MIRA INFORM REPORT
|
Report No. : |
330856 |
|
Report Date : |
10.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ALLIANCE INTEGRATED METALIKS LIMITED |
|
|
|
|
Registered Office
: |
910, Ansal Bhawan, 16, K.G. Marg, New Delhi – 110 001 |
|
Tel. No.: |
91-11-41525361 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.06.2014 |
|
|
|
|
Date of
Incorporation : |
09.03.1989 |
|
|
|
|
Com. Reg. No.: |
55-035409 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.766.125 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65993DL1989PLC035409 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in the process of manufacturing of steel and processing of alloy products catering primarily to automobile applications and, also for industrial, defence and engineering applications and also engaged in the manufacture of sponge iron, hot briquetted iron, iron ore pellets, pig iron, alloy steel billets, blooms, ingots and rolled products, auto components and processors. |
|
|
|
|
No. of Employees
: |
Approximately
362 (including contractual employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Profitability of the company is low. However, the subject has achieved
better growth in sales turnover during FY 2014. The rating takes into consideration company’s improved operational
performance and fair liquidity profile of the company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-11-41525361/ 23752586)
LOCATIONS
|
Registered Office : |
910, Ansal Bhawan 16, K.G. Marg, New Delhi – 110 001, India |
|
Tel. No. : |
91-11-41525361/ 41320015/ 23752586/ 90/ 91 |
|
Fax No. : |
91-11-23752645 |
|
E-Mail : |
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|
Website : |
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|
Factory : |
Village Sarai Banjara, P.O. Basant Pura, Tehsil Rajpura, District
Patiala – 140 401 Punjab, India |
DIRECTORS
AS ON 30.06.2014
|
Name : |
Mr. Ashish Pandit |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
16.09.1972 |
|
Qualification : |
B.Com |
|
Expertise in specific functional areas : |
Administrative
and Operations |
|
Date of Appointment : |
13.05.2011 |
|
DIN No.: |
00139001 |
|
List
of other Companies * in which Directorships held (excluding foreign
companies, private companies and alternate directorships) : |
|
|
|
|
|
Name : |
Mr. Mahesh Ochani |
|
Designation : |
Director |
|
DIN No.: |
01199650 |
|
|
|
|
Name : |
Mr. Sunil
Kumar Mahalwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.08.1970 |
|
Qualification : |
B. Com |
|
Expertise in specific functional areas : |
Marketing |
|
Date of Appointment : |
08.05.2004 |
|
DIN No.: |
00499382 |
|
|
|
|
Name : |
Mr. Avijit Banerjee |
|
Designation : |
Director |
|
Date of Birth/Age : |
29.10.1949 |
|
Qualification : |
B.E.
(Mechanical Honors) |
|
Expertise in specific functional areas : |
More than 35 years of
experience in Manufacturing Industry. Strategic Planning, and Implementation,
Technical Expertise in Steel, Auto Components and related industry. |
|
Date of Appointment : |
16.07.2012 |
|
DIN No.: |
01357534 |
|
List
of other Companies * in which Directorships held (excluding foreign
companies, private companies and alternate directorships) : |
|
|
|
|
|
Name : |
Mr.
Daljit Singh Chahal |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
11.02.1972 |
|
Qualification : |
B.
