MIRA INFORM REPORT
|
Report No. : |
303585 |
|
Report Date : |
17.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
STEEL EXCHANGE INDIA LIMITED |
|
|
|
|
Registered
Office : |
303, Laxmi Nivas Apartments, Hotel Green Park, Greenlands, Hyderabad –
500073, Telangana |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.02.1999 |
|
|
|
|
Com. Reg. No.: |
36-031191 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.519.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74100AP1999PLC031191 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
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
: |
The Company is primarily engaged in the business of manufacture and
sale of iron and steel products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during FY 2014 however,
net worth of the company is satisfactory. General financial position of the
company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for 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 = BBB- |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
January 7, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A3 |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
January 7, 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 Office : |
303, Laxmi Nivas Apartments, Hotel Green Park, Greenlands, Hyderabad –
500073, Telangana, India |
|
Tel. No.: |
91-40-23403725 |
|
Fax No.: |
91-40-23413267 |
|
E-Mail : |
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|
Website : |
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|
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Corporate Office 1 : |
Block A, 4th Floor, Green City, Vadlapudi , Visakhapatnam - 530 046, Andhra
Pradesh, India |
|
Tel. No.: |
91-891-2587175 / 2587573 |
|
Fax No.: |
91-891-2749215 |
|
|
|
|
Corporate Office 2 : |
Flat No 103 and 104 Vizag Profile Towers, Duvvada Station Road,
Kurmannapalem, Visakhapatnam – 530046, Andhra Pradesh, India |
|
|
|
|
WORKS : |
|
|
Power Plant & Steel Ingot Division: |
Opposite Mandapalli New Bridge, East Godavari District, Kothapeta (V
& M) - 533 223, Andhra Pradesh, India
|
|
|
|
|
Rolling Division: |
Simhadri TMT Steels, Plot No 1, I.D.A., Edulapaka Bonangi, Paravada
(Mandal), Visakhapatnam - 531 201, Andhra Pradesh, India |
|
|
|
|
Bobbili Wire
Drawing Division (Galvanised Wire Products): |
S. No. 295 to 300, APIIC Growth Centre, Bobbili- 535 558, Andhra
Pradesh, India |
|
|
|
|
Wire Drawing Division (HC Wire Products): |
Plot No.17 and 18, E-Block, IDA, Auto Nagar, Visakhapatnam - 530 012,
Andhra Pradesh, India |
|
Tel. No.: |
91 - 891 - 2587574 |
|
Fax No.: |
91 - 891 - 2766437 |
|
|
|
|
Wire Drawing Division : |
S. No. 88/50 to 88/101, R.G. Peta , L.Kota Mandal, Vizianagaram
District - 533 301, Andhra Pradesh, India |
|
|
|
|
INTEGRATED STEEL PLANT : |
|
|
Sponge Iron Division, Rolling Division and SMS Billet Unit: |
Malliveedu, L.Kota Mandal, Vizianagaram District - 533 301, Andhra
Pradesh, India |
DIRECTORS
As on 31.12.2014
|
Name : |
B. Satish Kumar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
B. Suresh Kumar |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
19.04.1964 |
|
Qualification : |
B.E. (Mechanical) |
|
Experience : |
Rich Experience of more than 15 years in Steel Industry |
|
Date of Appointment : |
24.02.1999 |
|
|
|
|
Name : |
V. V. Krishna Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.06.1948 |
|
Qualification : |
M.A. |
|
Experience : |
More than 35 years of experience in Marketing and in Steel Industry |
|
Date of Appointment : |
12.01.2000 |
|
|
|
|
Name : |
B. Suresh |
|
Designation : |
Director |
|
|
|
|
Name : |
R. Ramachandra Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.07.1959 |
|
Qualification : |
MS (Communications Engg), IIT, New Delhi |
|
Experience : |
More than 25 years of experience in the areas of Power quality,
Communications, Aviation, Microwave, Electronics and Management |
|
Date of Appointment : |
30.01.2006 |
|
|
|
|
Name : |
C. Siva Prasad |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.12.1943 |
|
Qualification : |
B.com., FCA |
|
Experience : |
