MIRA INFORM REPORT
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Report No. : |
343123 |
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Report Date : |
29.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MINEX METALLURGICAL COMPANY LIMITED (w.e.f.17.12.2011) |
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Formerly known as : |
MINEX METALLURGICAL COMPANY PRIVATE LIMITED |
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Registered
Office : |
Rajguru Apartments, 3rd Floor, New Nagardas Road, Andheri
(East), Mumbai – 400069, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.03.1981 |
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Com. Reg. No.: |
11-024161 |
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Capital
Investment / Paid-up Capital : |
Rs.160.000 Million |
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CIN No.: [Company Identification
No.] |
U28910MH1981PLC024161 |
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IEC No.: |
0391003445 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM22448G MUMM22482F |
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PAN No.: [Permanent Account No.] |
AAACM7315B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject engaged in the manufacture and sale of Specialty
Alloys for use by the Iron and Steel Industry. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having fine track record. Rating takes into consideration strong networth base of the company
along with comfortable debt level leading to healthy financial risk profile. Management has reported almost stable revenue base along with decent
profit margin in financial year 2014. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitment. In view of overall decent financial condition, the company can be
considered for normal business dealings with usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based limits A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based limits A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 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 (GENERAL DETAILS)
|
Name : |
Mr. Murli Mahadevan |
|
Designation : |
Finance Manager and Company Secretary |
|
Contact No.: |
91-9833745167 |
|
Date : |
28.09.2015 |
LOCATIONS
|
Registered/ Head Office : |
Rajguru Apartments, 3rd Floor, New Nagardas Road, Andheri (East),
Mumbai – 400069, Maharashtra, India |
|
Tel. No.: |
91-22-28362166 / 28215703 / 28370349 / 28982020 |
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Mobile No.: |
91-9833745167 (Mr. Murli Mahadevan) |
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Fax No.: |
91-22-28377369 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Locality: |
Residential |
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D-41/42, MIDC Industrial Area, |
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Tel. No.: |
91-7104-237907/ 234434 |
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Fax No.: |
91-7104-236745 |
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E-Mail : |
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Kalmeshwar – Plant : |
B-401/1, MIDC Industrial Area, Kalmeshwar, Nagpur – 441501,
Maharashtra, India |
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Tel. No.: |
91-7118-27168/9 |
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Fax No.: |
91-7118-271496 |
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E-Mail : |
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Nimji – Plant : |
68/3, Nimji, Tahsil Kalmeshwar, District |
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Tel. No.: |
91-7118-238304 |
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Fax No.: |
91-7118-238304 |
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E-Mail : |
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Sales Office |
3/6, Shivaji Durgapur, Burdwan - 713204, West |
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Tel. No.: |
91-343-2572095 |
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Fax No.: |
91-343-2568413 |
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E-Mail : |
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Factory : |
K-6, Butibori Industrial Area, Nagpur - 441112, Maharashtra, India |
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Godown : |
Vishwas Nagar, Plot No – 7 and 8, Opposite Reliance Colony, Olpad
Road, Icchapur, Surat – 394510, Gujarat, India |
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Branch Office : |
Located at: · Durgapur · Kolkata · Pune |
DIRECTORS
As on 31.07.2014
|
Name : |
Mr. Sukhendu Bikas Misra |
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Designation : |
Managing Director |
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Address : |
301, Belscot Tower, 1st Lokandwala Complex, Link Road,
Andheri (East), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
19.06.1946 |
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Date of Appointment : |
01.04.2011 |
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PAN No. : |
AASPM5071D |
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DIN : |
00105418 |
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Name : |
Mr. Anantharaman Mahadevan |
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Designation : |
Director |
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Address : |
A-1, 2nd Floor, New Palm Beach Co-operative Society, Sector
– 4, Nerul, New Mumbai – 400706, Maharashtra, India |
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Date of Birth/Age : |
06.03.1947 |
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Date of Appointment : |
31.03.1981 |
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DIN No.: |
00165226 |
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Name : |
Ms. Rakhi Sukhendu Bikas Misra |
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Designation : |
Whole Time Director |
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Address : |
301, Belscot Tower, 1st Lokandwala Complex, Link Road, Andheri
(East), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
17.04.1953 |
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Date of Appointment : |
01.04.2011 |
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PAN No. : |
AGVPM7955P |
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DIN : |
00353033 |
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Name : |
Mr. Dilip Keshavlal Patel |
