MIRA INFORM REPORT
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Report No. : |
309044 |
|
Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GARG FURNACE LIMITED |
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Registered
Office : |
Kanganwal Road, PO – Jugiana, G.T. Road (Ambala Side), Ludhiana - 141020, Punjab |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.12.1973 |
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Com. Reg. No.: |
16-003385 |
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Capital
Investment / Paid-up Capital : |
Rs. 40.087 Millions |
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CIN No.: [Company Identification
No.] |
L99999PB1973PLC003385 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturing of Alloy and Non Alloy Steel Ingots, Wire Rod, Wire Round, Mig Wire, Casting of Iron Products and Trading of Iron, Steel and Textile Products. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has reported to have low profitability in year 2013-14.
The company has also seen a considerable dip in its revenue from the previous
year. However trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings 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 |
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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 |
CARE |
|
Rating |
Long term bank facilities: “BB+” |
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Rating Explanation |
Inadequate credit quality and high credit
risk. |
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Date |
April, 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: “A4+” |
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Rating Explanation |
Minimal deree of safety and very high credit
risk. |
|
Date |
April, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Devinder Garg |
|
Designation : |
Chairman and
Managing Director |
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Contact No.: |
91-9814005866 |
|
Date : |
20.02.2015 |
LOCATIONS
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Registered Office : |
Kanganwal Road, PO – Jugiana, G.T. Road (Ambala Side), Ludhiana - 141020, Punjab, India |
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Tel. No. : |
91-161-2510082/ 2510084/ 2511713/ 2511813/ 4692400 (30
Lines)/ 2510913 (30 Lines) |
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Mob. No.: |
91-9814005866 (Mr. Devinder Garg) |
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Fax No. : |
91-161-2512285 |
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E-Mail : |
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Website : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Devinder Garg |
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Designation : |
Chairman and
Managing Director |
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|
Name : |
Toshak Garg |
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Designation : |
Joint Managing
Director |
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Date of Birth/Age : |
17.11.1990 |
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Qualification : |
B. Tech |
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Date of Appointment : |
30.07.2011 |
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Name : |
Mrs. Vaneera Garg |
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Designation : |
Independent Director |
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Name : |
Mr. Yogi Raj
Aggarwal |
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Designation : |
Independent Director |
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Date of Birth/Age : |
03.02.1975 |
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Qualification : |
CA |
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Date of Appointment : |
30.07.2011 |
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Name : |
Stevon Soni |
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Designation : |
Independent Director |
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Name : |
Mr. Pawan Kumar
Garg |
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Designation : |
Independent Director |
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Name : |
Mr. Sushil Singla |
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Designation : |
Independent Director |
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Name : |
Mr. Vivek Kaushal |
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Designation : |
Independent Director |
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Date of Birth/Age : |
01.02.1966 |
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Qualification : |
B. Sc. and MBA |
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Date of Appointment : |
15.03.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
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|
1875201 |
46.78 |
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|
699500 |
17.45 |
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|
2574701 |
64.23 |
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Total shareholding of Promoter and Promoter
Group (A) |
2574701 |
64.23 |
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(B) Public Shareholding |
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|
|
|
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|
|
|
200 |
0.00 |
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|
2255 |
0.06 |
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|
2455 |
0.06 |
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|
