MIRA INFORM REPORT
|
Report No. : |
320474 |
|
Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
USHDEV INTERNATIONAL LIMITED |
|
|
|
|
Registered
Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai – 400001,
Maharashtra |
|
Tel. No.: |
91-22-22672450 / 60 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
18.05.1994 |
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|
|
|
Com. Reg. No.: |
11-078468 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.338.494 Million
|
|
|
|
|
CIN No.: [Company Identification
No.] |
L40102MH1994PLC078468 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU03616E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACU1672R |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Metals and Metal
Trading Ferrous and Non Ferrous Metal and also Power Generation by Windmills.
|
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The company has shown a significant growth in its turnover and
profitability during FY 2014. General financial position of the company is
sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB + (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
1st August, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
1st August, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Suman Gupta |
|
Designation : |
Chairperson and Non-Executive Director |
|
Contact No.: |
91-22-61948888 |
|
Date : |
26.03.2015 |
LOCATIONS
|
Registered Office : |
New Harileela House, 6th Floor, Mint Road, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22672450 / 60 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporate Office
/ Branch: |
6th Floor, Apeejay House, 130, Mumbai Samachar Marg, Fort, Mumbai – 400006, Maharashtra, India |
|
Tel. No.: |
91-22-22672450 / 60 / 66368888 / 61948888 |
|
Fax No.: |
91-22-22671931 / 22821416 |
|
|
|
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Factory 1 : |
Chinnapthur Village, Taluka Dharapuram, Periyaa District, Tamilnadu, India |
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Factory 2 : |
Gundikere Village, Halalkere Taluka, Chitradurga District, Karnataka, India |
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Factory 3 : |
Bhu Village, Kita Village, Jaisalmer District, Rajasthan, India |
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Factory 4 : |
Hadmatiya Village, Taluka Kalyanpur, Jamnagar District, Gujarat, India |
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Factory 5 : |
Methan Village, Taluka Jamjodhpur, Jamnagar District, Gujarat, India |
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Factory 6 : |
Andipatti Taluka, Thane District, Tamilnadu, India |
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Factory 7 : |
Village Khabalwadi, Taluka Koregaon, District Satara, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Ms. Suman Gupta |
|
Designation : |
Chairperson and Non-Executive Director |
|
|
|
|
Name : |
Mr. Prateek Gupta |
|
Designation : |
Vice Chairman and Non-Executive Director |
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|
|
|
Name : |
Mr. Arvind Prasad |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Ashwin Rathi |
|
Designation : |
Managing Director and Group CFO |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
M.B.A (Finance) |
|
Experience : |
More than 20 years |
|
Date of Appointment : |
29.01.2013 |
|
|
|
|
Name : |
Mr. Narayan Hegde |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth/Age : |
17.06.1947 |
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Qualification : |
M. Sc. (Agriculture), M.S. (Horticulture), Ph.D. |
|
Experience : |
Mr. Narayan Hedge has wide experience in the field of wastelands development and environmental science. He has also pursued a PG Certificate in Program for Management in Agriculture and is currently serving on the Board of Directors of Companies in different industry sector, he is also a rural development expert. |
|
Date of Appointment : |
29.04.2006 |
|
|
|
|
Name : |
Mr. Vinay Kamat |
|
Designation : |
Independent and Non-Executive Director |
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|
|
|
Name : |
Mr. Suresh Lakhiani |
|
Designation : |
Independent and Non-Executive Director |
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|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Independent and Non-Executive Director |
SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
6931326 |
20.48 |
|
|
3067170 |
9.06 |
|
|
9998496 |
29.54 |
|
|
|
|
|
|
6765952 |
19.99 |
|
|
6765952 |
19.99 |
|
Total shareholding of
Promoter and Promoter Group (A) |
16764448 |
49.53 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
20000 |
0.06 |
|
|
6179291 |
18.26 |
|
|
6199291 |
18.31 |
|
|
|
|
|
|
1352890 |
4.00 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
180710 |
0.53 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
4784902 |
14.14 |
|
|
4567159 |
13.49 |
|
|
1650440 |
4.88 |
|
|
2916719 |
8.62 |
|
|
