MIRA
INFORM REPORT
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Report No. : |
312359 |
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Report Date : |
12.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUJANA UNIVERSAL INDUSTRIES LIMITED |
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Registered
Office : |
Plot No. 41, Nagarjuna Hills, Panjagutta, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
22.08.1986 |
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Com. Reg. No.: |
36-006714 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1932.031 Million |
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CIN No.: [Company Identification
No.] |
L29309TG1986PLC006714 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS00195G |
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PAN No.: [Permanent Account No.] |
AACCS8630H |
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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 and selling of steel, castings, bearings and appliances. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 17000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and loss that company has incurred from its operational
activities during 2014. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
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Registered Office / Corporate office
: |
Plot No. 41, Nagarjuna Hills, Panjagutta, Hyderabad - 500 082,
Telangana, India |
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Tel. No.: |
91-40-23351882 / 23351887 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory 1 : |
LEC
Division Plot
Nos.10,11 & 12, Survey No. 172, Bollaram Village, Jinnaram Mandal, Medak
District, Telangana, India |
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Factory 2 : |
Domestic
Appliances Division Plot
No.1B, Survey No. 308, Sri Venkateswara Co-operative Industrial Estate,
Jeedimetla, Hyderabad-500 055, Telangana, India |
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Factory 3 : |
Steel
Products Division Plot
No.128/A, I.D.A. Bollaram, Jinnaram Mandal, Medak District, Telangana, India |
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Factory 4 : |
Infrastructure Division No. 18, Nagarjuna Hills, Panjagutta, Hyderabad – 500082,
Telangana, India |
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Factory 5 : |
128-A, Ida,
bollaram Jinnras Patnacheru, Telangana, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr.
V. Malakonda Reddy |
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Designation : |
Directors |
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Name : |
Mr.
G. Srinivasa Raju, |
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Designation : |
Managing
Director |
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Name : |
Shri
Y.S. Chowdary |
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Designation : |
Director
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Name : |
Mr.
S. Hanumantha Rao |
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Designation : |
Directors |
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Name : |
Mr.
J. Ramakrishnan |
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Designation : |
Directors |
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Name : |
Dr.
K. Srinivasa Rao |
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Designation : |
Directors |
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Name : |
Shri
Ch.Srinivasu |
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Designation : |
Independent,
Non –Executive Director Nominee
from IDBI Bank |
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Management
Committee |
Shri G. Srinivasa Raju Shri S. Hanumantha Rao Shri J. Ramakrishnan |
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Audit Committee |
Dr. K. Srinivasa Rao Shri S. Hanumantha Rao Shri J. Ramakrishnan |
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Corporate social Responsibility
Committee |
Shri G. Srinivasa Raju Shri S. Hanumantha Rao Dr. K. Srinivasa Rao |
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Nomination and Remuneration
Committee |
Shri S. Hanumantha Rao Dr. K. Srinivasa Rao Shri J. Ramakrishnan |
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Risk Management
committee |
Shri G. Srinivasa Raju Shri S. Hanumantha Rao Dr. K. Srinivasa Rao |
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Share Transfer
Committee |
Shri Y.S. Chowdary Shri G. Srinivasa Raju Shri J. Ramakrishnan |
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Shareholders’
Grievances Committee |
Shri Y.S. Chowdary Shri G. Srinivasa Raju Shri J. Ramakrishnan |
KEY EXECUTIVES
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Name : |
Shri B. Manoharan |
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Designation : |
Chief Financial Officer |
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Name : |
Shri M. Naresh
Kumar |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter
and Promoter Group |
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|
1159100 |
0.69 |
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|
43739235 |
25.91 |
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|
44898335 |
26.59 |
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Total shareholding of Promoter
and Promoter Group (A) |
44898335 |
26.59 |
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(B) Public Shareholding |
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|
1800 |
0.00 |
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|
5168392 |
3.06 |
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5170192 |
3.06 |
