MIRA INFORM REPORT
|
Report No. : |
348065 |
|
Report Date : |
03.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
TECHNO FORGE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1019, 1021, 1022, G.I.D.C. Industrial Estate, Ankleshwar - 393002, Gujarat |
|
Mobile No.: |
91-9724505611 (Mr. Vikram Kapasi) |
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2013 |
|
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|
|
Date of
Incorporation : |
28.09.1979 |
|
|
|
|
Com. Reg. No.: |
04-003508 |
|
|
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|
Capital
Investment / Paid-up Capital : |
Rs.43.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28910GJ1979PLC003508 |
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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 Ingots, Flanges, Forging, Etc. |
|
|
|
|
No. of Employees
: |
Not Divulged (Approximately) /
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1979, having moderate track. As per Registrar of Companies, the date of balance sheet i.e.
financials filed is shown as 31st march, 2014 but documents
related to the financials for the year 2014 are not available from any
sources. As per financials available for the year 2013, the company has
adequate net worth base marked by favorable gap between trade payables and
receivables. However the company has recorded decline in its revenue and
profitability margin as compared to previous year. Trade relations are fair. Business is active. Payments are slow but
correct. The company can be considered for business dealings 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 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Vikram Kapasi |
|
Designation : |
Finance Head |
|
Contact No.: |
91-9724505611 |
|
Date : |
03.11.2015 |
LOCATIONS
|
Registered Office and Corporate Office/ Factory : |
Plot No. 1019, 1021, 1022, G.I.D.C. Industrial Estate, Ankleshwar - 393002, Gujarat, India |
|
Tel. No.: |
91 – 2646 - 238279 |
|
Mobile No.: |
91-9724505611 Mr. Vikram () |
|
Fax No.: |
91 – 2646 - 223614 |
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E-Mail : |
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|
Website: |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ashok Kapasi |
|
Designation : |
Managing Director |
|
Date of Birth: |
33 Years |
|
Qualification: |
Science Graduate |
|
PAN No.: |
ADKPK9029Q |
|
|
|
|
Name : |
Mr. Arun
M. Kapasi |
|
Designation : |
Whole
Time Director |
|
Date of Birth: |
33 Years |
|
Qualification: |
Commerce Graduate |
|
|
|
|
Name : |
Mr. Hemant
V Chheda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.Rahul
M. Parikh |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
Atul M. Raizada |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr.
Amit A. Dalal |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Kapasi |
|
Designation : |
Finance Head |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
1771345 |
41.10 |
|
|
1771345 |
41.10 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
1771345 |
41.10 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
17630 |
0.41 |
|
|
|
|
|
|
2001462 |
46.44 |
|
|
514723 |
11.94 |
|
|
4840 |
0.11 |
|
|
3540 |
0.08 |
|
|
1300 |
0.03 |
|
|
2538655 |
58.90 |
|
Total Public shareholding
(B) |
2538655 |
58.90 |
|
Total (A)+(B) |
4310000 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4310000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Ingots, Flanges, Forging, Etc. |
|
|
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|
Products : |
|
|
|
|
|
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:
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Steel Forgings |
Tone |
-- |
2880 |
1574 |
|
Particulars |
Unit |
Quantity |
|
Finished Goods |
Kgs |
1574192 |
|
Particulars |
Unit |
Quantity |
Actual
Production |
|
Finished Goods |
Kgs |
1574192 |
202853863 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG TERM BORROWINGS; Security Offered To Bank of India 1. Secured By Hypothecation Of Machinery, Stock and Book Debts, Mortgage Of Land and Building. 2. Mortgage Of 3 Plots Viz. 1019, 1021 and 1022 Located At GIDC, Ankleshwar In The Name Of Company. 3. Equitable Mortgage Of Flat No. B/4, Nand Society, Vadodra. 4. Equitable Mortgage Of Quarters (18 Flats) Located At GIDC Industrial Estate, Ankleshwar, Bharuch. 5. Equitable Mortgage Of House Property At 2, Pushpak Bunglow, Vasna Road, Vadodara In The Name Of Shri Ashok Kapasi and Mr.