Tech (Mechanical) |
|
Expertise in specific functional areas : |
21 years of Experience in
the field of Development materials, production and operations relating to
fabrication of steel structures. |
|
Date of Appointment : |
16.07.2012 |
|
DIN No.: |
03331560 |
|
List
of other Companies * in which Directorships held (excluding foreign
companies, private companies and alternate directorships) : |
|
KEY EXECUTIVES
|
Name : |
Ms. Ritika Kamboj |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8285865 |
71.35 |
|
|
8285865 |
71.35 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
8285865 |
71.35 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
926898 |
7.98 |
|
|
|
|
|
|
2164112 |
18.64 |
|
|
235500 |
2.03 |
|
|
125 |
0.00 |
|
|
125 |
0.00 |
|
|
3326635 |
28.65 |
|
Total
Public shareholding (B) |
3326635 |
28.65 |
|
Total
(A)+(B) |
11612500 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
11612500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the process of manufacturing of steel and processing of alloy products catering primarily to automobile applications and, also for industrial, defence and engineering applications and also engaged in the manufacture of sponge iron, hot briquetted iron, iron ore pellets, pig iron, alloy steel billets, blooms, ingots and rolled products, auto components and processors. |
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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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Approximately
362 (including contractual employees) |
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Bankers : |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Term Loans are secured by
equitable mortgage of all immovable properties of the Company and
hypothecation of movable assets, save and except the charge in favour of
Banks and Financial Institutions over inventories and book debts to secure
working capital limits. Maturity Profile of
Secured Term Loans classified as Long Term Borrowings is set out below:
There
is no default in repayment of loans and payment of interest as on Balance
sheet date. SHORT TERM
BORROWINGS Working capital
facilities are secured by hypothecation of raw material, semi-finished goods,
stock-in process, consumable stores and book debts of the company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A.C. Gupta and Associates Chartered Accountants |
|
Address : |
808, Padma Tower-I, Rajendra Place, New Delhi – 110 008, India |
|
Tel. No.: |
91-11-43094645 |
|
Mobile No.: |
91-9811251220/ 9999836123 |
|
|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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Holding Company : |
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|
|
Associates : |
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CAPITAL STRUCTURE
AS ON 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 million |
|
70000000 |
Preference Shares |
Rs.10/- each |
Rs.700.000 million |
|
|
Total |
|
Rs.1000.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11612500 |
Equity Shares |
Rs.10/- each |
Rs.116.125 million |
|
65000000 |
1% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.650.000 million |
|
|
Total |
|
Rs.766.125
million |
|
|
|
|
|
Terms of redemption of
preference shares
Preference Shares will not be
redeemed before 11 years and not later than 15 years from the date of allotment
i.e. May 2013 at such premium as may be decided by the board of Directors in
accordance with the provisions of Companies Act, 1956 or any re-enactment
thereof.
RECONCILIATION
OF SHARE CAPITAL
The
reconciliation of the number of Equity shares outstanding and the amount of
Equity share capital as at June 30, 2014 is set out below:
|
Particulars |
30.06.2014 |
|
|
Number
of Shares (In
lacs) |
Amount (Rs. in Million) |
|
|
Number of shares at the beginning |
154.63 |
154.625 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares Bought Back |
38.50 |
38.500 |
|
Number of Shares at the end |
116.13 |
116.125 |
The reconciliation of the number of Preference shares outstanding and the amount of Preference share capital as at June 30, 2014 is set out below:
|
Particulars |
30.06.2014 |
|
|
Number
of Shares (In
lacs) |
Amount (Rs. in
Million) |
|
|
Number of shares at the beginning |
-- |
-- |
|
Add : Shares Issued |
650.00 |
650.000 |
|
Number of Shares at the end |
650.00 |
650.000 |
DETAILS OF PERSONS HOLDING MORE THAN 5% OF
SHARE CAPITAL
|
Particulars |
30.06.2014 |
|
|
Number
of Shares (In
lacs) |
% of Holding |
|
|
Equity Shares |
|
|
|
WLD Investments Private Limited |
82.86 |
71.35% |
|
Preference Shares |
|
|
|
WLD Investments Private Limited |
650.00 |
100% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
766.125 |
804.625 |
154.625 |
|
(b) Reserves &
Surplus |
5312.982 |
5879.393 |
27.453 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
2000.000 |
|
Total Shareholders’ Funds
(1) + (2) |
6079.107 |
6684.018 |
2182.078 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
2652.611 |
2803.720 |
3071.800 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.525 |
|
(c) Other long term
liabilities |
74.413 |
100.849 |
0.000 |
|
(d) Long-term provisions |
4.617 |
2.862 |
3.101 |
|
Total Non-current
Liabilities (3) |
2731.641 |
2907.431 |
3075.426 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
300.237 |
108.290 |
0.000 |
|
(b) Trade payables |
101.631 |
33.162 |
100.992 |
|
(c) Other current
liabilities |
1048.229 |
322.061 |
123.014 |
|
(d) Short-term provisions |
8.169 |
1.456 |
0.000 |
|
Total Current Liabilities
(4) |
1458.266 |
464.969 |
224.006 |
|
|
|
|
|
|
TOTAL |
10269.014 |
10056.418 |
5481.510 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
3403.619 |
1914.288 |
972.114 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1154.252 |
1625.561 |
