MIRA INFORM REPORT
|
Report No. : |
345620 |
|
Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MUKAND LIMITED |
|
|
|
|
Registered
Office : |
Bajaj Bhawan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai -
400021, Maharashtra |
|
Tel. No.: |
91-22-61216666/ 61216629 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
29.11.1937 |
|
|
|
|
Com. Reg. No.: |
11-002726 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1470.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1937PLC002726 |
|
|
|
|
IEC No.: |
0388001151 |
|
|
|
|
TAN No.: [Tax Deduction and
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM5008R |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is Engaged in Manufacturing of Steel and Operating Foundry. Its
products include Blooms as Cast, Billets as Cast, Rolled Products, Wire Rods,
Round Bars, Hexagons, Round Corner Squares, Bright Bars and Cold Finished
Wires. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING and COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 60000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was incorporated in the year 1937 engaged in manufacturing in steel
and operating foundry. Its products include blooms as cast, billets as cast,
rolled products, wire rods, round bars, hexagons, round corner squares,
bright bars and cold finished wires. For the financial year ended 2015, company possesses sound operational
performance and it has achieved 10.38% in its revenue profile but
profitability margins remain low at 0.055 % during the year under a review. Rating also takes into consideration its well established track record
of business operations backed by extensive industry experience of promoters
in steel industry along with above average financial base and average debt
coverage indicators of the company. Trade relations are reported as fair. Payment terms are reported to be
slow and delayed. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. Note: Due our
investigation the subject company found under RBI defaulter but data related
to defaulter are quite old and updated data for the same is not available
from any sources. |
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under:
SUIT-FILED ACCOUNTS (WILLFUL DEFAULTERS) OF RS. 25 MILLION AND ABOVE AS
ON 20-OCT-2015
SEARCH DETAILS
BORROWER CONTAINING - MUKAND LIMITED /STATE - MAHARASHTRA /BANK
- BNP PARIBAS /CITY – MUMBAI
|
BANK |
BRANCH |
QUARTER |
BORROWER NAME |
DIRECTORS NAME |
OUTSTANDING AMOUNT(IN MILLION) |
|
BNP
PARIBAS |
MUMBAI |
31-03-02 |
D
S MULLA, DHIRAJLAL
S
MEHTA, N
C SHARMA, N
P JAIN, NARENDRA
S SHAH, NIRAJ
BAJAJ, P
MURARI, R
P NEVATIA, RAHUL
BAJAJ, RAJESH
V SHAH, SHISHIR
BAJAJ, SUKETU
V SHAH, VINOD
S SHAH |
3289.000 |
|
|
BNP
PARIBAS |
MUMBAI |
30-06-02 |
NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH, SUKETU
V SHAH, VINOD
S SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
30-09-02 |
NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH, SUKETU
V SHAH, VINOD
S SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
31-12-02 |
NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH, SUKETU
V SHAH, VINOD
S SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
31-03-03 |
NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH, SUKETU
V SHAH, VINOD
S SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
30-06-03 |
NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH, SUKETU
V SHAH, VINOD
S SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
30-09-03 |
NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH, SUKETU
V SHAH, VINOD
S SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
31-12-03 |
NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH, SUKETU V SHAH, VINOD
S SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
31-03-04 |
VINOD
S SHAH, SUKETU
V SHAH, NIRAJ
BAJAJ, RAHUL
BAJAJ, RAJESH
V SHAH |
1265.000 |
|
|
BNP
PARIBAS |
MUMBAI |
30-06-04 |
VINOD
S SHAH, NIRAJ
BAJAJ, SUKETU
V SHAH, RAHUL
BAJAJ, RAJESH
V SHAH |
1265.000 |
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
|
Name : |
Mr. K S Narula |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-21727500 |
|
Date : |
14.10.2015 |
LOCATIONS
|
Registered Office : |
Bajaj Bhawan, Jamnalal Bajaj Marg, 226, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-61216666/ 61216629/ 21727500 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-22-22021174 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Thane-Belapur Road, Dighe, Kalwe, Thane – 400605, Maharashtra, India |
|
Tel. No.: |
91-22-21727500/ 7700 |
|
Fax No.: |
91-22-25348179 |
|
|
|
|
Factory 2 : |
Ginigera, Karnataka – 583228, India |
|
|
|
|
Branch Offices : |
Located at : ·
Bangalore ·
Chennai ·
Delhi ·
Kolkata ·
Visakhapatnam |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Nirajkumar Ramkrishnaji Bajaj |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Mount Unique, 13th Floor, 62 Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
10.10.1954 |
|
Qualification : |
B.Com., M.B.A. (Harvard Business School) |
|
Experience : |
33 Years |
|
Date of Appointment : |
05.07.2014 |
|
DIN No.: |
00028261 |
|
Name : |
