MIRA INFORM REPORT
|
Report No. : |
308670 |
|
Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR WIRE (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
35, Link Road, 2nd Floor, Lajpat Nagar – III, Delhi –
110024 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.07.1963 |
|
|
|
|
Com. Reg. No.: |
55-117600 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 287.203 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109DL1963PLC117600 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS1124Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Castings, Forging and Rolled Products from
alloy steels, super alloy steel, high grade stainless steel and special
steels. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6680000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s established position in the steel products
industry supported by healthy financial risk profile and decent liquidity
position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 |
CRISIL |
|
Rating |
Long term rating=A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
17.02.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
17.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered/ Head Office : |
35, Link Road, 2nd Floor, Lajpat Nagar – III, Delhi –
110024, India |
|
Tel. No.: |
91-11-29832650/ 29832654 |
|
Fax No.: |
91-11-29832542 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
21/4, Mathura Road, Ballabgarh – 121004, Haryana, India |
|
Tel. No.: |
91-129-2241263/ 2241264 |
|
Fax No.: |
91-129-2241265 |
|
|
|
|
Factory 2 : |
Village and Post Chhainsa,
Mohna Road, Ballabhgarh, Haryana, India
|
DIRECTORS
AS ON 25.09.2014
|
Name : |
Mr. Mohinder Kumar Gupta |
|
Designation : |
Managing director |
|
Address : |
A-11, Nizamuddin West, New Delhi - 110013, India |
|
Date of Birth/Age : |
01.12.1958 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16.03.1981 |
|
PAN No.: |
AAXPG8999B |
|
DIN No.: |
00054110 |
|
|
|
|
Name : |
Mr. Samir Gupta |
|
Designation : |
Whole-time director |
|
Address : |
A-11, Nizamuddin West, New Delhi - 110013, India |
|
Date of Birth/Age : |
01.10.1983 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.04.2006 |
|
PAN No.: |
AFOPG4377F |
|
DIN No.: |
00054308 |
|
|
|
|
Name : |
Mrs. Rekha Gupta |
|
Designation : |
Director |
|
Address : |
A-11, Nizamuddin West, New Delhi - 110013, India |
|
Date of Birth/Age : |
23.10.1963 |
|
Date of Appointment : |
16.08.2014 |
|
PAN No.: |
AAAPG5119J |
|
DIN No.: |
00054073 |
|
|
|
|
Name : |
Mr. Abhishek Gupta |
|
Designation : |
Whole-time director |
|
Address : |
A-11, Nizamuddin West, New Delhi - 110013, India |
|
Date of Birth/Age : |
16.04.1987 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.11.2010 |
|
PAN No.: |
AIUPG0681K |
|
DIN No.: |
00054145 |
|
|
|
|
Name : |
Arpan Chauhan |
|
Designation : |
Director |
|
Address : |
C-110, Shri Ram Nagar Colony, Haridwar - 249407, Uttarakhand, India |
|
Date of Birth/Age : |
26.06.1984 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
17.09.2013 |
|
DIN No.: |
06692244 |
|
|
|
|
Name : |
Charudev Bansal |
|
Designation : |
Director |
|
Address : |
#8, Ward 16, Basant Pura Street, Nabha - 147201, Punjab, India |
|
Date of Birth/Age : |
14.01.1989 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
17.09.2013 |
|
DIN No.: |
06688501 |
|
|
|
|
Name : |
Laxmi Datt Joshi |
|
Designation : |
Director |
|
Address : |
91, Vidya Vihar Apartment, Rohini Sector-9, Delhi - 110085, India |
|
Date of Birth/Age : |
19.07.1956 |
|
Date of Appointment : |
10.05.2014 |
|
DIN No.: |
06517818 |
|
|
|
|
Name : |
Mr. Brij Mohan Gupta |
|
Designation : |
Director |
|
Address : |
Guru Nanak Colony, Ward No.2, Mandi Gobindgarh - 147301, Punjab, India |
|
Date of Birth/Age : |
11.03.1956 |
|
Date of Appointment : |
10.05.2014 |
|
DIN No.: |
03320253 |
KEY EXECUTIVES
|
Name : |
Mrs. Rekha Sharma |
|
Designation : |
Secretary |
|
Address : |
E-35, Arya Samaj Road, Uttam Nagar, Delhi - 110059, India |
|
Date of Appointment : |
25.04.2008 |
|
PAN No.: |
AWTPS2736E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Mohinder Kumar Gupta |
|
42030000 |
|
Minal Gupta |
|
5000 |
|
Samir Gupta |
