MIRA INFORM REPORT
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Report No. : |
310005 |
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Report Date : |
27.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUJANA METAL PRODUCTS LIMITED (w.e.f. 09.11.2001) |
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Formerly Known
As : |
SUJANA STEEL LIMITED (w.e.f. 20.04.1992) SUJANA
STEELS PRIVATE LIMITED (w.e.f. 30.03.1992) SUJANA
STEEL RE-ROLLING INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
8-2-248/1/7/41, Nagarjuna Hills, Panjagutta, Hyderabad – 500 082,
Telangana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.05.1988 |
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Com. Reg. No.: |
36-008610 |
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Capital
Investment / Paid-up Capital : |
Rs.1131.091
Million |
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CIN No.: [Company Identification
No.] |
L28120TG1988PLC008610 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS00083G |
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PAN No.: [Permanent Account No.] |
AACCS8614H |
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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
: |
Subject is Primarily engaged in the Manufacturing and Trading of Steel
and Steel Products Business. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Sujana group”. It is an established company
having moderate track. The company possesses a moderate financial profile marked by consecutive
losses and high collection period during FY 2014. The rating also take into consideration, the delays in debt servicing
on account of stretched liquidity, despite being approving a feasible
corporate debt restructuring package by its lenders. Business is active. Payment terms are reported as slow and delayed. In view of experienced promoters and long track of operations, the
company can be considered for business dealings on a safe and secured 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 |
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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 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: D |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
|
Date |
February 06, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: D |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
February 06, 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 / Corporate Office : |
8-2-248/1/7/41, Nagarjuna Hills, Panjagutta, Hyderabad – 500 082,
Telangana, India |
|
Tel. No.: |
91-40-23351882/ 5/ 7/ 23351887 |
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Fax No.: |
91-40-2335 0766 / 23351882 / 23351887/ 23358499 |
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E-Mail : |
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Websites : |
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Works : |
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Hyderabad : |
(i) Survey No.296/7/9,
IDA Bollaram, Jinnaram Mandal, Medak District – 502 325, Telangana,
India (ii) Plot No. 4, Survey No.296/7/7,
8 and 11, IDA Bollaram, Jinnaram Mandal, Medak District – 502 325, Telangana,
India (iii) Survey No. 296/7/7,
296/7/8, 296/7/11, IDA Bollaram, Jinnaram Mandal, Medak District – 502 325, Telangana,
India (iv) Survey No. 296/7/7,
8 and 11, IDA Bollaram, Jinnaram Mandal, Medak District – 502 325, Telangana,
India (v) Survey No.196 and
197, Parigi Road, Elikatta Village, Shadnagar, Mahaboobnagar District, Telangana,
India (vi) Cut and Bend
Division: Survey No.204, 205 and 206 Elakatta Gram Panchayat, Farooq Nagar
Mandal, Mahaboob Nagar District – 509 216, , Telangana, India (vii) Trading Division:
Plot No.4, Survey No.296/7/7A, IDA Bollaram, Jinnaram Mandal, Medak District
– 502 325, , Telangana, India |
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Chennai
: |
(i) Survey No.204/8B,
Manjankaranai Village, Chennai, M.G.R. District – 620 502, Tamilnadu, India (ii) Plot No. B-20E,
SIPCOT Industrial Complex, Gummidi Pondi, Chennai, Tamilnadu, India |
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Visakhapatnam
: |
Sanivada
Village, Rajeevnagar, Visakhapatnam – 530 046, Andhra Pradesh, India |
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Secretarial
Department: |
Plot No.41, Nagarjuna Hills, Panjagutta, Hyderabad - 500082, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Y.S. Chowdary |
|
Designation : |
Chairman |
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Address: |
Plot No.29, Sagar Co-Operative Housing Society, Banjara Hills,
Hyderabad – 500 033, Telangana, India |
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Date of Birth/ Age: |
02.06.1961 |
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Qualification : |
Master Degree in Engineering
with specialization in Machine Tools from P.S.G. College of Technology,
Coimbatore |
|
Expertise in specific
functional area : |
He has distinguished
himself as a technocrat entrepreneur and had played a bigger role in
establishing the Sujana Group of companies. He has been a constant driving
force for fostering higher growth amongst all the group companies. Shri. Y.S.
