MIRA
INFORM REPORT
|
Report No. : |
334913.2 |
|
Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
UTTAM VALUE STEELS LIMITED [w. e. f. 18.03.2013] |
|
|
|
|
Formerly Known
As : |
LLOYDS STEEL INDUSTRIES LIMITED |
|
|
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|
Registered
Office : |
4th Floor, Uttam House, 69, |
|
Tel. No.: |
91-22-30418111 / 66563500 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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|
|
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Date of
Incorporation : |
27.04.1970 |
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|
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Com. Reg. No.: |
11-014621 |
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Capital
Investment / Paid-up Capital : |
Rs.13322.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1970PLC014621 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in Manufacturing of Steel Products, Engineering Equipment and Executing Turnkey Projects. |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1970 and it is engaged in the
manufacturing of steel products, engineering equipment and executing turnkey
projects. Subject is an established company having moderate track record. The company possesses moderate operational performance and it has
incurred huge losses from its operational activities. Rating further constrained on account of company’s moderate financial
risk profile marked by negative reserves and leverage balance sheet profile
of the company. However, rating weakness partially offset by credit enhancement in the
form of Letter of Comfort, being irrevocable from Uttam Galva Metallic
Limited. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the subject company can be considered for
business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
CARE |
|
Rating |
[Long Term Bank Facilities] BBB – (SO) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
November 18, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
[Short Term Bank Facilities] A3 (SO) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk.
|
|
Date |
November 18, 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
31-03-2013.
LOCATIONS
|
Registered Office : |
4th Floor, Uttam House, 69, P.D Mello Road, Mumbai, 400009, Maharashtra, India |
|
Tel. No.: |
91-22-30418111 /66563500 |
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Fax No.: |
91-22-30418260/ 23481831/ 2348 2827 |
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E-Mail : |
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Website : |
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Factory 1/ Steel Plant: |
Uttam Nagar, Bhugaon Link Road, Wardha, Maharashtra, India |
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Factory 2/ Engineering Plant: |
Plot No. A-5/5 and A-6/3 MIDC Industrial Area, Murbad District Thane, Maharashtra, India |
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Mumbai Office : |
Trade World, C-Wing, 16th Floor, Kamala, Senapati Bapat Marg, Mumbai-400013, Maharashtra, India |
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Marketing Offices: |
· Mumbai: 69, P.D' Mello Road, Mumbai - 400 009, Maharashtra, India Tel. No.: 91-22-6656 3500 Fax. No.: 91-22-2348 2827 Email:lalji.d@uttamvalue.com mbawa@uttamvalue.com · Delhi: 501, Pragati House, 48, Nehru Place, New Delhi – 110 019., India Tel. No.: 91-22-46597681/9 Fax. 91-11-26451595 Email. smnarang@uttamvalue.com · Chennai: Sanmach Executive Centre, 244, Mount Road, IInd Floor, Chennai – 600 006, Tamil Nadu, India Tel.: 91-44-24352845 Email: kannan@uttamvalue.com · Bangalore: No.76 Kasturi Complex, Mission Road, Banglore – 560 027, Karnataka, India Tel.: 91-80-2123092/91 Fax.: 91-80-2123092 Email: skrao@uttamvalue.com · Hyderabad: 318, 3rd Floor, Mittal Chambers, 2-2-51, Pan Bazar, M.G. Road, Secunderabad – 500 003, India Tel.: 91-40 -2771 7141 Email.: sbkaplay@uttamvalue.com · Kolkata: Chaterjee International Centre, 16th floor, Room No. A-8, 33-A, Chowrangee, Kolkata – 700 071, Tel.: 91-33-22175903 Fax.: 91-33-22260928 Email.: cal_verma@uttamvalue.com
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Branch Office : |
Located At: · Delhi · Ahmedabad · Bangalore · Indore · Hyderabad · Pune · Chennai · Nagpur · Kolkata · Indore · Cochin · Jaipur |
DIRECTORS
AS ON: 31.03.2015
|
Name : |
Mr. Rajinder Miglani |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. S K Soni |
|
Designation : |
Director |
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|
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|
Name : |
Mr. B. L. Khurana |
|
Designation : |
Director |
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|
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|
Name : |
Mr. B L Khanna |
|
Designation : |
Director |
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|
