MIRA INFORM REPORT
|
Report No. : |
301718 |
|
Report Date : |
07.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAITHAN ALLOYS LIMITED |
|
|
|
|
Registered
Office : |
Ideal Centre, 4th Floor, 9, A.J.C. Bose Road, Kolkata -
700017, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.09.1985 |
|
|
|
|
Com. Reg. No.: |
21-039503 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 145.589
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101WB1985PLC039503 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM01139F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM7758B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of all three bulk ferro alloys-
ferro silicon, ferro manganese and silico manganese. It is also engaged in the
generation and supply of wind power. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 8200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payment
terms 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CARE |
|
Rating |
Long term Bank facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 10, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
October 10, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
Ideal Centre, 4th Floor, 9, A.J.C. Bose Road, Kolkata -
700017, West Bengal, India |
|
Tel. No.: |
91-33-64502228/ 2229/ 2230/ 2231 |
|
Mobile No.: |
91-8170018308 [Mr. Pramod Choudhary] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Factory 1 : |
P.O. Kalyaneshwari, District Burdwan - 713369, West Bengal, India |
|
Tel. No.: |
91-341-2014611 |
|
Fax No.: |
91-341-2521303/ 2522996 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Located At: Ri-Bhoi, Meghalaya, India |
|
|
|
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Factory 3 : |
Located At: Jaisalmer, Rajasthan, India |
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|
|
|
Factory 4 : |
Located At: Sangli, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. B. K. Agarwalla |
|
Designation : |
Chairman and Whole Time Director |
|
Date of Birth/Age : |
67 Years |
|
Qualifications : |
B.Com. |
|
Experience : |
47 Years |
|
Date of Appointment : |
01.04.2011 |
|
|
|
|
Name : |
Mr. S. C. Agarwalla |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Date of Birth/Age : |
63 Years |
|
Qualifications : |
B.Com. |
|
Experience : |
44 Years |
|
Date of Appointment : |
01.04.2011 |
|
|
|
|
Name : |
Mr. Subodh Agarwalla |
|
Designation : |
Whole Time Director and Chief Operating Officer |
|
Date of Birth/Age : |
36 Years |
|
Qualifications : |
MBA, B. Tech. |
|
Experience : |
13 Years |
|
Date of Appointment : |
01.04.2011 |
|
|
|
|
Name : |
Mr. Shrigopal Jhunjhunwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Raj Kumar Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.10.1945 |
|
Qualifications : |
B.Com, LLB, FCA |
|
Experience : |
46 Years |
|
Date of Appointment : |
17.08.2001 |
|
|
|
|
Name : |
Mr. Nand Kishore Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vikash Kumar Jewrajka |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.11.1974 |
|
Qualifications : |
FCA, DBF (ICFAI), BCOM ( H ) |
|
Experience : |
15 Years |
|
Date of Appointment : |
23.07.2008 |
|
|
|
|
Name : |
Mr. Biswajit Choudhuri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P K Venkatramani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pramod Choudhary |
|
Designation : |
General Finance Manager |
|
|
|
|
Name : |
Mr. Rajesh K Shah |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Aditya Agarwalla |
|
Designation : |
Chief Financial Officer |
|
Date of Birth/Age : |
39 Years |
|
Qualifications : |
MBA |
|
Experience : |
15 Years |
|
Date of Appointment : |
23 July, 2008 |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
6829875 |
46.92 |
|
|
3994050 |
27.44 |
|
|
10823925 |
74.36 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
10823925 |
74.36 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
0 |
0.00 |
|
|
|
|
|
|
2320851 |
15.94 |
|
|
|
|
|
|
1106127 |
7.60 |
|
|
278503 |
1.91 |
|
|
26369 |
0.18 |
|
|
23804 |
0.16 |
|
|
2565 |
0.02 |
|
|
3731850 |
25.64 |
|
Total Public shareholding (B) |
3731850 |
25.64 |
|
Total (A)+(B) |
14555775 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
14555775 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of all three bulk ferro alloys-
ferro silicon, ferro manganese and silico manganese. It is also engaged in
the generation and supply of wind power. |
|
|
|
|
Products : |
Not Available |
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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 : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · IndusInd Bank · Citibank N.A. · Axis Bank Limited |
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Facilities : |
SHORT TERM BORROWINGS Working Capital Loans from Banks are secured by first charge and hypothecation of Stocks of Finished Goods, Work In Process, Raw Materials, Stores and Consumables, Receivables, Bills etc. These are further secured by first charge on moveable and immoveable fixed assets both present and future of the Company. |
|
|
|
|
Auditors : |
|
|
Name : |
D. K. Chhajer and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies : |
· AXL Exploration Private Limited · Anjaney Alloys Limited ·
Anjaney Minerals Limited |
|
|
|
|
Enterprises over
which Key Managerial Personnel are able to exercise significant influence : |
· Anjaney Ferro Alloys Limited · Maithan Smelters Limited · Meghalaya Carbide and Chemicals Private Limited · Maithan Ceramic Limited ·
Maithan Ispat Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14563375 |
Equity Shares |
Rs. 10/- each |
Rs. 145.634
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14555775 |
Equity Shares |
Rs. 10/- each |
Rs. 145.558
Millions |
|
|
Add: Forfeited Shares (7600) Amount originally paid |
|
Rs. 0.031
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 145.589 Millions |
48,51,925 Shares out of the Issued, Subscribed and Paid up capital were allotted as Bonus Shares in the last five years by capitalization of Share Premium, Capital Redemption Reserve and General Reserves.