Chowdary has in depth knowledge and a deep insight into the domestic and
global steel products industry. |
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Date of Appointment : |
13.02.1992 |
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Directorship in other
Indian Public Limited Companies as on 31.03.2013 : |
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Name : |
Mr. R.K. Birla |
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Designation : |
Managing Director |
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Address: |
120, Gunrock Enclave, Secunderabad – 500 020, Telangana, India |
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Date of Birth/ Age: |
20.01.1952 |
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Qualification : |
Bachelor Degree Course in
arts and Master of Business Administration (MBA) from BITS Pilani |
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Experience : |
40 Years |
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Date of Appointment: |
05.05.1992 |
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Name : |
Mr. G. Srinivasa Raju |
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Designation : |
Director |
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Address: |
Flat No.405, White House, 8-2-6-74/2/2A, Road No.13, Banjara Hills,
Hyderabad – 500 033, Andhra Pradesh, India |
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Date of Birth/ Age: |
20.10.1963 |
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Date of Appointment: |
18.08.1999 |
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Name : |
Mr. S. Hanumantha Rao |
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Designation : |
Director |
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Address: |
8-3-720/85, Salivahana Nagar, Srinagar Colony, Hyderabad – 500 073,
Telangana, India |
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Date of Birth/ Age: |
18.07.1951 |
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Qualification : |
PHD M Science B Civil Engineering |
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Date of Appointment: |
19.07.1999 |
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Name : |
Mr. J. Ramakrishnan |
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Designation : |
Independent
and Non-Executive Director |
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Address: |
Jasmin Cottage, H No.8-2-6088 Road No.10, Banjara Hills, Hyderabad –
500 034, Telangana, India |
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Date of Birth/ age: |
20.08.1936 |
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Date of Appointment: |
24.07.1995 |
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Name : |
Dr. K. Srinivasa Rao |
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Designation : |
Independent
and Non-Executive Director |
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Address: |
17/1-38 8/47 (II), Srivakshmi Nagar Colony, Hyderabad – 500 659,
Telangana, India |
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Date of Birth/ Age : |
01.08.1934 |
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Qualification : |
Master of Arts
(Mathmatics) from Sri Venkateswara University |
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Expertise in specific
functional area : |
Started his career in
July, 1957 as a Probationary Officer in State Bank of India, he was the
Superintendent, Foreign Exchange Department, Bangalore Branch. He worked in
various capacities such as Accountant, Officer-in-charge, Branch Manager,
Deputy Chief Accountant, Chief Manager, General Manager, Finance Director
etc., of State Bank of India at various branches across India. |
|
Date of Appointment : |
28.01.2000 |
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Directorship in other
Indian Public Limited Companies as on 31.03.2013 : |
Sujana Universal
Industries Limited |
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|
|
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Name : |
Dr. V. Malakonda Reddy |
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Designation : |
Independent
and Non-Executive Director |
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Address: |
Plot No.268, 27, Minhvla Nagar, Banjara Hills, Hyderabad – 500 034,
Telangana, India |
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Date of Birth/ Age: |
23.08.1932 |
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Qualification : |
PHD M Science B Civil Engineering |
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Date of Appointment: |
05.05.1992 |
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Name : |
Mr. Ch. Srinivasu, , IDBI Nominee |
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Designation : |
Independent
and Non-Executive Director |
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Name : |
Mr. Vimlesh Kumar, PNB Nominee |
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Designation : |
Independent
and Non-Executive Director |
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Management
Committee : |
Mr. G.Srinivasa Raju Mr. R.K.Birla Mr. S.Hanumantha Rao |
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Audit
Committee : |
Dr. K.Srinivasa Rao Mr. S.Hanumantha Rao Dr.V.Malakonda Reddy |
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Share
Transfer Committee : |
Mr.
Y.S. Chowdary Mr.
G. Srinivasa Raju Mr.
R.K. Birla |
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Shareholders’
Grievances Committee : |
Mr.
S. Hanumantha Rao Mr.
Y.S. Chowdary Mr.
G. Srinivasa Raju |
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Remuneration
Committee : |
Dr.
K. Srinivasa Rao Mr.
J. Ramakrishnan Dr.
V. Malakonda Reddy |
KEY EXECUTIVES
|
Name : |
Mr.
Shaik Ibraheem |
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Designation : |
Company Secretary |
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Name : |
Mr. Ch.