10885661 |
32.16 |
|
Total Public shareholding
(B) |
17084952 |
50.47 |
|
|
|
|
|
Total (A)+(B) |
33849400 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
33849400 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of Metals and Metal Trading
Ferrous and Non Ferrous Metal and also Power Generation by Windmills. |
|
|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Ferrous and Non Ferrous Metal |
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Products : |
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|
Countries : |
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Imports : |
|
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Products : |
Ferrous and Non Ferrous Metal |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Credit |
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Purchasing : |
Cash, Cheque and Credit |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers, End Users and Manufacturer
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : Long Term
Borrowings Terms of
Repayments:
Short Term
Borrowings Terms of
Repayments:
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam
House, Ambalal Doshi Marg, Fort, Mumbai – 400001, Maharashtra, India |
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E-Mail : |
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|
|
|
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Solicitors : |
|
|
Name : |
Desai and Diwanji |
|
Address : |
Lentin Chambers, Dalal Street, Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel No.: |
91-22-22651682/ 39841000 |
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Fax No.: |
91-22-22658245 |
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E-Mail : |
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Subsidiaries : |
|
|
|
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Investment in
erstwhile Subsidiaries : |
|
|
|
|
|
Enterprises under common control and Enterprises in which Key
Management Personnel and their relatives are able to exercise significant
influence (Other Related Parties) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33849400 |
Equity Shares |
Rs.10/- each |
Rs.338.494
Million |
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Outstanding at the beginning of the year |
33849400 |
|
Addition during the year |
-- |
|
Matured during the year |
-- |
|
Outstanding at the end of the year |
33849400 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Natasha Gupta |
3619600 |
10.7% |
|
Ushdev Commercial Services Private Limited |
3875000 |
11.4% |
|
Suman Gupta |
5125426 |
15.1% |
|
Vijay Gupta (HUF) |
-- |
-- |
|
Chhaya Ilesh Gadhia |
1800000 |
5.3% |
|
Oxley Securities No.2 Pte Limited |
4423600 |
13.1% |
FINANCIAL DATA
[all figures are in
Rupees Million]
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 |
338.494 |
338.494 |
294.258 |
|
(b) Reserves & Surplus |
6232.137 |
5277.019 |
3281.291 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
1327.100 |
|
Total Shareholders’ Funds (1) + (2) |
6570.631 |
5615.513 |
4902.649 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
479.397 |
932.478 |
1369.365 |
|
(b) Deferred tax liabilities (Net) |
2.370 |
1.484 |
10.957 |
|
(c) Other long term
liabilities |
659.867 |
370.464 |
8.636 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1141.634 |
1304.426 |
1388.958 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
12301.995 |
10755.714 |
1327.669 |
|
(b) Trade
payables |
9894.916 |
6792.974 |
10962.473 |
|
(c) Other
current liabilities |
1138.512 |
449.376 |
1311.358 |
|
(d) Short-term
provisions |
130.463 |
71.105 |
61.815 |
|
Total Current
Liabilities (4) |
23465.886 |
18069.169 |
13663.315 |
|
|
|
|
|
|
TOTAL |
31178.151 |
24989.108 |
19954.922 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1247.383 |
1332.787 |
1383.004 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
160.449 |
1298.868 |
787.797 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
294.974 |
256.962 |
1431.971 |
|
(e) Other
Non-current assets |
734.007 |
692.313 |
1248.293 |
|
Total Non-Current
Assets |
2436.813 |
3580.930 |
4851.065 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1182.427 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
546.403 |
4.988 |
|
(c) Trade
receivables |
20514.139 |
13370.481 |
9975.729 |
|
(d) Cash
and cash equivalents |
3654.878 |
3439.522 |
1711.441 |
|
(e)
Short-term loans and advances |
3179.939 |
3863.117 |
3155.069 |
|
(f) Other
current assets |
209.955 |
188.655 |
256.630 |
|
Total
Current Assets |
28741.338 |
21408.178 |
15103.857 |
|
|
|
|
|
|
TOTAL |
31178.151 |
24989.108 |
19954.922 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
62168.325 |
52574.645 |
41997.833 |
|
|
|
Other Income |
538.239 |
272.839 |
190.367 |
|
|
|
TOTAL
(A) |
62706.564 |
52847.484 |
42188.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-trade |
58645.139 |
50570.966 |
39644.492 |
|
|
|
