MIRA
INFORM REPORT
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Report No. : |
315727 |
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Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
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Name : |
BHAWANI INDUSTRIES LIMITED. (w.e.f. 15.09.2004) |
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Formerly Known
As : |
BHAWANI INDUSTRIES PRIVATE LIMITED |
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Registered Office
: |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.02.1999 |
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Com. Reg. No.: |
16-022272 |
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Capital Investment
/ Paid-up Capital : |
Rs. 111.575 Million |
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CIN No.: [Company Identification
No.] |
U00000PB1999PLC022272 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PTLB10048D |
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PAN No.: [Permanent Account No.] |
AABCB5105H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing of Steel Billets, HR Strips and Steel Pipes. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 950000 |
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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 is constrained on account of Company’s moderate financial
risk profile marked by leverage capital structure and losses that company has
incurred from its operational activities. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business 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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Fund Based Limits = B |
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Rating Explanation |
Risk prone credit quality and very high credit risk |
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Date |
July 2015 |
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Rating Agency Name |
ICRA |
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Rating |
Non Fund Based Limits = A4 |
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Rating Explanation |
Minimal degree of safety and very high credit risk |
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Date |
July 2015 |
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 DENIED
Management Non Co-operative (91-11-47012620)
LOCATIONS
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Registered Office / Work Office : |
G. T. Road, Ajnali, Mandi Gobindgarh-147301, Punjab, India |
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Tel. No.: |
91-1765-252811 / 12 / 326780/90 |
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Fax No.: |
91-1765-251485 |
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E-Mail : |
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Website : |
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Factory : |
Ganji Wada Main Road, Behind Ptc Ground, Rajkot – 360003, Gujrat, India |
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Tel. No.: |
91-281-8018862 |
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Fax No.: |
91-281-2387665 |
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Email: |
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Corporate Office |
411, Best Sky Tower, Netaji Subhash Place, Pitam Pura, New Delhi – 110034, India |
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Tel. No.: |
91-11-47017402-03 |
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Fax No.: |
91-11-47017400 |
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Website : |
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Branch : |
307-308 Aggarwal millennium Tower – I, Netaji Subhash Place, Pitam Pura, New Delhi – 110034, India |
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Tel. No.: |
91-11-47012620 |
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Fax No.: |
91-11-27351714 |
DIRECTORS
AS ON 30.09.2014
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Name : |
Mr. Jai Parkash Goyal |
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Designation : |
Managing Director |
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Address : |
H.No.416, Sector - 4, Block-C, Shastri Nagar, Mandigobindgarh - 147301, Punjab, India |
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Date of Birth/Age : |
20.10.1956 |
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Date of Appointment : |
01.09.2009 |
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DIN No.: |
00493511 |
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PAN No.: |
AFVPG8799J |
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Other Directorship :
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Name : |
Mr. Sarwan Goyal |
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Designation : |
Whole-Time Director |
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Address : |
H.No.353, Sector-5, Block-B, Shastri Nagar, Mandigobindgarh – 147301,
Punjab, India |
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Date of Birth/Age : |
05.10.1963 |
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Date of Appointment : |
01.09.2009 |
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DIN No.: |
00493573 |
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PAN No.: |
ACAPG9907E |
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Name : |
Mr. Amit Goyal |
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Designation : |
Whole-Time Director |
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Address : |
H.No.416, Sector-4, Block-C, Shastri Nagar, Mandigobindgarh - 147301, Punjab, India |
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Date of Birth/Age : |
20.11.1980 |
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Date of Appointment : |
01.09.2009 |
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DIN No.: |
02313274 |
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PAN No.: |
AIGPG3691R |
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Name : |
Mr. Naveen Singhal |
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Designation : |
Whole-Time Director |
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Address : |
H.No.107, Block 2B, St.No.4, Adarsh Nagar, Mandigobindgarh – 147301,
Punjab, India |
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Date of Birth/Age : |
29.09.1975 |
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Date of Appointment : |
01.02.2011 |
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DIN No.: |
03405352 |
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PAN No.: |
AAYPK0767A |
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MAJOR SHAREHOLDERS
As on 30.09.2014
Shareholders Filed Attached
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage of Holding |
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Bodies corporate |
12.14 |
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Directors or relatives of Directors |
75.78 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Steel Billets, HR Strips and Steel Pipes. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· ISGEC · Reliance SEZ · TATA Steel Limited · Gujrat Water Supply · ThyssenKrupp Industries India · Bharat Sanchar Nigam Limited · Steel Authority of India Limited · ALSTOM Projects India Limited · Indian Railway & Rail Coach Factory · Public Health Engineering Department |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Dutta Singla and Company Chartered Accountants |
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Address : |
#34 Sector-4 D, Battan Lal Road, Mandi Gobindgarh –
147301, |
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PAN No.: |
AAAFD8577H |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associate : |
Ridhi Industries Private Limited |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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11157500 |
Equity Shares |
Rs.10/- each |
Rs.111.575 Million |
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FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
111.575 |
97.535 |
97.535 |
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(b) Reserves &
Surplus |
222.612 |
462.394 |
