MIRA INFORM REPORT
|
Report No. : |
340127 |
|
Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
HARIYANA SHIP BREAKERS LIMITED |
|
|
|
|
Registered
Office : |
156, Maker Chambers VI, 220 Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, Maharashtra |
|
Tel. No.: |
91-22-22043211 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
09.07.1981 |
|
|
|
|
Com. Reg. No.: |
11-024774 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.61.667 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L61100MH1981PLC024774 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in Ship Breaking, Sponge Iron and also doing
Manufacture and trading of Iron and Steel. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (41) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. For the financial year ended 2015, sales turnover of the company has
drastically declined during a year under a review. However, rating takes into consideration extensive industry of experience
of promoters in ship-breaking industry supported by adequate net worth base
along with moderate gearing and above average financial base of the company. Trade relations are 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 at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB- |
|
Rating Explanation |
Inadequate-credit-quality and high credit
risk |
|
Date |
March 31, 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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Satish |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-22043211 |
|
Date : |
05.09.5015 |
LOCATIONS
|
Registered
Office / Corporate Office : |
156, Maker Chambers VI, 220
Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22043211 |
|
Fax No.: |
91-22-22043215 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Ship Breaking Yard : |
Plot No. 14, Ship Breaking Yard, Alang, District : Bhavnagar, Gujarat,
India |
|
|
|
|
Sponge Iron Plant : |
Survey No. 12, 14, 15, Shanthigrama (Hubli), Kanchanhally Village,
Hassan – 573201, Karnataka, India |
|
|
|
|
Branch Office 1 : |
Hariyana House,
2165/A-2, 2nd Floor, Sanskar Mandal Chowk, Bhavnagar – 364002, Gujarat, India
|
|
Tel. No.: |
91-278-3005755 / 3005955 / 2568555 |
|
Fax No.: |
91-278-2567222 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
206 Barton Centre, M.G. Road, Bangalore - 560001, Karnataka, India |
|
Tel. No.: |
91-80-25325716 / 25325717 / 25325710 / 25325711 / 25325712 |
|
Fax No.: |
91-80-25091411 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Shanti Sarup Reniwal |
|
Designation : |
Director |
|
Address : |
191, Persepolis Apt, 19th Floor, Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
09.07.1981 |
|
DIN No.: |
00040355 |
|
|
|
|
Name : |
Mrs. Unnati Reniwal (appointed w.e.f. 02-06-2014) |
|
Designation : |
Director |
|
Address : |
191 Persepolis Apartment,19th Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
02.06.2014 |
|
DIN No.: |
00041306 |
|
|
|
|
Name : |
Mrs. Lalitadevi Reniwal (resigned w.e.f. 02-06-2014) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh Reniwal |
|
Designation : |
Director |
|
Address : |
191 Persepolis Apartment,19th Floor, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
01.02.1993 |
|
DIN No.: |
00029332 |
|
|
|
|
Name : |
Mr. Manohar Wagh |
|
Designation : |
Director |
|
Address : |
302 Sylverton Building, 102 Wode House Road, Colaba, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
28.04.2009 |
|
DIN No.: |
02622648 |
|
|
|
|
Name : |
Mr. Pradeep Bhatia |
|
Designation : |
Director |
|
Address : |
401 Samarth Flats, Plot 21, 94-D Hilldrive, Bhavnagar - 364001, Gujarat, India |
|
Date of Appointment : |
25.12.2009 |
|
DIN No.: |
02903984 |
|
|
|
|
Name : |
Mr.
