MIRA INFORM REPORT
|
Report No. : |
325031 |
|
Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNI - ABEX ALLOY PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai -
400 020, Maharashtra |
|
Tel. No.: |
91-22-22032797 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.08.1972 |
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|
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Com. Reg. No.: |
11-015950 |
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Capital
Investment / Paid-up Capital : |
Rs. 19.746 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1972PLC015950 |
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|
|
|
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
: |
Manufacturing quality alloy products |
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|
|
|
No. of Employees
: |
149 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 1972 and it is having satisfactory
track record. It is a pioneer and leader in manufacturer of centrifugal castings in
India. The general financial position of the company seem to be sound and
healthy. Rating take into accounts of company’s established track record of
its business operations and extensive experience of its promoters. Trade relation are fair. Business is active. Payments are reported to
be usually correct. In view aforesaid, the company can be considered for normal business
dealings with its 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 DENIED
Management Non-cooperative (91-22-65546700)
LOCATIONS
|
Registered Office : |
Liberty Building, Sir Vithaldas Thackersey Marg, Mumbai -
400 020, Maharashtra, India |
|
Tel. No.: |
91-22-22032797 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Factory : |
Mullabaugh, Swami Vivekanand Road, Manpada, Thane - 400
610, Maharashtra, India |
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|
|
|
Dharwad Plant : |
Plot No. 583, 584A, Belur Industrial Area, Dharwad - 580
011, Karnataka, India |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. F. D. Neterwala |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. B. Mehta |
|
Designation : |
Director |
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|
Name : |
Mr. K. M. Elavia |
|
Designation : |
Director |
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|
Name : |
Mr. H. R. Prasad |
|
Designation : |
Director |
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|
Name : |
Mr. P. Subrahmanyam |
|
Designation : |
Director |
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|
Name : |
Mr. M. P. Bharucha |
|
Designation : |
Director |
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|
Name : |
Mr. F. K. Bana |
|
Designation : |
Director |
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|
Name : |
Mr. A. F. Neterwala |
|
Designation : |
Director (w.e.f.
07/08/2013) |
|
|
|
|
Name : |
Mr. M. K. Fondekar |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
P. M. Lakhani |
|
Designation : |
Company Secretary (upto.07/08/2013) |
|
|
|
|
Name : |
M. S. Ashar |
|
Designation : |
Company Secretary (w.e.f. 08/08/2013) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
8057 |
0.41 |
|
|
1243300 |
62.95 |
|
|
1251357 |
63.36 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
1251357 |
63.36 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
0 |
0.01 |
|
|
0 |
0.03 |
|
|
0 |
0.03 |
|
|
|
|
|
|
31096 |
1.68 |
|
|
|
|
|
|
337204 |
28.57 |
|
|
123721 |
6.26 |
|
|
1927 |
0.10 |
|
|
1927 |
0.10 |
|
|
493948 |
36.61 |
|
Total Public
shareholding (B) |
493948 |
36.64 |
|
Total (A)+(B) |
1745305 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
1745305 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing quality alloy 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 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 : |
149 (Approximately) |
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Bankers : |
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Facilities : |
Note : LONG-TERM
BORROWINGS The above term loan is secured by first exclusive charge over entire movable and immovable fixed assets of the Company at Dharwad project including equitable mortgage of factory land and building (to be created out of this term loan) The loan is also secured by collateral securities of: (1) First hypothication charge on entire movable fixed assets other than vehicles of the Company. (2) Extension of equitable mortgage on factory land and building at Thane plant. (3) Second charge by way of entire current assets of the Company. The term loan is repayable in equal 48 monthly installments of Rs. 6.250 Million after April, 2014. The above loans included foreign currency term loan amounting to Rs. 204.783 Million (previous year Nil) Short-term
Borrowings Out of the above, cash credit amounting to Rs. 148.369 Million (Previous year Rs. 167.225 Million) are secured by hypothecation charge on stocks, book debts, other current assets and all movable fixed assets (other than vehicles) of the Company, present and future, and by equitable mortgage on factory land and building. The balance cash credit amounting to Rs. Nil (previous year Rs. 26.441 Million) is secured against term deposits. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ford, Rhodes, Parks and Company Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Million |
|
2,00,000 |
10% redeemable cumulative preference shares |
Rs.100/- each |
Rs. 20.000 Million |