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|
9690545 |
5.74 |
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26611846 |
15.76 |
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71593122 |
42.40 |
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10877032 |
6.44 |
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194097 |
0.11 |
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10682935 |
6.33 |
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118772545 |
70.35 |
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Total Public shareholding (B) |
123942737 |
73.41 |
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Total (A)+(B) |
168841072 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
168841072 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and selling of steel, castings, bearings and appliances. |
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·
Steel ·
Castings ·
Bearings ·
Appliances |
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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 Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS : Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· Bank of Baroda · Bank of India · Central Bank of India · IDBI Bank Limited · Indian Overseas Bank · Oriental Bank of Commerce · UCO Bank |
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Facilities : |
Notes: Long term Borrowing
1) a) The term loans were availed from IDBI Bank Ltd. b) The term loan outstanding of Rs.360.502 Million was rescheduled and made payable in 25 monthly installments commencing from July 1, 2014 and ending on July 1, 2016 and carrying interest rate BBR + 650 basic points. c) Working Capital Term Loan, over due LC’s outstanding/devolved ware converted in the year 2012-13 into WCTL, and repayable in 36 monthly installments commencing from July 1, 2014 and carrying interest rate BBR + 650 basic points. d) During the the year 2012-13, the following interests were converted into Funded Interest Term Loan (FITL), which is repayable in 36 monthly installments commencing from July 1, 2014 and carrying interest rate BBR + 650 basic points: i. Interest on term loan fallen due from July 2012 upto June 2013 was converted into FITL IV. ii. Overdue interest / penal interest on CC fallen due from October 2012 upto June 2013 was converted into FITL I. iii. Interest on devolved LCs fallen due to December 2012 was converted into FITL II and interest on WCTL fallen due from January 2013 to June 2013 was converted into FITL III. e) The term loans are secured by way of first charge on the entire fixed assets of the Company, both present and future, ranking pari passu with the charges already created in favour of existing term lender and second charge on all the current assets of the Company, both present and future, and further secured by the guarantees of the Promoter Directors, namely Y S Chowdary and G Srinivasa Raju, in their personal capacities and corporate guarantee of M/s Sujana Metal Products Limited 2) Vehicle loans availed from various banks and secured by way of charge of respective vehicles financed. Short Term
Borrowing 1. Cash Credits of banks are secured by way of pari pasu first charge on the current assets and pari passu second charge on fixed assets both present and future and secured by the personal guarantees of the Promoter Directors, namely Y S Chowdary and G Srinivas Raju, and further secured by the corporate guarantee of M/s Sujana Metal Products Ltd (SMPL). 2. Cash Credits (CC) outstanding with various banks
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Banking
Relations : |
-- |
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Statutory Auditors |
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Name : |
M/s. T. Raghavendra and Associates Chartered Accountants |
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Address : |
No. 22 Krishna Apatments, 5th Floor, tilak road, Abids,
Hyderabad - 500001 |
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Tel. No.: |
91-40-24752031 / 24752032 |
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Internal Auditors |
Shri M. Balaramakrishnaiah Chartered Accountant, Hyderabad |
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Cost Auditors |
M/s. B.V.R. & Associates Cost Accountants, Hyderabad |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries
Companies |
·
PAC Ventures Pte. Limited ·
Sujana Holdings Limited ·
Nuance Holdings Limited · Sun Trading Limited · Hestia Holding Limited |
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Other related
Parties |
· Foster Infin and Trading Private Limited · Glade Steel Private Limited · Sujana Energy Limited · Sujana Finance and Trading Private Limited · Sujana Holding Limited · Sujana Metal Products Limited · Sujana Power (Gangikondan) Limited · Sujana Power (India) Limited · Sujana Power (Tuticorin) Limited · Sujana Projects Limited · Sujana Towers Limited · Yalamanchili Finance and Trading Private Limited · Sujana Pumps and Motors Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs. 1750.000 Million |
|
2500000 |
1% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 250.000 Million |
|
|
Total |
|
Rs. 2000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
168841072 |
Equity Shares |
Rs.10/- each |
Rs. 1688.411 Million |
|
2436200 |
1% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 243.620 Million |
|
|
Total |
|
Rs. 1932.031
Million |
Notes:
i) The Company has allotted 24,36,200 of 1% Cumulative Redeemable Preference Shares (CRPS) of Rs.100/ each on 1st March 2006 aggregating to Rs.243.620 Million, and redeemable in 12 quarterly installments commencing from October 2014.
