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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483812

Report Date :

03.01.2018                        

 

IDENTIFICATION DETAILS

 

Name :

SURAJ LIMITED (w.e.f. 2011)

 

 

Formerly Known As :

SURAJ STAINLESS LIMITED (w.e.f. 2000)

 

SURAJ FINSEC LIMITED

 

 

Registered Office :

“Suraj House” Opposite Usmanpura Garden, Vidyanagar Society, Ashram Road, Ahmedabad - 380 014, Gujarat

Tel. No.:

91-79-27540720/21

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

20.01.1994

 

 

Com. Reg. No.:

04-021088

 

 

Capital Investment / Paid-up Capital :

INR 192.641 Million

 

 

CIN No.:

[Company Identification No.]

L27100GJ1994PLC021088

 

 

IEC No.:

Not Divulged

 

 

GSTIN/UIN :

Not Divulged

 

 

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

 

 

Line of Business :

Manufacturer and Exporter of Stainless Steel, Pipes Tubes, ‘U’ Tubes, Flanges and Fittings. [Registered Activity]

 

 

No. of Employees :

Information declined by the management

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1994. It is a manufacturer of stainless steel, stainless steel seamless pipes, tubes and “U” tubes and flanges and fittings.

 

As per the financial of 2017, the company has achieved a massive growth of 27.86% in its revenue as compared to the previous year revenue and has reported a low net profit margin of 0.22%.

 

The company possesses healthy financial position marked by adequate net worth base along with average debt level and moderate liquidity position.

 

The company has its share price trading at around INR 40.55 on BSE as on December 30, 2017 as against the Face Value (FV) of INR 10.

 

Business is active. Payments 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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Loans – BB+

Rating Explanation

Moderate risk of default

Date

16.02.2017

 

Rating Agency Name

CARE

Rating

Short Term Loans – A4+

Rating Explanation

Minimal degree of safety and very high credit risk

Date

16.02.2017

 

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 31-03-2016.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.01.2018.

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DENIED BY

 

Name :

Mr. Chirag Shah

Designation :

Marketing Head

Contact No.:

91-9619114444

 

MANAGEMENT NON-COOPERATIVE – (TEL. NO.: 91-2764-274216/274217)

 

 

LOCATIONS

 

Registered Office :

Suraj House” Opposite Usmanpura Garden, Vidyanagar Society, Ashram Road, Ahmedabad - 380 014, Gujarat, India

Tel. No.:

91-79-27540720 / 21

Mobile No.:

91-9619114444 (Mr. Chirag Shah)

Fax No.:

91-79-27540722

E-Mail :

suraj@surajgroup.com

Website:

http://www.surajgroup.com

 

 

Mumbai Branch Office :

Kanji Mansion, Block No. 3, 1st Floor, 311/317, S.V.P. Road, Mumbai-400004, Maharashtra, India

Tel. No.:

91-22-23891649 / 23891758

Fax No.:

91-22-23854979

 

 

Factory :

Survey No. 779/A, Village-Thol, Kadi-Sanand Highway, Taluka -Kadi, District – Mehsana, Gujarat, India

Tel. No.:

91-2764-274216 / 274217

Fax No.:

91-2764-274419

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Kunal Tarachand Shah

Designation :

Managing Director

Address :

18/B, Laxminarayan Society, Shantinagar, Usmanpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

24.08.1973

Date of Appointment :

20.01.1994

PAN No.:

ACIPS5692N

DIN No.:

00254205

 

 

Name :

Mr. Ashokkumar Tarachand Shah

Designation :

Director

Address :

51, Shantinagar, 5th Floor, Samta Appartment, Usmanpura, Ahmedabad – 380013, Gujarat, India

Date of Birth/Age :

29.05.1966

Date of Appointment :

20.01.1994

DIN No.:

00254255

 

 

Name :

Mr. Gunvantkumar Tarachand Shah

Designation :

Whole-time Director

Address :

Flat No 7, 3rd Floor, 14 Pannalal Terrace, 7th Khetwadi, Mumbai – 400004, Maharashtra, India

Date of Birth/Age :

25.03.1971

Date of Appointment :

20.01.1994

DIN No.:

00254292

 

 

Name :

Mr. Dipakbhai Himatbhai Shah

Designation :

Director

Address :

A/402, Ashutosh Appartment, Behind St. Xaviers School, Navrangpura, Ahmedabad – 380014, Gujarat, India

Date of Appointment :

30.03.2002

DIN No.:

00565892

 

 

Name :

Mr. Ketan Ratilal Shah

Designation :

Director

Address :

1, Abhinandan Appartment, 13, Laxminarayan Society, Shantinagar, Vadaj, Ahmedabad – 380013, Gujarat, India

Date of Appointment :

31.12.2005

DIN No.:

00583064

 

Name :

Mr. Haren Rameshchandra Desai

Designation :

Director

Address :

80, Pritamnagar, Ellisbridge, Ahmedabad – 380006, Gujarat, India

Date of Appointment :

26.07.2008

DIN No.:

02285175

 

Name :

Mr. Bhupendrasinh Babulal Patel

Designation :

Director

Address :

2-A, Bhuyangdev Soc, Sola Road, Ghatlodia, Ahmedabad – 380061, Gujarat, India

Date of Appointment :

26.12.2011

DIN No.:

05155901

 

Name :

Ms. Shilpa Ben Mangaldas Patel

Designation :

Director

Address :

45, Varahi Society, Kali Road, D - Cabin, Sabarmati, Ahmedabad – 380019, Gujarat, India

Date of Birth/Age :

08.04.1972

Date of Appointment :

13.11.2014

DIN No.:

07014883

 

 

KEY EXECUTIVES

 

Name :

Mr. Ashokkumar Tarachand Shah

Designation :

Chief Finance Officer

Address :

51, Shantinagar, 5th Floor, Samta Appartment, Usmanpura, Ahmedabad – 380013, Gujarat, India

Date of Appointment :

21.05.2014

PAN No.:

ACIPS5692N

 

Name :

Mr. Vatan D Brahmbhatt

Designation :

Company Secretary

Address :

A26, Umiya Bunglows, Hansol, Post Sardarnagar, Ahmedabad – 382475, Gujarat, India

Date of Appointment :

12.05.2015

PAN No.:

BLUPB7135D

 

 

SHAREHOLDING PATTERN

 

AS ON September 2017

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a % 

Promoter & Promoter Group

14390220

74.70

Public

4873880

25.30

Grand Total

19264100

100.00

 

 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a %

A1) Indian

 

Any Other (specify)

14390220

74.70

SHAH GUNVANTKUMAR TARACHAND

991420

5.15

KUNAL TARACHAND SHAH

1030600

5.35

REKHABEN GUNVANTKUMAR SHAH

2517920

13.07

MINOR ABHAY GUNVANTKUMAR SHAH

270000

1.40

MINOR DISHANT KUNALBHAI SHAH

555000

2.88

CHIRAG ASHOKBHAI SHAH

292500

1.52

DIXIT ASHOKKUMAR SHAH

292500

1.52

KAPIL GUNVANT SHAH

270000

1.40

NISHA MAHESHKUMAR JAIN

180000

0.93

ASHOKKUMAR TARACHAND SHAH

1077700

5.59

CHANDRIKA KUNAL SHAH

3103870

16.11

ANILABEN ASHOKKUMAR SHAH

3808710

19.77

Sub Total A1

14390220

74.70

A2) Foreign

0.00

A=A1+A2

14390220

74.70

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a %

B1) Institutions

0

0.00

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 Million

1006973

5.23

Individual share capital in excess of INR 0.200 Million

2964969

15.39

PAWANDEV P. JAIN

403000

2.09

PARASMAL JAIN

206324

1.07

PADMAVATI RAMESH JAIN

248379

1.29

MUKESH RAGHUNATHMAL CHANDAN

220409

1.14

Any Other (specify)

901938

4.68

Bodies Corporate

703094

3.65

NRI – Repat

2438

0.01

NRI – Non- Repat

581

0.00

HUF

195825

1.02

Sub Total B3

4873880

25.30

B=B1+B2+B3

4873880

25.30

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Stainless Steel, Pipes Tubes, ‘U’ Tubes, Flanges and Fittings. [Registered Activity]