Rights, preferences
and restrictions attached to equity share:
The Company has only one class of equity shares having a face value of Rs. 10/- per share with one vote per equity share. The company declares and pays dividend in INR. The dividend proposed by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General Meeting.
The amount of dividend proposed to be distributed for the year ended March 31, 2014, to equity shareholders is Rs. 2/- per share (PY- Rs. 2/- per share).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after settling of all outside liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
Shareholders holding more than 5% of the aggregate shares in the company
|
Name of the
Shareholder |
As at 31.03.14 |
|
|
No. of Shares |
%held |
|
|
Woodhat Distributors (P) Limited |
915000 |
6.29 |
Reconciliation of
number of shares and share capital:
|
Name of the
Shareholder |
As at 31.03.14 |
|
|
No. of Shares |
Amount |
|
|
Balance at the beginning of the year |
14555775 |
145.589 |
|
Add: Shares issued / (bought back) during the year |
-- |
-- |
|
Balance at the end of the year |
14555775 |
145.589 |
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 |
145.589 |
145.589 |
145.589 |
|
(b) Reserves &
Surplus |
2756.333 |
2560.557 |
2157.592 |
|
(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) |
2901.922 |
2706.146 |
2303.181 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
51.910 |
52.079 |
54.049 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.274 |
5.036 |
3.740 |
|
Total Non-current
Liabilities (3) |
58.184 |
57.115 |
57.789 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
387.726 |
233.999 |
70.029 |
|
(b) Trade payables |
755.133 |
1022.785 |
1786.290 |
|
(c) Other current
liabilities |
922.856 |
992.179 |
22.222 |
|
(d) Short-term provisions |
39.954 |
39.568 |
38.344 |
|
Total Current Liabilities
(4) |
2105.669 |
2288.531 |
1916.885 |
|
|
|
|
|
|
TOTAL |
5065.775 |
5051.792 |
4277.855 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
566.546 |
616.166 |
710.291 |
|
(ii) Intangible Assets |
3.196 |
3.849 |
5.036 |
|
(iii) Capital
work-in-progress |
0.500 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
911.552 |
889.639 |
566.009 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.610 |
8.871 |
9.155 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1485.404 |
1518.525 |
1290.491 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
370.944 |
369.951 |
150.190 |
|
(b) Inventories |
1426.361 |
1287.409 |
927.689 |
|
(c) Trade receivables |
1031.728 |
1154.248 |
851.212 |
|
(d) Cash and cash
equivalents |
255.082 |
258.121 |
506.209 |
|
(e) Short-term loans and
advances |
269.200 |
219.554 |
229.736 |
|
(f) Other current assets |
227.056 |
243.984 |
322.328 |
|
Total Current Assets |
3580.371 |
3533.267 |
2987.364 |
|
|
|
|
|
|
TOTAL |
5065.775 |
5051.792 |
4277.855 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
8162.508 |
8584.066 |
6391.941 |
|
|
Other Income |
20.409 |
44.395 |
59.690 |
|
|
TOTAL (A) |
8182.917 |
8628.461 |
6451.631 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3285.323 |
3689.058 |
2528.416 |
|
|
Purchases of
Stock-in-Trade |
2094.027 |
2025.385 |
1293.310 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
41.726 |
(23.233) |
(67.867) |
|
|
Employees benefits
expense |
102.907 |
124.968 |
124.470 |
|
|
Other expenses |
2258.222 |
2147.238 |
1852.351 |
|
|
TOTAL (B) |
7782.205 |
7963.416 |
5730.680 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
(C) |
400.712 |
665.045 |
720.951 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
48.494 |
55.378 |
25.967 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
352.218 |
609.667 |
694.984 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
58.154 |
65.412 |
72.914 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
294.064 |
544.255 |
622.070 |
|
|
|
|
|
|
|
Less |
TAX (H) |
64.228 |
107.230 |