Vikram Kapasi. |
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Financial
Institute: : |
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|
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Auditors : |
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|
Name : |
Majithia and Associates Chartered Accountants |
|
Address : |
6, New Jagruti Co-operative Society, 227, S.V. Road, Bandra (West), Mumbai
– 400050, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4310000 |
Equity Shares |
Rs.10/- each |
Rs.43.100 Million |
|
|
|
|
|
Name of Shareholders
Holding More Than 5% of Total Share Capital
|
Particulars |
AS On 31.03.2013 |
|
|
|
No. of Shares held |
% of Holding |
|
Mr. Ashok M. Kapasi |
617,330 |
14.32% |
|
Mr. Arun M. Kapasi |
500,005 |
11.60% |
|
Mr. Hemant V. Chheda |
500,005 |
11.60% |
The Reconciliation of
the Number of Shares Outstanding
|
Particulars |
AS On 31.03.2013 |
|
|
No. of Shares held |
|
Equity Shares at the beginning of the year |
4108700 |
|
Add: Shares issued on Preferential basis |
201300 |
|
Equity Shares at the end of the year |
4310000 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
43.100 |
41.087 |
|
(b) Reserves &
Surplus |
|
67.574 |
60.130 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
4.026 |
|
Total Shareholders’ Funds
(1) + (2) |
|
110.674 |
105.243 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
113.716 |
71.941 |
|
(b) Deferred tax liabilities
(Net) |
|
22.334 |
18.051 |
|
(c) Other long term
liabilities |
|
13.930 |
13.910 |
|
(d) long-term provisions |
|
1.230 |
1.230 |
|
Total Non-current
Liabilities (3) |
|
151.210 |
105.132 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
125.499 |
86.006 |
|
(b) Trade payables |
|
24.266 |
106.664 |
|
(c) Other current
liabilities |
|
54.993 |
64.132 |
|
(d) Short-term provisions |
|
13.269 |
10.523 |
|
Total Current Liabilities
(4) |
|
218.027 |
267.325 |
|
|
|
|
|
|
TOTAL |
|
479.911 |
477.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
237.401 |
190.695 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
1.748 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.016 |
0.016 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
7.836 |
7.388 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
245.253 |
199.847 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
177.288 |
151.607 |
|
(c) Trade receivables |
|
38.469 |
102.966 |
|
(d) Cash and cash
equivalents |
|
3.868 |
5.971 |
|
(e) Short-term loans and
advances |
|
15.033 |
17.309 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
234.658 |
277.853 |
|
|
|
|
|
|
TOTAL |
|
479.911 |
477.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
|
229.538 |
255.921 |
|
|
Other Income |
|
2.793 |
1.706 |
|
|
TOTAL (A) |
|
232.331 |
257.627 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
129.475 |
117.605 |
|
|
Purchases of
Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(28.651) |
3.018 |
|
|
Employees benefits
expense |
|
15.975 |
16.442 |
|
|
Other expenses |
|
67.354 |
76.488 |
|
|
TOTAL (B) |
|
184.153 |
213.553 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
(C) |
|
48.178 |
44.074 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
|
24.264 |
19.084 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
23.914 |
24.990 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
11.669 |
9.379 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
|
12.245 |
15.611 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
6.782 |
6.381 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
|
5.463 |
9.230 |
|
|
|
|
|
|
|
Less |
Short provision (Income
Tax ) |
|
0.000 |
0.256 |
|
|
|
|
|
|
|
Profit(Los) for the
Period |
|
5.463 |
8.974 |
|
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
|
5.463 |
52.587 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
13.970 |
14.528 |
|
|
TOTAL EARNINGS |
|
13.970 |
14.528 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
31.311 |
9.728 |
|
|
TOTAL IMPORTS |
|
31.311 |
9.728 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
1.28 |
2.18 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
|
3.967 |
0.680 |
|
Cash generated from operations |
|
NA |
NA |
|
Net cash flows from (used in) operations |
|
NA |
NA |
QUARTERLY RESULTS
|
Particulars |
1st Quarter 31.12.2013 |