 

 

Products / Services :

NIC Code

Product Description

7304 910

Manufacturing of Stainless Steel, Pipes Tubes, ‘U’ Tubes, Flanges and Fittings

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

Information declined by the management

 

 

Bankers :
  • Punjab National Bank
  • Standard Chartered Bank
  • IDBI Bank

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

SHORT TERM BORROWINGS

 

 

Working Capital loans

 

 

From Bank

702.151

685.154

Buyers credit arrangements

331.544

393.711

Total

1033.695

1078.865

 

Note :

(The Working Capital limit from Punjab National Bank INR 694.800 Million, Standard Chartered Bank INR 249.600 Million and from IDBI Bank INR 475.600 Million is Secured by the first charge on pari passu basis over the current assests of the company and second charge over the Fixed Assets of the company and guarnted by the director of the company

 

(1) Shri Ashok Kumar T. Shah

(2) Shri Kunal T. Shah

(3) Shri Gunvant Kumar

T. Shah.further Working Capital loan from PNB, SCB and IDBI Bank is Guranted by Corporate guarntee of Suraj Impex Private. Limited)

 

 

Cost Auditors :

Kiran J. Mehta and Associates

 

 

Statutory Auditors :

 

Name :

Pankaj K. Shah Associates

Chartered Accountants

Address :

701-A, Nirman, Opposite Havemore Restaurant, Navranpura, Ahmedabad-380009, Gujarat, India

Tel. No.:

91-79-26562980 / 66303452

Mobile No.:

91-9825464466

E-Mail :

pshah_2908@rediffmail.com

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates Companies:
  • Suraj Enterprise Private Limited
  • Suraj Impex Private Limited
  • TBS Metal Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

23250000

Equity Shares

INR 10/- each

INR 232.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

19264100

Equity Shares

INR 10/- each

INR 192.641 Million

 

 

 

 

 

Reconciliation of number of shares outstanding at the beginning and at the end of the reporting year

 

Particulars

As at 31.03.2017

No. of Shares

INR in Million

At the beginning of the year

19264100

192.641

Movement during the period

--

--

Outstanding at the end of the year

19264100

192.641

 

The Company has only one class of equity shares having a par value of INR 10 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, except in case of interim dividend .In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

 

Company has not bought back any equity shares during the priod of five years immediately preceeding the Balance sheet date. However the Company has alloted 11339400 equity shares as bonus shares during F.Y 2007-2008 and also alloted 2255000 equity shares for consideration other than cash pursuant to the scheme of amalgmation during F.Y. 2009-2010.

 

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

 

Particulars

As at 31.03.2017

No. of Shares

Anilaben Ashokkumar Shah

3808710

Chandrika Kunal Shah

3103870

Rekhaben Gunwantkumar Shah

2517920

Ashokkumar Tarachand Shah

1077700

Kunal Tarachand Shah

1030600

Gunwant Tarachand Shah

991600

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

192.641

192.641

192.641

(b) Reserves & Surplus

668.155

663.864

659.952

(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)

860.796

856.505

852.593

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

18.194

21.980

25.925

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

5.791

5.568

0.509

Total Non-current Liabilities (3)

23.985

27.548

26.434

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1163.695

1218.865

1243.438

(b) Trade payables

173.501

18.054

78.914

(c) Other current liabilities

56.410

25.135

73.897

(d) Short-term provisions

12.970

11.598

71.062

Total Current Liabilities (4)

1406.576

1273.652

1467.311

 

 

 

 

TOTAL

2291.357

2157.705

2346.338

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

654.316

687.296

741.383

(ii) Intangible Assets

0.246

0.338

0.440

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

6.625

4.809

4.500

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

661.187

692.443

746.323

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1019.963

1008.475

1121.312

(c) Trade receivables

424.126

328.171

270.304

(d) Cash and cash equivalents

54.395

53.319

107.008

(e) Short-term loans and advances

90.613

73.152

100.542

(f) Other current assets

41.073

2.145

0.849

Total Current Assets

1630.170

1465.262

1600.015

 

 

 

 