Change in inventories of Stock-in-trade |
546.403 |
(541.415) |
144.451 |
|
|
|
Employee Benefits Expenses |
55.698 |
24.799 |
11.529 |
|
|
|
Other Expenses |
632.582 |
444.186 |
236.907 |
|
|
|
TOTAL (B) |
59879.822 |
50498.536 |
40037.379 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2826.742 |
2348.948 |
2150.821 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1306.036 |
1278.395 |
1308.718 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1520.706 |
1070.553 |
842.103 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
86.038 |
87.627 |
92.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1434.668 |
982.926 |
749.794 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
396.386 |
187.428 |
125.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1038.282 |
795.498 |
624.577 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sale of Steel |
31416.014 |
31425.346 |
15350.508 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
30.67 |
27.03 |
21.23 |
|
|
|
Diluted |
30.67 |
23.50 |
18.59 |
|
Expected Sales (2014-2015) : Rs.155.000 Million
The above information has been parted by Ms. Suman Gupta.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
1.67 |
1.51 |
1.49 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
4.55 |
4.47 |
5.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.63 |
4.15 |
3.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.18 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.95 |
2.08 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.18 |
1.11 |
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 |
294.258 |
338.494 |
338.494 |
|
Reserves & Surplus |
3281.291 |
5277.019 |
6232.137 |
|
Share Application money pending allotment |
1327.100 |
0.000 |
0.000 |
|
Net worth |
4902.649 |
5615.513 |
6570.631 |
|
|
|
|
|
|
long-term borrowings |
1369.365 |
932.478 |
479.397 |
|
Short term borrowings |
1327.669 |
10755.714 |
12301.995 |
|
Total borrowings |
2697.034 |
11688.192 |
12781.392 |
|
Debt/Equity ratio |
0.550 |
2.081 |
1.945 |
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 |
41997.833 |
52574.645 |
62168.325 |
|
|
|
25.184 |
18.248 |
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 |
41997.833 |
52574.645 |
62168.325 |
|
Profit |
624.577 |
795.498 |
1038.282 |
|
|
1.49% |
1.51% |
1.67% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)
|
PARTICULARS |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Corporate Guarantees issued by the Company |
13557.681 |
1350.000 |
PERFORMANCE DURING
THE YEAR
POWER SECTOR
The Company has its windmills in five states i.e. Tamilnadu, Rajasthan, Karnataka, Gujarat and Maharashtra. The Details of the Company Project are as below :
|
Date of Installation |
Location |
No. of WEG’s |
Installed
Capacity |
Investments Rs
in Million |
|
29.03.2005 |
Tamilnadu 2 |
2 |
1.60 MW |
80.747 |
|
29.03.2006 |
Rajasthan |
3 |
2.40 MW |
117.848 |
|
29.03.2006 |
Karnataka |
2 |
1.60 MW |
78.565 |
|
30.03.2007 |
Gujarat 1 |
2 |
1.60 MW |
74.000 |
|
10.07.2007 |
Gujarat 2 |
4 |
3.20 MW |
148.000 |
|
26.09.2009 |
Tamilnadu 3 |
6 |
9.90 MW |
609.000 |
|
27.11.2010 |
Maharashtra |
4 |
8.00 MW |
490.000 |
|
Total |
|
23 |
28.30 MW |
1598.160 |
STEEL SECTOR
The Company’s emphasis on core competencies has paid off multifold’s. The Company has been successful in increasing its market share in the steel sector, thus in turn has been successful in increasing its presence in this sector. This has resulted in an increase in top line income by 45.90%.
MANAGEMENT
DISCUSSION AND ANALYSIS
FORWARD LOOKING
STATEMENTS:
This section contains forward-looking statements, which may be identified by their use of words, like ‘plans’, ‘expects’, ‘wills’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’, or other words of similar meaning. All statements that address expectations or projections about the future, including but not limited to statements about the company’s strategy for growth, product development, market position, expenditures and financial results are forward-looking statements. Forward-Looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions are accurate or will be realized. The Company’s actual results, performance or achievements could thus differ materially from those projected in any such forward looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Industry is on a growth path in terms of capacities and global consumption with global demand and supply growing in tandem.
OUTLOOK
The Company is well respected in both aforesaid sectors i.e. Steel and Power generation. A detailed expansion is on an anvil especially in the Power generation sector to increase power generating capacity’s year on the most competitive terms.
SUBSIDIARY
COMPANIES
At the beginning of the financial year 2013-14, the Company had four subsidiaries viz. UIL (Singapore) Pte. Limited, UIL Hong Kong Limited, Maa Jai Jyotawali Steel Private Limited and Hobli Property Management Private Limited.