More than 35 years of experience in the fields of Fundraising,
Financial closures, Treasury Management, Budget and Budgetary controls. |
|
Date of Appointment : |
10.01.2008 |
|
|
|
|
Name : |
K. Krishna Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.07.1946 |
|
Qualification : |
B.E. (Electrical) |
|
Experience : |
Rich Experience of more than 30 years in Steel Industry |
|
Date of Appointment : |
31.01.2009 |
|
|
|
|
Name : |
G. Venkata Narayana Reddy |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.06.1952 |
|
Qualification : |
M.E (Civil) |
|
Experience : |
Rich Experience of more than 30 years in Steel Industry |
|
Date of Appointment : |
30.07.2012 |
|
Voter ID No.: |
|
KEY EXECUTIVES
|
Name : |
V.S. Rakesh |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
B. Narahari |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
9304152 |
17.91 |
|
|
19054590 |
36.68 |
|
|
28358742 |
54.59 |
|
|
|
|
|
|
211504 |
0.41 |
|
|
211504 |
0.41 |
|
Total
shareholding of Promoter and Promoter Group (A) |
28570246 |
55.00 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
350000 |
0.67 |
|
|
350000 |
0.67 |
|
|
|
|
|
|
8106518 |
15.60 |
|
|
|
|
|
|
2529063 |
4.87 |
|
|
12250456 |
23.58 |
|
|
143717 |
0.28 |
|
|
72450 |
0.14 |
|
|
1000 |
0.00 |
|
|
70267 |
0.14 |
|
|
23029754 |
44.33 |
|
Total Public
shareholding (B) |
23379754 |
45.00 |
|
Total (A)+(B) |
51950000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in the business of manufacture and sale
of iron and steel products. |
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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 |
PRODUCTION STATUS = 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 : |
Working Capital Lenders
Corporate
Loan and Term Loan Lenders
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Facilities : |
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Statutory Auditors : |
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|
Name : |
Pavuluri and Company Chartered Accountants |
|
Address : |
105, I Floor, I Block, Divya Shakthi Complex, Ameerpet, Hyderabad -
500 016, Telangana, India |
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|
|
|
Cost Auditors : |
|
|
Name : |
DZR and Company Cost and Management Accountants |
|
Address : |
Hyderabad, Telangana, India |
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|
|
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
159000000 |
Equity shares |
Rs.10/- each |
Rs.1590.000 Millions |
|
1000000 |
Redeemable Preference shares |
Rs.10/- each |
Rs.10.000 Millions |
|
73000000 |
Redeemable Cumulative Optionally Convertible preference shares |
Rs.10/- each |
Rs.730.000 Millions |
|
|
Total
|
|
Rs.2330.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51950000 |
Equity shares |
Rs.10/- each |
Rs.519.500
Millions |
Rights, Preferences and restrictions attached to Equity Shares
The Company has only one class of equity shares having a par value of `.10 per share. Each Shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend. 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 of their shareholding.
The Movement in
subscribed and paid up capital is set out below:-
|
|
As at 31.03.2014 |
|
|
No. of Shares |
Amount in
Millions |
|
|
Equity shares: |
|
|
|
Opening Balance |
51950000 |
519.500 |
|
Shares alloted during the year |
--- |
--- |
|
Closing Balance |
51950000 |
519.500 |
Details of shares held by each shareholder holding more than 5% shares:
|
|
As at 31.03.2014 |
|
|
No. of Shares |
% held |
|
|
Equity shares with voting rights:- |
|
|
|
Umashiv Garments Private Limited |
15214090 |
29.29 |
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 |
519.500 |
519.500 |
519.500 |
|
(b) Reserves &
Surplus |
2600.430 |
2242.209 |
1709.320 |
|
(c) Equity Share Capital
Suspense Account |
59.827 |
59.827 |
59.827 |
|
(d) 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) |
3179.757 |
2821.536 |
2288.647 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
922.877 |
1132.029 |
1395.454 |
|
(b) Deferred tax
liabilities (Net) |
202.622 |
180.399 |
144.920 |
|
(c) Other long term
liabilities |
312.000 |
