MIRA INFORM REPORT
|
Report No. : |
305647 |
|
Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
VASWANI INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
MIG-4, Indrawati Colony, Raipur – 492001, Chhattisgarh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.07.2003 |
|
|
|
|
Com. Reg. No.: |
33-015964 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.286.547 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28939CT2003PLC015964 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPV00442B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV9564E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in integrated business of manufacture of Sponge Iron, Steel Billets and Ingots and power generation. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk
profile and low profitability margins of the company. 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
|
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 |
CRISIL |
|
Rating |
Long term rating=BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
28.11.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
28.11.2014 |
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.
LOCATIONS
|
Registered Office : |
MIG-4, Indrawati Colony, Raipur – 492001, Chhattisgarh, India |
|
Tel. No.: |
91-771-4226000 |
|
Fax No.: |
91-771-4226099 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Bahesar Road, Near Cycle Park, Village Sondra, Raipur, Chhattisgarh, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ravi Vaswani |
|
Designation : |
Chairman & Managing Director |
|
|
|
|
Name : |
Mr. Pramod Vaswani |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Yashwant Vaswani |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Non- Executive & Independent Director |
|
|
|
|
Name : |
Mr. Ashok Suri |
|
Designation : |
Non- Executive & Independent Director |
|
|
|
|
Name : |
Mr. Sanjay Jadwani |
|
Designation : |
Non- Executive & Independent Director |
KEY EXECUTIVES
|
AUDIT COMMITTEE: |
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pramod Vaswani |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Ashok Suri |
|
Designation : |
Member |
|
|
|
|
REMUNERATION COMMITTEE: |
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Yashwant Vaswani |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Ashok Suri |
|
Designation : |
Member |
|
|
|
|
SHAREHOLDERS’/ INVESTOR GRIEVANCES COMMITTEE: |
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Pramod Vaswani |
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. Sanjay Jadwani |
|
Designation : |
Member |
|
|
|
|
Name : |
Ms. Ritu Hardeep Lamba |
|
Designation : |
Company Secretary & Compliance Officer |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
16154700 |
56.38 |
|
|
0 |
0.00 |
|
|
16154700 |
56.38 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16154700 |
56.38 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5970 |
0.02 |
|
|
5970 |
0.02 |
|
|
|
|
|
|
3600319 |
12.56 |
|
|
|
|
|
|
2577830 |
9.00 |
|
|
5999360 |
20.94 |
|
|
316521 |
1.10 |
|
|
59324 |
0.21 |
|
|
256697 |
0.90 |
|
|
500 |
0.00 |
|
|
12494030 |
43.60 |
|
Total Public shareholding (B) |
12500000 |
43.62 |
|
Total (A)+(B) |
28654700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
28654700 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in integrated business of manufacture of Sponge Iron, Steel Billets and Ingots and power generation. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
PRODUCTION STATUS
GENERAL INFORMATION
|
Suppliers : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· State Bank of India (SBI) · Union Bank of India (UBI) · IDBI Bank Limited (IDBI) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sunil Johri and Associates Chartered Accountants |
|
Address : |
Nathani Building, Shastri Chowk, G.E. Road, Raipur – 492001, Chhattisgarh, India |
|
|
|
|
Membership : |
-- |
|
|
|
|
Group Companies/ Associates
: |
· Kwality Foundry Industries · C. G. Ispat Private Limited · Cosmos Castings (India) Limited · Vaswani Ispat Limited · Vaswani Cement Limited · Vaswani Energy Limited · Shubh Infrastructure Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29750000 |
Equity Shares |
Rs. 10/- each |
Rs.297.500 Millions |
|
250000 |
Non Cummulative Preference Shares |
Rs. 10/- each |
Rs.2.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28654700 |
Equity Shares |
Rs. 10/- each |
Rs.286.547 Millions |
|
|
|
|
|
The Company has only one class of equity shares having a par value of Rs.10 Each. Each shareholder is eligible for 1 vote per share. Out of Issued, Subscribed and Paid up Capital 2500000 shares is issued as bonus share in the year 2011-12.
