|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN MAXSTEEL LIMITED (w.e.f. 01.07.2009) |
|
|
|
|
Formerly Known
As : |
VIKRAM SPONGE IRON LIMITED |
|
|
|
|
Registered
Office : |
|
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2011 |
|
|
|
|
Date of
Incorporation : |
27.06.2008 |
|
|
|
|
Com. Reg. No.: |
04-020834 |
|
|
|
|
Capital Investment/
Paid-up Capital: |
Rs.1300.824 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MP2008PLC020834 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Hot Briquetted Iron (HBI),Direct
Reduced Iron (DRI) |
|
|
|
|
No. of
Employees: |
1200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12300000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is subsidiary an of Welspun Corp limited. It is an established
company having satisfactory track. The profitability appears to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usually
trade terms and conditions |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A3 |
|
Rating Explanation |
Having moderate degree of safety
regarding timely payment of financial
obligation it carry higher credit risk |
|
Date |
April 2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Saurabh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66136000 |
|
Date : |
16.08.2012 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
Web Site: |
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|
Location: |
Owned |
|
|
|
|
Corporate Office : |
Welspun House, 7th Floor, Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel, Mumbai – 400013, |
|
Tel. No.: |
91-22-66136000/24908000 |
|
Fax No.: |
91-22-24908020/24908021 |
|
|
|
|
Plant Office : |
Village Salav, P.O.Welspun Baug, District Raigad -402202, |
|
Tel. No.: |
91-2144 – 260110 to 260119 |
|
Fax No.: |
91-2144-260122 |
DIRECTORS
As on 26.012.2011
|
Name : |
Mr. Balkrishan Goenka |
|
Designation : |
Director |
|
Address : |
Rocky Isle 46-C, |
|
Date of Birth/Age : |
15.08.1966 |
|
Qualification: |
B.Com |
|
Date of Appointment : |
22.05.2009 |
|
Din No.: |
00270175 |
|
|
|
|
Name : |
Mr. Mintoo Bhandari |
|
Designation : |
Nominee Director |
|
Address : |
35, |
|
Date of Birth/Age : |
19.08.1965 |
|
Qualification: |
Mechanical Engineering from MIT (S.B. ’87) and the |
|
Date of Appointment : |
18.08.2011 |
|
Din No.: |
00054831 |
|
|
|
|
Name : |
Mr. Utsav Baijal |
|
Designation : |
Nominee Director |
|
Address : |
561 ATS Greens, Sector 93A, Expressway Noida 201301 |
|
Date of Birth/Age : |
11.12.1976 |
|
Date of Appointment : |
17.12.2011 |
|
Din No.: |
02592194 |
|
|
|
|
Name : |
Vijay Singh Bapna |
|
Designation : |
Whole Time Director |
|
Address : |
5th Floor, Room No. 503, Purna, 68-A, Sir Pochkhanwala
Road, Worli, Mumbai – 400025, Maharashtra, India |
|
Date of Birth/Age : |
28.08.1948 |
|
Qualification: |
CA |
|
Experience : |
39 Years |
|
Date of Appointment : |
22.05.2009 |
|
Din No.: |
02599024 |
|
|
|
|
Name : |
Madhav Vasant Phadke |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 3, Bldg No. 4B, Pereira Nagar CHS Ltd, Khopat,
Behind ST Work Shop Thane- 400601 |
|
Date of Birth/Age : |
19.06.1961 |
|
Qualification: |
BA(Eco), LLM, MLL & LW, Master Degree In Personnel Management, Post Graduate Diploma in Banking |
|
Date of Appointment : |
18.03.2011 |
|
Din No.: |
03432453 |
|
|
|
|
Name : |
Rajesh Rameshkumar Mandawewala |
|
Designation : |
Additional Director |
|
Address : |
161/171-B, |
|
Date of Birth/Age : |
05.05.1962 |
|
Date of Appointment : |
31.01.2012 |
|
Din No.: |
00007179 |
|
|
|
|
Name : |
Ram Gopal Sharma |
|
Designation : |
Additional Director |
|
Address : |
E 707 Lok Sarita, Military Road, Marol, Andheri(E) Mumbai -
400059Maharashtra |
|
Date of Birth/Age : |
11.09.1940 |
|
Qualification: |
Commerce Graduate with a Master Degree in Economics |
|
Date of Appointment : |
