xMIRA
INFORM REPORT
|
Report Date : |
06.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN SMELTING AND REFINING COMPANY LIMITED |
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Registered Office : |
Lal
Bahadur Shastri Marg, Bhandup-West, Mumbai-400078, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.12.1932 |
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Com. Reg. No.: |
11-001910 |
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Capital
Investment / Paid-up Capital : |
Rs.6.134 Millions |
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CIN No.: [Company
Identification No.] |
U74999MH1932PLC001910 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMT00194F/
MUMT08928D/ MUMT09919A |
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PAN No.: [Permanent
Account No.] |
AAACT3782D |
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Legal Form : |
A
closely held public limited liability company |
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Line of Business : |
Manufacturing
of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and
Non-Ferrous Alloys. |
RATING & COMMENTS
|
MIRA’s Rating : |
A ( 57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 4700000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having fine track. The company is a part of CK Birla Group.
Available financial information indicates high financial responsibility of
the company. Trade relations are fair. Payments are reported as slow but
correct. The company can
be regarded as a promising business partner in a medium to long-run. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
Lal
Bahadur Shastri Marg, Bhandup-West, Mumbai-400078, Maharashtra, India |
|
Tel. No.: |
91-22-2578
4331/ 66815800 |
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Fax No.: |
91-22-2578
4180/ 67974209 |
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E-Mail : |
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Website : |
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Factory 2 : |
Casting Factory 1st
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Tel. No.: |
91-22-2588
2801 / 67987101 |
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Fax No.: |
91-22-67987104 |
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E-Mail : |
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Factory 3 : |
Gat No. 201, Off Pune – Nagar Road, Sanswadi-412208, Taluka- Shirur,
District- Pune-412208, Maharashtra, India |
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Tel. No.: |
91-2137-677200 |
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Fax No.: |
91-2137-677228 |
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E-Mail : |
DIRECTORS
As on 10.06.2010
|
Name : |
Mr.
Chandra Kant Birla |
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Designation : |
Chairman |
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Address : |
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Date of Appointment : |
31.10.2000 |
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Name : |
Mr.
Chiranjilal Gograj Joshi |
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Designation : |
Director |
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Address : |
615,
VI Floor, Commerce House, |
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Date of Appointment : |
13.05.1989 |
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|
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Name : |
Mr.
Ananthanarayanan Shankar Narayanna |
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Designation : |
Director |
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Address: |
GMMCo Limited,
Building 6 GST Road, Street Thomas Mount, Chennai-600016, |
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Date of Birth/Age : |
29.07.1942 |
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Date of Appointment : |
06.07.2004 |
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Name : |
Mr. Athul Singhi |
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Designation : |
Managing Director
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Address : |
‘Tamrakoot’, LBS Marg, Bhandup, Mumbai – 400 078,
Maharashtra, India |
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Qualification : |
B.Sc. |
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Date of Appointment : |
01.10.1977 |
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Previous Employment : |
Bihar Alloy Steels Limited, |
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Name : |
Mrs. Amita Birla |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
11.07.2007 |
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Name : |
Mr. Srinivasa Varadhan Echambadi Tirumalai |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
29.03.1966 |
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Date of Appointment : |
21.04.2006 |
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Name : |
Mr.
Shishir Balkrishna Nevatia |
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Designation : |
Director |
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Address : |
33,
Vithal Nagar, CHS, |
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Date of Birth/Age : |
07.05.1954 |
KEY EXECUTIVES
|
Name : |
Mr. Chintamani Dattatraya Thatte |
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Designation : |
Secretary |
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Date of Appointment : |
19.10.1993 |
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Date of Ceasing: |
06.07.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chiranjilal
Gograj Joshi |
|
50 |
|
Athul Singhi |
|
100 |
|
Chintamani Dattatraya Thatte |
|
25 |
As on 10.06.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
37.08 |
|
Directors
or relatives of directors |
|
0.03 |
|
Other
top fifty shareholders |
|
62.80 |
|
Others
|
|
0.09 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Copper, Brass, Bronze, Nickel Silver Sheets, Strips and Foils and
Non-Ferrous Alloys. |
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Products : |
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GENERAL INFORMATION
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Customers : |
· Automobile · Telecommunications · Power Generation · Electrical and Electronics · General Engineering |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. M.
