IRA INFORM REPORT
|
Report No. : |
349950 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANCHMAHAL STEEL LIMITED |
|
|
|
|
Registered
Office : |
GIDC Industrial Estate, District Panchmahal, Kalol – 389330, Gujarat |
|
Tel. No. : |
91-2676-304777 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
12.09.1972 |
|
|
|
|
Com. Reg. No.: |
04-002153 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 190.831 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104GJ1972PLC002153 |
|
|
|
|
IEC No.: |
0888017235 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP01051B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP2643Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject manufactures of comprehensive range of Stainless Steel grades,
in hot rolled wire rod and bars and cold finished bars wires. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is an established company incorporated in the year 1972 having moderate track. The company is continuously incurring heavy losses from
its operational activities. The rating also takes into consideration unfavorable gap between trade payables and trade receivables. The rating is further constrained by susceptibility to volatile raw material prices and competitive steel industry.
Their trade relations are reported as fair. Business is active. Payments terms are reported as slow and delayed The company can be considered for business dealings with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : BBB- |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
08.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk. |
|
Date |
08.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Anush Parekh |
|
Designation : |
Marketing Department |
|
Contact No.: |
91-2676-304777 |
|
Date : |
16.11.2015 |
LOCATIONS
|
Registered Office : |
GIDC Industrial Estate, District Panchmahal, Kalol – 389330, Gujarat,
India |
|
Tel. No. : |
91-2676-304777 |
|
Fax No. : |
91-2676-304888 / 304889 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
"Landmark", 7th Floor, |
|
Tel. No.: |
91-265-3051777 |
|
Fax No.: |
91-265-3051705 |
|
|
|
|
Plant : |
Plot No. 117, GIDC Industrial Estate, District Panchmahal, Kalol –
389330, Gujarat, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Ashok Ramlubhaya Malhotra |
|
Designation : |
Chairman Managing Director |
|
Address : |
Plot No. 74, Survey No. 32, Block#27-28 Tp Scheme I, B/H Akashvan Complex Gotri-Sevasi Road, Vadodara-391101, Gujarat, India |
|
Date of Birth/Age : |
27.08.1952 |
|
Qualification : |
B. Com |
|
Experience : |
43 Years |
|
Date of Appointment : |
18.02.1976 |
|
DIN No.: |
00120198 |
|
|
|
|
Name : |
Mr. Pradeep Ramrichpal Sharma |
|
Designation : |
Whole-Time Director |
|
Address : |
Plot No. 5, Amrakunj Society, Ellora Park, Vadodara-390007, Gujarat, India |
|
Date of Birth/Age : |
01.10.1964 |
|
|
B.Com, L.L.B |
|
Date of Appointment : |
26.10.2005 |
|
DIN No.: |
00705862 |
|
|
|
|
Name : |
Mr. Hanish Ashok Malhotra |
|
Designation : |
Whole-Time Director |
|
Address : |
42/43 Charotar Society, Old Padra Road, Vadodara -390020, Gujarat, India |
|
Date of Birth/Age : |
21.09.1976 |
|
Qualification : |
BBA |
|
Experience : |
10 years |
|
Date of Appointment : |
01.02.2006 |
|
DIN No.: |
00120310 |
|
|
|
|
Name : |
Mr. Nilesh Bansilal Mehta |
|
Designation : |
Director |
|
Address : |
203, Tulsi Villa, Poddar Road, Santacruz (West), Mumbai-400054, Maharashtra, India |
|
Date of Appointment : |
26.12.1997 |
|
DIN No.: |
00199071 |
|
|
|
|
Name : |
Mr. Mohanraj Mishrimal Singhi |
|
Designation : |
Director |
|
Address : |
14, Navyug Society, B/H C N School, S.M. Road, Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
24.03.1992 |
|
DIN No.: |
01605981 |
|
|
|
|
Name : |
Milan Pravinchandra Shah |
|
Designation : |
Director |
|
Address : |
16, Jivanprakash Society, St. Xaviers' High School Road, Navrangpura, Ahmedabad-380014, Gujarat, India |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
00012088 |
|
|
|
|
Name : |
Mr. Amal Dattkumar Dhru |
|
Designation : |
Director |
|
Address : |
3, Brahmin Mitra Mandal Society, Mangaldas Road, Ellisbridge, Ahmedabad-380006, Gujarat, India |
|
Date of Appointment : |
30.01.2004 |
|
DIN No.: |
00165145 |
|
|
|
|
Name : |
Ms. Suchita Bhavik Shah |
|
Designation : |
Director |
|
Address : |
10, Vaikunth Bunglows, Gotri Road, Vadodara-390021, Gujarat, India |
|
Date of Birth/Age : |
22.12.1952 |
|
Qualification : |
B.A. |
|
Experience : |
