MIRA INFORM REPORT
|
Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
MINEX METALLURGICAL COMPANY LIMITED (w.e.f. 17.12.2011) |
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Formerly Known
As : |
MINEX METALLURGICAL COMPANY PRIVATE LIMITED |
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Registered Office
: |
301, Rajguru Apartments, 3rd Floor, New |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.03.1981 |
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Com. Reg. No.: |
11-024161 |
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Capital
Investment / Paid-up Capital : |
Rs.160.000 Millions |
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CIN No.: [Company Identification
No.] |
U28910MH1981PLC024161 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM22448G MUMM22482F |
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PAN No.: [Permanent Account No.] |
AAACM7315B |
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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 engaged in the manufacture and sale of Specialty Alloys
for use by the Iron and Steel Industry. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
April, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
April, 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 (GENERAL DETAILS)
|
Name : |
Mr. Murli Mahadavan |
|
Designation : |
Company Secretary and Finance Manager |
|
Contact No.: |
91-22-28362166 |
|
Date : |
02.09.2014 |
LOCATIONS
|
Registered/ Head Office : |
301, Rajguru Apartments, 3rd Floor, New |
|
Tel. No.: |
91-22-28362166 / 28215703 / 28370349 / 28982020 |
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Mobile No.: |
91-9833745167 (Mr. Murli Mahadevan) |
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Fax No.: |
91-22-28377369 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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D-41/42, MIDC Industrial Area, |
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Tel. No.: |
91-7104-237907/ 234434 |
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Fax No.: |
91-7104-236745 |
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E-Mail : |
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Kalmeshwar – Plant : |
B-401/1, MIDC Industrial Area, Kalmeshwar, Nagpur – 441501,
Maharashtra, India |
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Tel. No.: |
91-7118-27168/9 |
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Fax No.: |
91-7118-271496 |
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E-Mail : |
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Nimji – Plant : |
68/3, Nimji, Tahsil Kalmeshwar, District |
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Tel. No.: |
91-7118-238304 |
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Fax No.: |
91-7118-238304 |
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E-Mail : |
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Sales Office |
3/6, Shivaji Durgapur, Burdwan - 713204, West |
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Tel. No.: |
91-343-2572095 |
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Fax No.: |
91-343-2568413 |
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E-Mail : |
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Factory : |
K-6, Butibori Industrial Area, Nagpur - 441112, Maharashtra, India |
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Godown : |
Vishwas Nagar, Plot No – 7 and 8, Opposite Reliance Colony, Olpad
Road, Icchapur, Surat – 394510, Gujarat, India |
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Branch Office : |
Located at · Durgapur Kolkata Pune |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sukhendu Bikas Misra |
|
Designation : |
Chairman and Managing Director |
|
Address : |
301, Belscot Tower, 1st Lokandwala Complex, Link Road,
Andheri (East), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
19.06.1946 |
|
Date of Appointment : |
31.03.1981 |
|
PAN No. : |
AASPM5071D |
|
DIN : |
00105418 |
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Name : |
Mr. Anantharaman Mahadevan |
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Designation : |
Director |
|
Address : |
A-1, 2nd Floor, New Palm Beach Co-operative Society, Sector
– 4, Nerul, New Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1947 |
|
Date of Appointment : |
30.12.1985 |
|
DIN No.: |
00165226 |
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|
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Name : |
Ms. Rakhi Sukhendu Bikas Misra |
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Designation : |
Director |
|
Address : |
301, Belscot Tower, 1st Lokandwala Complex, Link Road,