The Company had two wholly owned foreign subsidiaries viz. UIL (Singapore) Pte Limited and UIL Hong Kong Limited. However, the Company had vide Postal Ballot Notice dated January 30, 2014 passed the resolution for sale of the aforesaid subsidiaries to UD Trading Group Holding Pte Limited or its nominess in whole or in tranches. The said resolution was passed by the members on March 19, 2014. As on date the shareholding of the Company has been diluted in UIL (Singapore) Pte Limited and UIL Hong Kong Limited and therefore, they are no longer subsidiaries of the Company.
As on 31st March, 2014, the Company has following two subsidiaries:
i. Maa Jai Jyotawali Steel Private Limited
ii. Hobli Property Management Private Limited
In terms of Section 212(a) of the Companies Act, 1956, the Central Government, Ministry of Corporate Affairs vide its General Circular 2/2011 dated 8th February, 2011 has granted a general exemption to the Company from the requirement of attaching to its annual report, the Balance Sheet, Profit and Loss Account and the report of the Directors and Auditors thereon of its subsidiary. Accordingly, the same is not attached to the Balance Sheet of the Company. Shareholders who wish to have a copy of annual accounts of subsidiary company may write to the Company Secretary at the corporate office of the Company.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED 31ST DECEMBER 2014
|
PARTICULARS |
(Rs. In Million) |
||
|
Quarter Ended |
Year Ended |
||
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
20020.917 |
20957.606 |
55838.479 |
|
b) Other operating income |
-- |
-- |
-- |
|
Total
income from Operations(net) |
20020.917 |
20957.606 |
55838.479 |
|
2.Expenditure |
|
|
|
|
a) Purchases of stock in trade |
26083.513 |
22641.129 |
64499.563 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(7319.228) |
(2871.019) |
(11804.385) |
|
c) Employees benefit expenses |
17.960 |
21.011 |
57.115 |
|
d) Depreciation and amortization expenses |
16.618 |
16.830 |
55.202 |
|
e) Other expenditure |
474.287 |
221.143 |
786.787 |
|
Total expenses |
19273.150 |
20029.094 |
53594.282 |
|
3. Profit from operations before other income and
financial costs |
747.767 |
928.512 |
2244.197 |
|
4. Other income |
182.363 |
118.692 |
354.804 |
|
5. Profit from ordinary activities before finance costs |
930.130 |
1047.204 |
2599.001 |
|
6. Finance costs |
535.051 |
477.498 |
1361.694 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
395.079 |
569.706 |
1237.307 |
|
8. Exceptional item |
-- |
-- |
744.996 |
|
9. Profit from ordinary activities before tax Expense: |
395.079 |
569.706 |
1982.303 |
|
10.Tax expenses |
66.820 |
200.337 |
527.847 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
328.259 |
369.369 |
1454.456 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
328.259 |
369.369 |
1454.456 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
338.494 |
338.494 |
338.494 |
|
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 |
9.70 |
10.91 |
42.97 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
9.70 |
10.91 |
42.97 |
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
( Unaudited) |
( Unaudited) |
( Unaudited) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
15481252 |
16045010 |
15481252 |
|
- Percentage of shareholding |
45.74 |
47.40 |
45.74 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
7049039 |
7049039 |
7049039 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
38.38 |
39.59 |
38.38 |
|
Percentage of shares (as a % of total share capital of the
company) |
20.82 |
20.82 |
20.82 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
11319109 |
10755351 |
11319109 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
61.62 |
60.41 |
61.62 |
|
Percentage of shares (as a % of total share capital of the
company) |
33.44 |
31.77 |
33.44 |
|
B.
Investor Complaints |
Quarter Ended 31.12.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTES
1.
The above financial results were reviewed by the Audit
Committee and approved by the Board of Directors of the Company at its meeting
held on 23.01.2015 and have been audited by the Statutory Auditors.
2.
The above mentioned pledged equity shares by the promoters
of the Company are collateral security for Company’s borrowings.
3.
Finance expense
includes Foreign Exchange loss on revaluation of buyer's credit of Rs.212.008
Million for the quarter ended 31.12.2014 and Rs.310.244 Million for the nine
months ended 31.12.2014.
4.
The figures of the last quarter are the balancing
figures between audited figures in respect of full financial year and the
published unaudited year to date figures upto the third quarter of the
financial year.
5.
Previous year’s figures have been regrouped
wherever necessary.
6.
The Company has sold
shares in two of its erstwhile subsidiaries Le.UIL (Singapore) Pte Limited, UIL
Hong Kong Limited. The Company now holds 16.19% in Ms. UIL (Singapore) Pte
Limited and 16.20% in UIL Hong Kong Limited. The exceptional item represents
profit from sale of these investments.
