MIRA
INFORM REPORT
|
Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM VALUE STEELS LIMITED [w.e.f. 18.03.2013] |
|
|
|
|
Formerly Known
as : |
LLOYDS STEEL INDUSTRIES LIMITED |
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|
Registered
Office : |
4th Floor, Uttam House, 69, |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
27.04.1970 |
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|
|
|
Com. Reg. No.: |
11-014621 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.12051.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1970PLC014621 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
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|
|
|
No. of Employees
: |
1322 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating reflects moderate financial risk profile marked by
continuous accumulated losses incurred by the company and below average
liquidity position of the company. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings dealing with some
caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 |
BBB – [Long Term Bank Facilities] |
|
Rating Explanation |
Having moderate degree of safety and carry
moderate credit risk. |
|
Date |
11.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facilities] |
|
Rating Explanation |
Having moderate degree of safety and higher
credit risk. |
|
Date |
11.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Mhatre |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-30418111 |
|
Date : |
18.07.2014 |
LOCATIONS
|
Registered Office : |
4th Floor, Uttam House, 69, P.D Mello Road, Mumbai, 400009, Maharashtra, India |
|
Tel. No.: |
91-22-30418111 |
|
Fax No.: |
91-22-30418260 |
|
E-Mail : |
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|
|
|
|
Factory 1 : |
Lloyds Nagar, Bhugaon Link Road, Wardha, Maharashtra, India |
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|
|
|
Factory 2 : |
Plot No. A-5/5 and A-6/3 MIDC Industrial Area, Murbad District Thane, Maharashtra, India |
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|
|
|
Mumbai Office : |
Trade World, C-Wing, 16th Floor, Kamala, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India |
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|
|
|
Branch Office : |
Located At: ·
Delhi ·
Ahmedabad ·
Bangalore ·
Indore ·
Hyderabad ·
Pune ·
Chennai ·
Nagpur ·
Kolkata ·
Indore ·
Cochin ·
Jaipur |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rajinder Miglani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S K Soni |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. B L Khanna |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. U N Challu |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Manash Chakraborty |
|
Designation : |
Director (Nominee - ARCIL) |
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|
|
|
Name : |
Mr. R K Bansal |
|
Designation : |
Director (Nominee - IDBI) |
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|
|
|
Name : |
Mr. Ankit Miglani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Munjal |
|
Designation : |
Director (Commercial) |
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|
|
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director (Engg. Division) |
KEY EXECUTIVES
|
Name : |
Mr. Gursharan S Sawhney |
|
Designation : |
Group Chief Finance Officer |
|
|
|
|
Name : |
Mr. Ram Gaud |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Mhatre |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
Bodies Corporate |
609472232 |
46.12 |
|
|
609472232 |
46.12 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
609472232 |
46.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
573153 |
0.04 |
|
|
205004032 |
15.51 |
|
|
1500 |
0.00 |
|
|
4389894 |
0.33 |
|
|
216050 |
0.02 |
|
|
210184629 |
15.90 |
|
|
|
|
|
|
264249975 |
19.99 |
|
|
|
|
|
|
58178823 |
4.40 |
|
|
34981107 |
2.65 |
|
|
144548501 |
10.94 |
|
|
547885 |
0.04 |
|
|
7352942 |
0.56 |
|
|
900 |
0.00 |
|
|
136646774 |
10.34 |
|
|
501958406 |
37.98 |
|
Total Public shareholding (B) |
712143035 |
53.88 |
|
Total (A)+(B) |
1321615267 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1321615267 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
GENERAL INFORMATION
|
No. of Employees : |
1322 [Approximately] |
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Bankers : |
· State Bank of India · Punjab and Sind Bank · Abu Dhabi Commercial Bank Limited |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
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|
Statutory Auditors : |
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|
Name : |
Todarwal & Todarwal Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
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Internal Auditors : |
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|
Name : |
Ernst &
Young LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Associates: |
Indrajit Power Private Limited |
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|
|
|
Other Related Parties : |
·
Uttam Galva Metallics Limited ·
Uttam Galva Steels Limited ·
Sainath Trading Company Private Limited ·
Kredence Multi Trading Limited ·
Grow well Mercantile Limited ·
Shree Global Tradefin Limited. (ceased w.e.f 6th
December 2012) |
CAPITAL STRUCTURE
AFTER 31.03.2014
Authorised Capital : 20000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.13322.641
Millions
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.12051.700