Andheri (East), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
17.04.1953 |
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Date of Appointment : |
01.04.1996 |
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PAN No. : |
AGVPM7955P |
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DIN : |
00353033 |
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Name : |
Mr. Dilip Keshavlal Patel |
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Designation : |
Director |
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Address : |
15 Neel Shobha, 4th Floor, M. V. Road, Andheri (East), Mumbai
– 400093, Maharashtra, India |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
01.08.2008 |
|
DIN No.: |
00013150 |
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Name : |
Mr. Mukul Tagore |
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Designation : |
Director |
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Address : |
503, Benhut ‘A’ Lokhandwala complex, Link Road, Andheri (East), Mumbai
– 400053, Maharashtra, India |
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Date of Birth/Age : |
03.01.1946 |
|
Date of Appointment : |
31.03.1981 |
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DIN No.: |
00353182 |
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Name : |
Mr. Vaidyanathan Narayan |
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Designation : |
Director |
|
Address : |
5, Nai Roshini, Charat singh Colony, Andheri (East), Mumbai – 400093,
Maharashtra, India |
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Date of Birth/Age : |
24.12.1940 |
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Date of Appointment : |
23.06.1992 |
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DIN : |
00495534 |
KEY EXECUTIVES
|
Name : |
Mr. Murali Mahadevan |
|
Designation : |
Company Secretary |
|
Address : |
H – 003, Shimpoli Niranjan Co-operative Housing Society Limited,
Chikuwadi, Shimpoli, Borivali (West), Mumbai – 400092, |
|
Date of Birth/Age : |
01.10.1963 |
|
Date of Appointment : |
01.08.2005 |
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PAN No.: |
ACBPM8585F |
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Name : |
Ms. Shreya Mishra |
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Designation : |
Manager |
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Address : |
301/302, Belscot Tower, Lokhanwala Complex, Andheri (West), Mumbai – 400058,
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|
Date of Birth/Age : |
24.07.1976 |
|
Date of Appointment : |
01.03.2011 |
|
PAN No.: |
AEFPM8004F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the manufacture and sale of Specialty
Alloys for use by the Iron and Steel Industry. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
300 (Approximately) |
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Bankers : |
Ø Canara Bank Ø ICICI Bank Limited Ø DBS Bank Ø Yes Bank Ø State Bank of India Ø Axis Bank Ø UCO Bank Ø Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Kalahasthi and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Other : |
Minex Foundation |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares (Includes 1,28,00,000 (48,00,000) shares issued as fully paid up bonus shares in the last 6 years by capitalising the General Reserve) |
Rs.10/- each |
Rs.160.000 Millions |
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The Company has only one class of equity shares having a par value of ` 10 per share. Each shareholder is eligible for one vote per share. The Dividend proposed by the Board of Directors is subject to approval of the shareholders, except in case of interim dividend.
Shares Holders right in the event of liquidation: “In the event of liquidation of the company, the holders of equity shares shall be entitled to remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion of equity shares held by the shareholders.”
Details of shares held by shareholders
holding more than 5% of the aggregate shares in the Company:
|
Name of the Shareholders |
31st
March,2014 |
|
|
|
No. of Share
held |
% of Holding |
|
Mr. Sukhendu Bikas Misra |
7,908,000 |
49.00 % |
|
Mrs. Rakhi Misra |
2,532,208 |
16.00 % |
|
Ms. Shreya Misra |
1,517,716 |
9.00 % |
|
Mrs. Bela Misra |
730,974 |
5.00 % |
|
Total |
12,688,898 |
79.00 % |
Reconciliation of the number of shares and
amount outstanding at the beginning and at the end of the reporting period:
|
PARTICULARS |
Equity
Shares with Voting Rights Year Ended
31st March, 2014 |
|
|
|
No. of Share |
Rs. In
Millions |
|
Opening Balance |
8000000 |
80.000 |
|
Fresh Issue: |
|
|
|
Bonus Issue |
8000000 |
80.000 |
|
Closing Balance |
16000000 |
160.000 |