Mr. Rajesh Viren Shah |
|
Designation : |
Co-Chairman and Managing Director |
|
Address : |
7 Janaki Kutir, Juhu Tara Road, Juhu, Mumbai – 400049, Maharashtra,
India |
|
Date of Birth/Age : |
01.10.1951 |
|
Qualification : |
M.A.(Cambridge), M.B.A.(California), P.M.D.(Harvard
Business School) |
|
Experience : |
37 Years |
|
Date of Appointment : |
05.07.2014 |
|
DIN No.: |
00033371 |
|
Name : |
Mr. Dhirajlal Shantilal Mehta |
|
Designation : |
Director |
|
Address : |
301/302 Goragandhi Apartments, 3 Laburnam Road, Gamdevi, Mumbai –
400007, Maharashtra, India |
|
Date of Birth/Age : |
27.04.1936 |
|
Date of Appointment : |
13.08.2014 |
|
DIN No.: |
00038366 |
|
Name : |
Mr. Suketu Viren Shah |
|
Designation : |
Joint Managing Director |
|
Address : |
A/52 Darshan Apartments, Mount Pleasant Road, Malabar Hill, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
04.12.1954 |
|
Qualification : |
B.Com.(Hons.),M.B.A (Harvard Business School) |
|
Experience : |
32 Years |
|
Date of Appointment : |
05.07.2014 |
|
DIN No.: |
00033407 |
|
Name : |
Mr. Vinod Sakarchand Shah |
|
Designation : |
Director |
|
Address : |
11 Om Surya Vihar Co Op Housing Society Limited, Road No 25 – B, Sion
Matunga Scheme No 6, Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1930 |
|
Date of Appointment : |
27.07.2009 |
|
DIN No.: |
00033327 |
|
Name : |
Dr. N P Jain, IFS (Retired) |
|
Designation : |
Director |
|
Address : |
E-50, Saket, Indore - 452001, Madhya Pradesh, India |
|
Date of Appointment : |
13.08.2014 |
|
DIN No.: |
00460220 |
|
Name : |
Mr. Narendra J Shah |
|
Designation : |
Director |
|
Address : |
43 B, Meher Apartment, Altamount Road, Peddar Road,, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
16.01.1990 |
|
DIN No.: |
00047403 |
|
Name : |
Mr. N C Sharma |
|
Designation : |
Director |
|
Address : |
Flat No. 605, Dosti Blossoms,, Dosti Acres Complex,, Off.S.M. Road, Wadala (East), Mumbai - 400037, Maharashtra, India |
|
Date of Appointment : |
13.08.2014 |
|
DIN No.: |
00054922 |
|
Name : |
Mr. Prakash V Mehta |
|
Designation : |
Director |
|
Address : |
123a, Maker Tower, Cuffe Parade,, Colaba, Mumbai -400005, Maharashtra, India |
|
Date of Appointment : |
13.08.2014 |
|
DIN No.: |
00001366 |
|
Name : |
Mr. Amit Yadav |
|
Designation : |
Director |
|
Address : |
D-3, Jeevan Jyot Setalwad Lane, Nepeansea Road, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
18.02.2015 |
|
DIN No.: |
02768784 |
|
Name : |
Bharati R. Gandhi |
|
Designation : |
Director |
|
Address : |
Amalfi, 6th Flr, 15 L D Ruparel Marg,Malbar Hill, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
11.02.2015 |
|
Date of Appointment : |
12.08.2015 |
|
DIN No.: |
00306004 |
KEY EXECUTIVES
|
Name : |
K J Mallya |
|
Designation : |
Company Secretary |
|
|
|
|
MANAGEMENT TEAM: |
|
|
|
|
|
CORPORATE : |
|
|
Name : |
Niraj Bajaj |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Rajesh V Shah |
|
Designation : |
Co-Chairman and Managing Director |
|
|
|
|
Name : |
Suketu V Shah |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
S B Jhaveri |
|
Designation : |
Chief Financial Officer |
|
|
|
|
STEEL DIVISION: |
|
|
Name : |
A M Kulkarni |
|
Designation : |
Chief Executive Officer (Steel Plant, Thane) |
|
|
|
|
Name : |
B K Tiwari |
|
Designation : |
Chief Operating Officer(Steel Plant, Ginigera) |
|
|
|
|
Name : |
Sidharth Shah |
|
Designation : |
Chief of Materials Management |
|
|
|
|
Name : |
V M Mashruwala |
|
Designation : |
Chief of Marketing (Alloy and Stainless Steel) |
|
|
|
|
Name : |
Virendra K Mital |
|
Designation : |
Business Development Director |
|
|
|
|
INDUSTRIAL
MACHINERY DIVISION: |
|
|
Name : |
R Jagannathan |
|
Designation : |
Chief Executive |
|
|
|
|
AUDIT COMMITTEE : |
|
|
Name : |
Dr. N. P. Jain, IFS (Retd.) |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Shri Dhirajlal S. Mehta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Shri N.C. Sharma |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Shri Praka sh V. Mehta |
|
Designation : |
Independent Director |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of shareholder |
Total
No. of shares |
Total
shareholding as a % of total no. Of shares |
|
AS
A % OF (A+B+C) |
||
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
37320648 |
26.39 |
|
|
63717305 |
45.06 |
|
|
101037953 |
71.45 |
|
|
|
|
|
Total shareholding of Promoter and
Promoter Group (A) |
101037953 |
71.45 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2125 |
0.00 |
|
|
101195 |
0.07 |
|
|
7244583 |
5.12 |
|
|
30963 |
0.02 |
|
|
7378866 |
5.22 |
|
|
|
|
|
|
9700346 |
6.86 |
|
|
|
|
|
|
10312787 |
7.29 |
|
|
9640765 |
6.82 |
|
|
3335144 |
2.36 |
|
|
58827 |
0.04 |
|
|
583262 |
0.41 |
|
|
2367014 |
1.67 |
|
|
326041 |
0.23 |
|
|
32989042 |
23.33 |
|
Total Public shareholding (B) |
40367908 |
28.55 |
|
Total (A)+(B) |
141405861 |
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) |
141405861 |
100.00 |
|
Notes: |
|
1. For
determining public shareholding for the purpose of Clause 40A
|
BUSINESS DETAILS
|
Line of Business : |
Subject is Engaged in Manufacturing of Steel and Operating Foundry.