Narayana Rao |
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Designation : |
Vice President (Finance and Accounts) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
||
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|
Individuals / Hindu Undivided Family |
3200028 |
1.63 |
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|
62766585 |
31.97 |
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|
4278142 |
2.18 |
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|
7 |
0.00 |
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|
4278135 |
2.18 |
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|
70244755 |
35.78 |
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Total shareholding of Promoter and Promoter Group (A) |
70244755 |
35.78 |
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(B) Public Shareholding |
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|
19096577 |
9.73 |
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|
19096577 |
9.73 |
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|
18277980 |
9.31 |
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|
33280614 |
16.95 |
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|
53977682 |
27.49 |
|
|
1473273 |
0.75 |
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|
325629 |
0.17 |
|
|
1147644 |
0.58 |
|
|
107009549 |
54.50 |
|
Total Public shareholding (B) |
126106126 |
64.22 |
|
Total (A)+(B) |
196350881 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
196350881 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject
is primarily engaged in the business of manufacturing and trading of Iron and
Steel products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
v Andhra Bank v Bank of Baroda v Bank of India v IDBI Bank Limited v Indian Overseas Bank v Indian Bank v Karnataka Bank Limited |
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Facilities : |
NOTES: LONG TERM BORROWINGS Term loan from
banks viz. Punjab National Bank, Bank of India, Indian Overseas Bank, IDBI
Bank and Andhra Bank are secured by first charge on all the immovable and
movable fixed assets of the company both present and future and second charge
on the current assets of the company. Further these loans are secured by
personal guarantees and properties of certain directors. During the year the
company availed additional Term Loan taken from Andhra Bank Rs.27.100
Million, Bank of of India Rs.26.900 Million, IOB Rs.154.00 lakhs and PNB
Rs.406.00 lakhs carries an interest rate of 11 % p.a for upgradation of
technology at Shadnagar and Suryapet units. As per CDR Terms of
repayment are as follows:
SHORT TERM
BORROWINGS
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
CRK
and Associates Chartered Accountants |
|
Address : |
Hyderabad,
Telangana, India |
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Cost Auditors : |
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|
Name : |
Nageswara Rao and
Company Cost Accountants |
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Address : |
Secunderabad |
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Subsidiaries : |
Subsidiaries held
directly v Glade Steel Private Limited, India v Alpha Ventures Limited, Cayman Islands v Asian Tide Enterprises Limited, Hong Kong Subsidiaries held
indirectly v Optimix Enterprises Limited, Mauritius |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
310000000 |
Equity Shares |
Rs.5/- each |
Rs.1550.000 Million |
|
4500000 |
Preference
Shares |
Rs.100/- each |
Rs.450.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.2000.000 Million
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
196350881 |
Equity Shares |
Rs.5/- each |
Rs.981.754
Million |
|
1493365 |
1%
Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs.149.337
Million |
|
|
|
|
|
|
|
Total |
|
Rs.1131.091 Million |
NOTES:
i)
Reconciliation
of the number of shares and amount outstanding at the beginning and at the end
of the reporting year/period
|
Particulars |
31st March, 2014 |
|
|
No. of Shares |
(Rs. in Million) |
|
|
a) Equity (including
shares represented by underlying GDRs) |
|
|
|
Shares outstanding at the
beginning of the year/period |
196350881 |
981.754 |
|
Shares issued during the
year/period |
-- |
-- |
|
Shares bought back during
the year/ period |
-- |
-- |
|
Shares outstanding at the end of the year/ period |
196350881 |
981.754 |
|
|
|
|
|
b) Cumulative Redeemable
Preference Shares |
|
|
|
Shares outstanding at the
beginning of the year/period |
1493365 |
149.337 |
|
Shares Issued during the
year/period |
-- |
-- |
|
Shares redeemed during
the year/period |
-- |
-- |
|
Shares outstanding at the end of the year/period |
1493365 |
149.337 |
ii)
Details of shares held by each shareholder holding more than 5% shares:
|
Name of Shareholder |
31st March, 2014 |
|
|
No. of Shares held |
% held |
|
|
a)
Equity shares of Rs.5 each fully paid |
|
|
|
Yalamanchili
Finance & Trading Private Limited |
26766461 |
13.63 |
|
Foster
Infin and Trading Private Limited |
25000000 |
12.73 |
|
Deutsche
Bank Trust Company Americas |
-- |
-- |
|
Stressed
Assets Stabilisation Fund |
12759682 |
6.50 |
|
Sujana
Holdings Limited |
10000000 |
5.09 |
|
b) Cumulative Redeemable
Preference Shares of Rs.100 each fully paid |
|
|
|
IDBI
Bank Limited |
1493365 |
100.00 |
(iii) 13,140,489 Equity
shares issued as fully paid up to the shareholders of erstwhile Sujana Steels
Limited on its amalgamation with the company, for consideration other than
cash.