646.349 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4042.339 |
3956.614 |
99.000 |
|
(c) Deferred tax assets
(net) |
0.868 |
0.204 |
0.000 |
|
(d) Long-term Loan and Advances |
693.752 |
1348.104 |
3180.162 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
9294.830 |
8844.771 |
4897.625 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
514.348 |
0.000 |
|
(b) Inventories |
126.659 |
100.346 |
35.220 |
|
(c) Trade receivables |
432.381 |
284.760 |
239.036 |
|
(d) Cash and cash
equivalents |
249.454 |
188.659 |
218.226 |
|
(e) Short-term loans and
advances |
162.656 |
121.253 |
88.120 |
|
(f) Other current assets |
3.034 |
2.281 |
3.283 |
|
Total Current Assets |
974.184 |
1211.647 |
583.885 |
|
|
|
|
|
|
TOTAL |
10269.014 |
10056.418 |
5481.510 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
5224.891 |
1707.115 |
229.845 |
|
|
|
Other Income |
31.849 |
13.207 |
42.798 |
|
|
|
TOTAL |
5256.740 |
1720.322 |
272.643 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4395.761 |
1444.599 |
227.107 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(44.784) |
(39.652) |
(14.929) |
|
|
|
Employees benefits expense |
127.221 |
45.482 |
13.134 |
|
|
|
Other expenses |
192.565 |
60.530 |
15.650 |
|
|
|
TOTAL |
4670.763 |
1510.959 |
240.962 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
585.977 |
209.363 |
31.681 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
316.145 |
163.561 |
22.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
269.832 |
45.802 |
9.311 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
260.582 |
43.543 |
8.518 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
9.250 |
2.259 |
0.793 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.664) |
(0.729) |
0.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
9.914 |
2.988 |
0.419 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.034 |
1.094 |
0.675 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend on preference shares |
6.500 |
0.908 |
0.000 |
|
|
|
Corporate Dividend Tax |
1.105 |
0.140 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5.343 |
3.034 |
1.094 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare parts |
0.043 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
6.814 |
230.225 |
|
|
TOTAL IMPORTS |
0.043 |
6.814 |
230.225 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.17 |
0.13 |
0.03 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
Current maturities of long-term debt |
392.114 |
268.080 |
0.000 |
|
Cash generated
from operations activities |
1177.744 |
395.118 |
864.815 |
|
Net cash from operating activities |
1175.995 |
393.799 |
902.461 |
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2014 |
31.12.2014 |
31.03.2015 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
1741.260 |
1551.430 |
545.570 |
|
Total
Expenditure |
1584.120 |
1388.580 |
529.810 |
|
PBIDT
(Excl OI) |
157.140 |
162.850 |
15.760 |
|
Other
Income |
1.220 |
2.170 |
13.960 |
|
Operating
Profit |
158.360 |
165.020 |
29.720 |
|
Interest |
104.480 |
109.780 |
107.970 |
|
Exceptional
Items |
NA |
NA |
NA |
|
PBDT |
53.880 |
55.240 |
(78.250) |
|
Depreciation |
50.940 |
50.880 |
54.610 |
|
Profit
Before Tax |
2.940 |
4.360 |
(132.860) |
|
Tax |
0.940 |
1.350 |
(44.550) |
|
Profit After Tax |
2.010 |
3.010 |
(88.310) |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.19 |
0.18 |
0.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.22 |
12.26 |
13.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.18 |
0.05 |
0.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.55 |
0.48 |
1.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67 |
2.61 |
2.61 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.178.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
154.625 |
804.625 |
766.125 |
|
Reserves & Surplus |
27.453 |
5879.393 |
5312.982 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
2000.000 |
0.000 |
0.000 |
|
Net worth |
2182.078 |
6684.018 |
6079.107 |
|
|
|
|
|
|
Long-term borrowings |
3071.800 |
2803.720 |
2652.611 |
|
Short term borrowings |
0.000 |
108.290 |
300.237 |
|
Current maturities of
long-term debts |
0.000 |
268.080 |
392.114 |
|
Total borrowings |
3071.800 |
3180.090 |
3344.962 |
|
Debt/Equity ratio |
1.408 |
0.476 |
0.550 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
229.845 |
1707.115 |
5224.891 |
|
|
|
642.724 |
206.066 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
229.845 |
1707.115 |
5224.891 |
|
Profit |
0.419 |
2.988 |
9.914 |
|
|
0.18% |
0.18% |
0.19% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW:
Subject is engaged in the
process of manufacturing of steel and processing of alloy products catering
primarily to automobile applications and, also for industrial, defence and
engineering applications. It is also engaged in the manufacture of sponge iron,
hot briquetted iron, iron ore pellets, pig iron, alloy steel billets, blooms,
ingots and rolled products, auto components and processors. The Company’s
business interests include:
1. Manufacturing of power
plants BTG, BOP support structures to any configuration in welded/bolted
connection options and ducting solutions
2. Manufacturing of
welded/riveted steel girders as per IRS B-1 codes in any grade of steel and any
profile
3. Manufacturing of sugar
plant components/turnkey fabrication solutions for sugar/cement/ petrochemical
plants
4. Manufacturing of
composite deck columns and beam solutions in steel or composite construction,
for multi-storey buildings and sky scrapers as per codal requirements
5. Manufacturing of portals
and crane girders for heavy PEB’s applications
6. Design and build any
complex structure for nuclear power plant, aerospace and defence technology by
using optimum grade steel like domex, duplex on demand
7. Organised system based
erection and launching solutions for structures and bridge girders on demand
8.