Its products include Blooms as Cast, Billets as Cast, Rolled Products, Wire
Rods, Round Bars, Hexagons, Round Corner Squares, Bright Bars and Cold
Finished Wires. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
Not Available |
||||||
|
|
|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: LONG TERM
BORROWING:
In terms of the Financial Restructuring Package (FRP) approved by the Corporate Debt Restructuring (CDR) Cell in July 2003 and April 2009, Company has affected the repayment of debentures and term loans and the balance outstanding as at 31.03.2015 is Rs. Nil. Lenders under CDR have discharged the Company by giving No Dues Certificate and by release of charge against the assets of the Company.
SHORT TERM
BORROWING:
Assets excluded from security
given to secured lenders at Note No. 3 and 8. Note :
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Membership : |
Not Available |
|
|
|
|
Subsidiaries : |
· Mukand Global Finance Limited (MGFL) · Mukand International Limited (MIL) · Vidyavihar Containers Limited (VCL) · Mukand Vijayanagar Steel Limited (MVSL)(upto March, 2015) · Mukand International FZE (MIFZE) ·
Mukand Sumi Metal Processing Limited (MSMPL) ·
Mukand Alloy Steels Private Limited (w.e.f.
January 27, 2015.) |
|
|
|
|
Other related parties where control exists
: |
· Mukand Engineers Limited (MEL) · Bombay Forgings Limited (BFL) · Stainless India Limited (SIL) ·
Hospet Steels Limited (HSL) |
|
|
|
|
Joint Ventures : |
Mukand Vini
Mineral Limited (MVML) |
|
|
|
|
Other related parties where significant
influence exists or where the related party has significant influence on the
Company : |
· Kalyani Mukand Limited · Jamnalal Sons Private Limited (JSPL) · Adonis Laboratories Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
153,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1530.000 Million |
|
7,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 70.000 Million |
|
|
Total |
|
Rs. 1600.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
146,273,934* |
Equity Shares |
Rs. 10/- each |
Rs. 1462.700 Million |
|
5,626,320 |
Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 56.300 Million |
|
|
Total |
|
Rs. 1519.000 Million |
Subscribed and Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
141,405,861 |
Equity Shares |
Rs. 10/- each |
Rs. 1414.100 Million |
|
5,626,320 |
Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 56.300 Million |
|
|
Add: Forfeited shares |
|
Rs. 0.100 Million |
|
|
Total |
|
Rs. 1470.500 Million |
Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period.
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
141.400 |
|
Shares issued during the year |
-- |
|
Shares outstanding
at the end of the year |
141.400 |
Terms / rights
attached to equity shares
- The Company has only one class of equity share having a par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.
- The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
- During the year ended 31 March 2015, the amount of dividend per share recognized as distribution to equity shareholders was Rs. Nil (31 March 2014 : Re. Nil).
- In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
- Terms of redemption of CRPS:
Pursuant to the order of the Hon’ble High Court of Judicature at Bombay dated October 14, 2003, the Company had cancelled 22½ equity shares issued and unallotted and reduced 20% of the outstanding equity shares amounting to 5,626,320 equity shares. In lieu of cancelled shares, the company has issued 5,626,320 0.01% Cumulative Redeemable Preference Shares of Rs.10/- each entitled for cumulative Preference dividend of 0.01% p.a. and redeemable in five equal annual installments starting from September, 2019. In the event of liquidation of the company before redemption, the holders of CRPS will have priority over equity shares in the payment of dividend and repayment of capital.
- The Company does not have
any holding company.
- There are no bonus shares
issued, shares issued for consideration other than cash and shares bought
back during the period of five years immediately preceding the reporting
date.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Equity Shares of Rs. 10/- each fully paid |
Number
of Shares |
% holding |
|
Jamnalal Sons Private
Limited. |
26,293,322 |
18.59 |
|
Life Insurance
Corporation of India |
7,228,076 |
5.11 |
|
Bajaj Holdings and
Investments Limited |
8,113,564 |
5.74 |
|
Baroda Industries
Private Limited. |
15,726,616 |
11.12 |
|
Niraj Bajaj |
11,476,956 |
8.12 |
|
Rajesh V. Shah |
7,200,842 |
5.09 |
|
Suketu V. Shah |
7,319,018 |
5.18 |
|
|
|
|
|
CRPS of Rs. 10/- each fully paid |
|
|
|
Life Insurance
Corporation of India |
595,545 |
10.58 |
|
Jamnalal Sons Private
Limited. |
474,064 |
8.43 |
As per of the company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
- There are no shares reserved for issue under options and contracts / commitments for sale of shares/disinvestment
- There are no unpaid calls from any Director and officer.