(iv) The company has only
one class of shares referred to as equity shares having a par value of Rs. 5/-.
Each holder of equity shares is entitled to one vote per share held.
In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the company after distribution of all preferential amounts, in
proportion to their shareholding. Nil (31.03.2013:12,946,000) equity shares
represent the shares underlying outstanding Global Depository Receipts (GDRs).
Each GDR represents 10 underlying equity shares.
(v) Redemption of
Cumulative Redeemable Preference Shares (CRPS)
1,493,365 1% of Cumulative
Redeemable Preference Shares of Rs.100 each aggregating to Rs.149.337 Million
is redeemable in 12 quarterly instalments co-terminus with principal payment
commencing from October 01, 2013 and ending July 01, 2016. CRPS carry
cumulative dividend@1% per annum. The company declares and pays dividend in
Indian rupees each. Each holder of CRPS is entitled to one vote per share only
on resolutions placed before the company which directly effect the rights
attached to CRPS.
Three quarterly instalment
of Rs. 36.993 Million has been paid to IDBI (preference share holder) for
redemption of 3,73,340 numbers of 1% preference shares of Rs.100 each. However
these shares were not received by the company from IDBI for redemption. Hence
the amount of Rs.36.993 Million has been classified as advance.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1131.091 |
1131.091 |
1131.091 |
|
(b) Reserves & Surplus |
5804.909 |
6188.205 |
6392.544 |
|
(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) |
6936.000 |
7319.296 |
7523.635 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
9400.876 |
7851.757 |
2766.780 |
|
(b) Deferred tax liabilities (Net) |
683.101 |
614.913 |
616.914 |
|
(c) Other long term
liabilities |
11.928 |
9.171 |
870.663 |
|
(d) long-term
provisions |
29.154 |
24.297 |
20.711 |
|
Total Non-current
Liabilities (3) |
10125.059 |
8500.138 |
4275.068 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6746.700 |
5166.687 |
5572.614 |
|
(b) Trade
payables |
4501.403 |
2672.273 |
4513.434 |
|
(c) Other
current liabilities |
1004.687 |
736.410 |
1943.953 |
|
(d) Short-term
provisions |
203.121 |
220.633 |
256.683 |
|
Total Current
Liabilities (4) |
12455.911 |
8796.003 |
12286.684 |
|
|
|
|
|
|
TOTAL |
29516.970 |
24615.437 |
24085.387 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5149.022 |
4699.183 |
4850.732 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
218.836 |
545.619 |
616.801 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1422.940 |
1422.940 |
1422.939 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3481.774 |
732.316 |
644.091 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
10272.572 |
7400.058 |
7534.563 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.388 |
0.382 |
0.421 |
|
(b)
Inventories |
2800.397 |
1580.349 |
1624.255 |
|
(c) Trade
receivables |
13897.619 |
13267.425 |
10786.151 |
|
(d) Cash
and cash equivalents |
196.183 |
221.815 |
642.620 |
|
(e) Short-term
loans and advances |
2294.713 |
2125.281 |
3471.710 |
|
(f) Other
current assets |
55.098 |
20.127 |
25.667 |
|
Total
Current Assets |
19244.398 |
17215.379 |
16550.824 |
|
|
|
|
|
|
TOTAL |
29516.970 |
24615.437 |
24085.387 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
28444.187 |
36498.548 |
35383.635 |
|
|
|
Other Income |
211.689 |
154.159 |
233.266 |
|
|
|
TOTAL |
28655.876 |
36652.707 |
35616.901 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26847.262 |
33510.285 |
6667.910 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
25732.973 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1103.561) |
(92.158) |
(456.751) |
|
|
|
Employees benefits expense |
231.266 |
239.994 |
234.204 |
|
|
|
Other expenses |
885.625 |
976.924 |
993.075 |
|
|
|
TOTAL |
26860.592 |
34635.045 |
33171.411 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1795.284 |
2017.662 |
2445.490 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1725.564 |
1809.973 |