30.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1437.499 |
1342.429 |
1540.374 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2460.038 |
2434.749 |
2281.422 |
|
(b) Trade payables |
4966.454 |
4172.032 |
4306.947 |
|
(c) Other current
liabilities |
1375.087 |
1385.583 |
1168.700 |
|
(d) Short-term provisions |
0.000 |
17.657 |
183.988 |
|
Total Current Liabilities
(4) |
8801.579 |
8010.020 |
7941.057 |
|
|
|
|
|
|
TOTAL |
13418.835 |
12173.985 |
11770.078 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3499.118 |
3247.302 |
3275.314 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
90.622 |
35.816 |
24.673 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
352.871 |
352.871 |
352.871 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
98.629 |
68.396 |
106.687 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4041.240 |
3704.385 |
3759.545 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5863.259 |
4171.609 |
3501.129 |
|
(c) Trade receivables |
2129.549 |
2613.414 |
2628.130 |
|
(d) Cash and cash
equivalents |
482.614 |
370.410 |
486.696 |
|
(e) Short-term loans and
advances |
760.840 |
1195.525 |
1362.707 |
|
(f) Other current assets |
141.333 |
118.642 |
31.871 |
|
Total Current Assets |
9377.595 |
8469.600 |
8010.533 |
|
|
|
|
|
|
TOTAL |
13418.835 |
12173.985 |
11770.078 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
12554.695 |
9815.066 |
17020.941 |
|
|
Other Income |
72.776 |
195.050 |
143.503 |
|
|
TOTAL |
12627.471 |
10010.116 |
17164.444 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4307.067 |
3023.086 |
6775.327 |
|
|
Purchases of
Stock-in-Trade |
5913.749 |
4922.615 |
7485.189 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(406.700) |
(168.123) |
(1300.448) |
|
|
Employees benefits
expense |
173.101 |
132.999 |
171.632 |
|
|
Other expenses |
1294.789 |
947.580 |
2404.929 |
|
|
TOTAL |
11282.006 |
8858.157 |
15536.629 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1345.465 |
1151.959 |
1627.815 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
804.398 |
630.916 |
1078.107 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
541.067 |
521.043 |
549.708 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
150.098 |
117.595 |
171.646 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
390.969 |
403.448 |
378.062 |
|
|
|
|
|
|
|
Less |
TAX |
32.749 |
(129.441) |
109.350 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
358.220 |
532.889 |
268.712 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(2114.929) |
(2647.818) |
446.917 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
0.000 |
0.000 |
7.500 |
|
|
Dividend |
0.000 |
0.000 |
0.470 |
|
|
Tax on Dividend |
0.000 |
0.000 |
0.076 |
|
|
Transfer to Capital
Redemption Reserve |
0.000 |
0.000 |
5.504 |
|
|
Total (M) |
0.000 |
0.000 |
13.550 |
|
|
|
|
|
|
|
|
Balance of GSAL (India)
Ltd on amalgamation |
0.000 |
0.000 |
(3349.898) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
(1756.709) |
(2114.929) |
(2647.819) |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
758.230 |
0.000 |
3781.692 |
|
|
Components and Stores parts |
1.735 |
1.516 |
7.273 |
|
|
TOTAL IMPORTS |
759.965 |
1.516 |
3788.965 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
6.90 |
10.26 |
5.17 |
QUARTERLY RESULTS
|
Particulars (Rs.
In Millions) |
Jun 2014 |
Sep 2014 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
2967.600 |
3880.900 |
|
Total Expenditure |
2660.300 |
3584.000 |
|
PBIDT (Excl OI) |
307.300 |
296.900 |
|
Other Income |
20.700 |
5.300 |
|
Operating Profit |
328.000 |
302.200 |
|
Interest |
194.400 |
195.500 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
133.500 |
106.700 |
|
Depreciation |
43.000 |
34.200 |
|
Profit Before Tax |
90.500 |
72.600 |
|
Tax |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
90.500 |
72.600 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
90.500 |
72.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
2.85
|
5.42 |
1.57 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.71
|
11.73 |
9.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.01 |
3.42 |