2nd Quarter 31.03.2014 |
3rd
Quarter 30.06.2014 |
4th Quarter 30.09.2014
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Net Sales |
39.440 |
17.150 |
15.490 |
15.570 |
|
Total Expenditure |
31.890 |
24.090 |
19.250 |
18.400 |
|
PBIDT (Excl OI) |
7.550 |
(6.940) |
(3.760) |
(2.830) |
|
Other Income |
0.000 |
0.000 |
0.010 |
0.060 |
|
Operating Profit |
7.550 |
(6.940) |
(3.750) |
(2.770) |
|
Interest |
8.670 |
8.010 |
8.130 |
8.790 |
|
Exceptional Items |
NA |
NA |
NA |
NA |
|
PBDT |
(1.120) |
(14.950) |
(11.880) |
(11.560) |
|
Depreciation |
1.300 |
5.180 |
3.340 |
3.440 |
|
Profit Before Tax |
(2.420) |
(20.130) |
(15.220) |
(15.000) |
|
Tax |
0.00 |
0.000 |
NA |
(5.270) |
|
Provisions and
contingencies |
NA |
NA |
NA |
NA |
|
Profit After Tax |
(2.420) |
(20.130) |
(15.220) |
(9.720) |
|
Extraordinary Items |
NA |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
NA |
|
Net Profit |
(2.420) |
(20.130) |
(15.220) |
(9.720) |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
2.38 |
3.61 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
20.99 |
17.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.55 |
3.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.11 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
2.20 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.08 |
1.04 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.11.07/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
41.087 |
43.100 |
|
Reserves & Surplus |
60.130 |
67.574 |
|
Share Application money
pending allotment |
4.026 |
0.000 |
|
Net worth |
105.243 |
110.674 |
|
|
|
|
|
Long-term borrowings |
71.941 |
113.716 |
|
Short term borrowings |
86.006 |
125.499 |
|
Current maturities of
long-term debts |
0.680 |
3.967 |
|
Total borrowings |
158.627 |
243.182 |
|
Debt/Equity ratio |
1.507 |
2.197 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
255.921 |
229.538 |
|
|
|
(10.309) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
255.921 |
229.538 |
|
Profit |
9.230 |
5.463 |
|
|
3.61% |
2.38% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
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 |
No |
|
26 |
Turnover of firm for last two years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
GUJRAT COMPANY PETITION
NO. 46 OF 2014 |
||
|
status: PENDING |
(converted from: O/ST/473/2014) |
CCIN No : 001058201400046 |
|
Next Listing Date: 26/11/2015 |
||
|
S. No. 1 Name of
the Petitioner – TATA CAPITAL
FINANCIAL
SERVICES LIMITED
(FORMALLY TATA
CAPITAL LIMITED) |
Advocate on Record: MR MANISH J
PATEL for: Respondent (s) - 1 |
|
|
S. No.1 Name of the Respondent: TECHNO FORGE
LIMITED |
Advocate on Record: MR MANISH J
PATEL for: Respondent (s) - 1 |
|
|
Presented On: 20.02.2014 |
Registered On:28.02.2014 |
|
|
Bench Category: -- |
District: AHMEDABAD |
|
|
Case Originated from: THOUGH HIS/ HER/ THEIR
ADVOCATE |
Listed: 30 times |
|
|
Stage Name: NOTICE RETURNABLE
MATTERS |
|
|
|
Classification: SJ – OJ – COMPANY
APPLICATION – COMPANIES ACT, 1956 - WINDING
UP – 433 AND 434 |
||
Information about the Appointee:
BACKGROUND DETAILS:
Mr Ashok M. Kapasi has been associated with the management of the Company since its inception. He has been holding the position of Managing Direcor since 1993 and onwards. He is a Science Graduate having more than 33 years of Forging and Steel Industry experience and good exposure in all areas of activities right from the shop floor to the top management level. Mr Arun M. Kapasi has been associated with the management of the Company since its inception. He has been holding the position of Whole Time Director since 1993 and onwards. He is a Commerce Graduate having more than 33 years of Forging and Steel Industry experience and good exposure in all areas of activities right from the shop floor to the top management level. Reorganization of Awards: The Factory unit of the Company has been registered for ICS and NABCB REG. NO RQ91/3587. Job Profi le and Suitability: Mr. Ashok M. Kapasi as Managing Director and Mr. Arun M. Kapasi as Whole Time Director, are responsible for the day to day management of the Company and assisted by Senior Executives. They are working under the Superintendence and control of the Board of Directors. He is responsible for all the day to day activities of the Company.