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Designation : |
Director |
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Address : |
15 Neel Shobha, 4th Floor, M. V. Road, Andheri (East),
Mumbai – 400093, Maharashtra, India |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
01.08.2008 |
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DIN No.: |
00013150 |
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Name : |
Mr. Mukul Tagore |
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Designation : |
Director |
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Address : |
503, Benhut ‘A’ Lokhandwala complex, Link Road, Andheri (East), Mumbai
– 400053, Maharashtra, India |
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Date of Birth/Age : |
03.01.1946 |
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Date of Appointment : |
31.03.1981 |
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DIN No.: |
00353182 |
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Name : |
Mr. Vaidyanathan Narayan |
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Designation : |
Director |
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Address : |
5, Nai Roshini, Charat singh Colony, Andheri (East), Mumbai – 400093,
Maharashtra, India |
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Date of Birth/Age : |
24.12.1940 |
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Date of Appointment : |
23.06.1992 |
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DIN : |
00495534 |
KEY EXECUTIVES
|
Name : |
Mr. Murli Mahadevan |
|
Designation : |
Finance Manager and Company Secretary |
|
Address : |
H – 003, Shimpoli Niranjan Co-operative Housing Society Limited,
Chikuwadi, Shimpoli, Borivali (West), Mumbai – 400092, |
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Date of Birth/Age : |
01.10.1963 |
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Date of Appointment : |
01.08.2005 |
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PAN No.: |
ACBPM8585F |
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Name : |
Ms. Shreya Mishra |
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Designation : |
Manager |
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Address : |
301/302, Belscot Tower, Lokhanwala Complex, Andheri (West), Mumbai –
400058, |
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Date of Birth/Age : |
24.07.1976 |
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Date of Appointment : |
01.03.2011 |
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PAN No.: |
AEFPM8004F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOT AVAILABLE
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in the manufacture and sale of Specialty
Alloys for use by the Iron and Steel Industry. |
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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 : |
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Products : |
Finished Goods |
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Countries : |
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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, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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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 : |
Shaparia Mehta and Associates LLP Chartered Accountants |
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Name : |
M. Kalahasthi and Company Chartered Accountants |
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Address : |
601 Laxmi Villa, K A Subramanian Road, Matunga, Mumbai - 400019, Maharashtra, India |
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PAN No.: |
AFNPM8274J |
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Memberships : |
-- |
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Collaborators : |
-- |
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Other : |
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CAPITAL STRUCTURE
As on 31.07.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
16000000 |
Equity Shares (Includes 1,28,00,000 (48,00,000) shares issued as fully paid up bonus shares in the last 6 years by capitalising the General Reserve) |
Rs.10/- each |
Rs.160.000 Million |
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The Company has only one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share. The Dividend proposed by the Board of Directors is subject to approval of the shareholders, except in case of interim dividend.
Shares Holders right in the event of liquidation: “In the event of liquidation of the company, the holders of equity shares shall be entitled to remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion of equity shares held by the shareholders.”
Details of shares held by shareholders
holding more than 5% of the aggregate shares in the Company:
|
Name of the Shareholders |
31st
March,2014 |
|
|
|
No. of Share
held |
% of Holding |
|
Mr. Sukhendu Bikas Misra |
7,908,000 |
49.00 % |
|
Mrs. Rakhi Misra |
2,532,208 |
16.00 % |
|
Ms. Shreya Misra |
1,517,716 |
9.00 % |
|
Mrs. Bela Misra |
730,974 |
5.00 % |
|
Total |
12,688,898 |
79.00 % |
Reconciliation of the number of shares and
amount outstanding at the beginning and at the end of the reporting period:
|
PARTICULARS |
Equity
Shares with Voting Rights Year Ended
31st March, 2014 |
|
|
|
No. of Share |
Rs. In
Million |
|
Opening Balance |
8000000 |
80.000 |
|
Fresh Issue: |
|
|
|
Bonus Issue |
8000000 |
80.000 |
|
Closing Balance |
16000000 |
160.000 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
160.000 |
80.000 |
80.000 |
|
(b) Reserves & Surplus |
1229.270 |
1138.340 |
995.520 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1389.270 |
1218.340 |
1075.520 |
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
88.030 |
112.880 |
135.610 |
|
(b) Deferred tax liabilities (Net) |
35.920 |
30.310 |
35.790 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
123.950 |
143.190 |
171.400 |
|
|
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
497.520 |
1000.110 |
1018.530 |
|
(b) Trade
payables |
199.830 |
281.470 |
226.090 |
|
(c) Other
current liabilities |
100.260 |
151.600 |
104.740 |
|
(d) Short-term
provisions |
32.320 |
32.140 |
21.240 |
|
Total Current
Liabilities (4) |
829.930 |
1465.320 |
1370.600 |
|
|
|
|
|
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TOTAL |
2343.150 |
2826.850 |
2617.520 |
|
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II.