35 Years |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00427169 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Ramakant Nagar |
|
Designation : |
Secretary |
|
Address : |
A-8, Shivpuri Housing Society, Opposite Vrundavan Township, Vasna, Vadodara-390015, Gujarat, India |
|
Date of Appointment : |
08.12.2003 |
|
PAN No.: |
ABGPN3814J |
|
|
|
|
Name : |
Mr. Pradip Harikrishan Gupta |
|
Designation : |
Chief finance officer |
|
Address : |
05 Amar Town House, Chankayapuri Road, Sama, Vadodara-390008, Gujarat, India |
|
Date of Appointment : |
14.11.2014 |
|
PAN No.: |
ACEPG8773C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
2217552 |
11.62 |
|
|
10516005 |
55.12 |
|
|
12733557 |
66.74 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12733557 |
66.74 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
5700 |
0.03 |
|
|
3640306 |
19.08 |
|
|
331000 |
1.73 |
|
|
1000 |
0.01 |
|
|
3978006 |
20.85 |
|
|
|
|
|
|
1644017 |
8.62 |
|
|
|
|
|
|
586245 |
3.07 |
|
|
113266 |
0.59 |
|
|
23238 |
0.12 |
|
|
3671 |
0.02 |
|
|
19567 |
0.10 |
|
|
2366766 |
12.41 |
|
Total Public shareholding (B) |
6344772 |
33.26 |
|
Total (A)+(B) |
19078329 |
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) |
19078329 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Ashok Malhotra |
13,38,432 |
7.02 |
|
2 |
Ashok Ramlubhaya Malhotra HUF |
2,56,000 |
1.34 |
|
3 |
Hanish Ashok Malhotra |
4,54,900 |
2.38 |
|
4 |
Vikas Ashok Malhotra |
1,68,220 |
0.88 |
|
5 |
Honeyvick Enterprises Private Limited |
68,12,245 |
35.71 |
|
6 |
Amil Enterprises Private Limited |
37,03,760 |
19.41 |
|
|
Total |
1,27,33,557 |
66.74 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
ICICI Bank Limited |
2885471 |
15.12 |
|
|
2 |
Asset Reconstruction Co India Limited |
789806 |
4.14 |
|
|
3 |
Gujarat Industrial Investments Corp Limited |
750329 |
3.93 |
|
|
4 |
Life Insurance Corporation of India |
331000 |
1.73 |
|
|
5 |
Manohar Manak Alloys Private Limited |
449877 |
2.36 |
|
|
6 |
Movies N More India Private Limited |
377714 |
1.98 |
|
|
|
Total |
5584197 |
29.27 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
ICICI Bank Limited |
2885471 |
15.12 |
|
|
|
Total |
2885471 |
15.12 |
BUSINESS DETAILS
|
Line of Business : |
Subject manufactures of comprehensive range of Stainless Steel grades,
in hot rolled wire rod and bars and cold finished bars wires. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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||||||||||||||||||||||
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No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name : |
J.R.S. Patel and Company Chartered Accountants |
|
Address : |
106, Anurag, Commercial Center, R. C. Dutt Road, Vadodara – 390007, Gujarat, India |
|
Tel. No.: |
91-265-2353297, 2333698, 3057672 |
|
Fax No.: |
91-265-2336738 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFJ9945F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
Honeyvick Enterprises Private Limited |
|
|
|
|
Enterprise over which one of key management Personnel exercise
significant control : |
Amil Enterprises Private Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19089029 |
Equity Shares |
Rs.10/- each |
Rs. 190.890
Million |
|
|
|
|
|
Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19078329 |
Equity Shares |
Rs.10/- each |
Rs. 190.783
Million |
|
|
Add : Forfeited equity shares |
Rs.10/- each |
Rs. 0.048
Million |
|
|
Total |
|
Rs. 190.831 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
190.831 |
190.831 |
189.092 |
|
(b) Reserves & Surplus |
1146.775 |
1190.001 |
1188.437 |
|
(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) |
1337.606 |
1380.832 |
1377.529 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.448 |
5.296 |
56.071 |
|
Total Non-current
Liabilities (3) |
5.448 |
5.296 |
56.071 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
562.060 |
512.290 |
484.001 |
|
(b) Trade
payables |
999.897 |
1141.347 |
956.074 |
|
(c) Other
current liabilities |
103.566 |
152.836 |
144.328 |
|
(d) Short-term
provisions |
5.231 |
5.817 |
33.093 |
|
Total Current
Liabilities (4) |
1670.754 |
1812.290 |
1617.496 |
|
|
|
|
|
|
TOTAL |
3013.808 |
3198.418 |
3051.096 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1160.347 |
1189.019 |
1163.994 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.390 |
4.695 |
58.782 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.002 |
0.002 |
0.005 |
|
(c) Deferred tax assets (net) |
48.893 |
28.147 |