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 |
1470.500 |
1470.500 |
787.500 |
|
(b) Reserves and Surplus |
19737.900 |
19849.700 |
20032.700 |
|
(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) |
21208.400 |
21320.200 |
20820.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15015.800 |
11080.900 |
8567.200 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
40.000 |
138.600 |
120.300 |
|
(d) long-term
provisions |
393.100 |
356.800 |
300.500 |
|
Total Non-current
Liabilities (3) |
15448.900 |
11576.300 |
8988.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
8293.500 |
7876.400 |
8846.100 |
|
(b) Trade
payables |
8682.600 |
8502.400 |
6558.500 |
|
(c) Other
current liabilities |
4275.600 |
6470.300 |
6393.100 |
|
(d) Short-term
provisions |
58.100 |
42.900 |
29.100 |
|
Total Current
Liabilities (4) |
21309.800 |
22892.000 |
21826.800 |
|
|
|
|
|
|
TOTAL |
57967.100 |
55788.500 |
51635.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24474.100 |
24857.000 |
24071.500 |
|
(ii)
Intangible Assets |
1.500 |
2.400 |
3.800 |
|
(iii) Capital
work-in-progress |
263.700 |
502.800 |
1461.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2510.000 |
2509.900 |
2278.100 |
|
(c) Deferred tax assets (net) |
453.200 |
421.500 |
82.400 |
|
(d) Long-term Loan and Advances |
1157.500 |
1255.900 |
1124.900 |
|
(e) Other
Non-current assets |
482.800 |
482.800 |
482.800 |
|
Total Non-Current
Assets |
29342.800 |
30032.300 |
29504.500 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
14235.800 |
12351.700 |
10346.400 |
|
(c) Trade
receivables |
9865.000 |
9022.300 |
7923.100 |
|
(d) Cash
and cash equivalents |
798.700 |
848.900 |
748.000 |
|
(e)
Short-term loans and advances |
1881.800 |
1925.600 |
1664.200 |
|
(f) Other
current assets |
1843.000 |
1607.700 |
1448.800 |
|
Total
Current Assets |
28624.300 |
25756.200 |
22130.500 |
|
|
|
|
|
|
TOTAL |
57967.100 |
55788.500 |
51635.000 |
PROFIT
AND LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
28196.500 |
25395.800 |
21262.400 |
|
|
Other Income |
200.800 |
333.000 |
108.700 |
|
|
TOTAL (A) |
28397.300 |
25728.800 |
21371.100 |
|
|
|
|||
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
13842.400 |
13156.400 |
11212.400 |
|
|
Purchases of Stock-in-Trade |
15.800 |
289.700 |
0.000 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1373.200) |
(1758.300) |
(611.300) |
|
|
Employees benefits expense |
1590.100 |
1455.200 |
1365.300 |
|
|
Other expenses |
10790.300 |
10506.700 |
8324.900 |
|
|
Expenditure transferred to Capital Accounts / Capital
Work-in-Progress |
(50.500) |
(57.600) |
(155.200) |
|
|
Exceptional Items (net) |
150.600 |
254.400 |
(1083.300) |
|
|
TOTAL (B) |
24965.500 |
23846.500 |
19052.800 |
|
|
|
|||
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3431.800 |
1882.300 |
2318.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2660.800 |
2438.900 |
2153.800 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
771.000 |
(556.600) |
164.500 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION
|
749.700 |
670.400 |
641.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
21.300 |
(1227.000) |
(477.000) |
|
|
|
|
|
|
|
Less |
TAX |
5.500 |
(346.900) |
(82.400) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
15.800 |
(880.100) |
(394.600) |
|
|
|
|||
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1280.900 |
1239.400 |
1518.300 |
|
|
Dividend |
1.900 |
0.000 |
2.700 |
|
|
Income from Engineering Contracts |
0.300 |
3.900 |
5.300 |
|
|
Others (represents Management fees) |
1.900 |
1.800 |
1.600 |
|
|
TOTAL EARNINGS |
1285.000 |
1245.100 |
1527.900 |
|
|
||||
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
5079.700 |
4356.000 |
2960.400 |
|
|
Components and Stores parts |
627.200 |
613.600 |
391.800 |
|
|
Goods for trade |
0.000 |
0.000 |
2.000 |
|
|
Capital Goods |
37.200 |
70.400 |
249.700 |
|
TOTAL IMPORTS |
5744.100 |
5040.000 |
3603.900 |
|
|
|
|
|||
|
|
EARNINGS / (LOSS) PER SHARE
(RS.) |
1.18 |
(11.54) |
(5.40) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2271.200 |
4103.300 |
4191.500 |
|
Cash generated from operations |
(57.700) |
(277.100) |
(397.600) |
|
Cash generated from (Used) operations |
NA |
NA |
NA |
|
Net Cash Inflow/(Outflow) from Operating Activities |
117.600 |
(262.200) |
(456.800) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
0.06 |
(3.47) |
(1.86) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.17 |
7.41 |
10.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
0.04 |
(2.34) |
(1.00) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
(0.06) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.10 |