ii) Reconciliation of
the number of shares outstanding at the beginning and end of the reporting
period:
|
Particulars |
2013-2014 |
|
|
No. of Shares |
Amount |
|
|
a) Equity Shares |
|
|
|
Shares Outstanding at the Beginning of the Year |
168841072 |
1688.411 |
|
Add: Shares Issued During the year |
-- |
-- |
|
Less: Shares Redeemed/ Bought Back During the Year |
-- |
-- |
|
Shares Outstanding at the end of the Year |
168841072 |
1688.411 |
|
b) Preference Shares |
|
|
|
Shares Outstanding at the Beginning of the Year |
2436200 |
243.620 |
|
Add: Shares Issued During the Year |
-- |
-- |
|
Less: Shares Redeemed/ Bought Back During the Year |
-- |
-- |
|
Shares Outstanding at the end of the year |
2436200 |
243.620 |
iii) Details of
shareholders holding more than 5% in the company:
|
Name of the Shareholders |
2013-2014 |
|
|
No. of Shares |
% of Holding |
|
|
i) Yalamanchili Finance and Trading Private Limited |
30000000 |
18 |
|
ii) Sujana Finance and Trading Private Limited |
13739235 |
8 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders' Funds |
|
|
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(a) Share Capital |
1932.031 |
1932.031 |
1932.031 |
|
(b) Reserves &
Surplus |
4338.103 |
4404.315 |
4299.744 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
6270.134 |
6336.346 |
6231.775 |
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1765.238 |
1911.102 |
1705.700 |
|
(b) Deferred tax
liabilities (Net) |
311.884 |
342.975 |
329.355 |
|
(c) Other long term
liabilities |
2255.519 |
1097.606 |
0.000 |
|
(d) long-term provisions |
13.341 |
12.849 |
11.920 |
|
Total Non-current
Liabilities (3) |
4345.982 |
3364.532 |
2046.975 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3800.130 |
3568.695 |
3378.125 |
|
(b) Trade payables |
4294.960 |
4838.063 |
6664.711 |
|
(c) Other current
liabilities |
3395.301 |
2371.758 |
838.222 |
|
(d) Short-term provisions |
2.831 |
19.831 |
115.662 |
|
Total Current Liabilities
(4) |
11493.222 |
10798.347 |
10996.720 |
|
|
|
|
|
|
TOTAL |
22109.338 |
20499.225 |
19275.470 |
|
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1953.111 |
2096.906 |
2100.599 |
|
(ii) Intangible Assets |
0.000 |
2.462 |
2.969 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1436.707 |
1436.707 |
1436.707 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1050.391 |
1046.035 |
1000.679 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4440.209 |
4582.110 |
4540.954 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
421.085 |
432.475 |
462.024 |
|
(c) Trade receivables |
16099.827 |
13725.692 |
13281.352 |
|
(d) Cash and cash
equivalents |
240.427 |
80.686 |
777.855 |
|
(e) Short-term loans and
advances |
907.790 |
1678.262 |
213.285 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
17669.129 |
15917.115 |
14734.516 |
|
|
|
|
|
|
TOTAL |
22109.338 |
20499.225 |
19275.470 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
34217.302 |
33590.396 |
36935.683 |
|
|
Other Income |
440.186 |
86.248 |
106.184 |
|
|
TOTAL (A) |
34657.488 |
33676.644 |
37041.867 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
421.024 |
477.408 |
771.467 |
|
|
Purchases of
Stock-in-Trade |
32234.056 |
31386.651 |
34571.222 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(3.071) |
40.012 |
7.467 |
|
|
Employees benefits
expense |
52.234 |
59.799 |
56.705 |
|
|
Other expenses |
395.365 |
473.959 |
324.076 |
|
|
Exceptional items |