OPERATIONS
During the year, the company has achieved sales turnover of Rs. 229.537 Million as compared to previous year of Rs. 255.920 Million against projected targets as per CME Data given to Bank. This is due to market has go down slowly our company has reduced around 10.30% of sales as compare to previous year. Further international market has witnessed slowdown. So, export unit of India also turn into local market and which has increased the competition. During the year the Company made allotment of 201300 equity shares to the promoter on preferential basis at Rs. 20/- per share including premium of Rs. 10/- per share and the proceeds of the allotment have been towards margin money required from the Bankers and being applied for required funds towards ongoing projects and working capital.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
a) Industry Structure
Being increase in per capital consumption of steel increase in India due to development and increase in income of middle group, further requirement of steel increase day by day.
b) Corporate
Governance
Being steel process industry is in transmission stage of adoption of international technology, so, cost effective and mass production will be key factor in process industries. Their company has adopted corporate governance and corporate responsibilities such as no discrimination of cast/sex/religion/culture, conservation of energy, education, training for staff for handling disaster management, human face of economics etc. c) Opportunities and Threats The improvement in the world wide economy has fuelled greater demand for infrastructure developments which have, in turn, led to increase in the steel demand all over the world. India as a major steel producer offers an excellent business opportunity which is expected to continue for some more years to come. The major threats that affect the performance of the steel industry are often attributed to low steel consumption, higher cost of various inputs, higher transportation cost, cheaper imports of fi nished products etc. The Company has, however, analyzed the trends in the steel industry and rapid development occurring in the world of steel. Strategies are constantly reworked to minimize the adverse implications.
d) Outlook
It is expected that the Government would remain committed to development in infrastructure facilities, globalization and carrying out third generation economic reforms which would lead to rise in demand for steel and other related products. Consistent growth in global as well as Indian economy points out to a bright future for the steel and other related industries
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWING |
|
|
|
Business Loan from Kotak Mahindra Bank Limited |
0.000 |
0.781 |
|
Term Loan from Kotak Mahindra Prime Limited |
0.000 |
0.278 |
|
Term Loan from Bajaj Finance Limited |
0.218 |
1.088 |
|
Term Loan from Religare Finvest Limited |
0.215 |
1.652 |
|
Term Loan from S.E. Investments Limited |
0.000 |
2.441 |
|
Borrowing from
Directors |
|
|
|
Mr. Ashok M. Kapasi |
22.511 |
14.943 |
|
Mr. Arun M. Kapasi |
17.488 |
7.772 |
|
Total |
40.432 |
28.955 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10380094 |
13/09/2012 |
10,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, RAO |
B59514224 |
|
2 |
10272375 |
18/09/2014 * |
231,900,000.00 |
BANK OF INDIA |
VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUILDING, 2ND FLOOR, RAOPURA, VADODARA- 390001, GUJARAT, INDIA |
C28616241 |
|
3 |
10272376 |
19/03/2014 * |
231,900,000.00 |
BANK OF INDIA |
VADODARA MID CORPORATE BRANCH, BANK OF INDIA BUILDING, 2ND FLOOR, RAOPURA, VADODARA- 390001, GUJARAT, INDIA |
C08626129 |
|
4 |
10164253 |
23/06/2009 |
1,955,200.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK, 1ST FLOOR,DHIRUBHA AMBANI
KNOWLEDGE |
A64801111 |
|
5 |
10162315 |
04/06/2009 |
2,092,800.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK, 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI- 400710, MAHARASHTRA, INDIA |
A63967517 |
|
6 |
10165005 |
01/06/2009 |
1,175,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI- 400001, MAHARASHTRA, INDIA |
A65063992 |
|
7 |
10115269 |
30/07/2008 |
2,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI- 400021, MAHARASHTRA, INDIA |
A42832360 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
|
31.03.2013 |
|
Contingent Liabilities for Letter of Credit issued by bank and outstanding |
|
6.500 |
|
Contingent Liabilities for Letter of Guarantee |
|
6.171 |
FIXED ASSETS
Tangible Assets
- Land
- Factory Building
- Plant and machinery
- Captive Power Plant
- Weighing Scale
- Furniture and Fixture
- Office Equipment
- Electric Installation
- Vehicles
- Testing and Lab Equipment
- Computer and Software
- Printer
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.65.48 |
|
UK Pound |
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.72.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.