|
|
Total |
|
Rs. 50.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,73,500 |
Equity Shares |
Rs.10/- each fully paid up |
Rs. 19.735
Million |
|
1,500 |
Equity Shares |
Rs.10/-
each, Rs. 7.50 per share paid-up |
Rs. 0.011 Million |
|
|
Total |
|
Rs. 19.746 Million |
a) Terms / rights attached to equity shares
The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The euqity shareholders are entitled to dividend proposed by the Board of Directors and approved by the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b) Details of shares held by each shareholder holding more than 5% shares
|
Name of
shareholder |
No of shares |
Face value |
% of holding |
|
Chemicals and Ferro Alloys Private Limited |
155800 |
Rs. 10 |
7.89% |
|
Unitel Finance and Investments Private Limited |
817500 |
Rs. 10 |
41.39% |
|
Universal Ferro and Allied Chemicals Limited |
270000 |
Rs. 10 |
13.67% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
19.746 |
19.739 |
19.739 |
|
(b) Reserves & Surplus |
527.972 |
463.662 |
400.598 |
|
(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) |
547.718 |
483.401 |
420.337 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
232.327 |
190.063 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.428 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.219 |
2.692 |
3.627 |
|
Total
Non-current Liabilities (3) |
237.974 |
192.755 |
3.627 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
148.369 |
193.666 |
134.081 |
|
(b) Trade payables |
107.436 |
59.397 |
39.685 |
|
(c) Other current liabilities |
108.439 |
41.888 |
31.801 |
|
(d) Short-term provisions |
15.902 |
16.898 |
11.587 |
|
Total
Current Liabilities (4) |
380.146 |
311.849 |
217.154 |
|
|
|
|
|
|
TOTAL |
1165.838 |
988.005 |
641.118 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
472.955 |
75.076 |
80.072 |
|
(ii) Intangible Assets |
2.982 |
5.681 |
9.084 |
|
(iii) Capital work-in-progress |
13.390 |
279.313 |
35.210 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
79.029 |
72.481 |
30.481 |
|
(c) Deferred tax assets (net) |
0.000 |
4.725 |
2.769 |
|
(d) Long-term Loan and Advances |
9.128 |
7.101 |
5.366 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
577.484 |
444.377 |
162.982 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.051 |
0.048 |
12.880 |
|
(b) Inventories |
155.010 |
127.711 |
162.965 |
|
(c) Trade receivables |
172.883 |
160.798 |
150.840 |
|
(d) Cash and cash equivalents |
183.843 |
213.671 |
129.468 |
|
(e) Short-term loans and
advances |
47.321 |
25.610 |
14.077 |
|
(f) Other current assets |
29.246 |
15.790 |
7.906 |
|
Total
Current Assets |
588.354 |
543.628 |
478.136 |
|
|
|
|
|
|
TOTAL |
1165.838 |
988.005 |
641.118 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
765.393 |
693.698 |
603.800 |
|
|
Other Income |
29.589 |
22.706 |
20.751 |
|
|
TOTAL
(A) |
794.982 |
716.404 |
624.551 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
308.299 |
277.204 |
288.308 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(27.531) |
37.537 |
(52.238) |
|
|
Employees benefits expense |
89.772 |
82.528 |
73.462 |
|
|
Other expenses |
243.781 |
188.172 |
176.283 |
|
|
TOTAL
(B) |
614.321 |
585.441 |
485.815 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
180.661 |
130.963 |
138.736 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.854 |
11.798 |
9.307 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
148.807 |
119.165 |
129.429 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
30.818 |
12.808 |
14.597 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
117.989 |
106.357 |
114.832 |
|
|
|
|
|
|
|
Less |
TAX (H) |
39.817 |
35.260 |
35.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
78.172 |
71.097 |
79.132 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
373.561 |
317.995 |
256.897 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
8.000 |
7.500 |
10.000 |
|
|
Dividend |
11.850 |
6.910 |
6.913 |
|
|
Tax on Dividend |
2.014 |
1.121 |
1.121 |
|
|
Total
(M) |
21.864 |
15.531 |
18.034 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
429.869 |
373.561 |
317.995 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
384.655 |
253.582 |
174.218 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
75.601 |
68.282 |
56.177 |
|
|
Components and Stores parts |
2.389 |
2.358 |
1.293 |
|
|
Capital Goods |
11.114 |
9.246 |
3.123 |
|
|
TOTAL
IMPORTS |
89.104 |
79.886 |
60.593 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
39.58 |
36.00 |
40.07 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
75.000 |
0.000 |
NA |
|
Cash generated from operations |
159.668 |
188.618 |
68.081 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.21 |
10.25 |
13.11 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
23.60 |
18.88 |
22.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.99 |
16.84 |
20.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.22 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.83 |
0.79 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.74 |
2.20 |
STOCK
PRICES
|
Face Value |
Rs. 10 |
|
Market Value |
Rs.585 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
19.739 |
19.739 |
19.746 |
|
Reserves & Surplus |
400.598 |
463.662 |
527.972 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
420.337 |
483.401 |
547.718 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
190.063 |
232.327 |
|
Short term borrowings |
134.081 |
193.666 |