Details of Shares
held by shareholders holding more than 5% of the in aggregate shares the company.
Reconciliation of
the number of shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Pramod Vaswani |
3969860 |
13.85 |
|
Ravi Vaswani |
3942300 |
13.76 |
|
Yashwant Ravi Vaswani |
2190840 |
7.65 |
|
Manisha Vaswani |
1922175 |
6.71 |
|
Juhi Vaswani |
2108300 |
7.36 |
|
Sudha Vaswani |
1855225 |
6.47 |
The Reconciliation of
the no. of shares outstanding is said below:-
|
Name of
Shareholder |
Number
of Shares |
|
Equity Shares at the beginning of the year |
27290200 |
|
Add:- Shares Issued during the year as Public Issue |
-- |
|
Add:- shares issued to promoter during the year |
1364500 |
|
Add:- Shares Issued as Bonus Shares |
-- |
|
Equity Shares at the end of the year |
28654700 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
286.547 |
272.902 |
259.907 |
|
(b) Reserves & Surplus |
545.978 |
545.684 |
659.429 |
|
(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) |
832.525 |
818.586 |
919.336 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
119.386 |
130.853 |
171.482 |
|
(b) Deferred tax liabilities (Net) |
28.137 |
19.301 |
82.351 |
|
(c) Other long term
liabilities |
0.000 |
2.718 |
2.718 |
|
(d) long-term
provisions |
0.688 |
0.633 |
0.577 |
|
Total Non-current
Liabilities (3) |
148.211 |
153.505 |
257.128 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
431.823 |
423.607 |
150.683 |
|
(b) Trade
payables |
263.164 |
216.759 |
117.535 |
|
(c) Other
current liabilities |
62.543 |
47.845 |
65.801 |
|
(d) Short-term
provisions |
5.071 |
2.502 |
6.188 |
|
Total Current
Liabilities (4) |
762.601 |
690.713 |
340.207 |
|
|
|
|
|
|
TOTAL |
1743.337 |
1662.804 |
1516.671 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
717.632 |
714.132 |
761.218 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
53.351 |
4.298 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
74.046 |
81.088 |
80.972 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
65.944 |
60.228 |
51.673 |
|
(e) Other
Non-current assets |
39.652 |
13.461 |
7.472 |
|
Total Non-Current
Assets |
897.274 |
922.260 |
905.633 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
312.577 |
286.810 |
284.262 |
|
(c) Trade
receivables |
299.906 |
247.994 |
162.439 |
|
(d) Cash
and cash equivalents |
37.990 |
66.317 |
32.386 |
|
(e)
Short-term loans and advances |
191.844 |
138.052 |
128.778 |
|
(f) Other
current assets |
3.746 |
1.371 |
3.173 |
|
Total
Current Assets |
846.063 |
740.544 |
611.038 |
|
|
|
|
|
|
TOTAL |
1743.337 |
1662.804 |
1516.671 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2263.798 |
2144.035 |
2201.271 |
|
|
|
Other Income |
19.667 |
20.293 |
18.282 |
|
|
|
TOTAL (A) |
2283.465 |
2164.328 |
2219.553 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1532.202 |
1678.254 |
1764.802 |
|
|
|
Cost of Purchase |
248.796 |
269.463 |
160.665 |
|
|
|
Cost of Trading Division Purchase |
13.248 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(29.304) |
(7.797) |
(138.183) |
|
|
|
Employee benefit expense |
34.151 |
32.427 |
29.356 |
|
|
|
Other expenses |
313.043 |
221.921 |
224.515 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
0.900 |
|
|
|
TOTAL (B) |
2112.136 |
2194.268 |
2042.055 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
171.329 |
(29.940) |
177.498 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
107.320 |
94.378 |
106.842 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
64.009 |
(124.318) |
70.656 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
54.878 |
52.477 |
51.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
9.131 |
(176.795) |
18.850 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.837 |
(63.050) |
7.935 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
0.294 |
(113.745) |
10.915 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORT |
1.454 |
67.879 |
3.109 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.01 |
(4.37) |
0.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
0.01 |
(5.31) |
0.50 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.57 |
(1.40) |
8.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.55 |
(11.57) |
1.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.22) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.66 |