4.331 |
15.296 |
1.752 |
|
|
TOTAL (B) |
33103.939 |
32453.125 |
35732.689 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1553.549 |
1223.519 |
1309.178 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1473.514 |
858.062 |
688.283 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
80.035 |
365.457 |
620.895 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
174.159 |
300.799 |
283.375 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(94.124) |
64.658 |
337.520 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(31.091) |
30.620 |
51.841 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(63.033) |
34.038 |
285.679 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
2369.111 |
2264.191 |
1981.344 |
|
|
|
|
|
|
|
Add |
Excess Provision for IT
written off (K) |
0.000 |
73.713 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
|
|
|
|
|
Preference |
2.436 |
2.436 |
2.436 |
|
|
Dividend Tax |
0.395 |
0.395 |
0.395 |
|
|
Total (L) |
2.831 |
2.831 |
2.831 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J+K-L) |
2303.247 |
2369.111 |
2264.192 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1935.796 |
4565.179 |
6773.116 |
|
|
TOTAL EARNINGS |
1935.796 |
4565.179 |
6773.116 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
CIF Value of Imports |
2112.991 |
2378.145 |
4747.072 |
|
|
Others |
0.000 |
0.000 |
0.175 |
|
|
TOTAL IMPORTS |
2112.991 |
2378.145 |
4747.247 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.39 |
0.18 |
1.84 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
(0.18) |
0.10 |
0.77 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.54 |
3.64 |
3.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.46) |
0.34 |
1.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.01 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89 |
0.86 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54 |
1.47 |
1.34 |
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 |
1932.031 |
1932.031 |
1932.031 |
|
Reserves & Surplus |
4299.744 |
4404.315 |
4338.103 |
|
Net worth |
6231.775 |
6336.346 |
6270.134 |
|
|
|
|
|
|
long-term borrowings |
1705.700 |
1911.102 |
1765.238 |
|
Short term borrowings |
3378.125 |
3568.695 |
3800.130 |
|
Total borrowings |
5083.825 |
5479.797 |
5565.368 |
|
Debt/Equity ratio |
0.816 |
0.865 |
0.888 |
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 |
36935.683 |
33590.396 |
34217.302 |
|
|
|
(9.057) |
1.866 |
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 |
36935.683 |
33590.396 |
34217.302 |
|
Profit |
285.679 |
34.038 |
(63.033) |
|
|
0.77% |
0.10% |
(0.18%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
--------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
Yes |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
CP 169 / 2014
CPSR 4654 / 2014
CASE IS: PENDING
|
PETITIONER M/S MAURITIUS COMMERCIAL BANK LIMITED PET. ADV.: HARINATH SUBJECT : COMPANY PETITION |
RESPONDENT VS SUJANA UNIVERSAL INDUSTRIES LIMITED RESP. ADV. : MADHUSUDHAN REDDY DISTRICT: HYDERABAD |
|
FILING DATE : 18-07-2013 POSTING STAGE : FOR SETTLEMENT REG. DATE : 07-08-2013 LISTING DATE : 08-12-2014 STATUS : CAV |
|
|
HON’BLE JUDGE(S): A.RAJASHEKER REDDY |
|
OPERATIONS:
APPLIANCES DIVISION
The Appliances divisions mainly includes the products like varieties of Fans, Fan Components and other appliances, which has recorded a turnover of Rs.5.497 Million during the year ended 31st March, 2014.