1722.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
69.720 |
207.689 |
722.660 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
382.866 |
412.301 |
469.462 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(313.146) |
(204.612) |
253.198 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
68.410 |
(2.001) |
44.898 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(381.556) |
(202.611) |
208.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1487.359 |
1715.415 |
1533.744 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on CRPS |
1.493 |
1.493 |
1.492 |
|
|
|
Dividend distribution tax |
0.243 |
0.241 |
0.248 |
|
|
|
CRPS redemption reserve |
0.000 |
23.711 |
24.889 |
|
|
BALANCE CARRIED
TO THE B/S |
1104.067 |
1487.359 |
1715.415 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2605.170 |
6858.603 |
2701.691 |
|
|
TOTAL EARNINGS |
2605.170 |
6858.603 |
2701.691 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials including stock in trade |
745.642 |
1053.483 |
2968.933 |
|
|
TOTAL IMPORTS |
745.642 |
1053.483 |
2968.933 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.95) |
(1.04) |
1.05 |
|
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd Quarter |
3rd
Quarter |
|
Net Sales |
8508.600 |
8168.600 |
9291.200 |
|
Total Expenditure |
7846.200 |
7601.200 |
8689.100 |
|
PBIDT (Excluding Other Income) |
662.400 |
567.400 |
602.100 |
|
Other Income |
13.500 |
45.300 |
86.800 |
|
Operating Profit |
675.900 |
612.700 |
688.900 |
|
Interest |
495.800 |
463.900 |
566.500 |
|
Exceptional Items |
0.000 |
(20.400) |
(2.800) |
|
PBDT |
180.100 |
128.400 |
119.600 |
|
Depreciation |
106.800 |
93.300 |
92.900 |
|
Profit Before Tax |
73.300 |
35.100 |
26.700 |
|
Tax |
7.100 |
2.700 |
16.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
66.200 |
32.400 |
10.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(1.33) |
(0.55) |
0.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.10) |
(0.56) |
0.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.12) |
(0.90) |
1.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05) |
(0.03) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.33 |
1.78 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.96 |
1.35 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
1131.091 |
1131.091 |
1131.091 |
|
Reserves & Surplus |
6392.544 |
6188.205 |
5804.909 |
|
Net
worth |
7523.635 |
7319.296 |
6936.000 |
|
|
|
|
|
|
long-term borrowings |
2766.780 |
7851.757 |
9400.876 |
|
Short term borrowings |
5572.614 |
5166.687 |
6746.700 |
|
Total
borrowings |
8339.394 |
13018.444 |
16147.576 |
|
Debt/Equity
ratio |
1.108 |
1.779 |
2.328 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
35383.635 |
36498.548 |
28444.187 |
|
|
|
3.151 |
(22.068) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs. In
Million |
|
Sales
|
35383.635 |
36498.548 |
28444.187 |
|
Profit |
208.300 |
-202.611 |
-381.556 |
|
|
0.59% |
-0.56% |
-1.34% |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
CP 175 / 2013 CPSR
4864 / 2013 CASE IS:PENDING
|
||||||||||||
|
||||||||||||
|
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
From Banks |
418.502 |
10.000 |
|
|
|
|
|
Total |
418.502 |
10.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10437144 |
01/10/2013 * |
2,262,100,000.00 |
PUNJAB NATIONAL BANK |
Maker Towers E Ground
Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B89591317 |
|
2 |
10437145 |
01/10/2013 * |
400,000,000.00 |
PUNJAB NATIONAL BANK |
Maker Towers E Ground
Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B89592125 |
|
3 |
10437192 |
01/10/2013 * |
4,918,700,000.00 |
PUNJAB NATIONAL BANK |
Maker Towers E Ground Floor,
Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B89591689 |
|
4 |
10399112 |
12/01/2013 |
400,000,000.00 |
LAKSHMI VILAS BANK
LIMITED |
CHENNAI MAIN BRANCH,
No.275,Thambu Chetty Street, CHENNAI, Tamil Nadu - 600001, INDIA |
B66498056 |
|
5 |
10370071 |
19/06/2012 |
320,000,000.00 |
Indian Overseas Bank |
762, IOB Buildings,
Annasalai, Chennai, Tamil Nadu - 600002, INDIA |