0.89 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.13 |
1.01 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 37.70/- |
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 |
787.500 |
1470.500 |
1470.500 |
|
Reserves and Surplus |
20032.700 |
19849.700 |
19737.900 |
|
Net
worth |
20820.200 |
21320.200 |
21208.400 |
|
|
|
|
|
|
long-term borrowings |
8567.200 |
11080.900 |
15015.800 |
|
Short term borrowings |
8846.100 |
7876.400 |
8293.500 |
|
Current Maturities of Long term debt |
4191.500 |
4103.300 |
2271.200 |
|
Total
borrowings |
21604.800 |
23060.600 |
25580.500 |
|
Debt/Equity
ratio |
1.038 |
1.082 |
1.206 |
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 |
21262.400 |
25395.800 |
28196.500 |
|
|
|
19.440 |
11.028 |
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
|
21262.400 |
25395.800 |
28196.500 |
|
Profit |
(394.600) |
(880.100) |
15.800 |
|
|
(1.86%) |
(3.47%) |
0.06% |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 05.03.2015 |
|
Lodging No: NMAL/672/2015 Filing Date: 05.03.2015 Reg. No.: NMA/432/2015 Reg. Date: 26.03.2015 |
|
Main Matter Lodging No: CEXAL/43/2015 |
|
Petitioner:THE
COMMISSIONER OF CENTRAL EXCISE Respondent: MUKAND LIMITED Resp. Adv.: KIRANKUMAR
JAGANNATH PHAKADE District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission Category: NOTICE OF
MOTION(APPEAL) Last Date: 12.10.2015
Stage: FOR DIRECTION [ORIGINAL SIDE MATTERS] Last Coram: HON”BLE SHRI JUSTICE S.C. DHARMADHIKARI HON”BLE SHRI JUSTICE
B.P. COLABAWALLA |
|
Act: Central
Excise and Salt Act
Under Section: 35G |
PERFORMANCE:
The performance during the year has improved as compared to
the previous year due to higher capacity utilization. The production of alloy
steel at Ginigera (Karnataka) increased due to the substitution of iron ore
lumps by using iron ore fines through sintering, using beneficiated iron ore
and increase in availability of iron ore from mines in Karnataka. The
production of stainless steel at Dighe (Thane) was also higher as compared to
the previous year.
The margins have improved due to substitution of high cost
inputs by low cost inputs by changes in process and general down trend in
prices of all commodity inputs viz., iron ore, coke, fuel, nickel, stainless
steel scrap, ferro chrome, etc. The improved productivity resulted in higher
production and cost reduction has helped to enhance the market share and sell
additional production.
The Industrial Machinery Division was severely affected due
to slow down in modernization and expansion activities in steel and
infrastructure sectors, resulting in lower sales and margins. The interest cost
has increased mainly due to repayment on maturity of low cost borrowings under
Corporate Debt Restructuring (CDR) scheme and fixed deposits from Public and
Shareholders. These borrowings were replaced by high cost borrowings as Company
required additional working capital for increased turnover
The market price of the Company’s share has improved from
Rs. 23.40 per share as on March 31, 2014 to Rs. 46.75 per share as on March 31,
2015. It is to be noted that last Rights Issue was at Rs. 21 per Share. Market
Capitalization of the Company increased from Rs. 1716.900 Million as on March
31, 2014 to Rs. 6610.600 Million as on March 31, 2015. The
performance of the Company is elaborated in the Management Discussion and
Analysis annexed to this report.
A LEGACY TO UPHOLD:
- It was the year 1939,
Mahatma Gandhi persuaded Shri Jamnalal Bajaj and Shri Jeewanlal Shah to
take over this company then known as Mukand Iron and Steel Works Limited.
Since then, the Company has had a long and eventful journey, a journey
that was inter twined with the history of India.
- The founders, Shri
Jamanlal Bajaj and Shri Jeewanlal Shah, are no more with us. Their
respective heirs, Shri Kamalnayan Bajaj, Shri Ramakrishna Bajaj and Shri
Viren Shah, acknowledged as the architects of the Company, have also
departed from this world. But together they built a robust foundation. A
foundation that is based on impeccable value systems – a legacy that is
today being carried forward by the management and employees of this
Company in their every day interactions, be it with the outside world or
amongst themselves
- Over the past 76 years it
is these core values of trust, integrity and responsible citizenry that
have contributed in taking Mukand to greater heights. To put these
achievements in context let us examine the industry in general.
THE WORLD ECONOMY:
- Uncertainty is the word
that best describes the current global economic and political global
order, though the world economy is beginning to emerge from the dark tunnel.