Design and build options on demand
BUSINESS PERFORMANCE:
During the year, the
Company has earned revenue from Operations of Rs.5256.740 million as compared to
Rs.1720.322 million in the previous year. EBITDA is Rs.585.977 million as
compared to Rs.209.363 million in the previous year. Profit after tax (PAT)
stood at Rs.9.914 million as against Rs.2.988 million in the previous year.
CHANGE IN CAPITAL STRUCUTRE:
During the year, the
Company bought back 3850000 equity shares, due to which Issued, Subscribed and
Paid-up Capital of the Company has reduced from Rs.804.625 million divided into
15462500 Equity Shares of Rs.10/- each and 65000000 Preference Shares of
Rs.10/- each to Rs.766.125 million divided into 11612500 Equity Shares of
Rs.10/- each and 65000000 Preference Shares of Rs.10/- each.
MANAGEMENT
DISCUSSION AND ANALYSIS FOR THE YEAR 2013-14
MACROECONOMIC DISCUSSION
AND INDUSTRY OVERVIEW
The Global Economy
The year ending June 2014
was a more encouraging period than the year before but not without lingering
concerns.
In the advanced economies,
the legacies of the pre-crisis boom and the subsequent economic slowdown,
including high private and public debt still cast a shadow on the recovery. The
IMF forecasts global economic growth of 2.6% in 2014, 10 bps above the growth
in 2013. Forecasted GDP growth in emerging markets and developing countries is
placed at 4.4% in 2014, 30 bps less than the growth in 2013. Most of the key
emerging / developing economies, except India and Mexico are expected to report
lower growth in 2014, vis-à-vis in 2013.
The Indian Economy
Fiscal year 2013-14 has
been a challenging year with subdued economic growth, as a result of higher
inflation, higher interest rates, lower industrial growth and lower investments
in the country, along with the poor global economic conditions. However, post a
stable government at the centre, business confidence has risen with a pickup in
foreign investment. The WPI inflation measure has moderated in the recent
months and stood at 5.4% for the month of June 2014. Further, the rupee has
also achieved stability in recent months driven primarily by strong capital
inflows and firm measures by the RBI. India’s GDP growth forecast has
consequently been raised by IMF to 5.6% for FY2015, as compared to a growth of
5.0% in FY2014.
The Infrastructure Sector
Increasing investments in
India have brought India to the epicentre of infrastructure creation in the world.
Going ahead, the proposition of metro rail and rapid metro transit network in
19 cities across the country, expanding telecom network with a consumer base of
946.4 million, and the push to infrastructural reforms by the new government,
all present a significant opportunity for growth.
The Power Sector
Greater scale of
electrification, increasing household incomes and a fast growing economy have
all been pushing the demand for electricity in the upward direction. Per capita
electricity consumption has reached 940 kWh from 717 kWh in 2007-08.
Considering that this consumption is much lower than China’s per capita
consumption of 4,000 kWh and the developed countries’ average of 15,000 kWh, it
is expected that India will continue to see a growth in demand for electricity.
Significant supply addition
over the last few years has taken place in India. Almost 43% of the XII Plan
target of 88,537 MW (excluding Renewable Energy Sources) has been achieved in
the first two years.