Tejas Thakkar |
|
Designation : |
Director
|
|
Address : |
1193-D-4, Devarya Epartamenta, Ambavadi,, Bhavnagar - 364001, Gujarat, India |
|
Date of Appointment : |
12.04.2010 |
|
DIN No.: |
03017277 |
KEY EXECUTIVES
|
Name : |
Mr. Satish |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Rajeev Shantisarup Reniwal |
|
Designation : |
Chief Executive Officer |
|
Address : |
141 Persepolis Apartments, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
PAN No.: |
Admpr3334d |
|
|
|
|
Name : |
Ms. Disha Deepak Shah |
|
Designation : |
Secretary |
|
Address : |
101/B, Suraj Plaza, Opp. Dena Bank,, Station Road, Bhayander (West), Thane., Mumbai - 401101, Maharashtra, India |
|
Date of Appointment : |
30.03.2015 |
|
PAN No.: |
CQYPS6124B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
4529814 |
73.46 |
|
|
4529814 |
73.46 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
4529814 |
73.46 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
424310 |
6.88 |
|
|
|
|
|
|
765073 |
12.41 |
|
|
437380 |
7.09 |
|
|
10090 |
0.16 |
|
|
9330 |
0.15 |
|
|
760 |
0.01 |
|
|
1636853 |
26.54 |
|
Total
Public shareholding (B) |
1636853 |
26.54 |
|
Total
(A)+(B) |
6166667 |
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) |
6166667 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Ship Breaking, Sponge Iron and also doing
Manufacture and trading of Iron and Steel. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Divulged |
|
|
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|
Agencies Held : |
Not Divulged |
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|
|
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Exports : |
Not Divulged |
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|
|
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Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Advance Payment and Cheque |
|
|
|
|
Purchasing : |
Cash, Advance Payment and Cheque |
PRODUCTION STATUS – (As on 31.03.2014)
|
Particulars |
Quantity |
Licenced capacity |
Installed Capacity |
Actual production |
|
|
|
|
|
|
|
Ship Breaking |
MT |
N.A. |
N.A. |
42,229.170 |
|
Steel & Power |
MT |
85,000.000 |
60,000.000 |
4,635.070 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : (As on 31.03.2014) |
|
|
Name : |
P. D. Goplani and Associates Chartered Accountants |
|
Address : |
A/104-105, Leela Elcee, Near Aksharwadi, Waghawadi Road, Bhavnagar – 364002, Gujarat, India |
|
Tel No.: |
91-278-2570105 / 106 |
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Email id.: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises commonly controlled or
influenced by major shareholders / directors / relative of directors of the
Company : (As on 31.03.2014) |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 Million |
|
5000000 |
4% Redeemable Preference Share |
Rs.10/- each |
Rs.50.000 Million |
|
|
Total |
|
Rs.115.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6166667 |
Equity Shares |
Rs. 10/- each |
Rs.61.667 Million |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Million |
|
At the beginning of the year |
6166667 |
61.667 |
|
Add: Issue of Bonus Shares during the year |
- |
- |
|
Less: Shares bought back during the year |
- |
- |
|
Shares outstanding at the end of the year |
6166667 |
61.667 |
Terms/rights attached to equity shares
The Company has one class of equity shares having par value of Rs. 10/- each. Each shareholder of the equity shares is entitled to one vote per share entitled to receive dividends as declared from time to time. 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.
During the year ended 31 March 2014, the amount of per share dividend recognized as distributions to equity shareholders was Rs. Nil (31 March 2013: Rs. 3.50). In the event of liquidation of the company, the holders of the Equity shares will be entitled to receive remaining assets of the company, after distribution of preferential amounts. The distribution will be in proporation to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
858,230Rakesh Reniwal |
858230 |
13.92% |
|
Lalitadevi Reniwal |
414800 |
6.72% |
|
Sanjeev Reniwal |
438267 |
7.11% |
|
Shantisarup Reniwal HUF |
625178 |
10.14% |
|
Rajeev Reniwal |
1539009 |
24.95% |
|
Unnati Reniwal |
40000 |
6.48% |
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 ownership of shares.