151.594 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
229.836 |
437.025 |
470.476 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
2316.700 |
1958.675 |
1562.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
20.000 |
45.000 |
40.000 |
|
|
Dividend |
29.100 |
29.100 |
29.100 |
|
|
Tax on Dividend |
4.900 |
4.900 |
4.700 |
|
|
Total (K) |
54.000 |
79.000 |
73.800 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
2492.536 |
2316.700 |
1958.676 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
2446.247 |
2450.882 |
1953.261 |
|
|
TOTAL EARNINGS |
2446.247 |
2450.882 |
1953.261 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Stock
in trade |
2220.012 |
2396.984 |
2230.833 |
|
|
Capital Goods |
0.000 |
0.000 |
2.365 |
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
2220.012 |
2396.984 |
2233.198 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
15.79 |
30.02 |
32.32 |
QUARTERLY RESULTS
|
Audited / Unaudited |
30.06.2014 Unaudited |
30.09.2014 Unaudited |
|
Net Sales |
2246.800 |
2454.600 |
|
Total Expenditure |
2047.500 |
2235.400 |
|
PBIDT (Excl OI) |
199.300 |
219.200 |
|
Other Income |
07.900 |
9.900 |
|
Operating Profit |
207.200 |
229.100 |
|
Interest |
12.200 |
8.200 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
195.000 |
220.800 |
|
Depreciation |
8.400 |
8.500 |
|
Profit Before Tax |
186.600 |
212.400 |
|
Tax |
47.600 |
60.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
139.000 |
151.900 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
139.000 |
151.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
2.82 |
5.09 |
7.36 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.91 |
7.75 |
11.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08 |
13.08 |
16.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.20 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.13 |
0.09 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.54 |
1.56 |
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 |
145.589 |
145.589 |
145.589 |
|
Reserves & Surplus |
2157.592 |
2560.557 |
2756.333 |
|
Net worth |
2303.181 |
2706.146 |
2901.922 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
70.029 |
233.999 |
387.726 |
|
Total borrowings |
70.029 |
233.999 |
387.726 |
|
Debt/Equity ratio |
0.030 |
0.086 |
0.134 |
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 |
6391.941 |
8584.066 |
8162.508 |
|
|
|
34.295 |
(4.911) |
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 |
6391.941 |
8584.066 |
8162.508 |
|
Profit |
470.476 |
437.025 |
229.836 |
|
|
7.36% |
5.09% |
2.82% |
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 |
Yes |
|
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
CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM
|
Case
Status : Pending |
||
|
|
||
|
Status
of COMPANY
PETITIONS (CP) 588
of 2014
|
||
|
|
||
|
RE
: SATVIK ENTERPRISES LIMITED -AND- Vs. RE: MAITHAN ALLOYS LIMITED |
||
|
|
||
|
Pet's
Adv. : SANTOSH KUMAR
RAY
|
||
|
|
||
|
Res's
Adv.
: |
||
|
|
||
|
Court
No. : 23
Last Listed On : Monday, December 01, 2014 |
||
|
|
||
|
|
||
|
|
||
|
Category : NO
CATEGORY MENTIONED |
||
|
|
||
|
||
|
|
||
|
Case Updated on: Friday, November 28,
2014 |
OPERATIONS AND
OUTLOOK
During the year, the total revenue decreased to Rs. 8182.900 Millions from Rs. 8628.500 Millions in 2012-2013 registering a decline of 5.44%. The production went down by 10.77% due to change in product mix. Profit before tax stood at Rs. 294.200 Millions and profit after tax stood at Rs. 2,29.900 Millions in the year 2013-14 as compared with Rs. 5,44.300 Millions and Rs. 4,37.100 Millions in the year 2012-13, respectively. This has resulted in decrease in profit before tax by 45.95% and profit after tax by 47.40%. Earnings per share stood at Rs. 15.79 as compared to Rs. 30.02 per share in the previous year. The windmill division of the Company achieved sales of Rs. 19.600 Millions as against Rs. 19.300 Millions in the previous year.