More demand for power and greater
investments in power plants and ancillary industries are leading to a greater
demand for fabricated structures.
Regulatory Environment
Steel has inherent
advantages by being durable, reusable and recyclable. CO2 and other emissions
in steel production are therefore offset by reductions in emissions through the
life cycle of steel products achieved through effective product development and
design and through recycling at end of life.
In March 2012, new set of
emissions and effluent standards applicable to iron and steel facilities were
notiûed by the Government of India. Subject has endeavoured to comply with all
regulations applicable to the Steel Industry and has strived to adopt industry
best practices, modern technologies and innovation to stay ahead of the curve.
The Company continues to examine better ways to increase process efficiency,
reduce energy consumption and increase scrap utilization, all of which help to
keep CO2 emissions at the minimum.
Steel Fabrication Industry
Fabrication applies to the
building of machines, structures and other equipment, by cutting, shaping and
assembling components made from raw materials by using various mechanical
processes such as welding, soldering, forging, brazing, forming, pressing,
bending and stress removal. In this way, the Steel Fabrication Industry proves
to be an essential part of the Steel Industry value chain as it produces minute
spare parts of larger heavy machinery and equipment, which cannot be
manufactured simultaneously with the manufacturing of the heavy machines. This
is a highly fragmented and labour intensive sector with medium and small scale
industries heavily dependent on job work.
Most of the Structural
Steel Fabrications can be divided into three categories:
1) Hot Rolled Long Products
like continuously produced standard size Beams and Bars from Steel Rolling
Mills.
2) Pre-designed and
Pre-engineered Buildings for pre-fabrication and then assembly at site. Steel
prefabrication can be outsourced to a fabrication shop or carried out at site.
3) Large or custom size
Plate Fabricated Beams, Boxes, Columns and Girders, which cannot be formed by
continuous process or hot rolling. These plate welded fabrications are
extensively used by architects and design engineers for rapid and economic
construction of bridges, flyovers, multi-storied buildings, stadiums, airports,
metro rail projects.
Structural steel
fabrication can be carried out in shop or at the construction site. Fabrication
of steelwork carried out in shops is precise and of assured quality, whereas
field fabrication is comparatively inferior in quality.
In India, construction site
fabrication is most common even in large projects due to inexpensive field
labour, high cost of transportation, difficulty in the transportation of large
members, higher excise duty on products from shop.
Beneficial taxation for
site work is a major financial incentive for site fabrication. Large customers
like power plants, steel plants and EPC companies engaged in bridge
construction and oil and gas are also moving towards plant fabricated
structures. This transition has been due to the following factors:
●
Higher accuracy of
fabrication in structures made at the factory (plant)
●
An increasing
preference towards bolted connection has led to a huge requirement of
hole-drilling, which can be done better at the factory
●
Better efficiency in
producing repeated elements at the plant as compared to at the customer
●
Better planning and a
focused approach for completing projects at the plant
●
Stricter pollution
control norms for blasting and painting at customer sites as compared to the
factory
●
Increasingly better
highway and transportation facilities have made it easier to transport plant
made structures to the site
Since the demand for steel
fabrication sector comes from the infrastructure sector, the growth of
fabrication industry largely depends on the overall industrial scenario
including the demand for power, roads/bridges and transport.
OPERATIONAL PERFORMANCE
During the year, the
Company reported revenues of Rs.5256.740 million compared 1720.322 million in
the same period last year. This significant growth was primarily driven by
large orders from power sector and bridge sector and successful execution by
the company.
EBITDA for the year was
Rs.585.976 million on a margin of 11.1%. This robust growth was on account of
the higher revenues, improvement in operation efficiencies and extensive cost
control measures at the manufacturing stage. Over the period, several processes
have been stabilized and better throughput has been achieved. Addition of job
work into the portfolio and higher efficiency in conversion of raw materials
into finished goods have also led to growth. Contribution from the addition of
assembly, erection and launching services for the bridge sector has increased.
However, the margin for the year was marginally impacted due to increase in raw
material costs (including steel prices) and other inflationary pressures.
Better negotiation with the steel suppliers has supported margins to some
extent.
FY2014 Net Income was
Rs.9.914 million compared to Rs.2.988 million in FY2013. This growth was driven
by higher operating profit on account of large orders from the power and bridge
sectors.