B45520491 |
|
6 |
10297932 |
03/01/2012 * |
1,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
769, SPENCER PLAZA, ANNA SALAI,
CHENNAI, Tamil Nadu - 600002, INDIA |
B28990125 |
|
7 |
10238591 |
01/10/2013 * |
3,407,900,000.00 |
PUNJAB NATIONAL BANK |
Maker Towers E Ground
Floor, Cuffe Parade,, Mumbai, Maharashtra - 400005, INDIA |
B89589410 |
|
8 |
10199987 |
01/10/2013 * |
8,228,000,000.00 |
PUNJAB NATIONAL BANK |
Maker Towers E Ground
Floor, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B89588651 |
|
9 |
10170459 |
08/04/2011 * |
340,000,000.00 |
Karnataka Bank Limited |
Rajbhavan Road, Somajiguda,
Hyderabad, Andhra Pradesh - 500082, INDIA |
B13712740 |
|
10 |
10103325 |
22/02/2008 |
120,000,000.00 |
SBI FACTORS AND
COMMERCIAL SERVICES PRIVATE LIMITED |
903-906, RAHEJA CHAMBERS,
9TH FLOOR,, FREE PRESS JOURNAL MARG, NARIMAN POINT, MUMBAI,
Maharashtra |
A38770301 |
|
11 |
10036374 |
19/02/2007 |
200,000,000.00 |
KARNATAKA BANK LTD. |
6-3-1090/A, Bhupal
Towers, Raj bhavan road, Hyderabad, Andhra Pradesh - 500016, INDIA |
A10444818 |
|
12 |
80032176 |
28/01/2005 |
50,000,000.00 |
Bank of Baroda |
Chennai Main Branch, 28
Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA |
- |
|
13 |
90262491 |
03/07/2004 |
45,000,000.00 |
BANK OF BARODA |
CHENNAI MAIN BRANCH, 28 RAJAJI
SALAI, CHENNAI, Tamil Nadu, INDIA |
- |
|
14 |
90262043 |
24/03/2014 * |
200,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06052054 |
|
15 |
90292903 |
24/03/2014 * |
350,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06052245 |
|
16 |
80032054 |
24/03/2014 * |
100,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06049449 |
|
17 |
80032055 |
18/02/2000 * |
220,000,000.00 |
Industrial development
Bank of India |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
- |
|
18 |
80032056 |
24/03/2014 * |
107,457,960.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06049845 |
|
19 |
90261671 |
24/03/2014 * |
190,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06051023 |
|
20 |
90261619 |
16/03/1998 |
25,000,000.00 |
BANK OF BROD |
RAJJI SALAI, CHENNAI,
Tamil Nadu, INDIA |
- |
|
21 |
90261552 |
25/03/1998 * |
130,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
- |
|
22 |
90261498 |
07/05/1997 |
325,125,000.00 |
STATE BANK OF HYDERABAD |
IFB BRANCH, HYDERABAD,
Andhra Pradesh, INDIA |
- |
|
23 |
90261483 |
28/03/1997 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
- |
|
24 |
90292460 |
24/03/2014 * |
180,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06050389 |
|
25 |
90261474 |
24/03/2014 * |
50,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06049167 |
|
26 |
90261409 |
19/08/1996 |
20,000,000.00 |
ANDHRA PREDESH INDUSTRIAL
DEVELOPMENT CORPORATION LTD. |
PARISHRMA BHAWAN, FATEH
MAIDAN ROA, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
27 |
90261405 |
31/07/1996 |
60,000,000.00 |
BANK OF MADURA LIMITED |
K.J. MARKET, HYDERABAD,
Andhra Pradesh, INDIA |
- |
|
28 |
90261378 |
24/03/2014 * |
30,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06048110 |
|
29 |
90261324 |
29/12/1995 |
7,500,000.00 |
MODAL FINANCIAL
CORPORATION LIMITED |
MODAL HOUSE, PANJGUTTA,
HYDERABAD, Andhra Pradesh, INDIA |
- |
|
30 |
90261299 |
09/11/1989 * |
60,000,000.00 |
STTAE BANK OF INDIA |
BALANAGAR BRANCH,
HYDERABD, Andhra Pradesh, INDIA |
- |
|
21 |
90261552 |
25/03/1998 * |
130,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFFE PARADE,
MUMBAI, Maharashtra, INDIA |
- |
|
22 |
90261498 |
07/05/1997 |
325,125,000.00 |
STATE BANK OF HYDERABAD |
IFB BRANCH, HYDERABAD,
Andhra Pradesh, INDIA |
- |
|
23 |
90261483 |
28/03/1997 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFFE PARADE,
MUMBAI, Maharashtra, INDIA |
- |
|
24 |
90292460 |
24/03/2014 * |
180,000,000.00 |
IDBI Bank Limited |
IDBI Tower,, Cuffe Parade,
Mumbai, Maharashtra - |
C06050389 |
|
25 |
90261474 |
24/03/2014 * |
50,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06049167 |
|
26 |
90261409 |
19/08/1996 |
20,000,000.00 |
ANDHRA PREDESH INDUSTRIAL
DEVELOPMENT CORPORATION |