16.822 |
|
(d) Long-term Loan and Advances |
88.601 |
93.678 |
114.976 |
|
(e) Other
Non-current assets |
|
|
|
|
Total Non-Current
Assets |
1298.233 |
1315.541 |
1354.579 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1223.619 |
1325.369 |
1272.696 |
|
(c) Trade
receivables |
294.551 |
354.487 |
274.393 |
|
(d) Cash
and cash equivalents |
71.930 |
51.824 |
51.828 |
|
(e)
Short-term loans and advances |
115.018 |
137.014 |
88.457 |
|
(f) Other
current assets |
10.457 |
14.183 |
9.143 |
|
Total
Current Assets |
1715.575 |
1882.877 |
1696.517 |
|
|
|
|
|
|
TOTAL |
3013.808 |
3198.418 |
3051.096 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
3906.109 |
3269.197 |
3408.787 |
|
|
Other Income |
10.494 |
9.887 |
23.666 |
|
|
TOTAL
(A) |
3916.603 |
3279.084 |
3432.453 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2560.393 |
2406.674 |
2126.655 |
|
|
Manufacturing Expenses |
635.026 |
699.834 |
630.019 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
319.207 |
(219.549) |
146.333 |
|
|
Employees benefits expense |
161.580 |
146.929 |
152.279 |
|
|
Other expenses |
124.402 |
128.939 |
149.430 |
|
|
Exceptional and Extraordinary
Items |
-21.033 |
-16.046 |
0.000 |
|
|
TOTAL
(B) |
3779.575 |
3146.781 |
3204.716 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
137.028 |
132.303 |
227.737 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
106.556 |
93.389 |
93.433 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.472 |
38.914 |
134.304 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
86.515 |
68.487 |
81.659 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(56.043) |
(29.573) |
52.645 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(20.747) |
(11.324) |
15.138 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(35.296) |
(18.249) |
37.507 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
371.200 |
390.307 |
381.400 |
|
|
|
|
|
|
|
Add |
Earlier
year excess proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer
from Debenture Redemption Reserve |
0.000 |
0.000 |
0.300 |
|
|
Adjustment relating to Fixed
Assets |
7.900 |
0.000 |
0.000 |
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.000 |
|
|
Dividend |
0.000 |
0.000 |
23.600 |
|
|
Tax on Dividend |
0.000 |
0.000 |
4.000 |
|
|
Compensation in lieu of
Dividend |
0.000 |
1.100 |
0.000 |
|
|
Total
(M) |
0.000 |
1.100 |
28.600 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
328.004 |
370.958 |
390.307 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
945.390 |
732.600 |
1360.959 |
|
|
Freight |
|
|
|
|
|
Insurance |
|
|
|
|
|
TOTAL
EARNINGS |
945.390 |
732.600 |
1360.959 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1865.182 |
1607.870 |
1247.143 |
|
|
Production material and Stores
and Spares |
38.419 |
57.552 |
54.702 |
|
|
Capital Goods |
0.000 |
2.171 |
2.676 |
|
|
TOTAL
IMPORTS |
1903.601 |
1667.593 |
1304.521 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(1.850) |
(0.961) |
1.984 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
118.604 |
95.161 |
231.403 |
|
Net cash flow from operating activity |
111.464 |
90.826 |
223.144 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1ST
Quarter |
2nd
Quarter |
|
Net Sales |
|
826.610 |
892.430 |
|
Total Expenditure |
|
835.200 |
884.560 |
|
PBIDT (Excl OI) |
|
(8.590) |
7.870 |
|
Other Income |
|
1.650 |
4.770 |
|
Operating Profit |
|
(6.940) |
12.640 |
|
Interest |
|
29.140 |
26.460 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(36.080) |
(13.820) |
|
Depreciation |
|
21.870 |
21.920 |
|
Profit Before Tax |
|
(57.950) |
(35.740) |
|
Tax |
|
(20.050) |
(10.110) |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(37.900) |
(25.630) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(37.900) |
(25.630) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
(0.90) |
(0.56) |
1.10 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.51 |
4.05 |
6.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.89) |
(0.93) |
1.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
(0.02) |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42 |
0.37 |
0.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.04 |
1.05 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.22.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
189.092 |
190.831 |
190.831 |
|
Reserves & Surplus |
1188.437 |
1190.001 |
1146.775 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1377.529 |
1380.832 |
1337.606 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