STEEL PRODUCTS
DIVISION
The Steel Products division mainly handles activities of Casting, Processing and Trading of Steel and aided products and during the year ended 31st March, 2014 it has recorded a turnover of Rs. 34208.234 Million and the export turnover of various products were Rs.1935.796 Million.
INFRASTRUCTURE
DIVISION
With a view to expand the Company’s operations in the construction and developmental activities like integrated residential townships, commercial buildings and specialized design and construction of integrated medical colleges and super specialty hospitals etc., the Company started Infrastructure Division, however due to the current economic slowdown, no works were taken up by this Division in this year.
OVERVIEW
· The year 2013-14 commenced with hopes of economic recovery however ended as a year of uncertainty when expectations weathered serious setbacks. While the Global Economy resumed on the recovery path initiated by advanced economies, activity in many emerging markets were disappointing due to less favourable internal and external financial environment including higher inflation and wider current account deficits. The performance of Indian Economy during FY 14 being weaker than what we had envisaged during same time last year.
· The downward spiral in India’s growth momentum, led by its persistently high inflation and slowing down of demand and investments in Infrastructure and Real Estate and deteriorating investment climate, pulled down the Industrial growth rate. The waning performance of the industrial sector, persistence of high consumer prices, inflation and interest rates, sluggishness in services sector and the weakening in private consumption and investment, resulted in subdued performance of many sectors.
· As per the Advance Estimates released by the Central Statistics Office (CSO), the Indian economy is estimated to have registered a growth rate of 4.9 per cent in 2013-14. This growth is significantly lower in comparison to the decadal average of 7.6 per cent during 2004-05 to 2013-14.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from Others |
1309.225 |
1309.225 |
|
Total |
1309.225 |
1309.225 |
Note
3) Un-secured loans represents loans availed in the year 2011-12 from the Tejdeep Engineering Enterprises Private Limited and Tejeswini Engineering Private Limitedto meet the working capital requirements.
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10460381 |
18/10/2013 |
910,000,000.00 |
Export-Import Bank of India |
Centre One
Building, Floor 21, World Trade Centre |
B89428072 |
|
2 |
10186071 |
24/01/2012 * |
8,059,500,000.00 |
Bank of Baroda |
Corporate Financial Services Branch, T.Nagar, Chennai, Tamil Nadu - 600017, INDIA |
B30441539 |
|
3 |
80065399 |
11/07/2005 |
50,000,000.00 |
ANDHRA PRADESH INDUSTRIAL EVELOPMENT CORPORATION LIMITED |
5-9-58/b, PARISHRAM BHAWAN, FATEH MAIDAN ROAD, HYDERABAD, Andhra Pradesh - 500004, INDIA |
- |
|
4 |
80054571 |
02/03/1999 |
250,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
5-9-89/1 &2, CHAPEL ROAD, PB NO.370, HYDERABAD, Andhra Pradesh - 500001, INDIA |
- |
|
5 |
80054570 |
10/12/1997 |
75,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OFINDIA |
5-9-89/1&2 , CHAPEL ROAD , PB NO.370, HYDERABAD, Andhra Pradesh - 500001, INDIA |
- |
|
6 |
80054569 |
03/07/1997 |
50,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
5-9-89/1 AND 2
, CHAPEL ROAD, PB NO.370, HYDE |
- |
|
7 |
80054567 |
16/10/1996 |
30,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
5-9-89/1&2,
CHAPEL ROAD, P.B.NO370, HYDERABAD, A |
- |
|
8 |
80054566 |
09/10/1995 |
49,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
5-9-89/1&2, CHAPEL ROAD, P.B.NO.370, HYDERABAD, Andhra Pradesh - 500001, INDIA |
- |
* Date of charge modification
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 31ST DECEMBER,
2014
(Rs.