PARISHRMA BHAWAN, FATEH
MAIDAN ROA, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
27 |
90261405 |
31/07/1996 |
60,000,000.00 |
BANK OF MADURA LIMITED |
K.J. MARKET, HYDERABAD,
Andhra Pradesh, INDIA |
- |
|
28 |
90261378 |
24/03/2014 * |
30,000,000.00 |
IDBI Bank Limited |
IDBI Tower, Cuffe Parade,
Mumbai, Maharashtra - 400005, INDIA |
C06048110 |
|
29 |
90261324 |
29/12/1995 |
7,500,000.00 |
MODAL FINANCIAL
CORPORATION LIMITED |
MODAL HOUSE, PANJGUTTA, HYDERABAD,
Andhra Pradesh, INDIA |
- |
|
30 |
90261299 |
09/11/1989 * |
60,000,000.00 |
STTAE BANK OF INDIA |
BALANAGAR BRANCH,
HYDERABD, Andhra Pradesh, INDIA |
- |
|
41 |
90260975 |
26/04/1993 * |
3,000,000.00 |
BANK OF BAROD |
MASAB TANK ROAD, HYDERABD,
Andhra Pradesh, INDIA |
- |
|
42 |
90260967 |
14/10/1992 |
2,900,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFFE PARDE,
MUMBAI, Maharashtra, INDIA |
- |
|
43 |
90260706 |
09/11/1989 * |
7,400,000.00 |
STTAE BANK OF INDIA |
BALANAGAR BRANCH,
HYDERABD, Andhra Pradesh, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION
Subject was incorporated in 02 May 1988 under the name of Sujana Steel Re-rolling Industries Private Limited. The name of the company was changed to Sujana Steels Private Limited on 30 March 1992. The company was converted into public limited company on 20 April 1992. The company further changed its name as Sujana Metal Products Limited w.e.f. 09 November 2001. The Company was promoted by Sri Y.S. Chowdary, his associates and relatives.
The company was incorporated with an object to manufacture of steel re-rolled products. Subject is engaging in the business of manufacturing and marketing value added steel products. Subject is categorized as a secondary steel producer in the Industry.
Subject is currently engaging in the business of Manufacture and trading of steel products like Thermo Mechanically Treated (TMT) bars in different sizes, Structural steels like Ms Angles, Ms Squares, Ms Beams and Ms Channels etc. and smart steel of varying shapes and dimensions for the construction & infrastructure sector.
OPERATIONS AND OVERALL
PERFORMANCE:
During the year, the
Company reported total income of Rs.28655.878 Million as against Rs.36652.707
Million of previous year. The operating EBIDTA for the year was Rs.1795.284
Million as against Rs.2017.662 Million in the previous year. After making a
provision of Rs.1725.564 Million towards interest and Rs.382.866 Million
towards depreciation, the current financial year closed with a net loss of
Rs.381.556 Million as against net loss of Rs.202.611 Million last year.
The net worth of the
Company as on 31st March, 2014 (consisting of 12 months) is Rs 6936.000
Million against Rs. 7319.296 Million in 2012-13 (consisting of 12 months). Net
worth is decreased by Rs. 383.296 Million due to losses.
Despite adverse Global as
well as Indian economy, the Company performed moderately and Sujana Metal looks
ahead to a hopeful further systematic robustness in the business and operation.
The Director continue to identify opportunities to leverage and introduce
technology to improve their performance, be it in operations, people
management, and knowledge management and to strengthen proactive stakeholder
relations.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
INDUSTRY STRUCTURE AND
DEVELOPMENTS:
Indian Steel Industry has
grown from 76 Mt in 2012 to 81 Mt in 2013, a growth of 6.57%. The Indian Steel Industry
plays an important role in the country’s economic growth. The growth of the
Indian Steel Industry looks positive. However, it is impeded to some extent
higher lending rates resulting in to a higher cost of capital, thereby
impacting margins as well as capital expenditure plans.
A wide range of products
are manufactured by Engineering Industries in India. The developments of this
sector is dependent upon the development of core and infrastructure sectors.
The engineering segment is highly competitive in view of tough competition from
foreign companies / agencies and giant public / private sector undertakings.