|
26863125 |
|
Juhi Leasing and Finance Limited, India |
|
105070000 |
|
Abhinandan Trafin Private Limited, India |
|
6400000 |
|
Hollysea Finvest Private Limited, India |
|
8935000 |
|
Supersigma Alloys and Forggings Private Limited, India |
|
6680000 |
|
Nipin Steels Private Limited, India |
|
5431150 |
|
Abhishek Gupta |
|
15855000 |
|
Rekha Gupta |
|
6612700 |
|
Murnet India Private Limited, India |
|
7748000 |
|
Padmanabh Steel and Trading Private Limited, India |
|
1350000 |
|
S. J. Tea and Traders Private Limited, India |
|
1592000 |
|
Polylink Vinimay Private Limited, India |
|
1350000 |
|
Cornflower Vinimay Private Limited, India |
|
1250000 |
|
Shares Under dispute |
|
24589375 |
|
Ensol International Private Limited, India |
|
36150 |
|
|
|
|
|
Total |
|
261797500 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Saraswati Charitable Trust, India |
|
270000 |
|
Shree Radha Krishna Charitable Trust, India |
|
465000 |
|
Brijeshwari Dharmath Sansthan |
|
550000 |
|
Mahawar Charitable Trust, India |
|
436000 |
|
Kuber Dharmath Sansthan |
|
24500 |
|
Mahawar Dharmath Sansthan |
|
285000 |
|
Juhi Leasing and Finance Limited, India |
|
510000 |
|
|
|
|
|
Total |
|
2540500 |
AS ON 25.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
55.71 |
|
Directors
or relatives of directors |
44.29 |
|
|
|
|
Total |
100.00 |
%20LIMITED%20-%20308670%2018-Feb-2015_files/image014.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Castings, Forging and Rolled Products from
alloy steels, super alloy steel, high grade stainless steel and special
steels. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
|
|
Products : |
-- |
|
Countries : |
-- |
|
|
|
|
Imports : |
|
|
Products : |
-- |
|
Countries : |
-- |
|
|
|
|
Terms : |
|
|
Selling : |
-- |
|
|
|
|
Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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|
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|
Bankers : |
· State Bank of India Commercial Branch, 6th Floor, Palm Court Building, M.G. Road, Gurgaon - 122001, Haryana, India · Standard Chartered Bank (Acting as an Security Agent) C D U, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India · The Catholic Syrian Bank Limited New Delhi Branch, G-36,Connaught Circus, New Delhi - 110001, Delhi, India · Axis Bank Limited |
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|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
· Daimler Financial Services India Private Limited · Kotak Mahindra Prime Limited |
|
|
|
|
Auditors : |
|
|
Name : |
P D Mittal and Company Chartered Accountants |
|
Address : |
70, Mittal Bhawandelhi Gate, Police Station, Daryaganj,
New Delhi – 110002, India |
|
Tel. No.: |
91-11-23240226 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAGFP0579D |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Supersigma Alloys and Forggings Private Limited [U74899DL1988PTC033385] · Interglobal Steels Private Limited [U74899DL1981PTC011978] · Starwire (India) Engineering Limited [U74120DL2007PLC171132] · Saraswati Charitable Trust · Shree Radha Krishna Charitable Trust · Brijeshwari Dharmath Sansthan · Mahawar Charitable Trust · Kuber Dharmarth Sansthan · Mahawar Dharmarth Sansthan · Juhi Leasing and Finance Limited [U67120DL1983PLC017053] · Supreme Commercial Enterprises Limited [L51909DL1983PLC016724] · Sita Ram Mohinder Kumar · Star Wire (India) Electricity Private Limited [U45201DL1998PTC095726] · Star Wire (India) Biomass Private Limited [U45201DL1998PTC093641] · Eagle International Limited [L51109WB1984PLC038192] ·
Auto Pins (India) Limited
[L34300DL1975PLC007994] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
290,000,000 |
Equity Shares |
Re. 1/- each |
Rs. 290.000 Millions |
|
6,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
261,797,500 |
Equity Shares |
Re. 1/- each |
Rs. 261.798 Millions |
|
2,540,500 |
Preference Shares |
Rs. 10/- each |
Rs. 25.405 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 287.203
Millions |
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 |
287.203 |
287.203 |
287.203 |
|
(b) Reserves & Surplus |
2051.488 |
1822.873 |
1622.744 |
|