TOTAL

2291.357

2157.705

2346.338

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

1962.637

1534.955

2483.448

 

Other Income

3.310

5.600

30.527

 

TOTAL

1965.947

1540.555

2513.975

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

1702.507

1141.170

1560.466

 

Purchases of Stock-in-Trade

0.000

0.000

142.098

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(210.308)

(67.648)

226.998

 

Employees benefits expense

113.508

90.749

99.403

 

Other expenses

197.088

205.451

216.937

 

TOTAL

1802.795

1369.722

2245.902

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

163.152

170.833

268.073

 

 

 

 

 

Less

FINANCIAL EXPENSES

93.371

95.190

101.422

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

69.781

75.643

166.651

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

62.826

70.513

73.198

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

6.955

5.130

93.453

 

 

 

 

 

Less

TAX

2.664

1.218

24.543

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

4.291

3.912

68.910

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

663.864

383.638

352.980

 

 

 

 

 

 Less

APPROPRIATIONS

 

 

 

 

Transfer to statutory reserve

0.000

(32.884)

3.440

 

Securities Premium

0.000

(218.956)

28.896

 

General Reserve

0.000

(24.474)

5.916

 

Total

0.000

(276.314)

38.252

 

 

 

 

 

 

Balance Carried to the B/S

668.155

663.864

383.638

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

1257.334

1133.049

1591.363

 

TOTAL EARNINGS

1257.334

1133.049

1591.363

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

827.898

683.462

1291.765

 

Capital Goods

0.000

0.594

12.977

 

Stores

10.842

7.118

0.000

 

TOTAL IMPORTS

838.740

691.174

1304.742

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

0.22

0.20

3.58

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

NA

NA

52.595

Cash generated from operations

166.974

124.698

40.976

Net cash flow from (used in) operations

163.777

96.152

9.803

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

 

30.06.2017

1st Quarter

30.09.2017

2nd Quarter

Unaudited

 

 

 

Net Sales

 

406.640

593.680

Total Expenditure

 

364.450

550.210

PBIDT (Excl OI)

 

42.190

43.470

Other Income

 

0.170

0.900

Operating Profit

 

42.360

44.370

Interest

 

24.360

23.190

Exceptional Items

 

NA

NA

PBDT

 

18.000

21.180

Depreciation

 

15.680

16.040

Profit Before Tax

 

2.320

5.140

Tax

 

0.660

1.660

Provisions and contingencies

 

NA

NA

Profit After Tax

 

1.660

3.480

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

1.660

3.480

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors /Income * 365 Days)

78.88

78.04

39.73

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.63

4.68

9.19

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

37.20

5.77

16.92

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.16

0.17

0.24

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.25

0.25

0.36

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.61

0.59

0.63

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.35

1.42

1.46

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.63

1.49

1.72

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.76

0.80

0.87

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

1.75

1.79

2.64

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to Sales [(PAT/Sales) * 100)

%

0.22

0.25

2.77

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

0.19

0.18

2.94

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

0.50

0.46

8.08

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.16

1.15

1.09

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.43

0.36

0.33

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.38

0.40

0.36

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

6.04

6.33

6.45

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.16

1.15

1.09

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10/-

Market Value

INR 42.55/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

192.641

192.641

192.641

Reserves & Surplus

659.952

663.864

668.155

Share Application money pending allotment

0.000

0.000

0.000

Net worth

852.593

856.505

860.796

 

 

 

 

Long Term borrowings

0.000

0.000

0.000

Short Term borrowings

1243.438

1218.865

1163.695

Total borrowings

1243.438

1218.865

1163.695

Debt/Equity ratio

1.458

1.423

1.352

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

2483.448

1534.955

1962.637

 

 

(38.193)

27.863

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

2483.448

1534.955

1962.637

Profit

68.910

3.912

4.291

 

2.77%

0.25%

0.22%

 

 

LEGAL CASE

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 640 of 2017

Status : PENDING

( Converted from : O/ST/1667/2017 )

CCIN No : 001092201700640

 

 

Next Listing Date:

29/11/2017

Coram

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

S.NO.

