MIRA
INFORM REPORT
|
Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ANIL SPECIAL STEEL INDUSTRIES LIMITED |
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Registered
Office : |
P.O. Meenawala, Kanakpara,
Jaipur-302012, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.05.1968 |
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Com. Reg. No.: |
17-001245 |
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Capital
Investment / Paid-up Capital : |
Rs.121.690
Millions |
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CIN No.: [Company Identification
No.] |
L27107RJ1968PLC001245 |
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|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer of Hardened and Tempered (H and T) Steel Strips. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1300000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings at 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.
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 |
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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
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Registered Office/ Factory : |
P.O. Meenawala, Kanakpara,
Jaipur-302012, |
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Tel. No.: |
91-141-2470211/12/15/2470401/2470413 |
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Fax No.: |
91-141-2470863/2470014 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Sudhir Khaitan |
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Designation : |
Chairman cum Managing Director |
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Address : |
1/17, Opposite Governer House, Civil Lines, Jaipur-302006, |
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Date of Birth/Age : |
16.10.1962 |
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Date of Appointment : |
22.10.1990 |
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Name : |
Mr. Shiv Shankar Sharma |
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Designation : |
Director |
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Address : |
G-802, Surya Vihar, Mittae Raheja Complex, Kapashera Border,
Gurgaon-122016, |
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Date of Birth/Age : |
27.08.1933 |
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Date of Appointment : |
28.05.1992 |
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Name : |
Mr. Vipin Biarailal Mathur |
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Designation : |
Director |
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Address : |
10-13, Jarwara House, Jaipur-302006, |
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Date of Birth/Age : |
24.01.1934 |
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Date of Appointment : |
15.12.1993 |
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Name : |
Mr. Purshottam Lal Bawa |
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Designation : |
Director |
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Address : |
268, Gom Defence Colony, Gautam Marg, Vaishali Nagar, Jaipur-302021, |
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Date of Birth/Age : |
24.02.1938 |
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Date of Appointment : |
26.10.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Chanjdra Prakash Vaid |
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Designation : |
Secretary |
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Address : |
108, Anand Nagar, |
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Date of Birth/Age : |
07.05.1966 |
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Date of Appointment : |
29.09.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
|
|
1,724,180 |
14.17 |
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|
1,724,180 |
14.17 |
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Total shareholding of Promoter and Promoter Group (A) |
1,724,180 |
14.17 |
|
(B) Public Shareholding |
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|
|
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|
5,310 |
0.04 |
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1,314,675 |
10.80 |
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1,319,985 |
10.85 |
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4,987,781 |
40.99 |
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3,251,897 |
26.72 |
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|
858,679 |
7.06 |
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|
26,656 |
0.22 |
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|
26,656 |
0.22 |
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|
9,125,013 |
74.98 |
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Total Public shareholding (B) |
10,444,998 |
85.83 |
|
Total (A)+(B) |
12,169,178 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hardened and Tempered (H and T) Steel Strips. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Rolled Product* |
MT |
40000 |
16468 |
|
Circular Saws/Steel Disc (Job Basis) |
Nos. |
-- |
36638 |
|
Spring (Job Basis) |
Nos. |
-- |
15470 |
Note:
- # As certified by the management.
- * This includes internal consumption of 64 MT, out of which 36638
Nos. Circular Saws/ Steel Disc and 15470 Springs were procured on job work
basis (Previous Year 16 MT, out of which 26311 Nos. Circular Saws/ Steel
Disc and Nil Spring were procured.)