3.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.14 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.06 |
1.26 |
1.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
1.06 |
1.01 |
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 |
519.500 |
519.500 |
519.500 |
|
Reserves & Surplus |
1709.320 |
2242.209 |
2600.430 |
|
Net worth |
2228.820 |
2761.709 |
3119.930 |
|
|
|
|
|
|
long-term borrowings |
1395.454 |
1132.030 |
922.877 |
|
Short term borrowings |
2281.422 |
2434.749 |
2460.038 |
|
Total borrowings |
3676.876 |
3566.779 |
3382.915 |
|
Debt/Equity ratio |
1.650 |
1.292 |
1.084 |
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 |
17020.941 |
9815.066 |
12554.695 |
|
|
|
-42.335 |
27.912 |
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 |
17020.941 |
9815.066 |
12554.695 |
|
Profit |
268.712 |
532.889 |
358.220 |
|
|
1.58% |
5.43% |
2.85% |
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10540695 |
09/12/2014 |
1,000,000,000.00 |
State Bank of India |
Commercial Branch, # 43-29-54, Balaji Metro Chambers, Dondaparthy, Visakhapatnam, Andhra Pradesh - 530016, INDIA |
C39271929 |
|
2 |
10520270 |
07/08/2014 |
250,000,000.00 |
LAKSHMI VILAS BANK LIMITED |
GAJUWAKA BRANCH, 17-40/6, Lakshmi Complex Main Road, Gajuwaka, VISAKHAPATNAM, Andhra Pradesh - 530026, INDIA |
C20908299 |
|
3 |
10514254 |
04/07/2014 |
60,000,000.00 |
VENUS INDIA ASSET-FINANCE PRIVATE LIMITED |
198/12-13, 2nd
Floor, Main Road, Ramesh Market, |
C15940695 |
|
4 |
10526662 |
26/05/2014 |
140,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, Maker Tower E,
Cuffe Parade,, Colaba, MUMBAI INDIA |
C30301865 |
|
5 |
10387337 |
25/10/2012 |
580,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
Commercial Branch,
# 43-29-54/, Balaji Metro Cham |
B62289293 |
|
6 |
10323334 |
12/11/2011 |
200,000,000.00 |
The Karur Vysya Bank Limited |
30-10-1, Pidaparthi
vari street, Main Branch, Dab |
B27943869 |
|
7 |
10318673 |
10/11/2014 * |
4,510,000,000.00 |
State Bank of India |
Commercial Branch, #
43-29-54, Balaji Metro Chamb |
C36270551 |
|
8 |
10285302 |
20/04/2011 |
2,300,000,000.00 |
State Bank of India |
Commercial Branch, # 43-29-54/, 1st Floor,, Balaji Metro Chambers, Dondaparthy, Visakhapatnam, Andhra Pradesh - 530016, INDIA |
B12377719 |
|
9 |
10265282 |
18/07/2013 * |
1,100,000,000.00 |
State Bank of India (Lead Bank) |
Commercial Branch, # 43-29-54, Balaji Metro Chambers, Dondaparthy, Visakhapatnam, Andhra Pradesh - 530016, INDIA |
B81718926 |
|
10 |
10194465 |
20/04/2012 * |
68,100,000.00 |
State Bank of Hyderabad |
VSP Steel Township
Branch, Sector-I, Ukkunagaram, |
B38101770 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans from Banks |
0.000 |
1.015 |
|
Term Loans from Others |
477.348 |
246.652 |
|
Interest Free Sales Tax Loan |
34.310 |
51.464 |
|
Vehicle Hire Purchase Loans |
6.754 |
1.837 |
|
Total |
518.412 |
300.968 |
Note:
Maturity profile
for Long term Unsecured Borrowings:
|
Borrowings |
Principal Repayable in |
||
|
1-2 Years |
2-3 Years |
Above 3 Years |
|
|
Term Loans from banks |
0.972 |
0.000 |
0.000 |
|
Term Loans from others |
45.338 |
274.790 |
202.563 |
|
Interest Free Sales tax Loan |
17.154 |
17.154 |
17.154 |
|
Hire Purchase Loans |
3.702 |
4.353 |
2.400 |
Review of Operations
The Company achieved a turnover of Rs.12554.600 Millions for the year ended 31st March 2014 as against Rs. 9815.100 Millions in the previous 9 months period ended 31st March 2013. The Company earned a Gross Profit of Rs.1345.400 Millions before interest and depreciation as against Rs.1152.000 Millions in the previous period. After deducting interest of Rs.804.400 Millions, providing a sum of Rs.150.100 Millions towards depreciation and after adjusting deferred tax and excess income tax written back, the operations resulted in a Net Profit of Rs.358.200 Millions as against Rs.532.900 Millions for the previous 9 months period ended 31st March 2013.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2014
(Rs. In Millions)
|
Particulars |
Quarter ended |
Quarter
ended |
Half Year ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of
excise duty) |
3880.886 |
2967.644 |