148.369 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
75.000 |
|
Total
borrowings |
134.081 |
383.729 |
455.696 |
|
Debt/Equity
ratio |
0.319 |
0.794 |
0.832 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
603.800 |
693.698 |
765.393 |
|
|
|
14.889 |
10.335 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
603.800 |
693.698 |
765.393 |
|
Profit |
79.132 |
71.097 |
78.172 |
|
|
13.11% |
10.25% |
10.21% |
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 |
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 |
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 |
OPERATIONS
Despite recessionary trends in the domestic economy for the greater part of the year, higher inflation and lower GDP growth the Company has been able to show growth in the top line through its efforts in acquiring new customers in Europe. The latter part of the year saw improved sentiments in Europe and American markets helping the company to improve its export performance. The turnover for the year including exports was higher by 11%, compared to the previous year mainly contributed by exports and sustained market share with the OEM (Original Equipment Manufacturer) customers. The PBIDT for the year is Rs.180.8000 Million as against Rs. 131.000 Million of the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
The continuing Global and Domestic demand recession for Capital Goods Sector during major part of the year adversely impacted the markets and the economy at large; however the last quarter of the year saw some revival in the American and European economy which showed some hope for the industry. The Company’s’ business and output was also impacted in the first half of the year because of the subcontractors inability to meet their obligation of supplies due to agitations regarding Local Body Tax issues and stoppage of work at their end.
Iron and Steel industry in India was impacted by the scarcity of raw material due to restriction on mining activities in Several States. This was further aggravated by the slowdown in demand of steel in the domestic market. Consequently, Company’s performance in this sector also got adversely impacted. In the Petroleum and Engineering business segments the Company’s’ efforts are yielding results and we have made in-roads with some orders from Indian and also overseas companies for Reformer Tubes.
In these difficult times, it is a matter of immense satisfaction to report that the efforts of the Company to diversify into other domestic business segments coupled with identifying overseas customers, helped increase their exports substantially and with favorable exchange rates they were able to also increase our PBIDT besides offsetting the substantial reduction in the domestic business. Growth in exports by 52 % over last year, more than offset the drop in domestic sales due to the sluggish Indian Economy. The Company has not only emerged unscathed by the slowdown but even bettered its turnover by about 11 % compared to the preceding year.
THREATS AND
OPPORTUNITES
The slowdown in the domestic industry coupled with high inflation continuing unabated, and, intense competition for market share and the ageing of the Company’s productive assets are threats that loom large. These very threats, when viewed positively, create a heightened sense of fast forward initiatives. The Company is responding proactively by (i) developing overseas customers (ii) working with global original equipment manufacturers (iii) working with project consultants in the steel segment (iv) pursuing orders for high alloy high integrity sand castings and (v) augmenting the manufacturing capacity and capability by putting on stream new state of the art manufacturing facility at Dharwad.
OUTLOOK
With the focus on maintenance, replacement and overhaul requirements in domestic industry and identification of new opportunities in the export business in Europe, which is now showing growing optimism, the outlook for the year 2014- 15 is positive. The Industrial and Manufacturing sectors are looking expectantly to the new Government at the Centre, to take concrete steps for revival of growth which is expected to have a positive effect on our business sectors.
RISK AND CONCERNS
The Company, like all business entities in the Country, is exposed to business and economic risks arising out of slow down, and inflationary price spiral, especially in prices of fuel, energy and inputs. The forecast of El Nino impact and resultant inadequate monsoon in the Indian subcontinent could hurt the overall demand and in turn the economy. The Board of Directors is informed about the risk assessment and risk mitigating measures. The Executive Management has an adequately defined framework in place for risk management.
FINANCIAL PERFORMANCE
Financial
Performance:
Total Income (net sales and other income) for the year at Rs. 795.000 Million is higher by 11 % than Rs. 716.400 Million of the previous year.
CORPORATE INFORMATION
The company produces static, centrifugal castings and assemblies in heat and corrosion resistant alloys and is a leader in alloy steel castings for decanters and reformer tubes. Manufacturing quality alloy products is its prime focus. The Company has its registered office at Liberty Building, Sir Vithaldas Thakersey Marg, Mumbai and its plant at Thane and also set up Greenfield project at Dharwad which is operesional from November, 2013.