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 [12 Months] |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
12051.700 |
12051.673 |
9021.173 |
|
(b) Reserves & Surplus |
(9660.800) |
(7423.543) |
(8203.220) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
2390.900 |
4628.130 |
817.953 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7580.400 |
3014.893 |
3852.639 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
253.400 |
234.166 |
204.863 |
|
Total Non-current Liabilities (3) |
7833.800 |
3249.059 |
4057.502 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
5502.100 |
599.568 |
0.000 |
|
(b) Trade payables |
18605.900 |
19437.827 |
12943.858 |
|
(c) Other current
liabilities |
8273.000 |
2570.955 |
5994.738 |
|
(d) Short-term provisions |
21.600 |
21.618 |
20.474 |
|
Total Current Liabilities (4) |
32402.600 |
22629.968 |
18959.070 |
|
|
|
|
|
|
TOTAL |
42627.300 |
30507.157 |
23834.525 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18799.800 |
12537.715 |
10748.567 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
1642.342 |
11.351 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
174.700 |
16.026 |
25.026 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
92.500 |
58.542 |
142.559 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
19067.000 |
14254.625 |
10927.503 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5655.100 |
4575.117 |
3768.367 |
|
(c) Trade receivables |
4682.000 |
1184.961 |
1192.307 |
|
(d) Cash and cash
equivalents |
1015.400 |
588.060 |
497.212 |
|
(e) Short-term loans
and advances |
11820.600 |
9461.408 |
6996.411 |
|
(f) Other current
assets |
387.200 |
442.986 |
452.725 |
|
Total Current Assets |
23560.300 |
16252.532 |
12907.022 |
|
|
|
|
|
|
TOTAL |
42627.300 |
30507.157 |
23834.525 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 [12 Months] |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
59986.200 |
63440.424 |
38481.637 |
|
|
|
Other Income |
512.800 |
620.328 |
434.693 |
|
|
|
TOTAL (A) |
60499.000 |
64060.752 |
38916.330 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
17200.800 |
20402.572 |
15738.282 |
|
|
|
Purchase of traded goods |
32088.300 |
33453.118 |
17183.856 |
|
|
|
Employee benefits expenses |
843.800 |
742.596 |
508.654 |
|
|
|
Other expenses |
7549.000 |
7280.033 |
4927.969 |
|
|
|
Exceptional items |
0.000 |
0.000 |
132.240 |
|
|
|
Increase/decrease in inventories of finished goods and work in
progress |
(273.400) |
(935.399) |
(990.103) |
|
|
|
TOTAL (B) |
57408.500 |
60942.920 |
37500.898 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3090.500 |
3117.832 |
1415.432 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2543.700 |
1657.550 |
1084.994 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
546.800 |
1460.282 |
330.438 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1534.100 |
1450.105 |
1064.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(987.300) |
10.177 |
(734.546) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(987.300) |
10.177 |
(734.546) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(16457.079) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(17191.625) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
258.477 |
164.501 |
|
|
|
Brokerage and Commission |
|
13.956 |
6.300 |
|
|
TOTAL EARNINGS |
NA |
272.433 |
170.801 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
68.137 |
935.102 |
|
|
|
Production Consumables, Stores and Spares |
|
408.323 |
345.012 |
|
|
TOTAL IMPORTS |
NA |
476.460 |
1280.114 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
(0.83) |
0.01 |
(1.43) |
|
|
|
-
Diluted |
(0.83) |
0.01 |
(1.75) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 [12 Months] |
31.03.2013 [12 Months] |
31.03.2012 [9 Months] |
|
PAT / Total Income |
(%) |
(1.63) |
0.02
|
(1.89) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.65) |
0.02
|
(1.91) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.33) |
0.04
|
(3.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.41) |
0.00
|
(0.90)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.47 |
0.78
|
4.71
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.72
|
0.68
|
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
9021.173 |
12051.673 |
12051.700 |
|
Reserves & Surplus |
(8203.220) |
(7423.543) |
(9660.800) |
|
Net
worth |
817.953 |
4628.130 |
2390.900 |
|
|
|
|
|
|
long-term borrowings |
3852.639 |
3014.893 |
7580.400 |
|
Short term borrowings |
0.000 |
599.568 |
5502.100 |
|
Total
borrowings |
3852.639 |
3614.461 |
13082.500 |
|
Debt/Equity
ratio |
4.710 |
0.781 |
5.472 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
38,481.637 |
63,440.424 |
59,986.200 |
|
|
|
64.859 |
(5.445) |
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
|
38,481.637 |
63,440.424 |
59,986.200 |
|
Profit |
(734.546) |
10.177 |
(987.300) |
|
|
(1.91%) |
0.02% |
(1.65%) |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10450652 |
25/09/2013 |
6,120,000,000.00 |
Axis Trustee
Services Limited |
AXIS HOUSE, 2ND FLOOR,
BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025,
MAHARASHTRA, INDIA |
B85583532 |
|
2 |
10450654 |
25/09/2013 |
13,900,000,000.00 |
Axis Trustee
Services Limited |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI -
400025, MAHARASHTRA, INDIA |
B85583771 |
|
3 |
10445662 |
12/07/2013 |
500,000,000.00 |
Punjab and
Maharashtra Co-operative Bank Limited. |
OFFICE NO 4
& 5, 3RD FLOOR,, DREAMS MALL, L B S MARG, BHANDUP (WEST), MUMBAI - 400078,
