MIRA INFORM REPORT
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Report No. : |
351787 |
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Report Date : |
30.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DRA INDUSTRIES LIMITED (w.e.f. 22.06.2209) |
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Formerly Known
As : |
ARS INDUSTRIES LIMITED |
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Registered
Office : |
No. 18/26, 1st Floor, Loganathan Nagar, Second
Street, Choolaimedu, Chennai - 600094, Tamilnadu |
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Tel No.: |
91-44-23610650, 23610651, 23610652, 23610653, 23610654, 23610655 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.03.2008 |
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Com. Reg. No.: |
18-066844 |
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Capital
Investment / Paid-up Capital : |
Rs.7.074 Million |
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CIN No.: [Company Identification
No.] |
U27106TN2008PLC066844 |
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IEC |
0408015951 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CHEA13890C |
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PAN No.: [Permanent Account No.] |
AAHCA0323J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The company manufactures steel billets and sells to rolling mills. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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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 960000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. It
was incorporated in the year 2008 and it manufacturers steel billets and
sells to rolling mills. Profitability of the company seems to be low during 2014. The rating is further constrained on account of company’s’ below
average financial risk profile marked by high gearing and below average debt
protection metrics. However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. In view of aforesaid, 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 |
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Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term Bank Facilities = BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
February 26, 2015 |
|
Rating Agency Name |
CRISIL |
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Rating |
Short term Bank Facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
February 26, 2015 |
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 PARTED BY
|
Name : |
Mr. Sudhakar |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-44-23610651 |
|
Date : |
24.11.2015 |
LOCATIONS
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Registered Office : |
No. 18/26, 1st Floor, Loganathan Nagar, Second
Street, Choolaimedu, Chennai - 600094, Tamilnadu, India |
|
Tel. No.: |
91-44-23610650, 23610651, 23610652, 23610653, 23610654, 23610655 |
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Fax No.: |
91-44-23610651 |
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E-Mail : |
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Factory 1 : |
APIIC Industrial Park, Attivaram Village, Ozili Mandal, , SPS Nellore
District, Naidupet – 524421, Andhra Pradesh , India |
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Branches : |
Located At :
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DIRECTORS
As on: 30.09.2014
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Name : |
Mr. Deepak Kumar Bhatia |
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Designation : |
Managing director |
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Address : |
No.1822, First Floor, 13th Main Road, Anna Nagar West, Chennai –
600040, Tamilnadu, India |
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Date of Birth/Age : |
04.12.1967 |
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PAN: |
AAGPB4391K |
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Date of Appointment : |
02.04.2008 |
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DIN No.: |
00552964 |
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Other Directorship:
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Name : |
Mr. Hemant Khandelwal |
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Designation : |
Director |
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Address : |
D-16, 7th Street, Anna Nagar East, Chennai – 600102,
Tamilnadu, India |
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Date of Birth/Age : |
14.12.1975 |
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PAN: |
AABPH0083P |
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Date of Appointment : |
02.04.2008 |
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DIN No.: |
00902364 |
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Other Directorship:
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Name : |
Mr. Sumit Bhatia |
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Designation : |
Director |
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Address : |
Flat C-2, Second Floor, Sharon Apartments, 14th Cross, Anna
Nagar Extension, Pondicherry – 605005, India |
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Date of Birth/Age : |
06.07.1983 |
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Date of Appointment : |
17.03.2008 |
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PAN: |
AHKPB1068Q |
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DIN No.: |
01110433 |
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Other Directorship:
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Name : |
Mr. Sandeep Sharma |
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Designation : |
Director |
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Address : |
6/12/5/9, Pitchi Reddy Thopu SPS Nellore District, Naidupeta – 524126,
Andhra Pradesh, India |
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Date of Birth/Age : |
01.10.1972 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
06543239 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Sudhakar |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
Shareholders details files are attached
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
9.12 |
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Bodies corporate |
26.74 |
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Directors or relatives of Directors |
64.14 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company manufactures steel billets and sells to rolling mills. |
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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 Divulged |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Sanjiv Shah and Associates Chartered Accountants |
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Address : |
Adarsh Apartments, 2nd Floor, No. 80, Vepery High Road, Chennai - 600007, Tamilnadu, India |
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PAN : |
AAAFS9494G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises which
are owned, or have significant
influence of or are partners with Key management
personnel and their relatives : |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
707385 |
Equity Shares |
Rs.10/- each |
Rs.7.074
Million |
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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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|
|
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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|
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(a) Share Capital |
7.074 |
7.074 |
6.251 |
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(b) Reserves & Surplus |
320.159 |
319.511 |
239.995 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending allotment |
7.446 |
7.446 |
13.872 |
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Total Shareholders’ Funds (1) + (2) |
334.679 |
334.031 |
260.118 |
|
|
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(3) Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
185.004 |
312.947 |
411.092 |
|
(b) Deferred tax liabilities (Net) |
34.315 |
28.925 |
20.794 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
219.319 |
341.872 |
431.886 |
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(4) Current Liabilities |
|
|
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(a) Short term borrowings |
727.491 |
488.232 |
322.545 |
|
(b) Trade payables |
196.396 |
298.508 |
433.653 |
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(c) Other current liabilities |
37.103 |
44.467 |
53.232 |
|
(d) Short-term provisions |
0.455 |
0.214 |
0.306 |
|
Total Current Liabilities (4) |
961.445 |
831.421 |
809.736 |
|
|
|
|
|
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TOTAL |
1515.443 |
1507.324 |
1501.740 |
|
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|
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II.
