MIRA
INFORM REPORT
|
Report No. : |
335002 |
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Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIA STEEL WORKS LIMITED (w.e.f. 22.10.2007) |
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Formerly Known
As : |
ISIBARS LIMITED (w.e.f. 09.05.1991) ISIBARS PRIVATE LIMITED |
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Registered
Office : |
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Tel. No.: |
91-2192-265812 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
15.04.1987 |
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Com. Reg. No.: |
11-043186 |
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Capital
Investment / Paid-up Capital : |
Rs.1039.900 Millions |
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CIN No.: [Company Identification
No.] |
L29100MH1987PLC043186 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI01649E |
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PAN No.: [Permanent Account No.] |
AAACI1362A |
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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 of Steel Billets, Hot Roll Bars etc. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1987. It is an established company having satisfactory track record. There seems dip in the sales turnover of the company during 2015.
Profitability of the company seems to be low. However, Reserves of the
company has increase compared to previous year. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be slow but correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. R. P. Srikumar |
|
Designation : |
Finance Manager |
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Contact No.: |
91-2192-265812 |
LOCATIONS
|
Registered Office / Factory 1 : |
Special Steel Division India Steel Works Complex, Zenith Compound, Khopoli,
Raigad-410203, Maharashtra, India |
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Tel. No.: |
91-2192-265 812 |
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Fax No.: |
91-2192-264 061 |
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E-Mail : |
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Website : |
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Corporate Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400 013. Maharashtra, India |
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Tel. No.: |
91-22-49102000 |
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Fax No.: |
91-22-49102099 |
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E-Mail : |
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Factory 2 : |
Bright Bars
Division C- 63, TTC Area, MIDC Turbhe, Navi Mumbai - 400 705, Maharashtra , India |
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Tel. No.: |
91-22-27686446 / 2768 6437 / 27670424 |
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Fax No.: |
91-22-27633888 |
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Factory 3 : |
Stainless Steel Wire Plant Savroli, Taluka Khalapur, Khopoli, District. Raigad, Maharashtra –
410202, |
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Tel. No.: |
91-22-2192274053 |
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Fax No.: |
91-22-2192274080 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Ashwinkumar Harbanlal Gupta |
|
Designation : |
Chairman |
|
Address : |
Ashiana, Vasant Vihar, |
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Date of Birth/Age : |
06.01.1950 |
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Date of Appointment : |
19.02.1990 |
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Name : |
Mr. Sudhirkumar Harbanslal Gupta |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
06.07.1961 |
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Date of Appointment : |
19.02.1990 |
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Name : |
Mr. Varun Sudhirkumar Gupta |
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Designation : |
Director |
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Address : |
Ashok, 541/C, |
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Date of Birth/ Age : |
17.06.1985 |
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Date of Appointment : |
17.12.2009 |
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Name : |
Mr. Satyaprakash Achru Khosla |
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Designation : |
Director |
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Address : |
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Date of Birth/ Age : |
01.05.1929 |
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Date of Appointment : |
25.09.1999 |
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Name : |
Mr. Bimal Ramanlal Desai |
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Designation : |
Director |
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Address : |
A-14, Jay Prabhat, Sahakar Nagar, J P Road, Andheri (West), Mumbai –
400058, Maharashtra, India |
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Date of Birth/ Age : |
19.11.1964 |
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Date of Appointment : |
12.12.2006 |
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Name : |
Mr. Neeraj Damodar Agarwal |
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Designation : |
Director |
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Address : |
103, laxmi Plaza, Laxmi Industrial Estate, New Link Road, Mumbai –
400053, Maharashtra, India |
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Date of Birth/ Age : |
28.09.1974 |
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Date of Appointment : |
12.12.2006 |
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Name : |
Mr. Rahul Yenukar |
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Designation : |
Whole – time Director |
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Name : |
Mr. Subrata Dey |
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Designation : |
Director (up to 22nd May, 2013) |
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Name : |
Mr. Gaurav Chabbria |
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Designation : |
Alternate Director (up to 3rd October, 2012) |
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Name : |
Mr. Mahesh Sheregar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Dilip Maharana |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
Total No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
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|
11271377 |
2.83 |
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|
187322650 |
47.06 |
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|
198594027 |
49.89 |
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Total
shareholding of Promoter and Promoter Group (A) |
198594027 |
49.89 |
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(B) Public
Shareholding |
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|
|
|
|
3600 |
0.00 |
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|
7812475 |
1.96 |
|
|
14334300 |
3.60 |
|
|
14349200 |
3.60 |
|
|
14900 |
0.00 |
|
|
14334300 |
3.60 |
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|
36499575 |
9.17 |
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|
|
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|
13880352 |
3.49 |
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|
8929031 |
2.24 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
15791264 |
3.97 |
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|
124386676 |
31.25 |
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|
10236 |
0.00 |
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|
119260000 |
29.96 |
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|
7529 |
0.00 |
|
|
4875033 |
1.22 |
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|
233878 |
0.06 |
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|
162987323 |
40.94 |
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Total Public
shareholding (B) |
199486898 |
50.11 |
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Total (A)+(B) |
398080925 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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|
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
398080925 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Billets, Hot Roll Bars etc. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Kotak Mahindra Bank Limited ·
Dombivli Nagari Sahakari Bank Limited |
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Facilities : |
(Rs.