|
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|
604005 |
15.07 |
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|
|
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|
594543 |
14.83 |
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|
176831 |
4.41 |
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|
56165 |
1.40 |
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|
29505 |
0.74 |
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|
200 |
0.00 |
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|
26460 |
0.66 |
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|
1431544 |
35.71 |
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Total Public shareholding (B) |
1433999 |
35.77 |
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Total (A)+(B) |
4008700 |
100.00 |
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(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4008700 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Alloy and Non Alloy Steel Ingots, Wire
Rod, Wire Round, Mig Wire, Casting of Iron Products and Trading of Iron, Steel
and Textile Products. |
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Products : |
· Alloy and Non Alloy Steel Ingots · Wire Rod · Wire Round · Mig Wire · Iron · Steel ·
Textile Products |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Sonalika International · L & T |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Indian Bank, Clock Tower, Ludhiana - 141001, Punjab, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS a) Term loan from banks are secured by equitable mortgage of entire Land and Building and Existing Plant and Machinery of the Company ranking pari passu basis and further secured by charge on the entire current assets of the company and personal guarantee of two directors. b) Term Loans from Banks carry an interest rate of 11.45% p.a. and are repayable in equal monthly installments. SHORT TERM
BORROWINGS The working capital loans are secured by hypothecation of stock in trade, Book debts of the company, the overdraft is further secured by equitable mortgage of Land, Building and Hypothecation of Plant and Machinery of the company and personal guarantee of two directors and it carries interest @ 11.45% p.a. Except Rs. 30.000 Millions on which interest rate is 13.45%. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Dass Khanna and Company Chartered Accountants |
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Address : |
B-XX, 2815, 1st Floor, Gurdev Nagar, Pakhowal Road, Ludhiana - 141001, Punjab, India |
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Tel. No.: |
91-161-2403029/ 2401230 |
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Name : |
Menu and Associates Cost Accountant |
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Address : |
H. No. S-200, Basant Vihar Colony, Noorwala Road, Ludhiana, Punjab, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Related Parties: |
· Vaneera Industries Limited · Avtar Exports Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4,008,700 |
Equity Shares |
Rs.10/- each |
Rs. 40.087 Millions |
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NOTE:
Reconciliation of shares outstanding at the beginning and at the end of
the reporting period:
|
PARTICULARS |
As at 31st
March, 2014 |
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|
No. of Shares |
Amount |
|
|
Shares outstanding at the beginning of the year |
4008700 |
40.087 |
|
Movement during the year |
0 |
0.000 |
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Shares outstanding at the end of the year |
4008700 |
40.087 |
Disclosure of More than 5% Shareholding
|
PARTICULARS |
As at 31st
March, 2014 |
|
|
No. of Shares Held |
% of Holding |
|
|
Master Capital Services Private Limited |
535000 |
13.35 |
|
Shiv Narayan Investments Private Limited |
304040 |
7.58 |
|
Devinder Garg |
287920 |
7.16 |
|
Sanjeev Garg |
222120 |
5.54 |
|
Toshak Garg |
216950 |
5.41 |
|
Garg Fincap Limited |
206600 |
5.15 |
The company presently has one class of Equity Shares having par value of Rs. 10 each, holder of Equity shares are entitled to one vote per share. In the event of liquidation of company, the holders of Equity Shares will be entitled to receive any of the remaining assets of the company after distribution of all preferential amounts. The distribution will be proportion to the number of Equity shares held by shareholders.
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 |
40.087 |
40.087 |
40.087 |
|
(b) Reserves & Surplus |
271.798 |
262.429 |
253.122 |
|
(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) |
311.885 |
302.516 |
293.209 |
|
|
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
45.203 |
67.228 |
55.258 |
|
(b) Deferred tax liabilities (Net) |
17.559 |
16.235 |
13.001 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.984 |
1.221 |
1.018 |
|
Total Non-current
Liabilities (3) |
63.746 |
84.684 |
69.277 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
348.806 |
337.022 |
276.330 |
|
(b) Trade
payables |
315.255 |
296.139 |
263.048 |
|
(c) Other
current liabilities |
73.181 |
70.098 |
45.895 |
|
(d) Short-term
provisions |
0.420 |
0.494 |
0.688 |
|
Total Current
Liabilities (4) |
737.662 |
703.753 |
585.961 |
|
|
|
|
|
|
TOTAL |
1113.293 |
1090.953 |
948.447 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
147.013 |
149.940 |
143.039 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
51.387 |
2.138 |
6.299 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
23.240 |
28.034 |