GENERAL INFORMATION
Company is manufacturer and exporter of all three bulk ferro alloys- ferro silicon, ferro manganese and silico manganese. It is also engaged in the generation and supply of wind power. The Company is a public limited company and is listed on Calcutta Stock Exchange (CSE) and the National Stock Exchange (NSE). Its shares are traded on Bombay Stock Exchange (BSE) under Permitted Category.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10147067 |
03/06/2011 * |
2,600,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, 11, DR. U. N. BRAHMACH |
B17224114 |
|
2 |
10147068 |
02/02/2009 |
3,010,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, 11, DR. U. N. BRAHMACH |
A57988578 |
|
3 |
10126155 |
28/03/2013 * |
350,000,000.00 |
INDUSIND BANK LTD. |
74(192), G.T.Road, P C Chatterjee Market, Rambadan Tala, Asansol, West Bengal - 713303, INDIA |
B72451289 |
|
4 |
10113515 |
10/07/2014 * |
850,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), AC MARKET, 3RD FLOOR, 1 SHAKESPEARE SARANI, KOLKATA, West Bengal
- |
C11535861 |
|
5 |
10111723 |
16/05/2008 |
400,000,000.00 |
Citibank N.A |
"Kanak Building", 41 Chowringhee Road, Kolkata, West Bengal - 700071, INDIA |
A41278870 |
|
6 |
10093169 |
22/02/2008 |
990,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 11, DR. U. N. BRAHMACH |
A34182204 |
|
7 |
10066687 |
27/03/2014 * |
2,407,500,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING
BRANCH, 3RD FLOOR, AC MARKET, 1 |
C16713950 |
|
8 |
10046515 |
04/04/2007 |
796,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE BRANCH,
11, DR. U. N. BRAHMACH |
A13596853 |
|
9 |
90252529 |
03/06/2011 * |
1,830,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, West Bengal - 700017, INDIA |
B15239981 |
|
10 |
90251845 |
05/07/2004 * |
38,600,000.00 |
STATE BANK OF INDIA |
ASANSOL BRANCH,
COURT ROAD, ASANSOL, West Bengal |
- |
* Date of charge modification
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR
ENDED SEPTEMBER 30, 2014
(Rs. In Millions)
|
PARTICULARS |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014
Unaudited |
30.06.2014 Unaudited |
30.09.2014
Unaudited |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
2429.167 |
2191.811 |
4620.978 |
|
Other Operating Income |
25.457 |
54.979 |
80.436 |
|
Total Income from
operations (net) |
2454.624 |
2246.790 |
4701.414 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Material Consumed |
558.485 |
682.222 |
1240.707 |
|
(b) Purchase of stock in trade |
1118.467 |
786.698 |
1905.165 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(1.010) |
(11.714) |
(12.724) |
|
(d) Employee benefit expenses |
49.894 |
33.406 |
83.300 |
|
(e) Power Cost |
409.740 |
446.895 |
856.635 |
|
(f) Depreciation and amortization expenses |
8.473 |
8.419 |
16.892 |
|
(g) Other Expenses |
99.820 |
110.023 |
209.843 |
|
Total Expenses |
2243.869 |
2055.949 |
4299.818 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
210.755 |
190.841 |
401.596 |
|
Other Income |
9.856 |
7.922 |
17.778 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
220.611 |
198.763 |
419.374 |
|
Finance costs |
8.244 |
12.193 |
20.437 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
212.367 |
186.570 |
398.937 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
212.367 |
186.570 |
398.937 |
|
Tax Expenses |
60.487 |
47.545 |
108.032 |
|
Net Profit for the period |
151.880 |
139.025 |
290.905 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
145.589 |
145.589 |
145.589 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per
share before and after Extraordinary items [Not Annualised] -
Basic |
10.43 |
9.55 |
19.98 |
|
- Diluted |
10.43 |
9.55 |
19.98 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
- Number of
Shares |
3731850 |
3731850 |
3731850 |
|
- Percentage of Shareholding |
25.64 |
25.64 |
25.64 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
10823925 |
10823925 |
10823925 |
|
- Percentage
of Shares (as a % of the
total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
74.36 |
74.36 |
74.36 |
|
|
PARTICULARS |
Quarter
Ended 30.09.2014 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