In Million)
Terms of Repayment
and Security for Secured Loan. 1) Loans from Kotak Mahindra Bank Limited are secured/to be secured by first mortgage and charges on all immoveable and moveable properties both present and future and personal guarantees of some of the promoter directors of the company and are repayable in 48 equal monthly instalments. 2) Loans from Sundaram Finance Limited and Toyota
Financial Services Limited are secured against hypothecation of respective
motor vehicles. These loans are repayable in 36 and 48 months respectively. |
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Auditors : |
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Name : |
Thanawala and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
· Isinox Steels Limited · Indiasteel International Private Limited · Inoxware Private Limited · Isiworld Steel (India) Private Limited · Isicom Traders Private Limited · Isistar Exports Private Limited · Isimetal (India) Private Limited · Yeotmal Land Development and Trading Company Private Limited · Emgee Homes Private Limited · Gupta Housing Private Limited · Titan Steel Private Limited |
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Enterprises over
which Key Managerial Personnel are able to exercise significant influence |
· India Steel Industries ·
Indiasteel International |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 1039.900
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
420000000 |
Equity Shares |
Rs.1/- each |
Rs.420.000 Millions |
|
64500000 |
Preference shares |
Rs.10/- each |
Rs.645.000 Millions |
|
|
Total |
|
Rs.1065.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
398080925 |
Equity Shares |
Rs.1/- each |
Rs.398.081 Millions |
|
2000000 |
14% Cumulative Reedemable Preference shares |
Rs.10/- each |
Rs.20.000 Millions |
|
53671310 |
0.01% Cumulative Reedemable Preference shares |
Rs.10/- each |
Rs.536.713 Millions |
|
8514574 |
0.01% Cumulative Reedemable Preference shares |
Rs.10/- each |
Rs.85.146 Millions |
|
|
Total |
|
Rs.1039.940
Millions |
EQUITY SHARE
Of the above, 8,70,00,000 fully paid-up equity shares of Re 1/- each represent the shares which were alloted on a preferential basis to the promoters of the Company in the last 5 years
Of the above, 10,40,00,000 fully paid-up equity shares of Re 1/- each represent the shares which were alloted on a preferential basis to the Strategic Investors of the Company in the last 5 years
Of the above, 28,10,925 fully paid-up equity shares of Re 1/- each represent the shares which were alloted pursuant to cash payment of Rs 0.100 Million and balance against settlement of dues in the last 5 years
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
Opening Balance |
Fresh issue |
Closing Balance |
|
Equity shares with voting rights |
|
|
|
|
Number of shares |
234080925 |
164000000 |
398080925 |
|
Amount |
234.081 |
164.000 |
398.081 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
Number of shares held |
% holding in that class of shares |
|
Equity shares with voting rights |
|
|
|
Indiasteel International Private Limited |
98134150 |
24.65% |
|
TB Investments Limited |
27000000 |
6.78% |
|
Mavi Investment Limited |
14334300 |
3.60% |
|
UD Industrial Holding Pte
Limited |
92000000 |
23.11% |
|
TOTAL |
231468450 |
58.14% |
PREFERENCE SHARE
Note :
1) 14% Cumulative
Reedemable Shares are reedemable in the year 2018.