604.302 |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
334.187 |
559.929 |
701.837 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
1015.075 |
668.187 |
572.720 |
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(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
67.924 |
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(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
5.921 |
5.052 |
3.657 |
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Total Non-current
Liabilities (3) |
1020.996 |
673.239 |
644.301 |
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(4) Current Liabilities |
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(a) Short term borrowings |
887.173 |
628.081 |
451.266 |
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(b) Trade payables |
653.444 |
1020.418 |
964.508 |
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(c) Other current
liabilities |
157.227 |
171.900 |
148.387 |
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(d) Short-term provisions |
0.050 |
4.807 |
48.724 |
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Total Current Liabilities
(4) |
1697.894 |
1825.206 |
1612.885 |
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TOTAL |
3053.077 |
3058.374 |
2959.023 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
1069.603 |
1152.559 |
719.560 |
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(ii) Intangible Assets |
2.265 |
3.629 |
1.307 |
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(iii) Capital
work-in-progress |
53.294 |
66.695 |
309.954 |
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(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets
(net) |
118.047 |
2.388 |
0.000 |
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(d) Long-term Loan and Advances |
249.316 |
238.792 |
205.859 |
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(e) Other Non-current
assets |
6.609 |
1.687 |
4.139 |
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Total Non-Current Assets |
1499.134 |
1465.750 |
1240.819 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
509.715 |
783.516 |
951.959 |
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(c) Trade receivables |
576.644 |
412.552 |
357.904 |
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(d) Cash and cash
equivalents |
42.147 |
81.012 |
111.016 |
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(e) Short-term loans and
advances |
425.437 |
315.544 |
297.325 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
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Total Current Assets |
1553.943 |
1592.624 |
1718.204 |
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TOTAL |
3053.077 |
3058.374 |
2959.023 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
2980.720 |
5109.264 |
4477.480 |
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Other Income |
32.428 |
63.183 |
99.562 |
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TOTAL (A) |
3013.148 |
5172.447 |
4577.042 |
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Less |
EXPENSES |
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|
Cost of Materials
Consumed |
2276.321 |
4163.861 |
3594.052 |
|
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Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
166.492 |
(39.431) |
(163.877) |
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Employees benefits expense |
81.588 |
85.704 |
79.126 |
|
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Other expenses |
508.983 |
874.678 |
812.402 |
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TOTAL (B) |
3033.384 |
5084.812 |
4321.703 |
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
(20.236) |
87.635 |
255.339 |
|
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Less |
FINANCIAL EXPENSES (D) |
305.498 |
234.064 |
191.577 |
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|
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PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(325.734) |
(146.429) |
63.762 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.347 |
62.095 |
49.912 |
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|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(393.081) |
(208.524) |
13.850 |
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Less |
TAX (H) |
(115.479) |
(70.304) |
12.652 |
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PROFIT/ (LOSS) AFTER TAX
(G-H) (J) |
(277.602) |
(138.220) |
1.198 |
|
|
|
|
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|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
30.816 |
172.724 |
172.486 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEAR TAX AND OTHER
ADJUSTMENTS (L) |
(1.640) |
(3.688) |
(0.960) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L) |
(248.426) |
30.816 |
172.724 |
|
|
|
|
|
|
|
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EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
260.752 |
209.755 |
253.116 |
|
|
TOTAL EARNINGS |
260.752 |
209.755 |
253.116 |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
Raw Materials |
666.127 |
2090.839 |
1554.007 |
|
|
Components and Stores
parts |
4.237 |
14.067 |
12.44 |
|
|
Capital Goods |
0.000 |
17.448 |
7.904 |
|
|
TOTAL IMPORTS |
670.364 |
2122.354 |
1574.351 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(24.88) |
(14.17) |
0.12 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
(9.31) |
(2.71) |
0.03 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(0.68) |
1.72 |
5.70 |
|
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|
|
|
|
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Return on Total Assets (PBT/Total Assets) |
(%) |
(13.64) |
(6.98) |
0.52 |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
(1.18) |
(0.37) |
0.02 |
|
|
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|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.69 |
2.32 |
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.87 |
1.07 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
97.535 |
97.535 |
111.575 |
|
Reserves & Surplus |
604.302 |
462.394 |
222.612 |
|
Net worth |
701.837 |
559.929 |
334.187 |
|
|
|
|
|
|
long-term borrowings |
572.720 |
668.187 |
1015.075 |
|
Short term borrowings |
451.266 |
628.081 |
887.173 |
|
Total borrowings |
1023.986 |
1296.268 |
1902.248 |
|
Debt/Equity ratio |
1.459 |
2.315 |
5.692 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4477.480 |
5109.264 |
2980.720 |
|
|
|
14.110 |
(41.660) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
4477.480 |
5109.264 |
2980.720 |
|
Profit |
1.198 |
(138.220) |
(277.602) |
|
|
0.03% |
(2.71%) |
(9.31%) |
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 |
---------------------- |
|
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 |
PERFORMANCE REVIEW
During the year the Company has achieved net sales and other income of Rs. 3013.148 Million, as compared to Rs. 5172.447 Million in the previous year. The Company incurred a Loss (before Tax) of Rs. 393.082 Million, as compared to Loss (before Tax) Rs. 208.524 Million in the previous year. After making provision of income tax and other adjustments, the accumulated surplus of Rs. 248.426 Million is being carried over to balance sheet as at 31.03.2014.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Intercorporate Borrowing |
73.301 |
69.379 |
|
Loans and advance from related parties |
8.118 |
38.130 |
|
Other Loans and advances |
44.995 |
19.688 |
|
Total |
126.414 |
127.197 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10334314 |
12/12/2011 |
10,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B31581754 |
|
2 |
10218664 |
31/03/2010 |
105,000,000.00 |
STATE BANK OF INDIA |
G.T. ROAD, MANDI GOBINDGARH, Punjab - 147301, INDIA |
A85849156 |
|
3 |
10013499 |
30/09/2013 * |
2,557,200,000.00 |
State Bank of India |
SME Mandi Gobindgarh, Fatehgarh Sahib, Punjab - 147301, INDIA |
B87983631 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Office building
· Factory building
· Plant and equipment
· Factory equipments
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
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. 62.59 |
|
|
1 |
Rs. 92.46 |
|
Euro |
1 |
Rs. 67.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.