European and the US markets are showing definite signs of revival. The
labour market has improved and employment numbers are moving up.
- Global growth in the
calendar year 2014 was a modest 3.4% and is projected to be 3.5% and 3.8%
in the calendar years of 2015 and 2016 respectively. Despite the slowdown,
emerging market and developing economies still accounted for three-fourths
of global growth in 2014.
- The Asian Development
Bank forecasts that developing Asia will grow at a steady 6.3% in 2015 and
2016. This will be supported by strengthening the recovery in major
industrial economies and the softening of global commodity prices.
Inflation in this region is expected to push down from 3.1% in 2014 to
2.6% this year.
THE INDIAN ECONOMY:
- India being a major
contributor to the growth in developing economies and is by itself enough
reason to continue to push for reforms that will give an impetus to the
country’s markets and industry. Many positive factors have fallen into
place for the Indian markets and economy. It is also predicted that this
recovery will be led by the Industrial sector.
- Structural reform is
expected to boost India’s prospects. The initial phase of the government’s
efforts to remove structural bottlenecks is lifting investor confidence.
With the support of stronger external demand, India is set to grow by 7 to
8 % by March 2016. This momentum may build aided by the expected easing of
monetary policy and a pickup in capital expenditure by government and
private sectors.
GLOBAL STEEL
INDUSTRY:
- The steel industry
directly employs more than 2 million people worldwide, with a further 2
million people with contractors and 4 million people in supporting
industries. The global crude steel production was at 1,661 million tonnes
for the calendar year 2014.
- Steel is the main
material used in delivering renewable energy such as solar, tidal and
wind. It is also one material that can be recycled and used forever. All
steel created as long ago as 150 years can be recycled and used in new
products and applications.
INDIAN STEEL
INDUSTRY:
- India is the 4th largest
producer of steel in the world accounting for a production of 88.12
million tonnes of finished steel, in the year under report. However, the
domestic steel industry was unable to reap full benefits from this upturn
as the demand was also satisfied through imports especially from China,
South Korea, Japan and Russia. This is evident from the fact that imports
of finished steel has increased in the second half of the year under report.
FINANCIAL
PERFORMANCE:
- The net revenue from
operations, for the year under review, increased by 11% at Rs. 28200.000
Million as against Rs. 25400.000 Million in the previous year mainly on
account of the increase in the sales of special, alloy and stainless steel
products.
- Profit before exceptional
items and Tax stood at Rs. 21.300 Million as against a loss of Rs. 972.600
Million in the previous year due to improved operations in the current
year.
AWARDS:
- The Company’s quality
circles won four Gold and one Silver award in the annual quality circle
competitions held by the Quality Circle Forum of India. They also won the
First Prize in the Poster Competition and a Second Prize in the Slogan
competition held by the same organisers. At the KAIZEN competition held
during the year, the Company’s quality circles won the Gold and Silver
prizes.
- The Plant at Ginigera
participated in the State Level Safety Competition and won the First Prize
in the Best Safe Power Boiler category. In the category of Environment,
Health and Safety (EHS) awards instituted by the Confederation of Indian
Industry, the Plant secured a four star rating for its EHS practices. The
Plant also secured fourth place in Plant Manufacturing – Non Auto category
at the same competition.
UNSECURED LOAN:
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long-term
Borrowings |
|
|
|
Fixed Deposits |
424.700 |
804.300 |
|
Long term loans from Companies |
9732.900 |
7086.900 |
|
Sales Tax Deferment Loan |
4.600 |
9.300 |
|
Total |
10162.200 |
7900.500 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Short Term Loans from Companies |
2058.900 |
1365.900 |
|
Total |
2058.900 |
1365.900 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Disputed matters in
appeal/contested in respect of: |
|
|
Income Tax * |
221.200 |
|
Excise Duty, Customs Duty etc |
38.900 |
|
Sales Tax, Works Contract Tax etc. ** |
49.000 |
|
Other matters
|
2.400 |
|
Claims against the
Company not acknowledged as debt as these are disputed and pending disposal
at various fora. For items (i) and (ii) The Company has taken legal and other steps to protect its
interest in respect of these matters, which is based on legal advice and/or
precedents in its own/other cases. It is not possible to make any further
determination of the liability which may arise in these matters. |
169.300 |
|
Bills discounted
with the Bankers and others Sale Bills discounted |
15.300 |
|
Guarantees and
Counter guarantees given by the Company on behalf of : Other Companies |
999.500 |
|
Bonds /
Undertakings given by the Company under concessional duty/ exemption to
Customs / Excise Authorities (Net of redemption applied for) |
6.600 |
|
Bonds given by the
Company against import of machinery under EPCG Scheme (Net of redemption
applied for) |
0.000 |
|
Total |
1502.200 |
·
Demand for Annual
Bonus for the financial years 1995-96 to 2006-07 by Staff and Officers’
Association is pending at different stages in proceedings under The Industrial Disputes
Act, 1947. Bulk of these employees is statutorily not covered by The Payment of
Bonus Act, 1965 and many of the employees are also not covered by The
Industrial Disputes Act, 1947. Liability arising there from cannot therefore be
determined at present.