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 |
61.667 |
61.667 |
61.667 |
|
(b) Reserves & Surplus |
919.981 |
779.217 |
647.978 |
|
(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) |
981.648 |
840.884 |
709.645 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
59.687 |
55.215 |
51.077 |
|
(b) Deferred tax liabilities
(Net) |
18.393 |
35.070 |
37.054 |
|
(c) Other long term
liabilities |
1.760 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
1.459 |
1.418 |
|
Total
Non-current Liabilities (3) |
79.840 |
91.744 |
89.549 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1122.475 |
2,056.781 |
1,085.158 |
|
(b) Trade payables |
15.460 |
414.034 |
2,917.250 |
|
(c) Other current liabilities |
21.075 |
105.500 |
281.572 |
|
(d) Short-term provisions |
1.052 |
26.757 |
35.162 |
|
Total
Current Liabilities (4) |
1160.062 |
2603.072 |
4319.142 |
|
|
|
|
|
|
TOTAL |
2221.550 |
3535.700 |
5118.336 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
173.435 |
240.374 |
257.478 |
|
(ii) Intangible Assets |
0.044 |
0.065 |
0.087 |
|
(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 |
308.911 |
134.048 |
241.003 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.057 |
2.806 |
1.143 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
3.019 |
|
Total
Non-Current Assets |
483.447 |
377.293 |
502.730 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
109.483 |
1144.058 |
222.238 |
|
(c) Trade receivables |
384.993 |
382.309 |
2999.419 |
|
(d) Cash and cash equivalents |
48.418 |
29.367 |
1.626 |
|
(e) Short-term loans and
advances |
1194.938 |
1199.936 |
1391.792 |
|
(f) Other current assets |
0.271 |
402.737 |
0.531 |
|
Total
Current Assets |
1738.103 |
3158.407 |
4615.606 |
|
|
|
|
|
|
TOTAL |
2221.550 |
3535.700 |
5118.336 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
Revenue from Operations |
2363.388 |
4,691.29 |
10,145.89 |
|
|
|
Other Income |
333.883 |
317.007 |
238.899 |
|
|
TOTAL
(A) |
2697.271 |
5008.295 |
10384.791 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1389.219 |
1,445.136 |
1,805.504 |
|
|
Purchases of Stock-in-Trade |
927.853 |
2,955.809 |
7,792.752 |
|
|
Manufacturing and Operating
Costs |
|
36.240 |
55.535 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(5.416) |
30.651 |
7.644 |
|
|
Employees benefits expense |
13.991 |
17.696 |
25.176 |
|
|
Other expenses |
165.069 |
219.281 |
225.315 |
|
|
TOTAL
(B) |
2490.716 |
4704.813 |
9911.926 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
206.555 |
303.482 |
472.865 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.151 |
129.852 |
227.879 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
168.404 |
173.630 |
244.986 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
24.899 |
18.156 |
18.350 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
143.505 |
155.474 |
226.636 |
|
|
|
|
|
|
|
Less |
TAX (H) |
2.073 |
23.563 |
62.382 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
141.432 |
131.911 |
164.254 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
NA |
450.714 |
327.969 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Final equity dividend |
NA |
0.000 |
21.583 |
|
|
Tax on proposed equity
dividend |
NA |
0.000 |
3.501 |
|
|
Transfer to General Reserve |
NA |
0.000 |
16.425 |
|
|
Total
(M) |
NA |
0.000 |
41.509 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
141.432 |
582.625 |
450.714 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
2006.645 |
858.374 |
|
|
Components and Stores parts |
NA |
0.000 |
0.000 |
|
|
Capital Goods |
NA |
0.000 |
159.758 |
|
|
TOTAL
IMPORTS |
NA |
2006.645 |
1018.132 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
22.93 |
21.39 |
26.64 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
|
|
|
Cash generated from operations |
NA |
|
|
|
Net cash flow from operating activity |
NA |
|
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.98 |
2.81 |
1.62 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.74 |
6.47 |
4.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.50 |
4.57 |
4.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.18 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.20 |
2.51 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.21 |
1.07 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
|
Audited / UnAudited |
UnAudited |
|
Net Sales |
929.430 |
|
Total Expenditure |
858.180 |
|
PBIDT (Excl OI) |
71.250 |
|
Other Income |
42.600 |
|
Operating Profit |
113.850 |
|
Interest |
21.720 |
|
Exceptional Items |
NA |
|
PBDT |
92.130 |
|
Depreciation |
5.290 |
|
Profit Before Tax |
86.840 |
|
Tax |
28.330 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
58.510 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
58.510 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.51.00/- |
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 |
61.667 |
61.667 |
61.667 |
|
Reserves & Surplus |
647.978 |
779.217 |
919.981 |
|
Net
worth |
709.645 |
840.884 |
981.648 |
|
|
|
|
|
|
long-term borrowings |
51.077 |
55.215 |
59.687 |
|
Short term borrowings |
1085.158 |
2056.781 |
1122.475 |
|
Total
borrowings |
1136.235 |
2111.996 |
1182.162 |
|
Debt/Equity
ratio |
1.601 |
2.512 |
1.204 |
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 |
10145.892 |
4691.288 |
2363.388 |
|
|
|
(53.762) |
(49.622) |
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 |
10145.892 |
4691.288 |
2363.388 |
|
Profit |
164.254 |
131.911 |
141.432 |
|
|
1.62% |
2.81% |
5.98% |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
(As on 31.03.2014)
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares is listed on one stock exchanges in India. The company is engaged in various business activities. During the year, the Company was engaged in Ship Recycling (ship breaking), Manufacturing of Sponge Iron & Steels, Trading in Ferrous and Non-Ferrous Metals and Coal and Investment. As and when any surplus fund are available, the same is given on interest to other parties and also invested in the shares and securities to earn short term and long term capital gains.