MAHARASHTRA, |
B83370783 |
|
4 |
90231025 |
14/06/1999 |
510,000,000.00 |
ICICI LTD |
ICICITOWER,
BANDR KURLA, MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
5 |
90232123 |
29/09/2006 * |
240,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A06399224 |
|
6 |
90230982 |
29/09/2006 * |
158,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A06400634 |
|
7 |
90230979 |
17/08/1999 * |
200,000,000.00 |
INDUTRIAL
DEVELOPMENT BANKOF INDIA |
IDBI TOWER,
CUFFE PRADE, MUMBAI - 400005, WEST BENGAL, INDIA |
- |
|
8 |
90240447 |
29/09/2006 * |
580,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A42687277 |
|
9 |
90230974 |
03/03/1998 |
250,000,000.00 |
INDUSTRIAL
DEVELOPMENT BNAK OF INDIA |
IDBI TOWER,
MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
10 |
90230971 |
16/01/1998 |
950,300,000.00 |
INDUSTRIAL CRDIT
INVESTMENT CORPORATION OF INDIA |
163 BACKBAY
RECLMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
31.03.2013 [12 Months] |
|
Long Term
Borrowings |
|
|
Deferred payment liabilities |
|
|
Sales Tax Deferral |
814.638 |
|
Other Loans & Advances |
|
|
Sales Tax Loan from Government of Maharashtra |
11.143 |
|
|
|
|
Short Term
Borrowings |
|
|
Overdraft from banks |
99.568 |
|
Loan from Body corporates |
500.000 |
|
TOTAL
|
1425.349 |
NOTE:
The register office address has been shifted
from “Trade World, ‘C’ Wing, 16th Floor, Kamala
City, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India” to
the present address.
FIXED ASSETS:
·
Land
·
Building
·
Plant Machinery
·
Computer
·
Electrical Installation
·
Office Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Railway Siding
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
Total
income from Operations(net) |
14964.100 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
3866.600 |
|
b) Purchases of stock in trade |
8401.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(270.600) |
|
d) Employees benefit expenses |
219.300 |
|
e) Depreciation and amortization expenses |
279.700 |
|
f) Other expenditure |
1885.900 |
|
Total expenses |
14381.900 |
|
3. Profit from operations before other income and
financial costs |
582.200 |
|
4. Other income |
127.900 |
|
5. Profit from ordinary activities before finance costs |
710.100 |
|
6. Finance costs |
751.700 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
(41.600) |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
(41.600) |
|
10.Tax expenses |
-- |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(41.600) |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(41.600) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
13229.400 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
(0.03) |
|
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
712143035 |
|
- Percentage of shareholding |
53.88 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
298502889 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
48.98 |
|
Percentage of shares (as a % of total share capital of the
company) |
22.59 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
310969343 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
51.02 |
|
Percentage of shares (as a % of total share capital of the
company) |
23.53 |
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Year
Ended (
Unaudited) |
|
|
31.03.2014 |
|
1.
Segment Revenue |
|
|
a. Steel Products |
14928.600 |
|
b. Engineering Products |
537.700 |
|
Total |
15466.300 |
|
Less : Inter Segment Revenue |
502.200 |
|
Net
Sales |
14964.100 |
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
a. Steel Products |
706.700 |
|
b. Engineering Products |
3.800 |
|
Total |
710.500 |
|
|
|
|
Less
: (i) Interest |
751.700 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
0.400 |
|
|
|
|
Profit
before Tax |
(41.600) |
|
3.
Capital Employed |
|
|
a. Steel Products |
10836.400 |
|
b. Engineering Products |
895.500 |
NOTES:
1. The above
results were reviewed by the Audit Committee and thereafter approved and taken
on record by the Board of Directors of the Company at their meeting held on
August 08, 2014.
2. Pursuant
to Companies Act 2013 (the Act) becoming effective from April 01, 2014 the
Company has re-worked depreciation with reference to the estimated useful lives
of fixed assets prescribed under Schedule II to the Act. As a result the charge
for depreciation is lower by Rs. 14.31 crores for the quarter ended June 30,
2014. Further based on transitional provision in Note 7 (b) of Schedule II. an
amount of Rs. 7.01 crores has been adjusted against the retained earnings.
1. The
Committee of Directors of the Company at their meeting held on April 09, 2014
allotted 12,70,96.774 Equity shares of Rs. 10/- each at a price of Rs. 15.50
per equity share on preferential basis.
2. The
figures of last quarter of previous year are the balancing figures between the
audited figures in respect of the full financial year and published year to
date figures upto third quarter of the financial year.
3. As per
the provisions of AS -17 Segment reporting, the Company operates in two
business segments namely Steel products & Engineering Products. There are
no reportable geographical segments.
4. Limited
Review of financial Results as per Clause 41 of listing agreement has been
carried out by Statutory Auditors.
5. Previous
period figures has been regrouped/reclassified wherever necessary.
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.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.