·
Government of
Maharashtra had served a Demand Notice on the Company for payment of
electricity duty for power generated during the period 01.04.2000 to 30.04.2005
and penal interest thereon in Company’s Captive Power Plant amounting to Rs.
142.700 Million. The Writ Petition filed by the Company was disposed by the
Hon’ble Bombay High Court on 7th November, 2009 quashing the said Demand
Notice. Government of Maharashtra has however, filed an appeal in the Supreme
Court of India against the aforesaid judgment of High Court.
·
There have been
delays in payment of tax deducted at source in earlier years and also in
FY2014-15. Interest payable on delays has been accounted for in respect of
cases where appropriate orders have been received from Income Tax authorities
or at the time of Filing the Quarterly TDS Returns.\
·
A claim towards
difference in price of calibrated iron ore for the period 1st April, 2006 to
28th February, 2007 amounting to Rs. 330.700 Million has been raised by a
supplier in March 2007. The Company has been legally advised that the supplier
cannot seek this price revision under a concluded agreement and hence no
provision is made in the Accounts for the same. The issue along with method of
review and re-fixing of price of calibrated iron ore effective on 1st of April
each year in terms of agreement is referred to an arbitral tribunal whose award
was pronounced on 28th February 2014. In terms of the said award, the supplier
is directed to re-compute amount payable by the Company. Pending receipt of the
revised claim, the final liability arising there from is not ascertainable.
Moreover, the said supplier has also unilaterally increased the price of
calibrated iron ore w.e.f. 1st April, 2007 and thereafter w.e.f. 1st April,
every year. This issue too was settled by the aforesaid arbitral tribunal. In
terms of the said award, the Company is required to submit certain details to
the supplier for re-computing its claim in terms of the award. However, pending
such determination of final price, the supplier has raised invoices at an
ad-hoc interim mutually agreed price on the marketing contractor who in turn,
has billed the Company at the same price and which liability, has been fully
accounted for. An appeal has been preferred for challenging the said
arbitration award.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Sr. No. |
PART I Particulars |
Quarter ended |
|
30.06.2015 |
||
|
|
|
Unaudited |
|
|
|
|
|
(1) |
INCOME FROM OPERATIONS |
|
|
|
|
|
|
a) |
Gross
Sales |
7575.457 |
|
|
Less :
Excise Duty Recovered |
820.681 |
|
|
Net
Sales |
6754.776 |
|
b) |
Other
Operating Income |
55.857 |
|
|
Total Income from Operations |
6810.633 |
|
|
|
|
|
(2) |
EXPENSES |
|
|
a) |
Cost of
materials consumed |
3026.351 |
|
b) |
Purchase
of Stock in Trade |
-- |
|
c) |
Changes
in inventories of finished goods and work-in-progress |
131.882 |
|
d) |
Stores,
Spares, Components, Tools, etc. Consumed |
950.529 |
|
e) |
Power
& Fuel |
464.281 |
|
f) |
Employee
benefits expense |
416.768 |
|
g) |
Foreign
Exchange (Gain)/Loss (net) |
71.206 |
|
h) |
Depreciation
and Amortisation expenses |
182.230 |
|
i) |
Other
Expenditure |
984.063 |
|
|
Total Expenses |
6227.310 |
|
(3) |
Profit/(Loss)
from Operations before Other Income , Finance Costs, & Net Exceptional
income/ (Expenditure) |
583.323 |
|
(4) |
Other
Income [Refer Note 2] |
23.421 |
|
(5) |
Profit/(Loss)
from Ordinary Activities before Finance Costs & Net Exceptional income/ (Expenditure) |
606.744 |
|
(6) |
Less :
Finance Costs (net) |
688.713 |
|
(7) |
Profit
/ (Loss) from ordinary activities before Net Exceptional income /
(Expenditure) |
(81.969) |
|
(8) |
Net
Exceptional Income / (Expenditure) |
-- |
|
(9) |
Profit /
(Loss) before Tax |
(81.969) |
|
(10) |
Tax
Expense / (Credit) |
(25.049) |
|
(11) |
Profit / (Loss) after Tax |
(56.920) |
|
|
|
|
|
(12) |
Paid-up
Equity Share Capital (Face value Rs 10/- per share) |
14,14.174 |
|
|
|
|
|
(13) |
Reserves
(excluding Revaluation Reserve) |
|
|
|
|
|
|
(14) |
Earnings
per Share (EPS) - Rs |
0.00 |
|
|
Basic
and Diluted EPS (in Rs.) |
|
|
|
-
Including exceptional items |
(0.40) |
|
|
-
Excluding exceptional items |
(0.40) |
|
|
|
|
|
|
Part - II |
30.06.2015 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
|
(1) |
Public Shareholding |
|
|
|
Number
of Shares |
40,367,908 |
|
|
Percentage
of Shareholding |
28.55% |
|
|
|
|
|
(2) |
Disclosure in respect of pledged shares of
Promoters and Promoter Group |