Name of the Petitioner

Advocate On Record

1

PRINCIPAL COMMISSIONER OF INCOME TAX

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

SURAJ LIMITED

MS VAIBHAVI K PARIKH for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 10/08/2017

Registered On

: 31/08/2017

Bench Category

: DIVISON BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 3 times

StageName

: NOTICE RETURNABLE MATTERS

 

Classification

·         DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260A

Act

·         INCOME-TAX ACT, 1961

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA NO. 1632/AHD/2012 FOR A.Y. 2009-10

INCOME TAX APPELLATE TRIBUNAL, "A" BENCH, AHMEDABAD

INCOME-TAX OFFICER

09/01/2017

AHMEDABAD

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

10/08/2017

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MRS MAUNA M BHATT(174) for P:1

2

10/08/2017

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MRS MAUNA M BHATT(174), for P:1

3

10/08/2017

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MRS MAUNA M BHATT(174), for P:1

4

04/10/2017

VAKALATNAMA

MS VAIBHAVI K PARIKH ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MS VAIBHAVI K PARIKH(3238) for R:1

Applications

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

CIVIL APPLICATION (OJ)/616/2017

DISPOSED

29/08/2017

ALLOWED / GRANTED @ ADM.STAGE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

04/09/2017

3

18

ADMISSION ( FRESH MATTERS )

FIXED NOTICE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

2

03/10/2017

3

23

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

3

07/11/2017

6

22

NOTICE RETURNABLE MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI and HONOURABLE MR.JUSTICE BIREN VAISHNAV and HONOURABLE MR.JUSTICE A.S. SUPEHIA

4

29/11/2017

6

-

NOTICE RETURNABLE MATTERS

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.S. SUPEHIA

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/640/2017

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE BIREN VAISHNAV

04/09/2017

N

ORDER

-

Y

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

05/09/2017

O/26052/2017

04/09/2017

06/09/2017

07/09/2017

Delivered

ORDER

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 760 of 2015

Status : PENDING

( Converted from : O/ST/2796/2015 )

CCIN No : 001092201500760

 

 

Last Listing Date:

20/10/2015

Coram

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

S.NO.

Name of the Petitioner

Advocate On Record

1

THE PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL,AHMEDABAD

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

SURAJ LIMITED

MR YOGEN N PANDYA for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 09/10/2015

Registered On

: 13/10/2015

Bench Category

: DIVISON BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 1 times

StageName

: URGENT ADMISSION ( FRESH MATTERS )

 

Classification

·         DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT

Act

·         INCOME-TAX ACT, 1961

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA NO.2473/AHD/2011

INCOME TAX APPELLATE TRIBUNAL A BENCH AHMEDABAD

VICE PRESIDENT AND JUDICIAL MEMBERS

17/03/2015

AHMEDABAD

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

09/10/2015

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MRS MAUNA M BHATT(174) for P:1

2

09/10/2015

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

4

MRS MAUNA M BHATT(174), for P:1

3

09/10/2015

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MRS MAUNA M BHATT(174), for P:1

4

26/02/2016

VAKALATNAMA

MR YOGEN N PANDYA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR YOGEN N PANDYA(5766) for R:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

20/10/2015

7

6

URGENT ADMISSION ( FRESH MATTERS )

RULE/ADMIT

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/760/2015

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

20/10/2015

N

ORDER

-

Y

Certified Copy

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

21/10/2015

O/41799/2015

20/10/2015

23/10/2015

26/10/2015

Delivered

ORDER

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 759 of 2015

Status : PENDING

( Converted from : O/ST/2795/2015 )

CCIN No : 001092201500759

 

 

Last Listing Date:

20/10/2015

Coram

·         HONOURABLE MS.JUSTICE HARSHA DEVANI

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

S.NO.

Name of the Petitioner

Advocate On Record

1

THE PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL,AHMEDABAD

MRS MAUNA M BHATT for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

S.NO.