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10002037 |
21/03/2014 * |
491,000,000.00 |
AXIS BANK LIMITED |
NEAR HARINIWAS CIRCLE, DHIRAJ BAUG,, L. B. S. MARG, MUMBAI, Maharashtra - 400602, INDIA |
C03820966 |
|
2 |
80005023 |
10/06/2014 * |
120,000,000.00 |
The Zoroastrian Co-operative Bank Limited |
THANE BRANCH, AGIARY
COMPOUND, AGIARY LANE, TEMBI NAKA, THANE (WEST), THANE, Maharashtra -
400601, |
C06811087 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2014
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Nine Month Ended |
||||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
216.415 |
206.746 |
578.717 |
|
|
|
b. Other Operating Income |
3.905 |
8.652 |
15.834 |
|
|
|
Total Income from
Operations (Net) |
220.320 |
215.398 |
594.551 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
78.289 |
113.870 |
288.811 |
|
|
|
b. Purchase of Stock-in trade |
|
|
|
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
8.822 |
(39.874) |
(82.777) |
|
|
|
d. Employees Benefit Expenses |
20.958 |
19.224 |
58.973 |
|
|
|
e. Depreciation and Amortisation Expenses |
18.049 |
17.676 |
53329 |
|
|
|
f. Other expenses |
81.987 |
81.802 |
240.760 |
|
|
|
Total Expenses |
208.105 |
192.700 |
559.096 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
12.215 |
22.698 |
35.455 |
|
|
4 |
Other Income |
1.867 |
5.921 |
11.333 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
14.082 |
28.619 |
46.788 |
|
|
6 |
Finance Costs |
10.705 |
10.969 |
32.823 |
|
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
3.377 |
17.650 |
13.965 |
|
|
8 |
Exceptional items |
5.934 |
-- |
65.381 |
|
|
9 |
Profit from
ordinary activities before tax |
(2.557) |
17.650 |
(51.416) |
|
|
10 |
Tax Expense |
(1.780) |
6.521 |
(17.008) |
|
|
11 |
Net Profit from
ordinary activity after tax |
(0.777) |
11.129 |
(34.408) |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
(0.777) |
11.129 |
(34.408) |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
197.50 |
197.50 |
197.50 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
(0.39) |
5.63 |
(17.42) |
|
|
|
Diluted EPS |
(0.39) |
5.63 |
(17.42) |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
723643 |
723643 |
723643 |
|
|
|
- Percentage of shareholding |
36.64% |
36.64% |
36.64% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
1251357 |
1251357 |
1251357 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
63.36% |
63.36% |
63.36% |
|
|
|
Particulars |
|
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Note:
- The above results have been reviewed by the Audit Committee and
approved by the Board of Directors at its Meeting held on February 13, 2015.
The Limited Review of the un-audited results for the current period, as
required under clause 41 of the Listing Agreement, has been completed by
the Statutory Auditors and their report is being forwarded to the Stock
Exchange.
- As the dominant source and nature of risks and returns associated
with the products manufactured by the company are not significantly
different, both product wise and geographically, the company has a single
business segment. Consequently information as required under Accounting
Standard No. 17 on 'Segment Reporting' has not been given.
- During this Financial year, the Company was operating from both the
manufacturing units at Thane and Dharwad locations. Since the new plant at
Dharwad is still under gestation period, the operating expenses are not
commensurate with the revenue generations and hence, overall costs are
higher and has affected the operating profits adversely. Once the new
plant stabilizes its operations, the cost will be normalised and expects
improved operating profits from the next financial year.
- The
depreciation for the current quarter has been provided taking into account
the useful lives of fixed assets in accordance with schedule II to the
companies Act, 2013. As a result, the depreciation charge is higher by Rs.
2.928 Million for the quarter ended 31.12.2014. (previous quarter Rs.
3.057 Million).
- During the 1St quarter of current financial year the Company offered Voluntary Retirement Scheme to the Unionised category of the employees Rs. 59.447 Million paid towards VRS compensation was accounted in that quarter as exceptional item. During the quarter, cost of separation of Rs. 59.34 lacs paid to contract and non contract employees on discontinuation of operations at Thane plant has been shown as exceptional item.
- Figures of the previous
period have been regrouped / recasted wherever necessary.
FIXED ASSETS
Tangible Assets
- Freehold Land and Site
- Leasehold Land
- Roads
- Buildings
- Plant and Machinery
- Electrical Installation
- Air-conditioning Equipment
- Computers
- Furniture and Fixtures
- Office and Factory Equipment
- Motor Cars
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.