6848.531 |
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total
income from operations (net) |
3880.886 |
2967.644 |
6848.531 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
1016.680 |
1010.353 |
2027.033 |
|
(b) Purchase of stock in trade |
2207.534 |
1316.201 |
3523.735 |
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
43.961 |
(50.005) |
(6.045) |
|
(d) Employee benefits expense |
46.077 |
45.290 |
91.367 |
|
(e) Depreciation and Anmortisation Expenses |
34.158 |
43.003 |
77.161 |
|
(f) Other Expenses |
269.776 |
338.510 |
608.286 |
|
Total expenses |
3618.186 |
2703.352 |
6321.536 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
262.700 |
264.292 |
526.994 |
|
Other Income |
5.319 |
20.684 |
26.003 |
|
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
268.019 |
284.976 |
552.997 |
|
Finance Costs |
195.458 |
194.432 |
389.890 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
72.561 |
90.544 |
163.107 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
72.561 |
90.544 |
163.107 |
|
Tax expenses |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) from ordinary activities after tax (9-10) |
72.561 |
90.544 |
163.107 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
72.561 |
90.544 |
163.107 |
|
Paid up equity share capital (Face Value of Rs1/-each) |
519.500 |
519.500 |
519.500 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
0.000 |
0.000 |
0.000 |
|
Earnings per
share (before extraordinary items) (of Rs. 10/-each) |
|
|
|
|
(a) Basic |
1.40 |
1.74 |
3.14 |
|
(b) Diluted |
1.25 |
1.56 |
2.82 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-each) |
|
|
|
|
(a) Basic |
1.40 |
1.74 |
3.14 |
|
(b) Diluted |
1.25 |
1.56 |
2.82 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of shares |
23379754 |
23379754 |
23379754 |
|
- Percentage of shareholding |
45.00 |
45.00 |
45.00 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
11871069 |
10288850 |
11871069 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
41.55 |
36.01 |
41.55 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
22.85 |
19.81 |
22.85 |
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
16699177 |
18281396 |
16699177 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
58.45 |
63.99 |
58.45 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
32.14 |
35.19 |
32.14 |
|
B |
INVESTOR COMPLAINTS |
Quarter ended 30.09.2014 |
|
|
Pending at the beginning of the quarter |
6 |
|
|
Received during the quarter |
5 |
|
|
Disposed of during the quarter |
11 |
|
|
Remaining unresolved at the end of the quarter |
0 |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particulars |
As at 30.09.2014 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholder’s Funds |
|
|
a) Share Capital |
579.327 |
|
b) Reserves & Surplus |
2667.373 |
|
|
|
|
Sub Total-
Shareholders funds |
3246.700 |
|
|
|
|
Non-current liabilities |
|
|
a)Long term borrowings |
1043.824 |
|
b)Deferred tax Liabilities (Net) |
202.622 |
|
c)Other long term liabilities |
332.000 |
|
Sub Total- Non
Current Liabilities |
1578.446 |
|
|
|
|
Current liabilities |
|
|
(a) Short term borrowings |
2471.400 |
|
(b) Trade Payables |
6359.827 |
|
(c) Other current liabilities |
2175.297 |
|
(d) Short term provisions |
0.000 |
|
Sub Total- Current
Liabilities |
11006.524 |
|
TOTAL-EQUITY AND
LIABILITIES |
15831.670 |
|
ASSETS |
|
|
Non-current assets |
|
|
a)Fixed assets |
3503.378 |
|
b)Non – Current Investments |
352.871 |
|
c)Long term loans and advances |
119.252 |
|
Sub-Total-
Non-current assets |
3975.500 |
|
|
|
|
Current assets |
|
|
a) Inventories |
6499.896 |
|
b) Trade Receivables |
3979.729 |
|
c) Cash and cash equivalents |
443.933 |
|
d) Short term loans and advances |
730.333 |
|
e) Other current Assets |
202.280 |
|
Sub-Total- current
assets |
11856.170 |
|
TOTAL ASSETS |
15831.670 |
FIXED ASSETS
- Freehold Land
and Roads
- Freehold Land
Buildings
- Machinery
- Electricals
- Equipments
- Furniture and
Fixture
- Vehicles
- Railways
Sidings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.89 |
|
|
1 |
Rs.93.92 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.