1. Summary Information
|
Country |
India |
||
|
Company Name |
VISAKHAPATNAM STEEL PLANT OF RASHTRIYA ISPAT NIGAM LIMITED |
Principal Name 1 |
Mr. A.P. Choudhary |
|
Status |
Good |
Principal Name 2 |
Mr. P K Bishnoi |
|
Registration # |
|
||
|
Street Address |
Administrative Building, |
||
|
Established Date |
18.02.1982 |
SIC Code |
-- |
|
Telephone# |
91-891-2518325/ 538/ 2888360/ 390/
2888247/ 2518360 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-891-2518753/ 756/ 2888316/ 2518321 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Steel Products |
|
|
# of employees |
18079
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
77,237,200,000/- |
Product Name 3 |
-- |
|
Shareholders |
President of India – (100 %) |
Banking |
Canara Bank |
|
Public Limited Corp. |
NO |
Business Period |
31 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
A
(60) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Joint
Venture |
India |
International Coal Ventures Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
53,412,200,000 |
Current Liabilities |
41,192,600,000 |
|
Inventories |
34,031,100,000 |
Long-term Liabilities |
25,751,400,000 |
|
Fixed Assets |
17,868,400,000 |
Other Liabilities |
11,511,500,000 |
|
Deferred Assets |
00,000 |
Total Liabilities |
78,455,500,000 |
|
Invest& other Assets |
109,736,700,000 |
Retained Earnings |
59,319,700,000 |
|
|
|
Net Worth |
136,592,900,000 |
|
Total Assets |
215,048,400,000 |
Total Liab. & Equity |
215,048,400,000 |
|
Total Assets (Previous Year) |
190,534,500,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
132,510,400,000 |
Net Profit |
7,514,600,000 |
|
Sales(Previous yr) |
105,704,900,000 |
Net Profit(Prev.yr) |
6,584,900,000 |
MIRA INFORM REPORT
|
Report Date : |
23.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RASHTRIYA ISPAT NIGAM LIMITED VISAKHAPATNAM STEEL PLANT OF RASHTRIYA ISPAT NIGAM LIMITED |
|
|
|
|
Registered
Office : |
Administrative
Building, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.02.1982 |
|
|
|
|
Com. Reg. No.: |
01-003404 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 77273.200 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109AP1982GOI003404 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNR00283D /
VPNR00392A / VPNR00010D / VPNR00393B / VPNR00389E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and
Marketing of steel products |
|
|
|
|
No. of Employees
: |
18079 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 546370000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a government of India company having satisfactory track record.
Available information indicates high financial responsibility of the company
since it is a government of The company can be considered good for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA+ (Proposed Long Term) |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation. It carry very low credit risk. |
|
Date |
November 2012 |
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
31-03-2012.
LOCATIONS
|
Registered
Office : |
Administrative
Building, Vishakhapatnam – 530 031, |
|
Tel. No.: |
91-891-2518325/
538/ 2888360/ 390/ 2888247/ 2518360 |
|
Fax No.: |
91-891-2518753/
756/ 2888316/ 2518321 |
|
E-Mail : |
|
|
Website |
|
|
Area: |
22685 sq. m. |
|
Location: |
Owned |
|
|
|
|
Regional
Office1 : |
1, |
|
|
|
|
Regional
Office 2 : |
101, Free Press
House, Nariman Point, Mumbai - 400 021, |
|
|
|
|
Regional
Office 3 : |
184, Anna Salai,
Chennai - 600 006, |
|
|
|
|
Regional
Office 4 : |
15, |
|
|
|
|
Factory 1 : |
Vishakhapatnam,
District Vishakhapatnam, |
|
|
|
|
Factory 2 : |
Jaggayyapeta,
District Krishna, |
|
|
|
|
Factory 3 : |
Madharam,
District Khamman, |
|
|
|
|
Guest House: |
1, |
|
Tel. No.: |
91-33-2242 2856 /
2242 1968 / 2334 4034 (Res.) |
|
Fax No.: |
91-33-2242 7896 |
|
|
|
|
Guest House: |
Khanji Bhavan,
10-3-311/A, Masab Tank, Ground Floor, |
|
Tel. No.: |
91-40-2353 5167 /
6267 / 2406 9207 (Res.) |
|
Fax No.: |
91-40-2353 2167 |
|
|
|
|
Northern
Region : |
·
6TH Floor, Prakash Deep Building 7,
Tolstoy Marg, New Delhi - 110 001, India ·
Block No.38/4-B, F-10 and 11, Near Punjab
and Sind Bank, Friends Centre, Sanjay Place, Agra - 282 002, Delhi, India ·
117/L/452,Channi House, 1st
Floor, Naveen Nagar, Near Double Pullia, Kanpur - 208 025, Uttar Pardesh,
India ·
S.C.O.No.141-142, 2nd Floor, Sector
8-C, Chandigarh - 160 018, Punjab, India ·