FINANCIAL RESULTS:
(As on 31.03.2014)
During the year, the Sales/ Revenue from operations are Rs.4691.288 Million as compared to Rs.10145.892 Million in the last year. The net profit is Rs.131.911 Million as compared to Rs.164.254 Million in the last year. Due to fluctuation in the prices of old ship in the international market and dollar exchange rate fluctuations, the company has not been able to optimize Sales and Net Profit. There will be even more improvement in sales and profit margin in the coming year.
PROSPECTS IN THE COMING YEAR: (As on
31.03.2014)
Ship Breaking and
Iron and Steel
During the financial year 2013-14, Ship-Breaking Unit at Alang Ship Breaking Yard has shown a stable performance in terms of Sales, however, the industry is in its booming trend hence the unit is expected to perform better in coming years. Trading unit of the company has not been able to sustain its performance in terms of sales as compared with the preceding financial year due to volatile market conditions and heavy foreign exchange fluctuations; however, it is hoped that the trading unit will show an increase in terms of sales and profits in the coming years. Sponge and Iron Unit, however, has not been able to sustain its performance in terms of sales as compared with preceding years because of issues of availability of raw materials and other similar factors at its Hassan, Karnataka, however, the overall scenario of iron and steel is still very positive and it is hoped that the growth story of the unit shall be sustained in the coming years. Overall, since the prices of iron and Steel having reasonably stabilized and the inventory levels of the company and its market position, all the segments of the company, viz. Ship Breaking, Sponge Iron and Trading, are expected to see major increase in terms of Gross Revenues and Net profit Margins in the coming year.
With the changed circumstances, the company is hopeful that in the coming period the company will continue its ship breaking activities and take it to the level of extended growth and will contribute more to the overall growth of the business of the company. The trading in Ferrous and Non Ferrous Metals, Scrap, Coal etc. activities of the company are contributing considerably to the profitability of the company. The sponge iron division of the company has not been able to give good results during the year because of various factors like lack of uninterrupted availability of raw materials due to local mining issues, rupee volatility etc., however, with the increased management focus on market environment, the unit is also expected to yield positive results in the current year as well in the coming years. The investment division of the company is also doing well. The directors see a very positive and bright future prospects ahead for the company looking to the prevailing upward trend in the Iron and Steel sector in India and internationally.
Industrial Gases: (As on 31.03.2014)
The company is into a partnership in M/s. Hariyana Air Products (with 60% share.) for the manufacture and supply of Industrial Oxygen Gas. During the year the oxygen plant at Bhavnagar, Gujarat has not been able to perform well and the company has earned loss from the said partnership firm of Rs. 2.717 Million as against profit of Rs.0.879 Million last year. The reason for the loss is volatile market conditions and a competitive market with liquid oxygen suppliers. However, with proximity to Alang Ship Breaking Yard and huge captive consumption requirements of group companies, the company expects good long term benefits from the said partnership venture.