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|
Name : |
Mr. U N Challu |
|
Designation : |
Director |
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|
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|
Name : |
Mrs. Pratima Srivastava |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S. K. Sachdev |
|
Designation : |
Director (Nominee - IDBI) |
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|
|
|
Name : |
Mr. Rajiv Munjal |
|
Designation : |
Director (Commercial) |
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|
|
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director (Engg. Division) |
KEY EXECUTIVES
|
Name : |
Mr. Ram Gaud |
|
Designation : |
Senior General Manager and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2015
|
Category of Shareholder |
No. of Shares |
%age of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
609472232 |
46.12 |
|
|
609472232 |
46.12 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
609472232 |
46.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
573153 |
0.04 |
|
|
204894416 |
15.50 |
|
|
1500 |
0.00 |
|
|
4389894 |
0.33 |
|
|
60000 |
0.00 |
|
|
209918963 |
15.88 |
|
|
|
|
|
|
268182908 |
20.29 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 1 lakh |
56354754 |
4.26 |
|
|
33153348 |
2.51 |
|
|
144533062 |
10.94 |
|
|
540869 |
0.04 |
|
|
7344519 |
0.56 |
|
|
900 |
0.00 |
|
|
136646774 |
10.34 |
|
|
502224072 |
38.00 |
|
Total Public shareholding (B) |
712143035 |
53.88 |
|
Total (A)+(B) |
1321615267 |
100.00 |
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(1) Indian%2031-Jul-2015_files/image003.gif){kind=small}
Bodies Corporate%2031-Jul-2015_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital in excess of Rs. 1 lakh%2031-Jul-2015_files/image006.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Steel Products, Engineering
Equipment and Executing Turnkey Projects. |
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|
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Products : |
· Steel Products · Engineering Equipment ·
Executing Turnkey Projects |
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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 : |
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 : |
Not Divulged |
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Bankers : |
· State Bank Of India · Punjab National Bank · Canara Bank · Bank Of Baroda · Andhra Bank · Indian Overseas Bank · Allahabad Bank · Corporation Bank · Union Bank Of India · Oriental Bank Of Commerce · Vijaya Bank · Punjab and Maharashtra Co-Op. Bank Limited. |
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Facilities : |
(Rs.
In Million)
|
|
Financial Institution: |
Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India |
|
|
|
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Statutory Auditors : |
|
|
Name : |
Todarwal and Todarwal Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
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Internal Auditors : |
|
|
Name : |
Ernst and Young
LLP Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates: |
Indrajit Power Private Limited |
|
|
|
|
Enterprise over
which key management personnel /relatives have
significant influence: |
·
Uttam Galva Metallics Limited ·
Uttam Galva Steels Limited ·
Sainath Trading Company Private Limited ·
Kredence Multi Trading Limited ·
Grow well Mercantile Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Million |
|
500000000 |
Preference Shares |
Rs.10/- each |
Rs.5000.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.20000.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1321615267 |
Equity Shares |
Rs.10/- each |
Rs.13216.200 Million |
|
9325420 |
Redeemable Preference Shares |
Rs.10/- each |
Rs.93.300 Million |
|
2714451 |
Equity Shares Forfeited |
|
Rs.13.200 Million |
|
|
|
|
|
|
|
Total |
|
Rs.13322.700
Million |
Reconciliation of
the shares outstanding at the beginning and at the end of the year:
|
Particulars |
No. of Shares |
Amount |
|
Equity Shares |
|
|
|
At the beginning of the Year |
1,194,518,493 |
11945.200 |
|
Issued during the year - Preferential issue # |
127,096,774 |
1271.000 |
|
Outstanding at the
end of the Year |
1,321,615,267 |
13216.200 |
|
|
|
|
|
Redeemable
Preference Shares |
|
|
|
At the beginning of the Year |
9,325,420 |
93.300 |
|
Outstanding at the
end of the Year |
9,325,420 |
93.300 |
The committee of Directors of the Company, at its meeting held on 9th April 2014, has allotted 127096774 Equity Shares of Rs. 10/- each on preferential basis, at a premium of Rs. 5.50 per share to M/s. UD Industrial holding Pte Limited. On receipt of necessary approvals from the stock Exchanges. This has resulted in increase in Share capital by Rs. 1271.000 Million and Share premium Account by Rs. 699.000 Million aggregating to Rs. 1970.000 Million.