2) 0.01% Cumulative Reedemable Shares are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019
3) 0.01% Cumulative Reedemable Shares (Option Series) are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019
4) Dividend on above Preference Shares for current year not provided Rs 28,62,186/- and till date amounted to Rs 4,96,48,525/-
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
Opening Balance |
Fresh issue |
Closing Balance |
|
Preference shares without voting rights |
|
|
|
|
Number of shares |
64185884 |
--- |
64185884 |
|
Rs. In Millions |
641.859 |
--- |
641.859 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
Number of shares held |
% holding in that class of shares |
|
Preference shares without voting rights |
|
|
|
IDBI Limited. |
37547800 |
58.50% |
|
Punjab and Sind Bank |
12138000 |
18.91% |
|
Oriental Bank of Commerce |
5698413 |
8.88% |
|
TOTAL |
55384213 |
86.29% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1039.900 |
1039.940 |
875.940 |
|
(b) Reserves & Surplus |
1289.900 |
527.393 |
-281.118 |
|
(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) |
2329.800 |
1567.333 |
594.822 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
376.000 |
406.027 |
1143.534 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
191.800 |
142.545 |
98.197 |
|
(d) long-term provisions |
43.800 |
35.919 |
26.765 |
|
Total Non-current Liabilities (3) |
611.600 |
584.491 |
1268.496 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
368.500 |
248.841 |
238.755 |
|
(b) Trade payables |
1245.700 |
1008.761 |
1248.544 |
|
(c) Other current
liabilities |
177.200 |
213.887 |
267.990 |
|
(d) Short-term provisions |
134.100 |
114.974 |
103.040 |
|
Total Current Liabilities (4) |
1925.500 |
1586.463 |
1858.329 |
|
|
|
|
|
|
TOTAL |
4866.900 |
3738.287 |
3721.647 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2481.700 |
1561.600 |
1611.016 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
90.403 |
15.398 |
|
(iv)
Intangible assets under development |
0.000 |
1.844 |
0.000 |
|
(b) Non-current Investments |
21.500 |
21.424 |
21.424 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
72.900 |
68.468 |
25.797 |
|
(e) Other Non-current assets |
1.200 |
1.663 |
2.375 |
|
Total Non-Current Assets |
2577.300 |
1745.402 |
1676.010 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1152.800 |
761.296 |
1060.276 |
|
(c) Trade receivables |
417.400 |
392.655 |
266.327 |
|
(d) Cash and cash
equivalents |
18.600 |
18.584 |
101.465 |
|
(e) Short-term loans and
advances |
303.800 |
373.973 |
343.265 |
|
(f) Other current assets |
397.000 |
446.377 |
274.304 |
|
Total Current Assets |
2289.600 |
1992.885 |
2045.637 |
|
|
|
|
|
|
TOTAL |
4866.900 |
3738.287 |
3721.647 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5181.810 |
6132.272 |
7248.638 |
|
|
|
Other Income |
0.000 |
11.491 |
51.536 |
|
|
|
TOTAL (A) |
5181.810 |
6143.763 |
7300.174 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3805.291 |
3465.337 |
4587.775 |
|
|
|
Purchases of Stock-in-Trade |
323.566 |
1590.099 |
1970.648 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(333.578) |
104.195 |
(335.815) |
|
|
|
Employees benefits expense |
178.732 |
141.717 |
127.940 |
|
|
|
Other expenses |
923.639 |
711.950 |
773.105 |
|
|
|
Exceptional items |
0.000 |
(41.530) |
0.037 |
|
|
|
TOTAL (B) |
4897.650 |
5971.768 |
7123.690 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
284.160 |
171.995 |
176.484 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.295 |
151.870 |
144.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
173.865 |
20.125 |
31.815 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
153.089 |
145.616 |
139.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
20.776 |
(125.491) |
(107.957) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
-0.430 |
0.248 |
0.150 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
21.206 |
(125.739) |
(108.107) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1973.676) |
(1847.937) |
(1739.830) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1952.470) |
(1973.676) |
(1847.937) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
5.767 |
0.120 |
|
|
TOTAL EARNINGS |
NA |
5.767 |
0.120 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
245.210 |
877.609 |
|
|
|
Capital Goods |
NA |
0.491 |
6.178 |
|
|