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 |
160.000 |
80.000 |
80.000 |
|
(b) Reserves & Surplus |
1229.270 |
1138.340 |
995.520 |
|
(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) |
1389.270 |
1218.340 |
1075.520 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
88.030 |
112.880 |
135.610 |
|
(b) Deferred tax liabilities (Net) |
35.920 |
30.310 |
35.790 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
123.950 |
143.190 |
171.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
497.520 |
1000.110 |
1018.530 |
|
(b) Trade payables |
199.830 |
281.470 |
226.090 |
|
(c) Other current
liabilities |
100.260 |
151.600 |
104.740 |
|
(d) Short-term provisions |
32.320 |
32.140 |
21.240 |
|
Total Current Liabilities (4) |
829.930 |
1465.320 |
1370.600 |
|
|
|
|
|
|
TOTAL |
2343.150 |
2826.850 |
2617.520 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
458.690 |
454.800 |
344.340 |
|
(ii) Intangible Assets |
0.680 |
0.190 |
0.790 |
|
(iii) Capital
work-in-progress |
55.250 |
53.660 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
94.110 |
|
(b) Non-current Investments |
0.050 |
0.050 |
0.010 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
21.490 |
21.570 |
21.720 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
536.160 |
530.270 |
460.970 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
593.960 |
781.720 |
897.700 |
|
(c) Trade receivables |
935.790 |
1099.210 |
845.180 |
|
(d) Cash and cash
equivalents |
110.510 |
184.750 |
188.680 |
|
(e) Short-term loans and
advances |
165.130 |
228.650 |
223.060 |
|
(f) Other current assets |
1.600 |
2.250 |
1.930 |
|
Total Current Assets |
1806.990 |
2296.580 |
2156.550 |
|
|
|
|
|
|
TOTAL |
2343.150 |
2826.850 |
2617.520 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4673.900 |
4600.500 |
4390.480 |
|
|
|
Other Income |
44.020 |
31.830 |
21.530 |
|
|
|
TOTAL |
4717.920 |
4632.330 |
4412.010 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3688.750 |
3665.690 |
3536.310 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.420) |
47.030 |
(76.850) |
|
|
|
Employees benefits expense |
157.000 |
131.760 |
111.310 |
|
|
|
Other expenses |
466.370 |
398.710 |
516.070 |
|
|
|
TOTAL |
4310.700 |
4243.190 |
4086.840 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
407.220 |
389.140 |
325.170 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
61.610 |
115.610 |
74.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
345.610 |
273.530 |
250.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
35.440 |
32.510 |
27.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
310.170 |
241.020 |
222.890 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
110.770 |
74.470 |
72.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
199.400 |
166.550 |
150.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.480 |
10.270 |
3.420 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
172.50 |
150.000 |
120.000 |
|
|
|
Dividend |
0.000 |
0.000 |
8.000 |
|
|
|
Proposed / Interim Dividend |
24.000 |
20.000 |
12.000 |
|
|
|
Tax on Dividend |
4.080 |
3.340 |
3.250 |
|
|
BALANCE CARRIED
TO THE B/S |
2.300 |
3.480 |
10.270 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1139.820 |
1262.660 |
764.020 |
|
|
TOTAL EARNINGS |
1139.820 |
1262.660 |
764.020 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1259.230 |
1837.370 |
1943.650 |
|
|
TOTAL IMPORTS |
1259.230 |
1837.370 |
1943.650 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
12.46 |
10.41 |
18.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.23 |
3.60 |
3.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.64 |
5.24 |
5.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.56 |
8.69 |
8.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.20 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.42 |
0.91 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18 |
1.57 |
1.57 |
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 |
80.000 |
80.000 |
160.000 |
|
Reserves & Surplus |
995.520 |
1138.340 |
1229.270 |
|
Net worth |
1075.520 |
1218.340 |
1389.270 |
|
|
|
|
|
|
long-term borrowings |
135.610 |
112.880 |
88.030 |
|
Short term borrowings |
1018.530 |
1000.110 |
497.520 |
|
Total borrowings |
1154.140 |
1112.990 |
585.550 |
|
Debt/Equity ratio |
1.073 |
0.914 |
0.421 |
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) |
|
Revenue from Operations |
4390.480 |
4600.500 |
4673.900 |
|
|
|
4.784 |
1.595 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from Operations |
4390.480 |
4600.500 |
4673.900 |
|
Profit |
150.100 |
166.550 |
199.400 |
|
|
3.42% |
3.62% |
4.27% |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current
Maturities of Long Term Debts is Not Available.