Name of the Respondant

Advocate On Record

1

SURAJ LIMITED

MR YOGEN N PANDYA for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

Presented On

: 09/10/2015

Registered On

: 13/10/2015

Bench Category

: DIVISON BENCH

District

: AHMEDABAD

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 1 times

StageName

: URGENT ADMISSION ( FRESH MATTERS )

 

Classification

·         DB - OJ - TAX APPEAL - INCOME TAX ACT, 1961 - APPEAL TO HIGH COURT - U/S 260 OF IT ACT

Act

·         INCOME-TAX ACT, 1961

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

ITA NO.970/AHD/2011

INCOME TAX APPELLATE TRIBUNAL A BENCH AHMEDABAD

VICE PRESIDENT AND JUDICIAL MEMBERS

17/03/2015

AHMEDABAD

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

09/10/2015

APPEARANCE NOTE

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

MRS MAUNA M BHATT(174) for P:1

2

09/10/2015

CERTIFIED COPY

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

6

MRS MAUNA M BHATT(174), for P:1

3

09/10/2015

MEMO OF PETITION/APPEAL/SUIT

MRS MAUNA M BHATT ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

20

MRS MAUNA M BHATT(174), for P:1

4

26/02/2016

VAKALATNAMA

MR YOGEN N PANDYA ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

MR YOGEN N PANDYA(5766) for R:1

Linked Matters

 

S. No.

CaseDetail

Status Name

Disposal Date

Action/Coram

1

TAX APPEAL/760/2015

PENDING

-

-

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

20/10/2015

7

5

URGENT ADMISSION ( FRESH MATTERS )

RULE/ADMIT

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/759/2015

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MR.JUSTICE A.G.URAIZEE

20/10/2015

N

ORDER

-

Y

Certified Copy

 

 

S. No.

ApplicantName

ApplicationType

Application Date

UOL Number

Order Date

Notify Date

Delivery Date

Status

Nature Of Document

1

MRS MAUNA M BHATT

ORDINARY

21/10/2015

O/41798/2015

20/10/2015

23/10/2015

26/10/2015

Delivered

ORDER

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

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

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

OPERATIONS:

 

The Company achieved a turnover of 1962.637 Million during the current year as against 1534.955 Million during the previous year. The other income of the company for the said period stood at INR 3.309 Million as compared to INR 5.600 Million of previous financial year. The PAT levels were stood at INR 4.291 Million as compared to INR 3.912 Million previous financial year.

 

 

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT:

 

Industry Structure and Development:

 

The company is a leading producer of SS seamless Welding Pipes, Tubes and "U" Tubes in Gujarat having a plant at S.no. 779/A, Thol, Tal:-Kadi, Dist: - Mehsana. their products find application in important industry segments like pharmaceuticals, dyes and pigments, Oil, Gas, Refinery, etc. The day to day management of the Company is looked by the Executive Director assisted by a team of competent technical and commercial professionals.

 

FINANCIAL PERFORMANCE:

 

The company's overall operational performance has been Average during the financial year 2016-17; it achieved sale and other income of INR 1962.637 Million As against last year's INR 1534.955 Million registering the increase of about 21.79%. Profit before tax increase from INR 5.130 Million to INR 6.955 Million. Net Profit increase from INR 3.912 Million to INR 4.291 Million, Reserve and Surplus stood at INR 668.155 Million.

 

BUSINESS OUTLOOK:

 

Steel Industry in India seems to be positive despite continuing global economic slowdown. This optimism stems from many factors. The Indian steel industry is in some ways insulated from the events affecting steel industry on a global scale as it does not rely on export to the developed markets. Despite high interest rates and marginal slowdown in economic activity the basic economic fundamentals will ensure stable performance of the economy in coming year. The year 2014-15 offers a positive picture in terms of the growth in all segments in comparison with previous. Consequently the demand for our product will increase. The steel industry is in a mature phase of its life cycle. Industry value added (IVA), or the industry's contribution to the overall economy, is expected to grow at an annualized rate 0.2% during the 10 year to 2018. During that same period, GDP is expected to grow at an annualized rate of 2.1% the industry's growth in relation to that of the overall economy indicates that it is mature.