|
|
|
|
|
|
|
Shares held by Promoters & Promoter
Group - Nos. (A) |
101,037,953 |
|
|
Percentage
of Total Share Capital |
71.45% |
|
|
Pledged
/ Encumbered - No. of Shares |
21,541,015 |
|
|
Percentage
of Total Share Capital |
15.23% |
|
|
Percentage
of (A) |
21.32% |
|
|
|
|
|
|
Non Encumbered - No. of Shares |
79,496,938 |
|
|
Percentage
of Total Share Capital |
56.22% |
|
|
Percentage
of (A) |
78.68% |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
12 |
|
|
Disposed
off during the quarter |
12 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
FOR THE QUARTER 30TH JUNE 2015
(Rs. In Million)
|
Sr. No. |
SEGMENT REVENUE (net of Excise Duty) |
30.06.2015 Unaudited |
|
|
|
|
|
1) |
Steel |
64,76.457 |
|
2) |
Power
Generation |
96.191 |
|
3) |
Industrial
Machinery |
337.209 |
|
4) |
Road
Construction |
-- |
|
|
Sub-total |
6909.857 |
|
|
Less :
Inter Segment Revenue |
(99.224) |
|
|
|
|
|
|
Total Segment Revenue (net of Excise Duty) |
6810.633 |
|
|
|
|
|
|
SEGMENT RESULT |
|
|
|
|
|
|
1) |
Steel |
528.742 |
|
2) |
Power
Generation |
80.264 |
|
3) |
Industrial
Machinery |
(0.399) |
|
4) |
Road
Construction |
(2.865) |
|
|
Less :
Inter segment margin |
-- |
|
|
Total Segment Result |
605.742 |
|
|
|
|
|
|
Add /
(Less) : |
|
|
|
Other
net un-allocable : |
|
|
|
Income |
23.421 |
|
|
Expenditure |
22.419 |
|
|
Other
net un-allocable (expenditure) / income |
1.002 |
|
|
|
|
|
|
Profit
/(Loss) before Finance costs |
606.744 |
|
|
|
|
|
|
Less :
Finance costs (net) |
688.713 |
|
|
|
|
|
|
Net
Exceptional - Income / (Expenditure) |
-- |
|
|
|
|
|
|
Profit / (Loss) before tax |
(81.969) |
|
|
|
|
|
|
CAPITAL EMPLOYED AS ON |
30.06.2015 |
|
|
|
|
|
1) |
Steel |
36455.555 |
|
2) |
Power
Generation |
425.502 |
|
3) |
Industrial
Machinery |
5206.764 |
|
4) |
Road
Construction |
1285.187 |
|
5) |
Unallocable
(net) |
(22232.521) |
|
|
|
|
|
|
Total Net Capital Employed |
21140.487 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10571450 |
13/05/2015 |
1,100,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
RAMON HOUSE 169, BACKBAY RECLAMATION, H T
PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
C54683388 |
|
2 |
10549780 |
24/01/2015 |
2,500,000,000.00 |
DENA BANK |
C-10, G-BLOCK, BANDRA KURLA COMPLEX, BANDRA
(EAST), MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA |
C43899731 |
|
3 |
10550163 |
24/01/2015 |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WORLD TRADE COMPLEX,, CUFFE
PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
C44122406 |
|
4 |
10549771 |
24/01/2015 * |
500,000,000.00 |
DENA BANK |
C-10, G-BLOCK, BANDRA KURLA COMPLEX,
BANDRA (EAST), MUMBAI, MUMBAI, MAHARASHTRA - 400051, INDIA |
C45618576 |
|
5 |
10545800 |
16/01/2015 |
90,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE, PUNE, MAHARASHTRA - 411035,
INDIA |
C41497025 |
|
6 |
10545799 |
22/12/2014 |
110,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE, PUNE, MAHARASHTRA - 411035,
INDIA |
C41495847 |
|
7 |
10521171 |
08/09/2014 |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WORLD TRADE COMPLEX, CUFFE
PARADE, MUMBAI 400005, MUMBAI, MAHARASHTRA - 400005, INDIA |
C21514609 |
|
8 |
10508672 |
16/06/2014 |
500,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, CHANDERMUKHI,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C10371581 |
|
9 |
10494512 |
07/05/2014 |
150,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, MAHARASHTRA - 411035,
INDIA |
C04501391 |
|
10 |
10496277 |
03/05/2014 |
500,000,000.00 |
UNION BANK OF INDIA |
UNION BANK BHAVAN, GROUND FLOOR, 239,
VIDHAN BHAVAN MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
C04781167 |
*Date of modification Charges
FIXED ASSETS:
- Freehold Land
- Leasehold Land
- Railway Siding
- Buildings and Roads
- Plant and Machinery
- Furniture and Fixtures
- Office Machinery
- Vehicles
- Software
CMT REPORT (Corruption, Money Laundering and 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. 64.82 |
|
|
1 |
Rs. 100.12 |
|
Euro |
1 |
Rs. 73.75 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
SYL |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
This score serves as
a reference to assess SC’s credit risk and to set the amount of credit to be extended.
It is calculated from a composite of weighted scores obtained from each of the
major sections of this report. The assessed factors and their relative weights
(as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial and 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.