0.68 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.07 |
1.80 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
259.907 |
272.902 |
286.547 |
|
Reserves & Surplus |
659.429 |
545.684 |
545.978 |
|
Net
worth |
919.336 |
818.586 |
832.525 |
|
|
|
|
|
|
long-term borrowings |
171.482 |
130.853 |
119.386 |
|
Short term borrowings |
150.683 |
423.607 |
431.823 |
|
Total
borrowings |
322.165 |
554.460 |
551.209 |
|
Debt/Equity
ratio |
0.350 |
0.677 |
0.662 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2201.271 |
2144.035 |
2263.798 |
|
|
|
(2.600) |
5.586 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2201.271 |
2144.035 |
2263.798 |
|
Profit |
10.915 |
(113.745) |
0.294 |
|
|
0.50% |
(5.31%) |
0.01% |
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 |
No |
|
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 |
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
India’s economic growth is contingent upon the growth of core sectors which include the Indian steel industry. Consumption of steel is taken to be an indicator of economic development. While steel continues to have a stronghold in traditional sectors such as construction, housing and ground transportation, special steels are increasingly used in engineering industries such as power generation, petrochemicals and fertilizers.
Subject is engaged in integrated business of manufacture of Sponge Iron, Steel Billets & Ingots and power generation, the production facilities are currently located in Sondra village, Raipur.
OUTLOOK
The outlook of the company is broadly described in Vision and Mission statements of the Company. Options of shifting focus to steel making, separate power plant at pit head of coal block etc. are being examined to optimize the revenue in future.
OVERVIEW OF
THE COMPANY AND ITS PROJECT
Subject was incorporated under the Companies Act, 1956 on July 22, 2003 with the Registrar of Companies, Madhya Pradesh and Chhattisgarh and obtained Certificate of Business Commencement on February 10, 2004. The company was established with the object of manufacturing of Sponge Iron, Steel Billets and captive Power Generation. We are presently engaged in integrated business of manufacturing Sponge Iron, Steel Billets & Ingots and power generation.
Subject belongs to Vaswani Group of companies which has interest in iron & steel since past two decades. The developments of the Company are as under:
(i) Subject has manufacturing facilities in an industrial area at Sondra village, 14 km from Raipur railway station. Our company installed first kiln of 1x100 TPD sponge iron in the year 2004-05 and over the period of time enhanced the total capacity of sponge iron to 3 x 100 TPD.
(ii) Installed three Induction Furnaces in the year 2007-2008 with a capacity of 36000 MT for manufacturing of Steel Billets & Ingots utilizing inhouse production of Sponge Iron.
(iii) Commenced power generation of 7.5 MW in the year 2007-08 (5 MW from Waste Heat Recovery Boiler (WHRB) and 2.5 MW from Coal) for captive consumption. Our power generation capacity was enhanced to 11.5 MW (9 MW from WHRB and 2.50 MW from Coal) during the year 2010- 2011. In the year 2009, our company started selling surplus power generated to private power companies namely M/s Lanco Electric Utility Limited and others as well as State Electricity Board namely Chhattisgarh State Electricity Board.
Since inception, Vaswani Industries Limited, under the guidance of experienced promoters, has responded to changing economic conditions and new market opportunities through vertical integration and periodic restructuring. Company’s management firmly believes in benchmark product quality, customer centric approach, people focus, ethical business practices and good corporate citizenship. Company draw its strength from an age old tradition of reliable customer service and quality products.
FINANCIAL PERFORMANCE OF THE COMPANY
· Sales
The total sales of current year 2013-14 is Rs. 2263.798 Millions as compared to Rs. 2144.035 Millions in previous year 2012-13, company has registered a increment of 5.29%.
· Consumed Material Cost
The material cost during the current year 2013-2014 is Rs. 1532.202 Millions as compared to Rs. 1678.254 Millions 2012-13. The raw material consumption has increased by 28.05%.