27.360 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
61.875 |
61.922 |
39.751 |
|
(e) Other Non-current
assets |
22.772 |
21.418 |
10.550 |
|
Total Non-Current
Assets |
306.287 |
263.452 |
226.999 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
134.268 |
130.822 |
128.983 |
|
(c) Trade
receivables |
565.217 |
604.302 |
522.417 |
|
(d) Cash
and cash equivalents |
16.178 |
22.918 |
2.642 |
|
(e)
Short-term loans and advances |
91.343 |
68.696 |
62.945 |
|
(f) Other
current assets |
0.000 |
0.763 |
4.461 |
|
Total
Current Assets |
807.006 |
827.501 |
721.448 |
|
|
|
|
|
|
TOTAL |
1113.293 |
1090.953 |
948.447 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1481.079 |
1940.886 |
1941.371 |
|
|
|
Other Income |
8.496 |
6.041 |
10.043 |
|
|
|
TOTAL (A) |
1489.575 |
1946.927 |
1951.414 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1140.805 |
1175.678 |
1043.936 |
|
|
|
Purchases of Stock-in-Trade |
106.775 |
570.079 |
653.336 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
15.374 |
(21.600) |
(12.051) |
|
|
|
Employee Benefits Expenses |
12.422 |
11.831 |
14.882 |
|
|
|
Other Expenses |
111.889 |
118.618 |
172.785 |
|
|
|
TOTAL (B) |
1387.265 |
1854.606 |
1872.888 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
102.310 |
92.321 |
78.526 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
75.858 |
59.272 |
45.677 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.452 |
33.049 |
32.849 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.227 |
12.851 |
10.592 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
13.225 |
20.198 |
22.257 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.856 |
10.891 |
5.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
9.369 |
9.307 |
16.286 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
210.209 |
307.614 |
247.528 |
|
|
TOTAL IMPORTS |
210.209 |
307.614 |
247.528 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.34 |
2.32 |
4.06 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
354.400 |
301.300 |
340.700 |
|
Total Expenditure |
330.200 |
276.100 |
319.500 |
|
PBIDT (Excl OI) |
24.200 |
25.200 |
21.200 |
|
Other Income |
0.100 |
0.000 |
0.500 |
|
Operating Profit |
24.300 |
25.200 |
21.700 |
|
Interest |
19.600 |
18.000 |
15.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
4.800 |
7.300 |
5.900 |
|
Depreciation |
3.100 |
3.000 |
4.200 |
|
Profit Before Tax |
1.600 |
4.300 |
1.700 |
|
Tax |
0.500 |
3.500 |
0.800 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1.200 |
0.800 |
1.000 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.200 |
0.800 |
1.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.63 |
0.48 |
0.84 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
6.91 |
4.76 |
4.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.27 |
1.90 |
2.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.07 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.26 |
1.34 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.18 |
1.23 |
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 |
40.087 |
40.087 |
40.087 |
|
Reserves & Surplus |
253.122 |
262.429 |
271.798 |
|
Net
worth |
293.209 |
302.516 |
311.885 |
|
|
|
|
|
|
long-term borrowings |
55.258 |
67.228 |
45.203 |
|
Short term borrowings |
276.330 |
337.022 |
348.806 |
|
Total
borrowings |
331.588 |
404.250 |
394.009 |
|
Debt/Equity
ratio |
1.131 |
1.336 |
1.263 |
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 |
1941.371 |
1940.886 |
1481.079 |
|
|
|
-0.025 |
-23.691 |
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 |
1941.371 |
1940.886 |
1481.079 |
|
Profit |
16.286 |
9.307 |
9.369 |
|
|
0.84% |
0.48% |
0.63% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10409454 |
29/06/2013 * |
694,300,000.00 |
INDIAN BANK |
CLOCK TOWER, LUDHIANA - 141001, PUNJAB, INDIA |
B80336373 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other Loans and
Advances |
|
|
|
Vehicle Loans from Banks |
2.330 |
3.073 |
|
Vehicle Loans from Companies |
1.135 |
0.139 |
|
From Others |
1.988 |
24.740 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Related Parties |
0.000 |
8.100 |
|
From Directors |
0.000 |
3.100 |
|
From Others |
0.000 |
3.000 |
|
Total |
5.453 |
42.152 |
|
|
|
|
|
NOTE SHORT TERM BORROWINGS Unsecured loans from directors, related parties and others
are interest free loans and are repayable on demand. |
||
CORPORATE INFORMATION
Subject is a public limited company incorporated in India under Provisions of Companies Act, 1956. Its shares are listed in Bombay Stock Exchange, Delhi Stock Exchange and Ludhiana Stock Exchange. The company is engaged in manufacturing of Alloy and Non Alloy Steel Ingots, Wire Rod, Wire Round, Mig Wire, Casting of Iron Products and Trading of Iron, Steel and Textile Products.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) From Bank Guarantees and Letter of Credit Outstanding |
230.738 |
124.701 |
|
b) Other Contingent Liabilities |
5.520 |
2.990 |
|
c) other monies for which company is contingently liable: The company has contested the demand of Punjab Power Corporation Limited Rs. 72.306 Millions on account of voltage surcharge. As against this a sum of Rs. 53.511 Millions has been deposited under protest and stands included under the head “Advances Recoverable in cash or in kind”. The company has filed an appeal in Punjab and Haryana High Court. Honourable High Court has granted stay in disconnection of supply of electricity of company. No provision in accounts has been made in respect thereof. |
||
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE YEAR ENDED 31.12.2014
(Rs.
in Millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net Sales/ Income from Operations |
340.669 |
301.321 |
996.398 |
|
b) Other operating Income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
340.669 |
301.321 |
996.398 |
|
2.Expenses |
|
|
|
|
Cost of material consumed |
181.810 |
226.600 |
663.694 |
|
Purchase of stock in trade |
58.901 |
9.030 |
85.869 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
3.446 |
(33.660) |
(41.044) |
|
Employees benefit expenses |
1.932 |
2.768 |
7.814 |
|
Depreciation and amortization expenses |
4.167 |
2.989 |
10.277 |
|
Power and Fuel |
28.819 |
24.017 |
73.862 |
|
Other Expenses |
44.585 |
47.375 |
135.613 |
|
Total expenses |
323.660 |
279.119 |
936.085 |
|
3. Profit/ (Loss) from operations before other income,
financial costs and Exceptional items (1-2) |
17.009 |
22.202 |
60.313 |
|
4. Other income |
0.486 |
0.020 |
0.587 |
|
5. Profit/ (Loss) from Ordinary activities before finance
costs and Exceptional items (3+4) |
17.495 |
22.222 |
60.900 |
|
6. Finance costs |
15.756 |
17.963 |
53.268 |
|
7. Net profit/(loss) from Ordinary activities after finance costs but before exceptional items and tax (5-6) |
1.739 |
4.259 |
7.632 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit/ (Loss) from Ordinary activities before tax (7+8) |
1.739 |
4.259 |
7.632 |
|
10.Tax expenses |
|
|
|
|
Current Tax (Net) |
(0.349) |
(0.820) |
(1.528) |
|
MAT Credit Entitlement |
-- |
0.820 |
-- |
|
Deferred Tax Asset/ (Liability) |
(0.425) |
(3.458) |
(3.971) |
|
Earlier year tax provisions written back |
-- |
-- |
-- |
|
11.Net Profit / (Loss) from Ordinary activities after tax (9-10) |
0.965 |
0.801 |
2.133 |
|
12, Extraordinary Items (Net of Expense) |
-- |
-- |
-- |
|
13. Net Profit / (Loss) for the period (11+12) |
0.965 |
0.801 |
2.133 |
|
14. Paid-up equity share capital (Face Value of Rs. 10/- per share) |
40.087 |
40.087 |
40.087 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
16. Earnings Per Share (Before Extraordinary Items) (in Rs.) (no annualized): |
|
|
|
|
a) Basic |
0.24 |
0.20 |
0.53 |
|
B) Diluted |
0.24 |
0.20 |
0.53 |
|
|
|
|
|
|
A.
PARTICULARS OF SHARHOLDING |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
Number of Shares |
1459200 |
1459.200 |
1459200 |
|
Percentage of Shareholding |
36.40% |
36.40% |
36.40% |
|
2.