In Million)
|
Particular |
3
Months Ended |
Preceeding3
Months Ended |
Year
to date figures for the current period ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Un-audited) |
(Un-audited) |
(Un-audited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
7662.543 |
7935.585 |
23728.073 |
|
Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total Income from
operations (net) |
7662.543 |
7935.585 |
23728.073 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
101.182 |
113.107 |
306.125 |
|
(b) Purchase of stock in trade |
70.78.051 |
7557.651 |
22115.546 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
13.282 |
(67.076) |
(217.512) |
|
(d) Employee benefit expenses |
11.268 |
12.538 |
34.869 |
|
(e) Depreciation and amortization expenses |
34.379 |
34.379 |
112.298 |
|
(f) Other Expenses |
93.581 |
86.789 |
575.907 |
|
Total Expenses |
7331.742 |
7737.388 |
22927.233 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
330.801 |
198.197 |
800.839 |
|
Other Income |
2.039 |
2.239 |
13.897 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
332.840 |
200.436 |
814.737 |
|
Finance costs |
317.012 |
190.966 |
781.107 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
15.828 |
9.470 |
33.630 |
|
Exceptional
item |
0.000 |
0.000 |
0.000 |
|
Profit/ Loss from Ordinary Activities before
tax |
15.828 |
9.470 |
33.630 |
|
Tax Expenses |
5.382 |
3.220 |
11.434 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
10.447 |
6.250 |
22.196 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Net Profit for the period |
10.447 |
6.250 |
22.196 |
|
Paid- up
Equity Share Capital (Face value
of the share shall be indicated) |
1688.411 (Rs. 10/-
Per Share) |
1688.411 (Rs. 10/-
Per Share) |
1688.411 (Rs. 10/-
Per Share) |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) |
|
|
|
|
-
Basic |
0.06 |
0.04 |
0.13 |
|
- Diluted |
0.06 |
0.04 |
0.13 |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) |
|
|
|
|
- Basic |
0.06 |
0.04 |
0.13 |
|
- Diluted |
0.06 |
0.04 |
0.13 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
123942737 |
123942737 |
123942737 |
|
Percentage of Shareholding |
73.41 |
73.41 |
73.41 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shareholding (as a % of the Total
Shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shareholding (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
44898335 |
44898335 |
44898335 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
26.59 |
26.59 |
26.59 |
|
|
Particulars |
Quarter Ended 31.12.2014 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE,
RESULT AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
|
Particulars |
3
Months Ended |
Preceeding3
Months Ended |
Year
to date figures for the current period ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Un-audited) |
(Un-audited) |
(Un-audited) |
||
|
1 |
Segment Revenue |
|
|
|
|
|
LEC Division |
0.000 |
0.000 |
0.000 |
|
|
Appliance Division |
0.200 |
0.000 |
0.300 |
|
|
Steel Division |
7662.300 |
7935.600 |
23727.700 |
|
|
Total Income |
7662.500 |
7935.600 |
23728.000 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
LEC Division |
(5.800) |
(5.800) |
(29.700) |
|
|
Appliance Division |
(5.100) |
(4.500) |
(15.500) |
|
|
Steel Division |
26.800 |
19.800 |
78.900 |
|
|
Profit Before
Tax |
15.800 |
9.500 |
33.600 |
|
|
|
|
|
|
|
3 |
Capital employed |
|
|
|
|
|
(Segment Assets
less Segment Liabilities) |
|
|
|
|
|
LEC Division |
295.900 |
301.700 |
295.900 |
|
|
Appliance Division |
72.700 |
77.200 |
72.700 |
|
|
Steel Division |
6214.200 |
6214.200 |
6214.200 |
|
|
Total |
6582.800 |
6593.100 |
6582.800 |
Note:
The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on 14th February 2015.
The Company has five wholly owned direct subsidiaries (a) Pac Ventures Pte.
Limited (b) Sujana Holdings Limited (c) Nuance Holdings Limited d) Sun Trading
Limited e) Hestia Holdings Limited.