TOTAL IMPORTS |
NA |
245.701 |
883.787 |
|
|
|
|
|
|
|
|
|
|
Earnings
/(Loss) Per Share (Rs.) |
0.02 |
(0.32) |
(0.46) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
(228.451) |
482.547 |
|
Net cash flow from (used in) operation |
NA |
(295.223) |
193.231 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.41 |
(2.05) |
(1.49) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
5.48 |
2.80 |
2.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.43 |
(3.46) |
(2.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.08) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.32 |
0.42 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.26 |
1.10 |
STOCK
PRICES
|
Face Value |
Rs. 1.00/- |
|
Market Value |
Rs. 2.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
875.940 |
1039.940 |
1039.900 |
|
Reserves & Surplus |
-281.118 |
527.393 |
1289.900 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
594.822 |
1567.333 |
2329.800 |
|
|
|
|
|
|
long-term borrowings |
1143.534 |
406.027 |
376.000 |
|
Short term borrowings |
238.755 |
248.841 |
368.500 |
|
Current Maturities of Long
Term Debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
1382.289 |
654.868 |
744.500 |
|
Debt/Equity
ratio |
2.324 |
0.418 |
0.320 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7248.638 |
6132.272 |
5181.810 |
|
|
|
(15.401) |
(15.499) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7248.638 |
6132.272 |
5181.810 |
|
Profit |
(108.107) |
(125.739) |
21.206 |
|
|
(1.49%) |
(2.05%) |
0.41% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in Report
(Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
--- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 15/05/2014 |
|
|
|
Main
Matter Reg. No.:- CPL/1084/2009
Reg. Date :- CP/1087/2009 |
|
MAHASANGH COURT, BOMBAY
Petn. Adv : LEXIM ASSOCIATES (0) District: MUMBAI |
|
Status: PRE-ADMISSION
Last date: 15/09/2011
Stage: Last Coram: REGISTRAR (OS)/PROTHONOTARY & SR.
MASTER |
|
Act: Companies Act and Rules 1956 UNDER SECTION: 434 and 439 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
Long-term
borrowings |
|
|
|
Others ** |
NA |
314.521 |
|
From related parties ** |
NA |
0.955 |
|
Total |
NA |
315.476 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10501459 |
13/05/2014 |
200,000,000.00 |
DOMBIVLI NAGARI SAHAKARI BANK LIMITED |
5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD,, FORT, MUMBAI, Maharashtra -
400001, INDIA |
C05906466 |
|
2 |
10511552 |
10/05/2014 |
200,000,000.00 |
DOMBIVLI NAGARI SAHAKARI BANK LIMITED |
5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD,, FORT, Mumbai, Maharashtra -
400001, INDIA |
C14029094 |
|
3 |
10377586 |
03/09/2012 |
366,800,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT,, M |
B58492943 |
|
4 |
80065429 |
01/10/2012 * |
30,000,000.00 |
General Insurance Corporation of India |
Suraksha,170 J Tata Road,, Churchgate, Mumbai, Maharashtra - 400020, INDIA |
B62604186 |
|
5 |
80061920 |
10/09/1997 * |
34,850,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LTD. |
163, BACKBAY RECLAMATION, , MUMBAI, Maharashtra - |
- |
|
6 |
80027594 |
28/03/2007 * |
395,800,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar(West), Mumbai,
Maharashrta 400028, MUMBAI, Maharashtra - 400028, INDIA |
A15370638 |
|
7 |
80026955 |
17/02/2007 * |
96,000,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai,
Maharashrta 400028, MUMBAI, Maharashtra - 400028, INDIA |
A13323209 |
|
8 |
80049078 |
31/01/2008 * |
122,500,000.00 |
BANK OF BARODA |
OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA |
A49293897 |
|
9 |
80049079 |
31/01/2008 * |
122,500,000.00 |
BANK OF BARODA |
OVERSEAS BRANCH,, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A49293962 |
|
10 |
80049080 |
31/01/2008 * |
122,500,000.00 |
BANK OF BARODA |
OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, Maharashtra - 400021, INDIA |
A49294051 |
* Date of charge modification
FIXED ASSETS
· Land
· Factory Buildings
· Plant and Machinery
· Data Processing Equipment
· Motor Vehicles
· Office Equipment
· Furniture and Fixtures
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. 64.01 |
|
UK Pound |
1 |
Rs. 99.84 |
|
Euro |
1 |
Rs. 70.16 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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 |
|
43 |
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.