As on 30th June,
2014, the Company had a current ratio of 0.67x, which reflects the strength of
their balance sheet and short term solvency. Net debt of the company at
Rs.3095.508 million at 30th June, 2014 was more than 30th
June 2013 by Rs.104.077 million due to disbursement of term loan of Rs.262.500
million during the year and availability of working capital limit.
The company has suitable
commercial arrangements with its creditors and strong cash flows streams to
meet its working capital requirement. It deploys a robust cash management
policy to ensure timely servicing of its liquidity obligations.
As of 30th June,
2014, the Company had cash and cash equivalents of Rs.249.454 million and debt
of Rs.3344.962 million. As of 30th June 2014, the Company had a very
conservative leverage profile with debt-equity ratio is 0.62x.
INDUSTRY OUTLOOK
In fiscal year 2014-15, the
advanced economies are likely to come out stronger while growth could remain
largely subdued in emerging and developing economies. Concerns on the changing
demographic mix and the forecasted lower growth trajectory in China are
expected to put downward pressure on commodity prices, including steel and its
raw materials. The economic outlook in Europe is strengthening and the US
economy shows strong signs of a better performance going forward.
In India, growth is
expected to pick up post the election of a stable Central Government which has
shown an inclination towards speedy reforms. Significant policy changes are
anticipated in the near future. Government’s focus on infrastructure
development, increased foreign direct investment and more transparency in
governance is likely to significantly increase business confidence in the
country.
The 12th Five Year Plan
(2012-17) has already laid special emphasis and set aside $1 trillion investment
equivalent to 10% of GDP, vs. 7.5% in the 11th Plan, for infrastructure
development. Apart from the significant enhancement in the proportion of the
total spend (vs. the GDP), the power sector, also expected to experience a
slightly higher proportion of the infrastructure spend (34% vs. 33% in the 11th
5-year plan). Thus, it continues to attract approximately one-third of the
total projected investment in infrastructure and steel demand will continue to
rise in India in the years to come.
In addition, improving
automobile and consumer durable sectors are expected to help raise the flat
steel demand compared to last year, while long steel demand is expected to fare
relatively better due to an uptick in construction activities and the planned
infrastructure growth.
Budget 2014-15 announced a
slew of measures to boost infrastructure investments, which will provide
opportunities for infrastructure and construction companies. Innovative funding
structures have also been unveiled to improve availability of funds. While the
budget provisions are positive, addressing on-the-ground issues like clearances
and land acquisition will be equally important for investments to take-off in
the sector.
BUSINESS STRATEGY AND
OUTLOOK
The Company is geared to meet
the demands through a strategy that aims to overcome all challenges while
making the most of every opportunity. Some of the major steel suppliers are
planning to expand their existing facilities or set up new green field
facilities. The company has been contacted for RFQs for demand of structures
for 1 Lac MT / annum. In addition, oil and gas companies such as Essar and
Reliance plan to undertake expansion activities over the next 2-3 years. This
has already generated a number of inward business inquiries for the Company.
Subject has become the most favoured supplier of steel bridges to Delhi Metro
(DMRC). Management is confident of replicating similar success in Tier 2 cities
like Chandigarh, Ludhiana, Amritsar, Jaipur, Lucknow, Ahmedabad and Nagpur. Subject
is aggressively venturing into assembly and erection, and launching bridges as
part of the total solution to steel super structure requirements. With huge
current order books and encouraging positive customer response, management is
also considering expansion plans.
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10374044 |
03/07/2013 * |
975,000,000.00 |
INDIAN OVERSEAS BANK |
BRANCH: MID CORPORATE,
B-21/14615, BAL TOWERS, AD JOINING DADA MOTORS, GT ROAD, LUDHIANA,
PUNJAB - 141003, INDIA |
B79257168 |
|
2 |
10312549 |
25/08/2012 * |
750,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH,
5, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B57776130 |
|
3 |
10312267 |
25/08/2012 * |
750,000,000.00 |
UNITED BANK OF INDIA |
106-109, IST FLOOR, 38
ANSAL TOWER, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B59612945 |
|
4 |
10291181 |
25/08/2012 * |
1,000,000,000.00 |
VIJAYA BANK |
GROUND FLOOR , VIJAYA
BUILDING, 17- BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B57525909 |
|
5 |
10280913 |
25/08/2012 * |
1,000,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH,
IST FLOOR,17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B58094921 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
SECURED LOANS |
30.06.2014 (Rs.