31.01.2012 |
|
Din No.: |
00026514 |
|
|
|
|
Name : |
Mr. Ashok Tandon |
|
Designation : |
Director |
|
Date of Birth: |
13.10.1958 |
|
Qualification: |
Be (Mechnical) |
|
Experience: |
32 Years |
KEY EXECUTIVES
|
Name : |
Jigar Shah |
|
Designation : |
Secretary |
|
Address : |
16, Kirti Kunj, |
|
Date of Birth/Age : |
21.04.1987 |
|
Date of Appointment : |
12.10.2011 |
|
PAN No.: |
BMLPS6577G |
|
|
|
|
Name : |
Subhash Maheshwari |
|
Designation : |
President (Projects) |
|
|
|
|
Name : |
P S.Ghose |
|
Designation : |
President and Unit Head |
|
Date of Birth: |
28.01.1952 |
|
Qualification: |
M.Tech |
|
Experience: |
35 Years |
|
|
|
|
Name : |
Prakash Tatla |
|
Designation : |
President (marketing) |
|
|
|
|
Name : |
Pradeep Gokhroo |
|
Designation : |
President (Finance and Commerce) |
|
|
|
|
Name : |
Dilip singh |
|
Designation : |
Senior Vice President (Technical) |
|
|
|
|
Name : |
Narendra Bhandari |
|
Designation : |
Senior Vice President (Finance ) |
|
|
|
|
Name : |
Mr. Saurabh |
|
Designation : |
Accounts Manager |
|
|
|
|
Name : |
B L Birayni |
|
Designation : |
President |
|
Date of Birth: |
18.06.1959 |
|
Qualification: |
AICWA, B.com |
|
Experience: |
34 Years |
|
|
|
|
Name : |
S. C. Maheshwari |
|
Designation : |
President |
|
Date of Birth: |
01.11.1951 |
|
Qualification: |
DME (MIT) |
|
Experience: |
41 Years |
|
|
|
|
Name : |
Mr. Vijay Bapna Singh |
|
Designation : |
Executive Director and Chief Executive Officer |
|
Date of Birth: |
28.08.1948 |
|
Qualification: |
M.com, CA |
|
Experience: |
39 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.12.2011
|
Names of Shareholders |
|
No. of Shares |
|
Welspun Corp Limited, |
|
113622058 |
|
Insight Solutions Limited, |
|
16260294 |
|
Grasim Industries Ltd, |
|
198800 |
|
Mr. Dwarka Dass Rathi,
|
|
200 |
|
Mr. Sanjeev Bafna |
|
200 |
|
Mr. Pavan Kumar Jain |
|
200 |
|
Mr. Ashok Malu |
|
200 |
|
Mr. Hemant Kadel |
|
200 |
|
Mr. Ravindra Kastia |
|
200 |
|
Total
|
|
130082352 |
As on 26.12.2011
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
12.50 |
|
Bodies corporate |
|
87.50 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Hot Briquetted Iron (HBI),Direct
Reduced Iron (DRI) |
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Product: |
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Exports : |
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Products : |
Hot Briquetted Iron (HBI),Direct Reduced Iron (DRI) |
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Countries : |
·
·
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Imports : |
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Products : |
Raw Material |
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Countries : |
Gulf Countries |
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Terms : |
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Selling : |
Cash/Credit |
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|
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Purchasing : |
Cash/Credit |
PRODUCTION STATUS As on 30.09.2011
|
Particulars |
Unit |
30.09.2011 |
|
Installed Capacity |
MT |
1350000 |
|
Actual Production |
MT |
1124416 |
GENERAL INFORMATION
|
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|
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|
Suppliers: |
Vale International Limited |
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Customers: |
Wholesalers , Retailers ·
Speath Industries |
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No. of Employees : |
1200 (Approximately) |
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Bankers : |
·
IDBI Bank Limited, IDBI tower WTC Complex, Cuffe Parade,
Mumbai -400005, Maharashtra, India ·
State Bank of ·
Canara Bank |
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Facilities : |
Rs.