STEEL INDUSTRY SCENARIO
In 2013 world steel demand
grew higher than estimates due to a stronger than expected performance in the
developed world in the second half of the year. In particular, the recovery in
the United States gained strength. In addition the downturn in the EU they now
expect that steel demand in the Eurozone will move into positive growth in
2014. On the other hand, many emerging economies continue to struggle with
structural issues and financial market volatility. This along with China’s
deceleration, is the reason for their slightly lower global growth rate
forecast for 2014. In short, the global steel demand recovery continues but
growth is stabilizing at a lower rate with continued volatility and uncertainty
leading to a challenging environment for steel companies.
After growth of 6.1% in
2013 with support from government infrastructure investment, apparent steel use
in China is expected slow to 3.0% growth in 2014 to 721.2 Mt as the Chinese
government’s efforts to rebalance the economy continues to restrain investment
activities. In 2015, steel demand growth is expected to further decelerate to
2.7%. In India, steel demand is expected to grow by 3.3% to 76.2 Mt in 2014,
following 1.8% growth in 2013, due to an improved outlook for the construction
and manufacturing sectors, although this will be constrained by high inflation
and structural problems. Steel demand is projected to grow by 4.5% in 2015
supported by the expectation that structural reforms will be implemented.
OUTLOOK
The outlook in the domestic
steel industry looks positive. The country has acquired an important position
on global steel map. The Indian steel industry has giant steel mills
upgradation and modernization of old steel mills has resulted in improved
efficiency. It has to adopt the latest technological developments in the steel
making and keep pace with the global steel industry.
The per capita steel
consumption in the country grew from 60 Kg in 2012-13 to about 63 Kg in 2013-14
a growth of 5.0% against the global average per capita consumption of 215 Kg.
In the coming years the consumption is expected to grow at higher rates as the
GDP growth picks up to the earlier levels of 8 to 10%.
However, challenges before
Indian steel industries are also there and need serious attention. Rising
prices of key raw material like iron ore and coking coal, fall in demand from
automobile have posed major threats. Despite this, the future of Indian steel
industry looks bright as per capita consumption is poised to grow substantially
from the current level of 63 Kg. Further, India has abundant mineral resources.
With acquisition of coking coal mines by Indian companies in countries like
South Africa and Australia, India is poised to grow.
A decisive mandate in the
General Elections has re-kindled hopes of an economic revival. Infrastructure
is the prime focus area of the newly formed Government and the Government is
undertaking proactive policy initiatives for Infrastructure development and
industrial growth, which will accelerate steel demand in line with economic
growth.
As always, the Company
looks forward to do well in the year ahead and is optimistic of its abilities
to address the set of opportunities and challenges that the coming year will
present.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
(a)
Contingent liabilities |
|
|
|
(i)
Claims against the Company not acknowledged as debts in respect of: |
|
|
|
Excise
Duty |
212.020 |
211.687 |
|
Custom
Duty |
83.949 |
79.767 |
|
TNVAT/APGST/CST |
219.812 |
217.939 |
|
Income
Tax (Net of liability as per return) |
147.925 |
151.725 |
|
FEMA* |
40.000 |
63.000 |
|
|
|
|
|
(ii)
Guarantees |
|
|
|
Corporate
Guarantees furnished on behalf of Sujana Universal Industries Limited |
8141.000 |
8141.000 |
|
Corporate
guarantee furnished on behalf of Optimix Enterprises Limited (USD 75 lakhs) |
408.750 |
408.750 |
|
|
|
|
|
(b)
Commitments |
|
|
|
Export
commitments on account of import of machinery and equipments at concessional
duty under EPCG scheme (31.03.2012: Rs.112.916 Million) .Such export commitments
need to be fulfilled by the Company on or before 23 April 2016. As on 31
March 2012, the Company has fulfilled its export commitments and which are
pending final approval of Director General of Foreign Trade. In the event of
non-fulfillment of the export commitments by 23 April 2016 by the Company,
the liability (excluding interest and penalties) towards customs duty |
11.216 |
11.216 |
|
*Against which bank guarantee of Rs.2150.000 Million has been issued. |
||
FIXED ASSETS
· Land- Freehold
· Buildings
· Plant and Machinery
· Electrical Installation
· Furniture and Fixtures
· Office Equipment
· Vehicles
· Computers
· Goodwill
· Computer Software
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 records 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.61.94 |
|
|
1 |
Rs.96.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
16 |
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.