useful life of fixed assets have been revised in accordance with
Schedule II of the Companies Act, 2013.
Accordingly,
thedepreciation charge forthe quarterended 30th June, 2014 is lower by 710.900
Millions.
4 The Company has only one
business segment namely "Iron and Steel Products" as primarysegment.
5 Previous
periodlyearfigures have been re-groupedlre-arranged wherever considered
necessary.
6 These results were
reviewed by the Audit Committee and approved by the Board of Directors in their
meeting held on 24th July, 2014. The
Statutory Auditors have
carried out Limited Review of these financial results.
FIXED ASSETS
v
Tangible
Assets
· Free Hold Land
· Lease Hold Land
· Building
· Plant and Equipment
· Furniture and Fixtures
· Mine Development
· Vehicles
· Office Equipment
v
Intangible
Assets
· Computer Software
· Mining Properties (Stripping Cost)
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.61.16 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.