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 01.09.2014 |
|
Lodging No.:- ITXAL/1575/2014
Filing Date:- 01.09.2014 |
|
Petitioner: COMMISSIONER OF INCOME TAX-8 Respondent: MINEX
METALLURGICAL COMPANY LIMITED Petn. Adv : ARVIND PINTO (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEAL Last Date: 09.09.2014 Stage: Last Coram: REGISTRAR(OS)/PROTHONOTARY
AND SR. MASTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Loans (By way of deferral under Package Scheme of Incentives of Government of Maharashtra) |
35.600 |
38.240 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Sales Tax Loans (By way of deferral under Package Scheme of Incentives of Government of Maharashtra) |
2.650 |
1.850 |
|
Fixed Deposits: |
|
|
|
From Members |
2.580 |
2.580 |
|
|
|
|
|
Total |
40.830 |
42.670 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10465771 |
29/11/2013 |
200,000,000.00 |
DBS Bank Limited |
4A, Nandlal Basu Sarani, Kolkata, West Bengal
- 700071, INDIA |
B91800094 |
|
2 |
10385088 |
05/11/2012 |
315,000,000.00 |
AXIS BANK LTD. |
131, MAKER TOWERS 'F' 13TH FLOOR, CUFFE
PARADE, COLABA, MUMBAI, Maharashtra -400005, INDIA |
B61595872 |
|
3 |
10359296 |
29/05/2012 |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Gujarat - 390015, INDIA |
B41071838 |
|
4 |
10319187 |
10/10/2011 |
100,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3A/F, Plot no. C-38 & 39, G Block,
Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA |
B25873274 |
|
5 |
10297090 |
19/07/2011 |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. |
B16827123 |
|
6 |
10101387 |
27/09/2011 * |
600,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3A/F, Plot no. C-38 & 39, G
Block, Bandra Kurla Complex, Bandra, Mumbai, Maharashtra - 400051, INDIA |
B23184450 |
|
7 |
80048608 |
26/12/2008 * |
900,000,000.00 |
CANARA BANK |
ITWARI, NAGPUR, Maharashtra - 440002, INDIA |
A56565567 |
* Date of charge modification
OPERATIONS
During 2013-14, They saw stagnation in the overall economic scenario in India. The GDP growth of the country declined to 4.70%, and the overall industry was reeling under pressure. During the mid of the year, the currency also depreciated to its historic low of 69.22 to a USD, which in turn has hit their profitability by almost Rs. 70.000 million due to largely un hedged import positions. Inspite of challenging economic environment in domestic and international market during the financial year of 2013-14, Minex focused in the areas of opportunities and growth. They tried to consolidate their dominance in the market, and tried to maintain theirtopline and increase their profitability which is clearly reflecting in their performance. The modernized plants at Nagpur, Kalmeshwar and Nimji are equipped to offer value added products and Just in Time supply to their customers. The new products developed for steel, foundry and aluminum industries were established in the market.
As they look at the year 2014-15, domestic economy seems to have bottomed out, and with new government in place they expect the overall economy to pick up soon, which might get reflected in second half of this financial year. Internationally with American economy being stabilized and growing the overall environment of global growth should also resume by H2 of 2014-15. In view of these challenges they have declared to continue with their year 2013-14 program of "Year of New Opportunities" and this would act as a guiding principle for all their operation and various changes happening in the organization.
PERFORMANCE HIGHLIGHTS:
Despite of challenges in the business environment, the company's sales during the year were Rs. 5234.250 million (Rs. 5146.890 million). Given the current global scenario, it is a positive achievement that they have managed a nominal increase in sales value.
Subject Recorded Profit after Tax (PAT) of Rs. 199.400 million in 2013-14 as compared to Rs.166.550 million in the year 2012-13, a 19.73% increase. The Profit before Tax (PBT) stood at Rs. 310.170 million as against Rs. 241.020 million in 2011-12, a 28.69% increase.
However, The Sales Volume increased to 30,472 MT against previous year's 29,413 MT registering a marginal increase of 3.60 %.
Company's exports has dropped marginally by 8% to Rs.1201.210 Million against previous year's Rs. 1295.690 Million.
FIXED ASSETS
œ Land
œ Factory Buildings
œ Office Premises / Flats
œ Plant and Machinery
œ Lab. Equipment’s
œ Electrical Installations
œ Office Equipment’s
œ Air Conditioner
œ Vehicles
œ Furniture and Fixtures
œ Computers
œ Computer Software
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.60.45 |
|
|
1 |
Rs.99.46 |
|
Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.