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
PARTICULARS |
(Rs. In Million) |
||
|
Quarter
Ended |
Year
Ended |
||
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(
Unaudited) |
(
Unaudited) |
(
Unaudited) |
|
1.
Segment Revenue |
|
|
|
|
Metal |
19999.659 |
20880.492 |
55691.710 |
|
Power Generation |
21.258 |
77.114 |
146.769 |
|
Total Segment Revenue |
20020.917 |
20957.606 |
55838.479 |
|
|
|
|
|
|
2.
Segment Result (Profit before Interest and Tax) |
|
|
|
|
Metal |
790.036 |
942.347 |
2312.589 |
|
Power Generation |
(12.923) |
21.363 |
27.311 |
|
Total Segment Revenue |
777.113 |
963.711 |
2339.900 |
|
|
|
|
|
|
Less
: Interest |
535.051 |
477.498 |
1361.694 |
|
Add: Other un-allocable
expenditure |
182.362 |
118.692 |
1099.800 |
|
Less: Other un-allocable
expenditure |
29.345 |
35.199 |
95.703 |
|
Profit
before Tax |
395.079 |
569.706 |
1982.303 |
|
Less
: Provision for tax |
|
|
|
|
Current
tax |
74.999 |
200.000 |
533.699 |
|
Earlier
tax |
0.000 |
0.000 |
1.712 |
|
Deferred
tax / liability |
(8.180) |
0.337 |
(7.564) |
|
Net
Profit / (Loss) |
|
|
|
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
Metal |
5904.869 |
3606.937 |
5904.869 |
|
Power Generation |
670.447 |
696.877 |
670.447 |
|
un-allocable Assets |
1534.492 |
3480.672 |
1534.492 |
|
un-allocable Liabilities |
69.519 |
71.722 |
69.519 |
|
|
|
|
|
INDEX OF CHARGE
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10536263 |
12/12/2014 |
390,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNTS BRANCH,
224 -MITTAL COURT, C-W |
C36776649 |
|
2 |
10503898 |
31/05/2014 |
500,000,000.00 |
IDBI BANK LIMITED |
MITTAL COURT, NARIMAN POINT,, 224A, A WING, 2ND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C07158462 |
|
3 |
10504841 |
31/05/2014 |
1,500,000,000.00 |
BANK OF MAHARASHTRA |
LOKMANGAL, 1501,,
SHIVAJINAGAR, PUNE 411005, PUNE |
C08024432 |
|
4 |
10446851 |
05/09/2013 |
823,200,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 2ND FLOOR,, ALLAHABAD |
B83941575 |
|
5 |
10453705 |
19/09/2014 * |
1,945,700,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, WORLD TRADE CENTRE, CU |
C28781128 |
|
6 |
10259140 |
06/12/2010 |
365,000,000.00 |
STATE BANK OF TRAVANCORE |
CORPORATE FINANCE
BRANCH, 112-115, 1ST FLOOR,, WEST WING, TULSIANI CHAMBERS, NARIMAN POINT,
MUMBAI, |
B01976471 |
|
7 |
10252273 |
22/01/2015 * |
24,044,100,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C43531920 |
|
8 |
10252272 |
14/05/2013 * |
14,642,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B77015428 |
|
9 |
10251225 |
20/02/2014 * |
20,495,800,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B97856009 |
|
10 |
10197575 |
06/01/2010 * |
426,300,000.00 |
CANARA BANK |
HABIBULLAH ROAD BRANCH, T. NAGAR, CHENNAI, TAMILNADU - 600017, INDIA |
A78766334 |
* Date of charge modification
FIXED ASSETS:
- Freehold Land
- Building
- Leased Plant and Machinery
- Office Premises
- Plant and Machinery
- Office Equipments
- Computer Equipments
- Furniture and Fixtures
WEBSITE
DETAILS
NEWS
UD TRADING GROUP BUYS
1.55 MILLION SHARES OF USHDEV INTL
On March 23, 2015 UD Trading Group Holding PTE Limited bought 1,554,694 shares of Ushdev International at Rs 292.03 per share on the BSE.
However, Ushdev Commercial Services Private Limited sold 1,547,694 shares of Ushdev International at Rs 292 per share on the BSE.
On Monday, Ushdev International closed at Rs 298.90.
The share touched its 52-week high Rs 388 on 15 January, 2015.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.63.33 |
|
UK Pound |
1 |
Rs.96.52 |
|
Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SNJ |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.