(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) |
2338.691 |
2110.076 |
1909.947 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
772.613 |
981.586 |
1161.622 |
|
(b) Deferred tax liabilities (Net) |
108.215 |
108.215 |
108.215 |
|
(c)
Other long term liabilities |
18.203 |
3.074 |
10.166 |
|
(d)
long-term provisions |
33.764 |
13.393 |
0.000 |
|
Total
Non-current Liabilities (3) |
932.795 |
1106.268 |
1280.003 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1418.175 |
1150.593 |
1077.787 |
|
(b)
Trade payables |
244.018 |
221.060 |
196.312 |
|
(c)
Other current liabilities |
280.532 |
341.490 |
155.641 |
|
(d)
Short-term provisions |
11.443 |
9.745 |
1.181 |
|
Total
Current Liabilities (4) |
1954.168 |
1722.888 |
1430.921 |
|
|
|
|
|
|
TOTAL |
5225.654 |
4939.232 |
4620.871 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2461.995 |
2389.049 |
2273.420 |
|
(ii)
Intangible Assets |
0.000 |
0.060 |
0.120 |
|
(iii)
Capital work-in-progress |
99.420 |
8.870 |
47.012 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
7.429 |
7.429 |
7.629 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
86.247 |
66.405 |
82.457 |
|
(e)
Other Non-current assets |
8.168 |
0.377 |
3.405 |
|
Total
Non-Current Assets |
2663.259 |
2472.190 |
2414.043 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
2.000 |
0.000 |
|
(b)
Inventories |
1141.693 |
1134.693 |
1004.592 |
|
(c)
Trade receivables |
1214.798 |
1125.393 |
858.849 |
|
(d)
Cash and cash equivalents |
26.563 |
65.371 |
177.981 |
|
(e)
Short-term loans and advances |
176.489 |
139.124 |
164.712 |
|
(f)
Other current assets |
2.852 |
0.461 |
0.694 |
|
Total
Current Assets |
2562.395 |
2467.042 |
2206.828 |
|
|
|
|
|
|
TOTAL |
5225.654 |
4939.232 |
4620.871 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4377.578 |
4336.672 |
3995.192 |
|
|
|
Other Income |
89.858 |
72.184 |
68.298 |
|
|
|
TOTAL (A) |
4467.436 |
4408.856 |
4063.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1628.282 |
1547.273 |
1384.302 |
|
|
|
Purchases of Stock-in-Trade |
203.584 |
250.753 |
511.433 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
37.737 |
(133.113) |
(313.176) |
|
|
|
Employees benefits expense |
269.842 |
265.959 |
213.730 |
|
|
|
Other expenses |
1713.491 |
1894.227 |
1640.574 |
|
|
|
Exceptional Items |
(16.378) |
(33.575) |
0.000 |
|
|
|
TOTAL (B) |
3836.558 |
3791.524 |
3436.863 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
630.878 |
617.332 |
626.627 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
213.603 |
230.136 |
165.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
417.275 |
387.196 |
460.667 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.471 |
143.386 |
115.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
286.804 |
243.810 |
345.464 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
57.000 |
42.500 |
69.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
229.804 |
201.310 |
276.264 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
1426.750 |
1139.568 |
NA |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
427.000 |
358.341 |
|
|
|
|
Capital Goods |
56.640 |
43.021 |
|
|
|
TOTAL IMPORTS |
483.640 |
401.362 |
NA
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.81 |
0.64 |
1.47 |
|
%20LIMITED%20-%20308670%2018-Feb-2015_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.25 |
4.64 |
6.91 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.41 |
14.24 |
15.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.60 |
4.95 |
7.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.12 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.94 |
1.01 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.43 |
1.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
287.203 |
287.203 |
287.203 |
|
Reserves & Surplus |
1622.744 |
1822.873 |
2051.488 |
|
Net
worth |
1909.947 |
2110.076 |
2338.691 |
|
|
|
|
|
|
Long-term borrowings |
1161.622 |
981.586 |
772.613 |
|
Short term borrowings |
1077.787 |
1150.593 |
1418.175 |
|
Total
borrowings |
2239.409 |
2132.179 |
2190.788 |
|
Debt/Equity ratio |
1.172 |
1.010 |
0.937 |
%20LIMITED%20-%20308670%2018-Feb-2015_files/image016.gif)