484.001 |
512.290 |
562.060 |
|
Total
borrowings |
484.001 |
512.290 |
562.060 |
|
Debt/Equity
ratio |
0.351 |
0.371 |
0.420 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3408.787 |
3269.197 |
3906.109 |
|
|
|
(4.095) |
19.482 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3408.787 |
3269.197 |
3906.109 |
|
Profit |
37.507 |
(18.249) |
(35.296) |
|
|
1.10% |
(0.56)% |
(0.90)% |
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 |
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 |
Yes |
|
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 GUJARAT STAMP NUMBER No. 2149 of 2012
Last Listing Date: 29/10/2012
|
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10263399 |
27/01/2011 |
2,400,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
2ND FLOOR, AXIS TOWER,
BOMBAY DYEING MILLS COMPOUN |
B04738100 |
|
2 |
10239584 |
25/08/2010 |
18,400,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS 'F',
13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI- 400005, MAHARASHTRA, INDIA |
A92303809 |
|
3 |
10 198042 |
02/02/2010 |
942,200,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI- 400005, MAHARASHTRA, INDIA |
A77930899 |
|
4 |
80002835 |
28/03/2006 * |
150,000,000.00 |
STATE BANK OF
INDIA |
BARODA MAIN
BRANCH, MANDVI, VADODARA- 390017, GUJARAT, INDIA |
- |
|
5 |
80047312 |
04/01/2013 * |
1,520,000,000.00 |
STATE BANK OF
INDIA |
MID CORPORATE GROUP
INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA- 390007,
GUJARAT , INDIA |
B66050816 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
|||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
889.382 |
820.864 |
1710.246 |
|
|
b. Other Operating Income |
3.053 |
5.750 |
8.803 |
|
|
Total Income from
Operations (Net) |
892.435 |
826.614 |
1719.049 |
|
2 |
Expenditure |
|
|
|
|
|
a. Cost of material Consumed |
697.438 |
722.805 |
420.243 |
|
|
b. Purchase of Stock-in trade |
|
|
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(81.354) |
(148.062) |
(209.416) |
|
|
d. Employees Benefit Expenses |
38.978 |
39.706 |
78.884 |
|
|
e. Depreciation and Amortisation Expenses |
21.920 |
21.874 |
43.794 |
|
|
f. Power and Fuel |
110.580 |
124.875 |
235.455 |
|
|
g. Manufacturing Expenses |
66.142 |
66.288 |
132.430 |
|
|
h. Other expenses |
32.776 |
29.588 |
62.364 |
|
|
Total Expenses |
906.480 |
857.074 |
1763.554 |
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
(14.045) |
(30.480) |
(44.505) |
|
4 |
Other Income |
4.770 |
1.651 |
6.421 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
(9.275) |
(28.809) |
38.084) |
|
6 |
Finance Costs |
26.462 |
29.138 |
55.600 |
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
(35.737) |
(57.947) |
(93.684) |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit from
ordinary activities before tax |
(35.737) |
(57.947) |
(93.684) |
|
10 |
Tax Expense |
|
|
|
|
|
- Taxes for earlier years |
0.649 |
0.000 |
0.649 |
|
|
- Deferred Tax |
(9.459) |
(20.045) |
(29.504) |
|
11 |
Net Profit from ordinary
activity after tax |
(25.629) |
(37.902) |
(63.531) |
|
12 |
Extraordinary Items |
- |
- |
- |
|
13 |
Net Profit After
Tax |
(25.629) |
(37.902) |
(63.531) |
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
|
|
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
- |
- |
- |
|
16 |
Earning Per Share (not annualized) |
|
|
|
|
|
Basic EPS |
(1.343) |
(1.987) |
(3.330) |
|
|
Diluted EPS |
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
6344772 |
6344772 |
6344772 |
|
|
- Percentage of shareholding |
33.26% |
33.26% |
33.26% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
4872180 |
4872180 |
4872180 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
38.26% |
38.26% |
38.26% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
25.54% |
25.54% |
25.54% |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
7861377 |
7861377 |
7861377 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
61.74% |
61.74% |
61.74% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
41.21% |
41.21% |
41.21% |
|
|
Particulars |
Quarter ended 30.09.2015 |
|
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 |
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- EDP Equipment
- Vehicles
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 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.66.17 |
|
|
1 |
Rs.100.66 |
|
Euro |
1 |
Rs.70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JOTK / RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.