GENERAL INFORMATION
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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 : |
R.N. Goyal Chartered Accountant |
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Address : |
S.S. Surana and Company, C-94, Lalkothi Scheme, Jaipur-302015, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27000000 |
Equity Shares |
Rs.10/- each |
Rs.270.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12169178 |
Equity Shares |
Rs.10/- each |
Rs.121.691
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12169178 |
Equity Shares |
Rs.10/- each |
Rs.121.692
Millions |
|
|
Less: Call in Arrears |
|
Rs.0.002
Million |
|
|
|
|
Rs.121.690
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 |
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|
|
|
|
1] Share Capital |
121.690 |
121.690 |
67.890 |
|
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2] Equity Share Warrants |
35.013 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
191.837 |
172.880 |
171.575 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
348.540 |
294.570 |
239.465 |
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LOAN FUNDS |
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1] Secured Loans |
284.048 |
314.248 |
310.355 |
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2] Unsecured Loans |
28.120 |
23.287 |
101.336 |
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TOTAL BORROWING |
312.168 |
337.535 |
411.691 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
660.708 |
632.105 |
651.156 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
344.574 |
367.987 |
351.588 |
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Capital work-in-progress |
23.898 |
0.000 |
16.602 |
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INVESTMENT |
4.089 |
3.799 |
3.509 |
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|
DEFERREX TAX ASSETS |
16.700 |
16.700 |
17.836 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
164.444
|
153.597 |
109.654 |
|
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Sundry Debtors |
171.069
|
139.603 |
145.463 |
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Cash & Bank Balances |
12.365
|
10.180 |
6.417 |
|
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Other Current Assets |
5.110
|
4.871 |
8.500 |
|
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Loans & Advances |
46.643
|
50.908 |
65.027 |
|
Total
Current Assets |
399.631
|
359.159 |
335.061 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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|
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Sundry Creditors |
117.925
|
89.687 |
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Other Current Liabilities |
25.878
|
51.887 |
99.944 |
|
|
Provisions |
0.000
|
0.822 |
0.000 |
|
Total
Current Liabilities |
143.803
|
142.396 |
99.944 |
|
|
Net Current Assets |
255.828
|
216.763 |
235.117 |
|
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MISCELLANEOUS EXPENSES |
15.619 |
26.856 |
26.504 |
|
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|
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|
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|
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TOTAL |
660.708 |
632.105 |
651.156 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
|
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|
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Income |
1091.267 |
1004.025 |
947.827 |
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|
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Other Income |
1.489 |
2.455 |
7.130 |
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TOTAL (A) |
1092.756 |
1006.480 |
954.957 |
|
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material |
725.200 |
709.182 |
623.565 |
|
|
|
Stores and spares consumed |
32.988 |
27.657 |
32.957 |
|
|
|
Power and fuel |
66.813 |
59.386 |
64.019 |
|
|
|
Employment cost |
84.641 |
74.587 |
69.084 |
|
|
|
Other expenses |
86.022 |
93.395 |
96.849 |
|
|
|
Miscellaneous expenses written off |
12.651 |
0.453 |
0.000 |
|
|
|
Loss on sale of fixed assets |
0.770 |
0.000 |
0.000 |
|
|
|
Increase/ decrease in stock |
(11.457) |
(44.230) |
(4.407) |
|
|
|
Transfer fro revaluation reserve |
(2.440) |
(2.440) |
(2.440) |
|
|
|
TOTAL (B) |
995.188 |
917.990 |
879.627 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
97.568 |
88.490 |
75.330 |
|
|
|
|
|
|
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|
|
Less |
FINANCIAL
EXPENSES (D) |
42.993 |
46.462 |
24.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
54.575 |
42.028 |
50.353 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
33.755 |
36.089 |
35.229 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
20.820 |
5.939 |
15.124 |
|
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|
|
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|
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Less |
TAX (H) |
(0.578) |
2.194 |
1.940 |
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
21.398 |
3.745 |
13.184 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.208 |
2.463 |
0.000 |
|
|
|
|
|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
27.606 |
6.208 |
13.184 |
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
298.364 |
263.828 |
|
|
|
Deemed Export |
NA |
17.947 |
15.307 |
|
|
TOTAL EARNINGS |
NA |
316.311 |
279.135 |
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
8.200 |
4.445 |
|
|
|
Stores & Spares |
NA |
0.205 |
0.096 |
|
|
|
Capital Goods |
NA |
8.820 |
2.391 |
|
|
TOTAL IMPORTS |
NA |
17.225 |
6.932 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.758 |
0.552 |
1.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
249.800 |
331.200 |
391.800 |
408.200 |
|
Total Expenditure |
224.900 |
304.200 |
358.400 |
387.600 |
|
PBIDT (Excl OI) |
24.900 |
27.000 |
33.400 |
20.600 |
|
Other Income |
2.000 |
0.500 |
1.300 |
(0.900) |
|
Operating Profit |
26.900 |
27.500 |
34.700 |
19.700 |
|
Interest |
10.000 |
9.100 |
9.200 |
4.000 |
|
PBDT |
16.900 |
18.400 |
25.500 |
15.700 |
|
Depreciation |
12.400 |
12.400 |
13.500 |
7.700 |
|
Profit Before Tax |
4.500 |
6.000 |
12.000 |
8.000 |
|
Profit After Tax |
4.500 |
6.000 |
12.000 |
8.000 |
|
Net Profit |
4.500 |
6.000 |
12.000 |
8.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.96
|
0.37 |
1.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.91
|
0.59 |
1.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.80
|
0.82 |
2.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.02 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.63 |
2.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77
|
2.52 |
3.35 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL REVIEW
During the year Turnover for the financial year, were Rs. 1113.300 millions
as against Rs. 1059.000 millions for the previous year registering and increase
of 5.13%. The profit before interest and depredation of Rs.108.400 millions and
Profit after tax of Rs.21.400 millions for the financial year as against
Rs.84.300 millions and Rs.3.700 millions, respectively for the previous year,
improved by 28.59% and 478.38% respectively.