Terms and Rights
attached to equity shares:
The company has only one class of shares having a par value at Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share.
Terms and Rights
attached to redeemable preference shares:
The Redeemable preference shares will be redeemed with a premium of 11.50 % in 6(six) annual installments commencing from financial year 2016. No such shares shall be redeemed except out of the profits of the company which would otherwise be available for dividend or out of the proceeds of the fresh issue of shares made for the purpose of the redemption.
Details of
shareholders holding more than 5% shares in the company:
|
Name of Shareholder |
No. of Shares |
(% holding in the class) |
|
Firstindia Infrastructure Private Limited (Formerly known as Ultimate Logistics solutions Private Limited) |
423,637,469 |
32.05% |
|
Shree Global Tradefin Limited |
188,355,601 |
14.25% |
|
Metallurgical Engineering and Equipments Limited |
185,834,763 |
14.06% |
|
IDBI Bank Limited |
150,000,000 |
11.35% |
|
UD Industrial Holding Pte. Limited |
127,096,774 |
9.62% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
13322.700 |
12051.700 |
12051.700 |
|
(b) Reserves &
Surplus |
(9347.100) |
(9660.800) |
(7423.500) |
|
(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) |
3975.600 |
2390.900 |
4628.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7962.500 |
7580.400 |
3514.900 |
|
(b) Deferred tax
liabilities (Net) |
299.500 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
253.400 |
234.200 |
|
Total Non-current
Liabilities (3) |
8262.000 |
7833.800 |
3749.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5209.500 |
5502.100 |
99.600 |
|
(b) Trade payables |
28880.100 |
18605.900 |
19437.800 |
|
(c) Other current
liabilities |
4893.100 |
8273.000 |
2570.900 |
|
(d) Short-term provisions |
21.400 |
21.600 |
21.600 |
|
Total Current Liabilities
(4) |
39004.100 |
32402.600 |
22129.900 |
|
|
|
|
|
|
TOTAL |
51241.700 |
42627.300 |
30507.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19715.000 |
17105.700 |
12537.700 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
4167.700 |
1694.100 |
1642.400 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
175.700 |
174.700 |
16.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2388.100 |
92.500 |
58.500 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
26446.500 |
19067.000 |
14254.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7744.800 |
5655.100 |
4575.100 |
|
(c) Trade receivables |
5456.900 |
4682.00 |
1185.000 |
|
(d) Cash and cash
equivalents |
1108.900 |
1015.400 |
588.100 |
|
(e) Short-term loans and
advances |
10019.000 |
11820.600 |
9461.400 |
|
(f) Other current assets |
465.600 |
387.200 |
443.000 |
|
Total Current Assets |
24795.200 |
23560.300 |
16252.600 |
|
|
|
|
|
|
TOTAL |
51241.700 |
42627.300 |
30507.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
50700.900 |
66615.400 |
63440.424 |
|
|
Other Income |
596.600 |
512.800 |
620.328 |
|
|
TOTAL (A) |
51297.500 |
67128.200 |
64060.752 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
19115.900 |
238300 |
20402.572 |
|
|
Purchases of
Stock-in-Trade |
22668.000 |
32088.300 |
33453.118 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2600.100) |
(273.400) |
(935.399) |
|
|
Employees benefits
expense |
902.900 |
843.800 |
742.596 |
|
|
Other expenses |
7730.800 |
7549.000 |
7280.033 |
|
|
TOTAL (B) |
47817.500 |
64037.700 |
60942.920 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
3480.000 |
3090.500 |
3117.832 |
|
|
|
|
|
|