· Manufacturing Expenses
Manufacturing expenses during the current year 2013-2014 is Rs. 240.123 Millions whereas during the previous year 2012-13 is Rs. 198.627 Millions. These expenses have increased by 4.75% as compared to last year.
· Employees Remuneration & Benefits
Employees Remuneration & benefits during the current year 2013-14 is Rs. 34.150 Millions as compared to Rs. 32.427 Millions in previous year 2012-13. These expenses have increased by 10.46% as compared to last year.
· Administrative & Other Expenses
Administrative & Other Expenses during the current year 2013-14 is Rs. 18.863 Millions as compared to Rs. 23.293 Millions in previous year 2012- 13. These expenses have decreased by 33.27% as compared to 2011-2012.
· Depreciation
Depreciation during the current year 2013-14 was Rs. 54.877 Millions as compared to Rs. 52.477 Millions the previous year 2012-13. During the current year it increased by 01.15%.
· Profit after tax
The current year has Profit after tax and extra-ordinary items amounting to Rs. 0.293 Millions.
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Pramod Vaswani |
1.148 |
0.000 |
|
Kushal Vaswani |
4.000 |
0.000 |
|
Ravi Vaswani |
15.665 |
0.000 |
|
Sudha Vaswani |
1.309 |
0.000 |
|
Yashwant Vaswani |
11.880 |
0.000 |
|
|
|
|
|
Total |
34.002 |
0.000 |
STANDALONE STATEMENT
OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES
OF FUNDS |
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
286.547 |
|
(b) Reserves & Surplus |
553.312 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
839.859 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
127.128 |
|
(b) Deferred tax liabilities
(Net) |
30.883 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
0.688 |
|
Total
Non-current Liabilities (3) |
158.699 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
442.596 |
|
(b) Trade payables |
188.653 |
|
(c) Other current liabilities |
42.116 |
|
(d) Short-term provisions |
8.057 |
|
Total
Current Liabilities (4) |
681.422 |
|
|
|
|
TOTAL |
1679.980 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
712.155 |
|
(b) Non-current Investments |
74.046 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
74.111 |
|
(e) Other Non-current assets |
31.636 |
|
Total
Non-Current Assets |
891.948 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
292.772 |
|
(c) Trade receivables |
291.577 |
|
(d) Cash and cash equivalents |
30.557 |
|
(e) Short-term loans and
advances |
170.683 |
|
(f) Other current assets |
2.443 |
|
Total
Current Assets |
788.032 |
|
|
|
|
TOTAL |
1679.980 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10516523 |
20/08/2014 |
900,000.00 |
IndusInd Bank Ltd. |
2401 Gen Thimmayya Road, Contonment, Pune, Maharashtra - 411001, India |
C17943911 |
|
2 |
10516507 |
05/07/2014 |
1,500,000.00 |
IndusInd Bank Ltd. |
2401 Gen Thimmayya Road, Contonment, Pune, Maharashtra - 411001, India |
C17935867 |
|
3 |
10324584 |
10/05/2012 * |
1,040,000,000.00 |
State Bank of India |
Commercial Branch, 2nd Floor, Pujari Chambers, Pachpedinaka, Raipur, Chhattisgarh - 492001, India |
B39308739 |
|
4 |
10250942 |
15/10/2010 |
120,000,000.00 |
IDBI Bank Limited |
Specialised
Corporate Branch, First Floor, Simran, |
A99296709 |
|
5 |
10251150 |
15/10/2010 |
140,000,000.00 |
IDBI Bank Limited |
Specialised
Corporate Branch, First Floor, Simran, |
A99485500 |
|
6 |
10218927 |
03/10/2011 * |
582,000,000.00 |
State Bank of India |
Commercial Branch, 2nd Floor , Pujari Chambers, Pachpedi Naka, Raipur, Chhattisgarh - 492001, India |
B23989312 |
|
7 |
10097262 |
21/07/2007 |
600,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A36010486 |
*Date of modification Charges
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.62.14 |
|
UK Pound |
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--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 |
YES |
|
--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.