ASSETS |
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|
|
|
(1) Non-current assets |
|
|
|
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
458.690 |
454.800 |
344.340 |
|
(ii)
Intangible Assets |
0.680 |
0.190 |
0.790 |
|
(iii)
Capital work-in-progress |
55.250 |
53.660 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
94.110 |
|
(b) Non-current Investments |
0.050 |
0.050 |
0.010 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
21.490 |
21.570 |
21.720 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
536.160 |
530.270 |
460.970 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
593.960 |
781.720 |
897.700 |
|
(c) Trade
receivables |
935.790 |
1099.210 |
845.180 |
|
(d) Cash
and cash equivalents |
110.510 |
184.750 |
188.680 |
|
(e)
Short-term loans and advances |
165.130 |
228.650 |
223.060 |
|
(f) Other
current assets |
1.600 |
2.250 |
1.930 |
|
Total
Current Assets |
1806.990 |
2296.580 |
2156.550 |
|
|
|
|
|
|
TOTAL |
2343.150 |
2826.850 |
2617.520 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
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|
Revenue from Operations |
4673.900 |
4600.500 |
4390.480 |
|
|
|
Other Income |
44.020 |
31.830 |
21.530 |
|
|
|
TOTAL |
4717.920 |
4632.330 |
4412.010 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3688.750 |
3665.690 |
3536.310 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.420) |
47.030 |
(76.850) |
|
|
|
Employees benefits expense |
157.000 |
131.760 |
111.310 |
|
|
|
Other expenses |
466.370 |
398.710 |
516.070 |
|
|
|
TOTAL |
4310.700 |
4243.190 |
4086.840 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
407.220 |
389.140 |
325.170 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
61.610 |
115.610 |
74.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
345.610 |
273.530 |
250.500 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
35.440 |
32.510 |
27.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
310.170 |
241.020 |
222.890 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
110.770 |
74.470 |
72.790 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
199.400 |
166.550 |
150.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.480 |
10.270 |
3.420 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
172.50 |
150.000 |
120.000 |
|
|
|
Dividend |
0.000 |
0.000 |
8.000 |
|
|
|
Proposed / Interim Dividend |
24.000 |
20.000 |
12.000 |
|
|
|
Tax on Dividend |
4.080 |
3.340 |
3.250 |
|
|
BALANCE CARRIED
TO THE B/S |
2.300 |
3.480 |
10.270 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1139.820 |
1262.660 |
764.020 |
|
|
TOTAL EARNINGS |
1139.820 |
1262.660 |
764.020 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1259.230 |
1837.370 |
1943.650 |
|
|
TOTAL IMPORTS |
1259.230 |
1837.370 |
1943.650 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.46 |
10.41 |
18.76 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover |
|
|
5500.000 |
|
|
|
|
|
Expected Sales (2015-2016) : Rs.6000.000 Million
The above information has been parted by Mr. Murli Mahadevan (Finance
Manager and company Secretary)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
571.050 |
277.790 |
(12.550) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.27 |
3.62 |
3.42 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
8.71 |
8.46 |
7.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.56 |
8.69 |
8.83 |
|
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|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.20 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42 |
0.91 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18 |
1.57 |
1.57 |
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 |
80.000 |
80.000 |
160.000 |
|
Reserves & Surplus |
995.520 |
1138.340 |
1229.270 |
|
Net worth |
1075.520 |
1218.340 |
1389.270 |
|
long-term borrowings |
135.610 |
112.880 |
88.030 |
|
Short term borrowings |
1018.530 |
1000.110 |
497.520 |
|
Total borrowings |
1154.140 |
1112.990 |
585.550 |
|
Debt/Equity ratio |
1.073 |
0.914 |
0.421 |
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 Operations |
4390.480 |
4600.500 |
4673.900 |
|
|
|
4.784 |
1.595 |
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 Operations |
4390.480 |
4600.500 |
4673.900 |
|
Profit |
150.100 |
166.550 |
199.400 |
|
|
3.42% |
3.62% |
4.27% |
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 |
Yes |
|
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) |
No |
|
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 |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 01.09.2014 |
|
Lodging No.:- ITXAL/1575/2014
Filing Date:- 01.09.2014 |