ASSETS |
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|
|
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(1) Non-current assets |
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|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
405.852 |
416.391 |
416.822 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
0.000 |
0.000 |
0.630 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
55.444 |
55.444 |
35.577 |
|
(e) Other Non-current assets |
0.000 |
0.035 |
0.071 |
|
Total Non-Current Assets |
461.296 |
471.870 |
453.100 |
|
|
|
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|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
553.259 |
498.234 |
640.790 |
|
(c) Trade receivables |
312.739 |
335.195 |
100.680 |
|
(d) Cash and cash equivalents |
61.573 |
72.265 |
52.022 |
|
(e) Short-term loans and advances |
125.392 |
128.937 |
252.315 |
|
(f) Other current assets |
1.184 |
0.823 |
2.833 |
|
Total Current Assets |
1054.147 |
1035.454 |
1048.640 |
|
|
|
|
|
|
TOTAL |
1515.443 |
1507.324 |
1501.740 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2209.365 |
3269.532 |
2145.091 |
|
|
Revenue from operation |
12.713 |
13.296 |
7.445 |
|
|
TOTAL
(A) |
2222.078 |
3282.828 |
2152.536 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1060.728 |
1880.099 |
1417.166 |
|
|
Purchases of Stock-in-Trade |
414.784 |
541.996 |
257.889 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(23.708) |
6.996 |
(5.085) |
|
|
Employees benefits expense |
8.453 |
7.661 |
6.171 |
|
|
Other expenditure |
607.903 |
704.816 |
384.498 |
|
|
Exceptional Items |
48.643 |
36.770 |
0.000 |
|
|
TOTAL
(B) |
2116.803 |
3178.338 |
2060.639 |
|
|
|
|
|
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|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
105.275 |
104.490 |
91.897 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.924 |
81.964 |
43.878 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.351 |
22.526 |
48.019 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
19.314 |
18.268 |
11.838 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
6.037 |
4.258 |
36.181 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
5.390 |
9.319 |
3.699 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
0.647 |
(5.061) |
32.482 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
785.567 |
785.567 |
253.699 |
|
|
TOTAL
EARNINGS |
785.567 |
785.567 |
253.699 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.92 |
(7.15) |
51.96 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net Cash flows from operating activities |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.03 |
(0.15) |
1.51 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.76 |
3.20 |
4.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.40 |
0.28 |
2.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.01 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.73 |
2.40 |
2.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.25 |
1.30 |
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 |
6.251 |
7.074 |
7.074 |
|
Reserves & Surplus |
239.995 |
319.511 |
320.159 |
|
Share
Application money pending allotment |
13.872 |
7.446 |
7.446 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Net worth |
260.118 |
334.031 |
334.679 |
|
|
|
|
|
|
long-term borrowings |
411.092 |
312.947 |
185.004 |
|
Short term borrowings |
322.545 |
488.232 |
727.491 |
|
Total borrowings |
733.637 |
801.179 |
912.495 |
|
Debt/Equity ratio |
2.820 |
2.399 |
2.726 |
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) |
|
Revenue from operation |
2145.091 |
3269.532 |
2209.365 |
|
|
|
52.419 |
(32.426) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operation |
2145.091 |
3269.532 |
2209.365 |
|
Profit (Loss) |
32.482 |
(5.061) |
0.647 |
|
|
1.51% |
(0.15%) |
0.03% |
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 |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
The registered office of the company has been shifted from “D-109, 2nd Floor, LBR Complex, Chinthamani, Anna Nagar, Chennai – 600102, Tamilnadu, India” to the present address.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Other loans and advances |
6.371 |
92.870 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from others |
0.000 |
0.757 |
|
Total |
6.371 |
93.627 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10340891 |
02/07/2011 |
2,650,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, Maharashtra, INDIA |
B27715259 |
|
2 |
10170542 |
24/05/2013 * |
1,020,700,000.00 |
Indian Overseas Bank |
ESPLANADE BRANCH, CHENNAI - 600108, Tamil Nadu, INDIA |
B76530435 |
* Date of charge modification
CONTINGENT
LIABILITIES:
- Contingent Liabilities at the end of the year is Rs.82.982 Million
FIXED ASSETS:
- Land
- Buildings
- Factory building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
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.66.75 |
|
|
1 |
Rs.100.68 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
2 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.