Real Estate and
Construction: (As on 31.03.2014)
The Company is also taking interest into real estate business. For which has been into Partnership in the name of “White Field Projects” (with 40% share) for construction and selling of residential apartments. The construction work of the Project is fully completed and all of the flats have been sold. The company’s share of profit from the firm during the year under report is Rs.29.786 Million for the year ended 2014.
The Company has also been into Partnership a formed a Partnership Firm “Orchid Woods Projects” (with 50% share) for construction and selling of residential apartments. The firm has acquired land at Kothanur Village, KrishnarajapuraHobli, Banglore, East Taluk and at Chokkanahalli Village, YelahankaHobli, Banglore, North Taluk with the an object of constructing 1, 2 and 3 BHK Apartments. Likely date of completion of the project at Kothanur Village, KrishnarajapuraHobli, Banglore, East, Taluk is in March, 2015. The company has started the construction at Chokkanahalli Village, YelahankaHobli, Banglore, North Taluk on February, 2014 and expected to complete the project by May, 2016. The company’s share of profit from the firm is Rs.55.644 Million for the year ended 2014.
The Company has also been into partnership (with 33.33% share) M/s. “Swastik Developers” for construction of building. The firm has acquired 66 Acres of land in Goa. The project is expected to commence soon.
The company has also been into partnership in M/s. “White Mountain” (with 25% share). Presently the firm is having one project at Thindlu, Indrasanahalli and Singrahalli Village, KundanaHobli, Devanahalli Taluk. The firm has acquired 44 acres and 20 Guntas of land with the object of developing 386 plots of various sizes. Likely date of completion of the project is December 2014. The company has also been into partnership in M/s. “Orchid Lakeview Developers” (with 20% share). The firm is having the project at Bellandur Village, Varthur Hobli, Bangalore, East, Taluk with the object of construction 2 and 3 BHK apartments consisting 336 flats. Likely date of completion of the project is March, 2015.
The company has also entered into partnership and formed a partnership firm “Goyal Hariyana Realty “(with 50% share). The firm has acquired land at Kannur Village, Bangalore, with the object of construction of Villas. The firm has already purchased Land and seeking NOC from concern departments. The firm will start construction on July, 2014 and expected to complete the projects on July, 2016.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long Term
Borrowings |
|
|
|
From Related Parties |
|
55.215 |
|
Short Term
Borrowings |
|
|
|
From Related Parties |
|
47.956 |
|
Total |
NA |
103.171 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10354982 |
14/05/2013 * |
8,000,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, RAHEJA CHAMBERS,, NARIMAN P |
B79049516 |
|
2 |
10307712 |
09/09/2011 |
800,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN PO |
B21193180 |
|
3 |
10305211 |
23/07/2011 |
950,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN PO |
B20034997 |
|
4 |
10266231 |
20/01/2011 |
1,600,000,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD BRANCH, RAHEJA CHAMBERS,, NARIMAN |
B05296546 |
|
5 |
10106120 |
28/03/2008 |
4,930,960.00 |
DEVELOPMENT CREDIT BANK LIMITED |
301, TRADE PLAZA,, 414, VEER SAVARKAR MARG, PRABH |
A39723572 |
|
6 |
90153282 |
25/09/2009 * |
3,359,100,000.00 |
PUNJAB NATIONAL BANK |
FORESHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN |
A70722079 |
|
7 |
90153080 |
20/11/1995 * |
75,000,000.00 |
PUNJAB NATIONAL BANK |
GEN J.B. MARG, BOMBAY, Maharashtra - 400021, INDIA |
- |
|
8 |
90152915 |
21/04/1993 |
15,000,000.00 |
PUNJAB NATIONAL BANK |
GEN. J. BHOSALE MARG (FORESHORE ROAD), BOMBAY, Maharashtra - 400021,
INDIA |
- |
|
9 |
90152701 |
14/05/2013 * |
4,000,000,000.00 |
PUNJAB NATIONAL BANK |
FORSHORE ROAD BRANCH, RAHEJA CHAMBERS, NARIMAN P |
B79050035 |
|
10 |
90152680 |
12/08/1982 |
4,050,000.00 |
VIJAYA BANK |
CUFFE PARADE, COLABA, BOMBAY, Maharashtra, INDIA |
- |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
|
31.03.2014 |
|
FY : 2006-07, Pending appeal before Hon.