|
Less: |
FINANCIAL EXPENSES (D) |
2703.100 |
2543.700 |
1657.550 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
776.900 |
546.800 |
1460.282 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
1090.200 |
1534.100 |
1450.105 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
(313.300) |
(987.300) |
10.177 |
|
|
|
|
|
|
|
Less: |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
(313.300) |
(987.300) |
10.177 |
|
|
|
|
|
|
|
Add: |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
NA |
(16991.249) |
(17001.426) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J) (K) |
NA |
(17978.549) |
(16991.249) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
FOB Value of Exports |
3850.000 |
509.600 |
258.477 |
|
|
Brokerage and Commission |
0.600 |
10.000 |
13.956 |
|
|
TOTAL EARNINGS |
3850.600 |
519.600 |
272.433 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
706.200 |
0.000 |
68.137 |
|
|
Production Consumables, Stores
and Spares |
449.400 |
460.200 |
408.323 |
|
|
TOTAL IMPORTS |
1155.600 |
460.200 |
476.460 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(0.24) |
(0.83) |
0.01 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
981.900 |
1701.100 |
837.800 |
|
Cash Generated From/(Used In) Operations |
7904.500 |
(355.500) |
3123.200 |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.62) |
(1.48) |
0.02 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.86 |
4.64 |
4.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.67) |
(2.42) |
0.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08) |
(0.41) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.56 |
6.18 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.64 |
0.73 |
0.73 |
STOCK
PRICES
|
Face Value |
Rs. 4.10/- |
|
Market value |
Rs.10.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
12051.700 |
12051.700 |
13322.700 |
|
Reserves & Surplus |
(7423.500) |
(9660.800) |
(9347.100) |
|
Net worth |
4628.200 |
2390.900 |
3975.600 |
|
|
|
|
|
|
long-term borrowings |
3514.900 |
7580.400 |
7962.500 |
|
Short term borrowings |
99.600 |
5502.100 |
5209.500 |
|
Current Maturities of
Long-Term Debts |
837.800 |
1701.100 |
981.900 |
|
Total borrowings |
4452.300 |
14783.600 |
14153.900 |
|
Debt/Equity ratio |
0.962 |
6.183 |
3.560 |
%2031-Jul-2015_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
63440.424 |
66615.400 |
50700.900 |
|
|
|
5.005 |
(23.890) |
%2031-Jul-2015_files/image010.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
63440.424 |
66615.400 |
50700.900 |
|
Profit |
10.177 |
(987.300) |
(313.300) |
|
|
0.02% |
(1.48%) |
(0.62%) |
%2031-Jul-2015_files/image012.gif)
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
No |
|
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 |
Yes |
|
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 |
NOTE: Registered office of the company has been shifted from Trade World, ‘C’ Wing, 16th Floor, Kamala City, Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India, to the present address.
PERFORMANCE:
The Company achieved a Gross Turnover of Rs. 54056.500 Million in 2014-15 as against Rs. 70620.200 Million in the previous year, showing a declined by 23.45 % over previous year. The operating EBIDTA for the year was Rs. 3480.000 Million as against Rs. 3090.500 Million in the previous year showing an increase by 12.60 %. The Company posted a loss of Rs. 313.300 Million during the year as against a loss of Rs. 987.300 Million in the previous year after providing depreciation of Rs. 1090.200 Million (Previous year Rs. 1534.100 Million).