Promoters and Promoter group |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of Shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
b)
Non-encumbered |
|
|
|
|
Number of shares |
2549500 |
2549500 |
2549500 |
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of Shares (as a % of the total share capital of the Company) |
63.60% |
63.60% |
63.60% |
NOTE
1. The Board of Directors at its meeting held on 14th February, 2015 have approved the results and its release.
2. Limited review as required under clause 41 of the listing agreement has been carried out by a statutory auditors.
3. Provision for the tax liability for current quarter ended 31.12.2014 is made with compliance as per AS-22 of ICAI.
4. Provision for tax liability to employees has been made on estimated basis. The short/ excess on basis of actuarial valuation as per AS-15 (Revised) Retirement Benefits would be made in Audited Accounts.
5. Figures for previous periods have been recast/ regrouped, wherever necessary to make them comparable. The figures for the quarter ended 31st March, 2014 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to 31st December, 2013.
6. The company is evaluating the impact on useful lives and depreciation of fixed assets under schedule-II to the Companies Act, 2013 which became effective from 1st April, 2014. Pending such evaluation, the depreciation for the current quarter and six months is based on rates/ useful lives under the earlier Companies Act, 1956 which are considered representative of the useful lives of fixed assets.
7. During the Previous year ended 31.03.2012 a demand of Rs. 72.306 Million has been raised by PSPCI on a/c of volatge surcharge relating to earlier years. Honourable Punjab and Haryana High Court has granted stay in the disconnection of the supply of electricity to the company. However amount of Rs. 53.511 Millions paid upto 31st March, 2013 has been shown under Advances Recoverable.
|
SR. NO. |
Particulars |
Quarter
ended
31.12.2014 |
|
B. |
INVESTOR
COMPLAINTS (Nos.) |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
-- |
|
|
Disposed off during the quarter |
-- |
|
|
Remaining unresolved at the end of the quarter |
-- |
SEGMENT
INFORMATION FOR QUARTER AND NINE MONTHS ENDED 31.12.2014
(Rs.
in Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
|
|
|
|
|
1 |
Segment
Revenue |
|
|
|
|
|
a) Iron and Steel |
326.911 |
289.849 |
950.039 |
|
|
b) Textile Products |
13.758 |
11.472 |
46.359 |
|
|
c) Unallocated |
-- |
-- |
-- |
|
|
Total
|
340.669 |
301.321 |
996.398 |
|
|
Less:
Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
|
|
Net
Sales/ Income from Operations |
340.669 |
301.321 |
996.398 |
|
|
|
|
|
|
|
2. |
Segment
Results (Profit/ Loss (-) before tax and interest from each segment) |
|
|
|
|
|
a) Iron and Steel |
17.582 |
22.307 |
59.656 |
|
|
b) Textile Products |
2.759 |
2.442 |
8.392 |
|
|
c) Unallocated |
0.000 |
0.000 |
0.000 |
|
|
Total
|
20.341 |
24.749 |
68.048 |
|
|
Less:
(i) Interest |
15.756 |
17.662 |
53.268 |
|
|
(ii)
Other Unallocable Expenditure net off |
2.846 |
2.528 |
7.148 |
|
|
(iii)
Unallocable Income |
-- |
-- |
-- |
|
|
(iv)
Exceptional Expenses |
-- |
-- |
-- |
|
|
Total
Profit Before Tax |
1.739 |
4.259 |
7.632 |
|
|
|
|
|
|
|
3 |
Capital
Employed |
|
|
|
|
|
(Segment
Assets – Segment Liabilities) |
|
|
|
|
|
a) Iron and Steel |
535.045 |
531.315 |
535.045 |
|
|
b) Textile Products |
63.423 |
65.601 |
63.423 |
|
|
c) Unallocated |
(284.450) |
(283.863) |
(284.450) |
|
|
Total
|
314.018 |
313.053 |
314.018 |
NOTES:
a) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities have the same meaning as defined in the accounting standard on Segment Reporting (AS-17) issued by ICAI.
b) The above information is furnished for each of the reportable primary segments as identified in accordance with AS-17 issued by ICAI.
FIXED ASSETS
· Land
· Building
· Plant and Machinery
· 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,
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.62.18 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.7076 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
|
30 |
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.