UNSECURED LOANS:

 

Unsecured Loan

31.03.2017

INR In Million

31.03.2016

INR In Million

SHORT-TERM BORROWINGS

 

 

Loan from related party

130.000

140.000

Total

130.000

140.000

 

 

INDEX OF CHARGE:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

B67183673

10063085

28/07/2007

28/01/2013

-

1370000000.0

LARGE CORPORATE BRANCH, NEELKAMAL BUILDING, ASHRAM ROAD, AHMEDABAD – 380009, GUJARAT, INDIA

2

B65010738

80004268

02/05/2005

22/12/2012

-

525000000.0

LARGE CORPORATE BRANCH, NEELKAMAL BUILDING, ASHRAM ROAD, AHMEDABAD – 380009, GUJARAT, INDIA

3

B05378500

10244055

14/09/2010

-

08/02/2011

100000000.0

LARGE CORPORATE BRANCH, NEELKAMAL BUILDING, ASHRAM ROAD, AHMEDABAD – 380009, GUJARAT, INDIA

4

B05378021

10237260

07/08/2010

-

08/02/2011

16000000.0

LARGE CORPORATE BRANCH, NEELKAMAL BUILDING, ASHRAM ROAD, AHMEDABAD – 380009, GUJARAT, INDIA

5

B05313051

80004266

02/05/2005

07/02/2007

08/02/2011

100000000.0

LARGE CORPORATE BRANCH, NEELKAMAL BUILDING, ASHRAM ROAD, AHMEDABAD – 380009, GUJARAT, INDIA

6

A97248140

80051740

10/11/2005

-

06/10/2010

20000000.0

LAW GARDEN, AHMEDABAD – 380009, GUJARAT, INDIA

7

A94234788

10053550

22/05/2007

-

09/09/2010

342000000.0

CORPORATE FINANCE BRANCH58, SHRIMALI SOCIETY, NAVRANGPURA, AHMEDABAD – 380009, GUJARAT, INDIA

8

Y10186267

90096575

21/12/1998

-

26/02/2001

32000000.0

SAHIBBAUG BRANCH, AHMEDABAD – 380004, GUJARAT, INDIA

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Disputed Excise and Customs demands, Not Acknowledged as debts

163.523

163.523

Claim Against Show Cause Cum Demand Related to Sales Tax, Not Acknowledged as debts

45.729

45.729

Claim Against Show Cause Cum Demand Related Income Tax, Not Acknowledged as debts

444.958

451.233

Disputed Service Tax demand

13.116

0.000

Total

698.557

691.716

 

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2017

 (INR In Million)

Particulars

Quarter

Ended

Quarter

Ended

Half Year Ended

 

30.09.2017

30.06.2017

30.09.2017

 

Unaudited

Unaudited

 

INCOME FROM OPERATIONS

 

 

 

Net Sales

593.684

406.642

1000.326

Other Operating Income

0.900

0.165

1.064

Total Income from Operations

594.584

406.807

1001.390

 

 

 

 

EXPENSES

 

 

 

Cost of materials consumed

321.294

341.680

662.974

Changes in inventories of finished goods and work-in-progress

120.102

(64.062)

56.040

Other manufacturing, construction and operating expenses

81.992

62.297

144.289

Employee benefits expense

26.714

22.824

49.538

Finance Cost

23.187

24.362

47.549

Depreciation and Amortization expenses

16.042

15.682

31.724

Other Expenditure

0.113

1.704

1.817

Total Expenses

589.444

404.487

993.931

Profit/(Loss) from Operations before Exceptional Items/ (Expenditure)

5.140

2.320

7.459

Exceptional Items

0.000

0.000

0.000

Profit/(Loss) before tax

5.140

2.320

7.459

Tax Expenses

1.657

0.661

2.318

Profit / (Loss) after Tax

3.483

1.659

5.141

Other Comprehensive income

(0.170)

(0.319)

(0.489)

Total Comprehensive income for the period

3.313

1.340

4.652

Paid-up Equity Share Capital (Face value INR 10/- per share)

192.641

192.641

192.641

Earnings per Share (EPS) - INR

 

 

 

Basic

0.17

0.07

0.24

Diluted

0.17

0.07

0.24

 

NOTES:

 

1. The above unaudited Financial Results have been reviewed and recommended by the Audit Committee and taken on record and approved by the Board of Directors in their respective meetings held on 13.10.2017.