Finance
To meet the funding requirement, the company has issued 12178302
convertible equity shares warrants to the promoters and non promoters at
Rs.11.50 each (face value Rs.10/- and premium Rs.1.50 per warrant.)
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10094273 |
|
Corporate identity
number of the company |
L27107RJ1968PLC001245 |
|
Name of the
company |
ANIL SPECIAL
STEEL INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
P.O. Meenawala, Kanakpara, Jaipur-302012,
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Allahabad Bank, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Joint Deed Of
Hypothecation Excuteted on 15th July 2009 Between I.O.B. Allahabad
Bank, Bank of I.O.B. 15.000
Millions ,S.B.B.J.45.000 Millions , Bank of The Limit Is
Reduced To 279.570 Millions From
Present Limit of 288.400 Millions As
Working Capital Limits |
|
Date of instrument
Creating the charge |
15.07.2009 |
|
Amount secured by
the charge |
Rs.279.570
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Respective bank rate
of each consortium bank such as Allahabad bank and bank of Maharashtra and state bank of Terms of
Repayment On demand by the
respective bank consortium bank such as Allahabad bank and bank of Maharashtra and state bank of Bikaner and Jaipur and Indian overseas bank Margin As stipulated by
each consortium bank such as Allahabad bank and bank of Maharashtra and state bank of Bikaner and Jaipur and Indian overseas bank Extent and
Operation of the charge The whole of thew
current assets of the borrower namely, stock of raw materials steels in
process, semi finished and finished goods, stores and spares not relating to
plant and machinery (consumable stores and spare), bills receivable and book
debts and all other ovaries, both present and future which are in or about or shall hereinafter from time
to time during be continuance of the security of these presents be brought
into or upon borrowers factories situated at Kanakpura P.O. Meenawala Jaipur.
|
|
Short particulars
of the property charged |
Current assets of
the borrower namely, stock of raw materials steels in process, semi finished
and finished goods, stores and spares factories situated at Kanakpura P.O.
Meenawala Jaipur. |
|
Date of latest modification
prior to the present modification |
02.01.2008 |
|
Particulars of
the present modification |
The limit is
reduced to 279.570 Millions from
present limit of 288.400 Millions as
working capital limits |
Fixed Assets:
- Land Leasehold
- Land Freehold
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
AS PER WEBSITE
DETAILS:
COMPANY PROFILE:
Subject was incorporated as
a public limited company in 1968 with an ambition of becoming the market leader
in the manufacturing of Hardened and Tempered (H and T) steel strips. The technical assistance ,equipments and
know-how for H and T lines was provided by M/s Hoesch
werke Hohenlimburg Schwele A.G.,
"Subject has been found to confirm to the quality System Standards
ISO-9001-2008. Accrediated by QSI
As a measure of backward
integration the company installed 4 Hi Cold rolling mill in 1984 and order to keep up the pace with the
increasing Domestic and Export markets the company went for two major
expansions, the first in 1993-94 for new H&T line followed by the second expansion 1996 with installation of a Modern 4 Hi cold rolling mill with
automatic gauge controls from M/s
Frohling Germany.
Subject has been a market leader in its wide product range in India with
its extensive network of 9 branch offices all over the country and has also succeeded in establishing it self as
a reliable and trust worthy name in very quality conscious and competitive
overseas market spread over 40 countries all over the world.
The company has adequate
internal control system to ensure operational efficiency, protection and
conservation of resources, accuracy and promptness in financial reporting and
compliance of laws and regulations. The company is committed to maintain
internal control systems and procedures designed to provide reasonable
assurance for orderly and efficient conduct of business and security of its
assets.
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.