|
Petitioner: COMMISSIONER OF INCOME TAX-8 Respondent: MINEX
METALLURGICAL COMPANY LIMITED Petn. Adv : ARVIND PINTO (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEAL Last Date: 08.01.2015 Stage:
FOR REJECTION [ORIGINAL SIDE MATTERS] Last Coram: REGISTRAR(OS)/PROTHONOTARY
AND SR. MASTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Loans (By way of deferral under Package Scheme of Incentives of Government of Maharashtra) |
35.600 |
38.240 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Sales Tax Loans (By way of deferral under Package Scheme of Incentives of Government of Maharashtra) |
2.650 |
1.850 |
|
Fixed Deposits: |
|
|
|
From Members |
2.580 |
2.580 |
|
|
|
|
|
Total |
40.830 |
42.670 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10465771 |
29/11/2013 |
200,000,000.00 |
DBS Bank Limited |
4A, Nandlal Basu Sarani, Kolkata, West Bengal - 700071, INDIA |
B91800094 |
|
2 |
10385088 |
05/11/2012 |
315,000,000.00 |
AXIS BANK LTD. |
131, MAKER TOWERS 'F' 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
B61595872 |
|
3 |
10359296 |
29/05/2012 |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B41071838 |
|
4 |
10319187 |
10/10/2011 |
100,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3A/F, Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, INDIA |
B25873274 |
|
5 |
10297090 |
19/07/2011 |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR.ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA |
B16827123 |
|
6 |
10101387 |
27/09/2011 * |
600,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3A/F,
Plot no. C-38 & 39, G Block, Bandra Kurla Complex, Bandra, Mumbai,
Maharashtra - 4 |
B23184450 |
|
7 |
80048608 |
26/12/2008 * |
900,000,000.00 |
CANARA BANK |
ITWARI, NAGPUR, Maharashtra - 440002, INDIA |
A56565567 |
* Date of charge modification
OPERATIONS
During 2013-14, They saw stagnation in the overall economic scenario in India. The GDP growth of the country declined to 4.70%, and the overall industry was reeling under pressure. During the mid of the year, the currency also depreciated to its historic low of 69.22 to a USD, which in turn has hit their profitability by almost Rs.70.000 million due to largely un hedged import positions. Inspite of challenging economic environment in domestic and international market during the financial year of 2013-14, Minex focused in the areas of opportunities and growth. They tried to consolidate their dominance in the market, and tried to maintain theirtopline and increase their profitability which is clearly reflecting in their performance. The modernized plants at Nagpur, Kalmeshwar and Nimji are equipped to offer value added products and Just in Time supply to their customers. The new products developed for steel, foundry and aluminum industries were established in the market.
As they look at the year 2014-15, domestic economy seems to have bottomed out, and with new government in place they expect the overall economy to pick up soon, which might get reflected in second half of this financial year. Internationally with American economy being stabilized and growing the overall environment of global growth should also resume by H2 of 2014-15. In view of these challenges they have declared to continue with their year 2013-14 program of "Year of New Opportunities" and this would act as a guiding principle for all their operation and various changes happening in the organization.
PERFORMANCE HIGHLIGHTS:
Despite of challenges in the business environment, the company's sales during the year were Rs.5234.250 million (Rs.5146.890 million). Given the current global scenario, it is a positive achievement that they have managed a nominal increase in sales value.
Subject Recorded Profit after Tax (PAT) of Rs.199.400 million in 2013-14 as compared to Rs.166.550 million in the year 2012-13, a 19.73% increase. The Profit before Tax (PBT) stood at Rs.310.170 million as against Rs. 241.020 million in 2011-12, a 28.69% increase.
However, The Sales Volume increased to 30,472 MT against previous year's 29,413 MT registering a marginal increase of 3.60 %.
Company's exports has dropped marginally by 8% to Rs.1201.210 Million against previous year's Rs.1295.690 Million.
FIXED ASSETS
Tangible Assets
- Land
- Factory Buildings
- Office Premises / Flats
- Plant and Machinery
- Lab. Equipment’s
- Electrical Installations
- Office Equipment’s
- Air Conditioner
- Vehicles
- Furniture and Fixtures
- Computers
- Computer Software
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.66.08 |
|
|
1 |
Rs.100.31 |
|
Euro |
1 |
Rs.73.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.