2. The Company has adopted Indian Accounting Standards (Ind AS) notified by the Ministry of Corporate Affairs from 1st April, 2017 with a transition date of 1st April, 2016 and accordingly these financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules,2015 (Ind-AS) prescribed under section 133 of the Companies Act, 2013 and other accounting principles generally accepted In India.

3. The Statutory Auditors have carried out limited review of the unaudited financial results for the quarter and six months period ended on 30th September, 2017.

4. The financial results for the corresponding quarter and six months period ended on 30th September, 2016 have been presented based on the Information compiled by the management after necessary adjustments in accordance with Ind AS and have not been subject to any audit or review.

5. The format for unaudited quarterly results as prescribed In SEBI's circular CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with requirements of SEBI's circular dated 5th July, 2016 applicable to all companies that are required to comply with Ind AS.

6. Reconciliation of profit after tax for the quarter and six months ended 30th September 2016 between Ind AS compliant result as reported above with result reported in previous year as per Indian GAAP is given below:

 

(INR in million)

Particulars

Quarter Ended 30.09.2016

Profit / (Loss) after Tax under Indian GAAP

8.515

Actuarial (Gain)/Loss on Employee Defined Benefit plan regrouped under other comprehensive Income

(0.170)

Fair Valuation (Mark to Market) of forward Contract

(0.895)

Net Profit / (Loss) after Tax under Ind AS

9.580

Actuarial Gain/(Loss) on Employee Defined Benefit plan regrouped under

Other Comprehensive Income

0.170

Total Comprehensive Income as per Ind As

9.410

 

7. The operations of the company are limited to one segment, namely manufacturing stainless steel Seamless & welded pipes and tubes. Figures of the previous period have been re-grouped / re-arranged wherever necessary.

 

STATEMENT OF ASSETS ANS LIABILITIES AS ON 30 SEPTEMBER 2017

(INR in million)

SOURCES OF FUNDS

30.09.2017

 

(Half Year ended)

 

 

I.              EQUITY AND LIABILITIES

 

(1)Shareholders' Funds

 

(a) Share Capital

192.641

(b) Reserves & Surplus

672.809

(c) Money received against share warrants

0.000

 

 

(2) Share Application money pending allotment

0.000

Total Shareholders’ Funds (1) + (2)

865.450

 

 

(3) Non-Current Liabilities

 

(a) long-term borrowings

0.000

(b) Deferred tax liabilities (Net)

16.807

(c) Other long term liabilities

0.000

(d) long-term provisions

6.525

Total Non-current Liabilities (3)

23.332

 

 

(4) Current Liabilities

 

(a) Short term borrowings

1102.522

(b) Trade payables

101.293

(c) Other current liabilities

70.372

(d) Short-term provisions

13.713

Total Current Liabilities (4)

1287.900

 

 

TOTAL

2176.682

 

 

II.          ASSETS

 

(1) Non-current assets

 

(a) Fixed Assets

 

(i) Tangible assets

631.993

(ii) Intangible Assets

0.000

(iii) Capital work-in-progress

0.220

(iv) Intangible assets under development

0.000

(b) Non-current Investments

0.000

(c) Deferred tax assets (net)

0.000

(d)  Long-term Loan and Advances

1.358

(e) Other Non-current assets

0.000

Total Non-Current Assets

633.571

 

 

(2) Current assets

 

(a) Current investments

0.000

(b) Inventories

861.807

(c) Trade receivables

480.848

(d) Cash and cash equivalents

41.265

(e) Short-term loans and advances

0.000

(f) Other current assets

159.191

Total Current Assets

1543.111

 

 

TOTAL

2176.682

 

FIXED ASSETS

 

Tangible Assets

 

·         Land and Site Development

·         Factory Building

·         Office Premises

·         Plant and Machinery

·         Furniture Fixture and Office Equipment

·         Computer

·         Vehicle

·         Wind Mill

 

Intangible Assets

·         Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records 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

INR

US Dollar

1

INR 63.67

UK Pound

1

INR 86.11

Euro

1

INR 76.59

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHW

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

GEET

 

 

SCORE FACTORS

 

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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

New Trace

No recommendation can be done as the business is not traceable

 

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.