ACIT, Central circle 41, Mumbai |
|
0.397 |
|
FY : 2008-09, Pending appeal before Hon.
ITAT, Mumbai |
|
0.188 |
|
FY : 2009-10, Pending appeal before Hon.
ACIT, Central circle 38, Mumbai |
|
0.200 |
|
FY : 2010-11, Pending appeal before Hon.
ACIT, Central circle 7, Mumbai |
|
0.358 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
|
|
Particulars |
Quarter ended
30.06.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
Gross Sales/Income from Operations |
929.425 |
|
|
|
b) Other Operating Income |
42.595 |
|
|
Total Income from
Operations (Net) |
972.020 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
40.628 |
|
|
b) |
Purchase of Traded Goods |
870.311 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(87.896) |
|
|
d) |
Employee benefit expenses |
0.837 |
|
|
e) |
Depreciation |
5.290 |
|
|
f) |
Other expenses |
34.288 |
|
|
TOTAL EXPENSES |
863.458 |
|
|
|
|
|
|
|
3 |
|
PROFIT /(LOSS),
BEFORE FINANCE COSTS AND TAXES |
108.562 |
|
4 |
FINANCE COSTS |
21.719 |
|
|
5 |
PROFIT /(LOSS)
BEFORE TAXES |
86.843 |
|
|
6 |
TAX EXPENSE |
28.334 |
|
|
7 |
PROFIT /(LOSS)
AFTER BUT BEFORE MINORITY INTEREST |
58.509 |
|
|
8 |
MINORITY INTEREST |
0.000 |
|
|
9 |
PROFIT /(LOSS) FOR
THE PERIOD |
58.509 |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
61.667 (Rs. 10 each) |
|
|
13 |
Reserve excluding revaluation reserves |
-- |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
Basic & Diluted |
9.49 |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
1636853 |
|
|
|
- Percentage of Shareholding |
26.54% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
-- |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
-- |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
4529814 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
73.46% |
SEGMENT-INFORMATION
(Rs. In Million)
|
Sr. No. |
Particular |
Quarter ended |
|
|
|
30.06.2015 |
|
|
|
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
41.181 |
|
|
b. Shipbreaking |
46.731 |
|
|
|
883.985 |
|
|
|
0.123 |
|
|
Net Sales / Income
from Operations |
972.020 |
|
2. |
Segment Result |
|
|
|
|
39.911 |
|
|
b. Shipbreaking |
(10.066) |
|
|
|
83.465 |
|
|
|
(4.748) |
|
|
Total |
108.562 |
|
|
Less : i.
Finance Costs |
21.719 |
|
|
ii. Un-allocable expenditure |
-- |
|
|
Total Profit/(Loss)
before tax |
86.843 |
|
3. |
Segment Capital
Employed |
|
|
|
|
2663.968 |
|
|
b. Shipbreaking |
(187.002) |
|
|
|
(1482.194) |
|
|
|
55.218 |
|
|
Add :
Un-allocable corporate assets (Net) |
-- |
|
|
Total Capital
employed in the Company (Net) |
1039.990 |
- The above Unaudited Financial results have been reviewed by the Audit Committee and considered and taken on record by the Board of Directors at their meeting held on 13th August 2015.
2. During the current financial year, rupee has depreciated against all the
major foreign exchange currencies, it has made an advance impact on the
operations of the company, which resulted in higher foreign exchanges
fluctuation losses. The Company continues to carry out the trading activities
in Mumbai & Bhavnagar also.
3. The company also continues to carry out the Real estate (construction)
activities at Bangalore.
4. Share of Profit/(Loss) from partnership firms, where company is partner has
not been considered in the above results. It will be taken into accounts at the
yearend except Hariyana Air Products.
5. The Statutory Auditors have carried out "Limited Review" of the
above Financial results.
6. Previous Year's figures have been regrouped/recasted wherever necessary.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.66.60 |
|
|
1 |
Rs.102.30 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
41 |
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.