In Millions
CC and TL Rs.6000.000 Millions |
|
|
|
|
Financial Institutions: |
IDBI Trusteeship Services Limited, |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MGB and Company Chartered Accountant |
|
Address : |
101-A Jolly Bhavan No 2 Opposite Nirmala Niketan 7 New Marine Lines Churchgate
Mumbai 400020 |
|
Pan No.: |
AAAFM5742R |
|
|
|
|
Holding Company : |
Welspun Steel
Limited (upto 13 August 2011) Cin No.:U27109GJ2004PLC044249 Welspun Corp
Limited (w.e.f 13 August 2011) Cin No.: L27100GJ1995PLC025609 |
|
|
|
|
Fellow Subsidiaries (w.e.f
13 August 2011) : |
· Welspun Pipe Limited · Natural Resources Private Limited · Welspun Pipe Inc · Welspun Tradings Limited · Welspun Infratech Limited · Welspun Mauritius Holding Limited · Welspun Construction Private Limited · Welspun Middle East Pipe Company LLC ·
Welspun · Coating Company LLC ·
Welspun Middle · Welspun Tubular LLC Welspun Global Trade LLC · Welspun Plastics Private Limited · Welspun Projects Limited · Welspun Road Projects Private Limited · Welspun Infra Projects Private Limited ·
Welspun Energy · Limited, MSK Projects (Himmatnagar Bypass) Private Limited · Welspun Energy Transportation Private Limited · Welspun Water Infrastructure Private Limited |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
· Remi Metals Gujarat Limited Cin No.:L27100GJ1993PLC020358 · Welspun India Limited Cin No.:L17110GJ1985PLC033271 · Welspun Projects Limited Cin No.:L45201GJ1994PLC023920 · Welspun Retail Limited Cin No.:U71210GJ2004PLC045144 · Welspun Global Brands Limited Cin No.:L51100GJ2000PLC037204 · Welspun Logistics Limited Cin No.:U63012MH2006PLC165280 · Mgn Agro Properties Private Limited Cin No.:U45200MH1999PTC120035 · Welspun Infratech Limited Cin No.:U45400MH2007PLC170350 · Welspun Fintrade Limited Cin No.:U65910GJ1982PLC055383 |
CAPITAL STRUCTURE
As on 30.09.2011 (18
Months)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
272000000 |
Equity Share |
Rs.10/- each |
Rs.2720.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130082352 |
Equity Share |
Rs.10/- each |
Rs.1300.824
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2011 (18
Months) |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1300.824 |
1300.824 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1841.355 |
1565.392 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3142.179 |
2866.216 |
1.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6783.531 |
6069.083 |
0.000 |
|
|
2] Unsecured Loans |
2466.654 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
9250.185 |
6069.083 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
301.865 |
103.225 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12694.229 |
9038.524 |
1.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5781.371 |
5160.351 |
0.000 |
|
|
Capital work-in-progress |
4135.943 |
2998.400 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1324.479 |
29.906 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3753.958
|
1753.218 |
0.000 |
|
|
Sundry Debtors |
2342.962
|
1261.755 |
0.000 |
|
|
Cash & Bank Balances |
8.349
|
80.093 |
0.471 |
|
|
Other Current Assets |
9.240
|
0.000 |
0.000 |
|
|
Loans & Advances |
765.222
|
424.873 |
0.000 |
|
Total
Current Assets |
6879.731
|
3519.939 |
0.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
388.006
|
867.403 |
0.005 |
|
|
Other Current Liabilities |
4990.118
|
1747.804 |
0.000 |
|
|
Provisions |
49.171
|
54.865 |
0.000 |
|
Total
Current Liabilities |
5427.295
|
2670.072 |
0.005 |
|
|
Net Current Assets |
1452.436
|
849.867 |
0.466 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.534 |
|
|
|
|
|
|
|
|
TOTAL |
12694.229 |
9038.524 |
1.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2011 (18
Months) |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24237.009 |
10850.337 |
- |
|
|
|
Other Income |
386.015 |
106.266 |
- |
|
|
|
TOTAL (A) |
24623.024 |
10956.603 |
- |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
20831.881 |
8757.015 |
- |
|
|
|
Manufacturing service costs |
784.878 |
443.792 |
- |
|
|
|
Employee related expenses |
437.548 |
252.191 |
- |
|
|
|
Administrative selling other expenses |
453.641 |
239.645 |
- |
|
|
|
Exceptional Income |
0.000 |
87.816 |
- |
|
|
|
TOTAL (B) |
22507.948 |
9780.459 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2155.076 |
1176.144 |
- |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1167.103 |
730.470 |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
947.973 |
445.674 |
- |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
424.679 |
236.699 |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
523.294 |
208.975 |
- |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
247.332 |
103.225 |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
275.962 |
105.750 |
- |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
105.750 |
- |
- |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
381.712 |
105.750 |
- |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3294.751 |
506.693 |
- |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7332.677 |
2115.225 |
- |
|
|
|
Capital Goods |
204.397 |
113.520 |
- |
|
|
|
Stores & Spares |