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 |
3995.192 |
4336.672 |
4377.578 |
|
|
|
8.547 |
0.943 |
%20LIMITED%20-%20308670%2018-Feb-2015_files/image018.gif)
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 |
3995.192 |
4336.672 |
4377.578 |
|
Profit |
276.264 |
201.310 |
229.804 |
|
|
6.91% |
4.64% |
5.25% |
%20LIMITED%20-%20308670%2018-Feb-2015_files/image020.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10509202 |
28/03/2014 |
350,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG,, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C11434123 |
|
2 |
10512360 |
29/07/2014 * |
200,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG,, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C15294531 |
|
3 |
10389335 |
27/10/2014 * |
200,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT RISK
CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
C32933202 |
|
4 |
10321997 |
27/10/2014 * |
550,000,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN SECURITY
AGENT) CDU, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
C32933327 |
|
5 |
10305453 |
01/07/2013 * |
320,800,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
6TH FLOOR, PALM COURT BUILDING, M.G. ROAD, GURGAON, HARYANA - 122001, INDIA |
B80502057 |
|
6 |
80007937 |
26/09/2012 * |
2,216,800,000.00 |
SATE BANK OF
INDIA |
COMMERCIAL
BRANCH, 6TH FLOOR, PALM COURT, MEHRAULI GURGAON ROAD, GURGAON, HARYANA - 122001,
INDIA |
B60345972 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from directors |
44.218 |
43.132 |
|
Loans and advances from others |
253.213 |
255.113 |
|
Other loans and advances |
2.096 |
1.840 |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign currency term loans from banks |
102.628 |
0.000 |
|
|
|
|
|
Total |
402.155 |
300.085 |
CHANGE OF ADDRESS:
The Registered Office of the company has been
shifted from A-11, Nizammuddin West ND-13, New Delhi, India, to the present
address w.e.f.01.06.2007
CORPORATE INFORMATION
Star Wire (India) Limited (SWIL), a mini steel plant is engaged
in manufacturing of castings, forging and rolled products from alloy steels,
super alloy steel, high grade stainless steel and special steels which find
application in diversified engineering fields like automobiles, aerospace,
super critical power plants etc. SWIL originally incorporated in 1963 was taken
over by the present management in 1981.
RESULTS OF
OPERATIONS
Operating in a volatile and uncertain environment, the Company
demonstrated the resilience of its business model. During the year there has
also been a decline in Power sector due to the reasons well known to all i.e.
political instability, disruptions in coal supply. This resulted in keeping
many new projects on hold and due to this few of their customers like BHEL and
NPCIL could not be in a position to place the orders on them, and therefore,
could not contribute much to achieve their projected sale to power Sector for
the current fiscal. Despite this odd, during the year, Company’s results were
bolstered by sterling performance of Engine Valve Steel (one of their business
verticals) increasing its sales, which reached to halve of their total sales
while there has been a decline in production of Automotive industries in
general, as well as the margins in the financial year 2013-14. The highlights
of the Company’s performance are as under: · Profit Before Tax increased by 29%
at Rs 270.000 Millions; · Exports increased by 25% to Rs 1430.000 Millions; ·
PBDIT increased by 5% at Rs 610.000 Millions; · Cash Profit increased by 13% to
400.000 Millions; · Net Profit After Tax increased by 27% to Rs 210.000
Millions; Secondly, as the contrast between general business scenario in Steel
industry and their results shows, the company has firmly established its
credentials of being an engineering industry and not being a part of iron and
steel industry. This is also evident from the fact that their production
activity has been increasing while there has been a decline in iron and steel
industries in general. In addition the company has an order bank of approx. Rs
4000.000 Millions, which is an indicator of the strong footing that the company
is well on.