Nissim and Company Chartered
Accountants |
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Address : |
Barodawala Mansion, B-Wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai-400018, Maharashtra, India |
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Tel. No.: |
91-22-24949991 |
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Fax No.: |
91-22-24949995 |
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E-Mail : |
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Memberships : |
Confederation
of Indian Industry |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 10.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
400000 |
Preferences Shares |
Rs.100/- each |
Rs.40.000 Millions |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
613400 |
Equity Shares |
Rs.10/- each |
Rs.6.134
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.134 |
6.134 |
6.134 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1185.679 |
1136.606 |
1323.024 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1191.813 |
1142.740 |
1329.158 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
395.562 |
360.043 |
764.463 |
|
|
2] Unsecured Loans |
6.628 |
7.254 |
4.905 |
|
|
TOTAL BORROWING |
402.190 |
367.297 |
769.368 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
59.099 |
|
|
|
|
|
|
|
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TOTAL |
1594.003 |
1510.037 |
2157.625 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
783.278 |
823.828 |
777.982 |
|
|
Capital work-in-progress |
24.495 |
58.209 |
72.869 |
|
|
|
|
|
|
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INVESTMENT |
3.015 |
3.015 |
3.015 |
|
|
DEFERREX TAX ASSETS |
18.271 |
34.173 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
534.232
|
347.035 |
596.477
|
|
|
Sundry Debtors |
689.076
|
434.452 |
607.290
|
|
|
Cash & Bank Balances |
5.448
|
3.796 |
303.788
|
|
|
Other Current Assets |
2.541
|
2.294 |
25.068
|
|
|
Loans & Advances |
192.998
|
160.691 |
158.425
|
|
Total
Current Assets |
1424.295
|
948.268 |
1691.048 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
623.332
|
337.639 |
352.247
|
|
|
Provisions |
36.019
|
19.817 |
35.042
|
|
Total
Current Liabilities |
659.351
|
357.456 |
387.289
|
|
|
Net Current Assets |
764.944
|
590.812 |
1303.759
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1594.003 |
1510.037 |
2157.625 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3911.911 |
3471.107 |
3865.760 |
|
|
|
Other Income |
50.152 |
50.923 |
27.564 |
|
|
|
TOTAL (A) |
3962.063 |
3522.030 |
3893.324 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material, Manufacturing and other Expenses |
3742.895 |
|
|
|
|
|
Prior Period Items |
(20.281) |
|
|
|
|
|
TOTAL
(B) |
3722.614 |
3605.352 |
3107.511 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
239.449 |
(83.322) |
785.813 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.987 |
105.272 |
99.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
172.462 |
(188.594) |
686.749 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
101.068 |
92.854 |
80.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.394 |
(281.448) |
606.666 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.146 |
(94.788) |
113.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
56.248 |
(186.660) |
493.416 |
|
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|
|
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
683.596 |
NA |
564.638 |
|
|
|
Other Earnings |
0.659 |
NA |
0.000 |
|
|
TOTAL EARNINGS |
684.255 |
NA |
564.638 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
102.891 |
33.305 |
24.594 |
|
|
|
Stores & Spares |
4.734 |
10.945 |
NA |
|
|
|
Capital Goods |
3.311 |
21.132 |
6.902 |
|
|
TOTAL IMPORTS |
110.936 |
65.382 |
31.496 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
91.70 |
(304) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.42
|
(5.30) |
12.67
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.83
|
(8.11) |
15.69
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.23
|
(15.88) |
24.57
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.25 |
0.46
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
0.63 |
0.87
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
2.65 |
4.37
|
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90243861 |
|
Corporate
identity number of the company |
U74999MH1932PLC001910 |
|
Name of the
company |
INDIAN SMELTING
AND REFINING COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in |
Lal
Bahadur Shastri Marg, Bhandup, Mumbai-400078, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of charge
holder |
Bank
of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental
Composite Agreement of Hypothecation of goods, book debts, movable machinery
and vehicles Composite
Hypothecation Agreement (Both agreements
constitute a single agreement) |
|
Date of
instrument Creating the charge |
17.01.2009 |
|
Amount secured by
the charge |
Rs.1041.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed between
the bank and the borrower. Terms of
Repayment On demand. Margin As agreed between
the bank and the borrower. Extent and
Operation of the charge Supplemental
composite agreement and hypothecation. |
|
Short particulars
of the property charged |
The whole of the
borrower's stocks, both present and
future and including but
without prejudice to the generality of the foregoing words, all stocks of raw
materials, work-in-process, semi finished goods and finished goods such as copper sheet, brass
sheets, polls etc. packing materials and
stores etc. All the present
and future book debts, outstanding,
monies receivable, claims, bills, contracts, engagements and securities. All the tangible
movable machinery and plant and
cranes, boats and crafs. |
|
Date of latest
modification prior to the present modification |
07.09.2006 |
|
Particulars of
the present modification |
By this
modification total charge stands at Rs.1041.000 Millions. |
Fixed Assets:
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Office
Equipments
·
Vehicles
·
Software
AS PER WEBSITE
Profile:
Subject is a part of CK Birla Group, One of the largest
industrial houses in
The Roling Factory manufactures Strips, Sheets and Foils of Copper, Brass,
Phosphor Bronze, Nickel Silver with a capacity of 12000 Tons. It also produces Alloys of Copper, Aluminium, Zinc and Lead,
having a capacity of 3000 Tons
per annum.
The company diversified into
manufacturing of Ductile (SG) Iron
Castings. It has two manufacturing plants located at Thane and Pune, equipped with the
latest 'State of the Art" equipment. Manufacturing all Grades of Ductile
Iron castings ranging from SG400/18 to 700/2 grades Conforming international
standards. The annual production capacity of the two plants is 34000 Tons. The company produces full
range of Machine Moulded and Hand Moulded Castings.
The Company and the Group have scaled
heights of achievements with strong belief that management, an art, needs
constant improvement. Innovations, Technological changes are key-stones of the
success story.
The Group has strong commitment to
philanthropy and is running educational institutions, internationally reputed
Higher Technical Institutes, Medical Institute, etc
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.44.49 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
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 |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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.