136.580 |
113.520 |
- |
|
|
TOTAL IMPORTS |
7673.654 |
2342.265 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.12 |
2.57 |
- |
|
|
Particulars |
|
|
October 2011 to
March 2012 |
|
Sales Turnover(Approximately) |
|
|
7880.000 |
Expected Sales (2012-2013): Rs.8500.000 Millions
The above information has been parted by Mr. Saurabh
KEY RATIOS
|
PARTICULARS |
|
30.09.2011 (18
Months) |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.12
|
0.97 |
- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.16
|
1.93 |
- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.13
|
2.40 |
- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.07 |
- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.67
|
3.04 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.31 |
94.20 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last two years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
FORM 8
|
Corporate
identity number of the company |
U27100MP2008PLC020834 |
|
Name of the
company |
WELSPUN MAXSTEEL LIMITED |
|
Address of the
registered office or of the principal place of business in |
Email: rashmi_mamtura@welspun.com
|
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property ·
Floating
Charge |
|
Particular of
charge holder |
IDBI Bank Limited, IDBI tower WTC Complex, Cuffe Parade, Mumbai
-400005, Maharashtra, India Email: giriraj.gupta@idbi.co.in |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 12th September, 2011 executed between the Company and
IDBI Bank Ltd at |
|
Date of
instrument Creating the charge |
12.09.2011 |
|
Amount secured by
the charge |
Rs. 4000.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest: As per the
Sanction Letter of Charge holder as amended from time to time. Terms of Repayment As per the
Sanction Letter of Charge holder as amended from time to time. Margin As per the
Sanction Letter of Charge holder as amended from time to time. Extent and Operation of the charge First charge over
the whole of the movable properties of the Borrower including plant and
machinery, machinery spares, tools and
accessories and movables both present and future, Deed of Hypothecation dated
12th September, 2011. |
|
Short particulars of the property or asset(s) charged
(including complete address and location of the property) |
First charge over the whole of the movable
properties of the Borrower including plant and machinery, machinery spares, tools and
accessories and movables both present and future Deed of Hypothecation dated
12th September, 2011. |
SUNDRY CREDITORS DETAIL
(Rs. In Millions )
|
Particular |
30.09.2011 (18
Months) |
31.03.2010 |
31.03.2009 |
|
Sundry Creditor |
388.006
|
867.403 |
0.005 |
|
|
|
|
|
Trade References:
·
Vale International Limited
·
Speath Industries
CONTINGENT LIABILITY
Rs.In Millions
|
|
As on 30.09.2011 |
|
Bank Guarantees |
401.202 |
|
Claims against the Company not acknowledged as debts |
28.852 |
|
Disputed service tax / excise duty and custom duty liabilities.# (Include dispute
dues of Rs.53.623 Millions (Rs.53.622.000 Millions) for which bank guarantee issued) |
2246.348 |
|
Bills discounted with Banks |
315.131 |
|
Unexpired Letters of Credit (Net of liability provided) |
471.373 |
# Does not include disputed custom duty of Rs. 86.010 Millions
since custom duty even if paid is admissible as Cenvat Credit (benefit) to the
company.
FIXED ASSETS
Tangible Assets
In Tangible Assets
WEBSITE DETAILS
PROFILE
Subject was formed on 22 May, 2009 after Welspun Power and Steel Limited. completed the acquisition of Vikram Ispat, the Sponge Iron Business of Grasim Industries Limited.
Now part of the US$ 3 billion Welspun Group, the facility was set up in 1989 with design capacity of 0.75 million tons of Sponge Iron in the form of HBI (Hot Briquetted Iron) and an initial investment of Rs. 5250.000 millions.
Spread across 435 acres of land with a captive Port, the facility is located in the scenic beaches of Salav village in Raigad district of Maharashtra.
The facility today boasts of being the only natural
gas-based DRI plant for merchant sale in
The Company currently has a work force of more than 550 employees and has an installed capacity of 0.900 million ton per annum.
Subject takes pride in being the first and the only one of
its kind in the world to produce both HBI and DRI (Direct Reduced Iron) from
the same Reactor" using state of the art technology “HYL III” from HYLSA
of MEXICO and engineering expertise of Davy Dravo of USA. The facility is today
connected to the main gas grid of
It is worthy to mention that Welspun plans to invest approximately Rs. 60000.000 millions with 330 MW power project technology provided by HYLSA (now owned by Tenova) on this facility over the next 2-3 years. This expansion on Gas Based DRI, Electric Arc Furnace and Secondary metallurgy will boost high-end slab making. Welspun believes that this state-of-the-art facility marks a new level of excellence in product quality and will fulfill the Group's vision of being an integrated player from ‘Iron ore to Pipes'.
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.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.