FUTURE OUTLOOK AND
EXPANSION
Last year the company increased its Engine Valve Steels business and
plans to consolidate its position in global market in the following years.
Building on their past performance they plan to increase their presence in
smaller diameter market which represents a large opportunity thanks to ever
growing demand of 2 wheelers in Indian market as well as reduction in valve size
for passenger cars due to new emission norms. To develop their capabilities to
serve this market the company has embarked upon modernization of their rolling
mill which will culminate in better surface quality of rolled bars and also
capability to roll smaller diameters. In addition to this they have been able
to expand their presence with Tier 1 customers by starting their supplies to
new locations. The company is also renewing its focus on Asian market in order
to penetrate new markets such as Japan, Korea and China and bring more balance
to their global business which so far has been focused on western markets. Due
to political scenario and disruptions in coal supply during the year there has
been decline in demand for Power sector castings, rolled and forged steels
which is their largest market segment. This resulted in keeping many new
projects on hold, consequently reduction in orders on us, and subsequently made
it difficult to contribute much to achieve their projected power sector’s sales
for the current fiscal. However the demand for electricity in rural sector in
the country is still unfulfilled and ever increasing. In view of recent change
in Central Government and its focus on fast decision making process to remove
the road blocks of Power Industry this situation will improve. As per
Government guideline Super-critical turbines have become the norm in power
generation industry as evident by new projects released by NTPC Limited of
approximately 10,000 MW. They are very hopeful that BHEL and the new entrants
such as Toshiba-JSW, L&T-MHPS, ALSTOM-Bharat Forge Private Limited having
combined capacity of approximately 20000 MW for Super Critical Temperature
turbines will be loaded. In addition to BHEL, the company is now approved
supplier for Super Critical castings by Toshiba, L&T-MHPS, ALSTOM etc, so
they are well poised to leverage this opportunity. The company is also trying
to increase its presence in export of these products to the same customers
base. Majority of this additional capacity will come from Super-critical
Thermal Turbines and Large Hydro. The company will like to build upon its rich
experience in producing large weight steel castings for Super-critical
turbines. Further, the company is pursuing super critical turbine Blade materials
through ESR process with the same customer base. In addition the company has
diversified into producing castings for hydro power generation application and
has been approved by ALSTOM Hydro. This will create additional business
opportunities in India as well as overseas market. In addition of creating
additional business, their entry into hydro power generation will also improve
the balance of their casting business protecting them from being vulnerability
w.r.t sector-specific decline. Their initiative to offer finish machined
castings and components in Energy and Defence sectors has also given the
company an edge over other competitors and will create additional revenue. In
addition, the company has made in roads in the space programe including Mars Mission
(Mangalyann) by supplying some Special Steels and alloys used in launching
vehicle as well as in the cryogenic engine. It is expected to grow their
business in this sector in the coming years. With this background, their
investments will begin to bear fruits and they are targeting to increase their
revenue from Rs 4400.000 Millions in 2013/14 to Rs 5000.000 Millions in
2014/15.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debt * |
54.818 |
54.816 |
|
(b) Guarantees @ |
|
|
|
- Inland |
165.678 |
172.556 |
|
- Foreign |
0.000 |
1.109 |
|
(c) Other money for which the Company is contingently
liable |
|
|
|
- Corporate Guarantees for related parties |
360.000 |
363.100 |
|
- Corporate Guarantees for other than related parties |
17.898 |
22.209 |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Railway sidings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.20 |
|
|
1 |
Rs. 96.00 |
|
Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.