STEEL INDUSTRY
SCENARIO
The developed world showed growth in steel demand of 6.2% in 2014 on the back of strong US fundamentals and a firming EU recovery. However, growth in the developed world is set to moderate in 2015 partly due to the high base effect, but also less favorable steel market environments in the US, Japan and South Korea. The recovery in the EU is still constrained by weak investment activity and high unemployment. Steel demand in the developed economies will grow by 0.2% in 2015 and by 1.8% in 2016. The developing economies (excluding China) posted low growth of 2.3% in 2014, in particular because of the continued deterioration in the Brazilian and Russian steel markets. Growth momentum in the developing economies is expected to remain generally weak in 2015, however, positive growth is expected in some economies such as India, Indonesia, Vietnam and Egypt, where steel markets are still developing. Steel demand is expected to grow by 4.0% in 2016 after growing by 2.4% in 2015. In 2016, it is forecast that world steel demand will grow by 1.4% and will reach 1,565 Mt, following growth of 0.5% to 1,544 Mt, in 2015. Although pricing pressures from cheaper imports and supply shortages in iron ore are likely to stay in the near term, it is expected that the profitability of domestic steel players to remain stable on the back of softer raw material prices, and a gradual recovery of demand in some of the end user industries. However, debt protection metrics are not expected to improve significantly due to the high debt levels of companies, and the fact that interest rates would still remain at elevated levels in absolute terms, notwithstanding an expected moderation in the current year. “Given the steep decline in international prices and economies of scale associated with bulk imports, some of the large Indian players with plants near ports are expected to increase imports till domestic production finally recovers”.
Industry Structure
and Development
The Engineering Division of the company has been approved for its engineering skills/works/services by various premier consulting companies and Inspection Agencies, such as Engineers India Ltd, MECON, LRIS, BVIS, amongst various other agencies. The Engineering segment is highly competitive in view of tough competition from foreign companies/ agencies and giant public/private sector undertakings.
UNSECURED LOAN:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long Term
Borrowings |
|
|
|
Deferred payment liabilities |
|
|
|
Sales Tax Deferral |
1388.800 |
1088.900 |
|
Loan from related parties |
500.000 |
500.000 |
|
|
|
|
|
Other Loans & Advances |
|
|
|
Sales Tax Loan from Government of Maharashtra |
3.300 |
6.100 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loan from others |
5209.500 |
5502.100 |
|
|
|
|
|
TOTAL |
7101.600 |
7097.100 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10494915 |
11/04/2014 |
2,531,300,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C04601399 |
|
2 |
10450652 |
14/07/2014 * |
6,120,000,000.00 |
Axis Trustee Services Limited |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, |
C10775500 |
|
3 |
10450654 |
14/07/2014 * |
13,900,000,000.00 |
Axis Trustee Services Limited |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, |
C10777522 |
|
4 |
90230979 |
17/08/1999 * |
200,000,000.00 |
INDUTRIAL DEVELOPMENT BANKOF INDIA |
IDBI TOWER, CUFFE PRADE, MUMBAI, WEST BENGAL - 400005, INDIA |
- |
|
5 |
90230974 |
23/01/2014 * |
250,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B95109658 |
|
6 |
90230958 |
29/10/1997 |
239,600,000.00 |
INDUSTRIAL DEVALOPMENT O F INDIA |
IDBI TOWER CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
7 |
90230854 |
27/11/1997 * |
600,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Claims against the
company / disputed liabilities not acknowledged as Debts |
|
|
|
Show cause notices under hearing in respect of excise duty which is disputed by the company |
28.400 |
37.600 |
|
Income tax demand, disputed by the company |
2154.600 |
|
|
Others claims not acknowledged as debts |
86.800 |
86.800 |
|
|
|
|
|
Guarantees |
|
|
|
Guarantees issued by the Company's banker on behalf of the company. This includes expired Bank guarantees of Rs. 9.400 Million (Rs. 5.700 Million) |
434.400 |
450.600 |
|
Corporate Guarantees issued by the Company |
10.500 |
14.300 |
|
|
|
|
|
Other money for
which the company is contingently liable |
|
|
|
Bills Discounted |
1034.800 |
1748.500 |
|
Letter of credits opened by Banks |
260.000 |
589.700 |
|
|
|
|
|
Total |
4009.500 |
2927.500 |
FIXED ASSETS:
· Land and Site Development
· Building
· Plant and Machinery
· Computer
· Electrical Installations
· Office Equipment
· Furniture and Fixtures
· Motor Vehicles
· Railway Siding
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.01 |
|
UK Pound |
1 |
Rs. 99.83 |
|
Euro |
1 |
Rs. 70.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
THR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.