4 |
|
|
Disposed of during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
0 |
STATEMENT
OF ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2014
|
SOURCES OF FUNDS |
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
145.589 |
|
(b) Reserves &
Surplus |
3047.239 |
|
Total Shareholders’ Funds
|
3192.828 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
-- |
|
(b) Deferred tax
liabilities (Net) |
51.910 |
|
(c) Other long term
liabilities |
-- |
|
(d) long-term provisions |
6.283 |
|
Total Non-current
Liabilities (3) |
58.193 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
45.979 |
|
(b) Trade payables |
945.659 |
|
(c) Other current
liabilities |
798.813 |
|
(d) Short-term provisions |
0.222 |
|
Total Current Liabilities
(4) |
1790.673 |
|
|
|
|
TOTAL |
5041.694 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
554.991 |
|
(b) Non-current
Investments |
911.552 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
8.994 |
|
(e) Other Non-current
assets |
-- |
|
Total Non-Current Assets |
1475.537 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
340.944 |
|
(b) Inventories |
1045.458 |
|
(c) Trade receivables |
1666.487 |
|
(d) Cash and cash
equivalents |
229.672 |
|
(e) Short-term loans and
advances |
160.533 |
|
(f) Other current assets |
123.063 |
|
Total Current Assets |
3566.157 |
|
|
|
|
TOTAL |
5041.694 |
SEGMENT – WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30,
2014
|
PARTICULARS |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2014
Unaudited |
30.06.2014 Unaudited |
30.09.2014
Unaudited |
|
1. Segment Revenue |
|
|
|
|
a. Ferro Alloys |
2445.800 |
2241.129 |
4686.929 |
|
b. Wind Power |
8.824 |
5.661 |
14.485 |
|
Total |
2454.624 |
2246.790 |
4701.414 |
|
Less: Inter – segment revenue |
-- |
-- |
-- |
|
Net Sales / Income from operations |
2454.624 |
2246.790 |
4701.414 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
a. Ferro Alloys |
204.472 |
187.635 |
392.107 |
|
b. Wind Power |
6.283 |
3.206 |
9.489 |
|
Total |
210.755 |
190.841 |
401.596 |
|
Less: Interest |
8.244 |
12.193 |
20.437 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
(9.856) |
(7.922) |
(17.778) |
|
Total Profit Before Tax |
212.367 |
186.570 |
398.937 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
a. Ferro Alloys |
3150.366 |
3002.769 |
3150.366 |
|
b. Wind Power |
100.656 |
96.373 |
100.656 |
|
Total |
3251.021 |
3099.142 |
3251.021 |
NOTES:
1) The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on November 8, 2014.
2) The limited review of these results has been done by the Statutory Auditors of the Company.
3) Pursuant to the Companies Act, 2013 ("The Act") being effective from April 1, 2014, the Company has revised depreciation rate on Fixed Assets as per the useful life specified in Part C of Schedule II of the Act, as a result, the depreciation expense for the current quarter is lower by Rs. 5.048 Millions.
4) Deferred Tax Liability/Assets, if any has not been determined as it will be finalised at the year end.
5) Figures for the previous year have been rearranged / regrouped wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) Claims against the Company/ disputed liabilities not
acknowledged as debts: |
|
|
|
- In respect of disputed Excise Duty & Service Tax
demand |
47.264 |
32.302 |
|
b) Letters of Credit issued by banks and outstanding |
241.913 |
347.366 |
|
c) Bank Guarantees issued by Banks and Outstanding |
98.413 |
61.870 |
|
d) Guarantee provided to bank in respect of term loan and
ECB extended by them to a subsidiary Company. |
1827.091 |
1751.615 |
|
e) Liability in respect of bills discounted with banks |
3.318 |
111.421 |
|
|
|
|
|
Total |
2217.999 |
2304.574 |
FIXED ASSETS:
TANGIBLE ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Motor Vehicles
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Leasehold Land & Development
INTANGIBLE ASSETS
·
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 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. 63.38 |
|
|
1 |
Rs. 96.71 |
|
Euro |
1 |
Rs. 75.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.