In Million) |
30.06.2013 (Rs.
In Million) |
|
*Estimated amount of contracts remaining to be executed on capital account and not provided for |
Nil |
Nil |
|
Bank Guarantees |
218.954 |
221.773 |
|
Total |
218.954 |
221.773 |
* Contingent Assets are neither recognised nor disclosed
UNAUDITED
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST
MARCH 2015
(Rs. in million)
|
|
Particulars |
Quarter Ended |
Nine
Months Ended |
|
|
|
31.03.2015 (Unaudited) |
31.12.2014 (Unaudited) |
31.03.2015 (Unaudited) |
|
|
Income from Operations |
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
545.574 |
1551.425 |
3838.263 |
|
|
b) Other Income |
13.959 |
2.170 |
17.346 |
|
|
Total Income from Operations (Net) |
559.533 |
1553.595 |
3855.609 |
|
|
Expenses |
|
|
|
|
|
a) |
Cost of Materials consumed |
441.619 |
1474.026 |
3271.153 |
|
b) |
Purchase of stock in-trade |
0.000 |
0.000 |
0.000 |
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(1.765) |
(247.516) |
(197.839) |
|
d) |
Employee benefit expenses |
36.436 |
66.398 |
173.665 |
|
e) |
Depreciation and amortization expense |
54.810 |
50.878 |
156.427 |
|
f) |
Other
expenses |
53.521 |
95.670 |
255.532 |
|
Total Expenses |
584.621 |
1439.456 |
3658.938 |
|
|
Profit /(Loss) from ordinary activities
before finance costs and exceptional items |
(24.888) |
114.139 |
196.671 |
|
|
Finance
Costs |
107.973 |
109.783 |
322.232 |
|
|
Profit /(Loss) from ordinary activities
after finance costs but before exceptional items |
(132.861) |
4.356 |
(125.561) |
|
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
Profit /(Loss) from ordinary activities
before tax |
(132.861) |
4.356 |
(125.561) |
|
|
Tax
Expense |
(44.547) |
1.347 |
(42.261) |
|
|
Net Profit /(Loss) from ordinary activities
after tax |
(88.314) |
3.009 |
(83.300) |
|
|
Extraordinary
items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
|
Net Profit /(Loss) for the period |
(88.314) |
3.009 |
(83.300) |
|
|
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
116.125 |
116.125 |
116.125 |
|
|
Reserve
excluding revaluation reserves |
-- |
-- |
|
|
|
|
Earnings per share |
|
|
|
|
|
Basic and diluted before and after Extra- ordinary Items |
(7.61) |
0.26 |
(7.17) |
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
- No. of
shares (In Lakhs) |
33.27 |
33.27 |
33.27 |
|
|
-
Percentage of Shareholding |
28.65% |
28.65% |
28.65% |
|
|
Promoters and promoter group shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number
of shares (In Lakhs) |
34.84 |
-- |
34.84 |
|
|
- Percentage
of shares (as a % of the total shareholding of the promoter and promoter
group) |
42.04% |
-- |
42.04% |
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
30.00% |
-- |
30.00% |
|
|
b) Non- encumbered |
|
|
|
|
|
- Number
of shares (In Lakhs) |
48.02 |
85.86 |
48.02 |
|
|
-
Percentage of shares (as a % of the total shareholding of the promoter and
promoter group) |
57.96% |
100.00% |
57.96% |
|
|
- Percentage
of shares (as a % of the total share capital of the Company) |
41.35% |
71.35% |
41.35% |
|
|
Particulars |
Quarter
ended 31.03.2015 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
|
Received
during the quarter |
Nil |
|
|
|
Disposed
during the quarter |
Nil |
|
|
|
Remaining
unresolved at the end of the quarter |
Nil |
Notes:
1. The above unaudited results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held.
2. The Limited Review as required under Clause
41 of the Listing Agreement has been completed by the Auditors of the Company
and related report is being submitted to the concerned stock Exchange alongwith
these results.
3. Previous year's figures have been regrouped
and reclassified, to the extent necessary, to conform to the current year's
figures.
4. Segment Reporting as defined in Accounting
Standard (AS 17) is not applicable.
FIXED ASSETS:
· Land
· Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.63.51 |
|
UK Pound |
1 |
Rs.97.85 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
3 |
|
--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 |
|
42 |
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.