Tax expenses are exclusive of Provision for MAT, which shall be considered at
the end of the year.
Figures of the previous quarters/period have been regrouped and reclassified
wherever necessary.
CONTINGENT
LIABILITIES:
|
|
Particulars |
2013-14 |
2012-13 |
|
1. |
Bank Guarantees |
|
|
|
a) |
Bank of Baroda: Guarantee executed in favour of Commissioner Central Excise |
Rs. 8.00 lakhs |
Rs. 8.00 lakhs |
|
b) |
Corporate Guarantee provided by the Company to Mauritius Commercial Bank, Mauritius, on behalf of Hestia Holdings Ltd, Mauritius, wholly owned subsidiary to SUIL. The Company has received the legal notice u/s 433 of the Companies Act 1956 and the Company has given reply to the legal notice. |
US $ 20.00 Million |
US $ 20.00 Million |
|
c) |
Corporate Guarantee provided by the Company to Standard Bank (Mauritius) Limited on behalf of Selene Holdings Ltd, Mauritius, step down subsidiary to SUIL. The Company has received the notice from Hon’ble High Court of Andhra Pradesh u/s 433 of the Companies Act, 1956 and the Company has filed the counter against the said notice. |
US $ 23.00 Million |
US $ 23.00 Million |
|
d) |
Corporate Guarantee provided by the Company to Afrasia Bank Limited, Mauritius, on behalf of Selene Holdings Ltd, Mauritius, step down subsidiary to SUIL |
US $ 2.50 Million |
US $ 5.00 Million |
|
e) |
Corporate Guarantee provided by the Company to Intra Asia Trading Pte. Ltd, Singapore, on behalf of Nuance Holdings Ltd, Hong Kong, wholly owned subsidiary to SUIL |
US $ 10.00 Million |
- |
|
f) |
Corporate Guarantee provided by the Company to Intra Asia Trading Pte. Ltd, Singapore, on behalf of Pac Ventures Pte. Ltd, Singapore, wholly owned subsidiary to SUIL |
US $ 3.00 Million |
- |
|
g) |
Corporate Guarantee provided by the Company to Rhodium Resources Pte. Ltd, Singapore, on behalf of Pac Ventures Pte. Ltd, Singapore, wholly owned subsidiary to SUIL |
US $ 5.72 Million |
- |
|
h) |
Corporate Guarantee provided by the Company to Rhodium Resources Pte. Ltd, Singapore, on behalf of Pac Ventures Pte. Ltd, Singapore, wholly owned subsidiary to SUIL |
US $ 2.45 Million |
- |
|
2. |
Standby Letter of Credit (SBLC) |
|
|
|
a) |
Indian Overseas Bank: SBLC issued in favour of Apies Ventures Pte. Ltd |
US $ 12.20 Million |
US $ 13.50 Million |
|
b) |
Indian Overseas Bank: SBLC issued in favour of United Industrial Group (Asia) Ltd |
US $ 10.03 Million |
US $ 8.73 Million |
|
c) |
Oriental Bank of Commerce: SBLC issued in favour of Pan Arabian International FZE. However the said SBLC stands discharged in the month of May 2014. |
US $ 9.00 Million |
US $ 9.00 Million |
|
d) |
Exim Bank of India: SBLC issued in favour of Exim Bank of India, London Branch, on behalf of Pac ventures Pte. Ltd, Singapore, wholly owned subsidiary to SUIL |
US $ 13.00 Million |
- |
FIXED ASSETS
· Land
· Buildings,
· Plant and Machinery,
· Electrical Equipments / Installation,
· Office Equipments,
· Testing Equipments,
· Furniture and Fixtures
· Vehicles
· ERP / Softwear
· Miscellaneous Equipments
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. 62.75 |
|
|
1 |
Rs. 94.60 |
|
Euro |
1 |
Rs. 67.09 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.