SCO-3, 1st Floor, HUDA
Complex,Sec-19, Mathura Road(NH-2), Faridabad - 121 001, Haryana, India ·
B-5, RDC, Shri Ravi Shankar Plaza, Rajnagar,
Ghaziabad - 201 001 (Uttar Pradesh), India ·
Meghalaya Towers, 3rd Floor,
Opposite All Saint Church, C-300,
Sansarvilla, MI Road, Jaipur - 302 001, Rajasthan, India ·
Master Chambers, 5th Floor, 19, Firoz
Gandhi Market, Ludhiana - 141 001, Punjab, India ·
33/20,Ganapati Kunj, Circular Road
Dalanwala, Dehradun-248 001, Uttarakhand, India |
|
|
|
|
Eastern
Region: |
·
1, Acharya J.C.Bose Road, Kolkata - 700 020, West Bengal, India ·
IPICOL House, Annexe Building, 2nd Floor ,Janpath,
Bhubaneswar - 751 022, Orissa, India ·
West Boring Canal Road, Patna - 800 001, Bihar, India |
|
|
|
|
Western
Region: |
·
101, Free Press House, Free Press
Journal Road, Mumbai - 400 021, Maharashtra, India ·
NBCC Hours, 1st Floor, Near
Sahajanand College, Opposite Kamadhenu, Complex, Ambawadi, Ahmedabad - 380
015, Gujarat, India · 107-109, Rafael Towers, 812,Old Palasia, Indore - 452 001, Madhya Pradesh, India ·
3025/8, Shreenidhi Chambers, 1st
Floor, Senapati Bapat Marg, Pune - 411 016, Maharashtra, India ·
317, Rabindranath Tagore Road, Civil
Lines, Nagpur - 440 001, Maharashtra, India |
|
|
|
|
Southern
Region: |
·
India Garage Building, 184, Anna
Salai, Chennai - 600 006, Tamilnadu, India ·
303, 3rd Floor, Mohan Towers, 50,
Residency Road, Bangalore - 560 025, Karnataka, India ·
Suguna Building,1st Floor,
707,Avanashi Road, Coimbatore - 641 037, Tamilnadu, India ·
Chakos Tower, 2nd Floor, Padma Junction, Padma
Pulleppady Road ·
457/1B1, Deshpande Nagar, Hubli - 580
029, Karnataka, India |
|
|
|
|
Andhra Region:
|
· 10-3-311/a, Khanij Bhavan, NMDC Building, Hyderabad - 500 028, Andhra Pradesh, India · D-Block, Project Office Complex, Visakhapatnam - 530 031, Andhra Pradesh, India |
|
|
|
|
D-Block, Project Office , Visakhapatnam - 530 031, Andhra Pradesh, India |
|
|
|
|
|
Marketing
Department Visakhapatnam Steel Plant Main Administrative Building, Visakhapatnam – 530 031, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. A.P. Choudhary |
|
Designation : |
Chairman-Cum-Managing Director (w.e.f. 01.08.2011) |
|
Address : |
Kalyani Apartments, A-108, Sector – 6, Vasundhara, Gaziabad – 201012, |
|
Date of Birth/Age : |
26.12.1953 |
|
|
|
|
Name : |
Mr. P K Bishnoi |
|
Designation : |
Chairman-Cum-Managing Director (upto 31.07.2011) |
|
Address : |
Steel House, Directors Bungalow , Sector – 7, |
|
Date of Birth/Age : |
03.07.1951 |
|
Qualification : |
BE, MBA |
|
|
|
|
Name : |
Mr. Umesh Chandra |
|
Designation : |
Director – (Operations) |
|
Address : |
D-1, Ukkunagaram, |
|
Date of Birth/Age : |
02.07.1954 |
|
|
|
|
Name : |
Mr. N S Rao |
|
Designation : |
Director - Projects |
|
|
|
|
Name : |
Mr. P. Madhusudhan |
|
Designation : |
Director – (Finance) |
|
Address : |
D-3, Director’s Bunglow, Sector – 7, Ukkunagaram, |
|
Date of Birth/Age : |
09.04.1958 |
|
|
|
|
Name : |
Mr. T K Chand |
|
Designation : |
Director – (Commercial) |
|
|
|
|
Name : |
Mr. Y R Reddy |
|
Designation : |
Director – (Personnel) |
|
|
|
|
Name : |
Mr. S. Machendra Nathan |
|
Designation : |
Government Director (w.e.f. 24th May,
2010) |
|
Address : |
A-1-5, Koyembedu, South Asia Games, |
|
Date of Birth/Age : |
07.03.1954 |
|
|
|
|
Name : |
Mr. Dilip Singh |
|
Designation : |
Government Director |
|
Address : |
L-31, Nevedita Kunj, Sector – 10, R.K. Puram, |
|
Date of Birth/Age : |
09.04.1956 |
|
|
|
|
Name : |
Mr. A P V N Sarma |
|
Designation : |
Independent Directors - (w.e.f. 30th
September, 2010) |
|
|
|
|
Name : |
Mr. V S Jain |
|
Designation : |
Independent Directors – (w.e.f. 14.05.2012) |
|
|
|
|
Name : |
Mr. Ashok Kumar Jain |
|
Designation : |
Independent Directors (w.e.f. 14.05.2012) |
|
|
|
|
Name : |
Mr. H S Chahar |
|
Designation : |
Independent Directors - (w.e.f. 30th
September, 2010) |
|
|
|
|
Name : |
Mr. Swashpawan Singh |
|
Designation : |
Independent Directors - (w.e.f. 1st
October, 2010) |
|
|
|
|
Name : |
Dr. U D Choubey |
|
Designation : |
Independent Directors - (w.e.f. 11th
October, 2010) |
|
|
|
|
Name : |
Mr. Sushil |
|
Designation : |
Independent Directors (w.e.f 14.05.2012) |
KEY EXECUTIVES
|
Name : |
Mr. P. Mohan Rao |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
|
|
|
|
The President of India |
|
48898462 |
|
|
|
|
|
TOTAL |
|
48898462 |
|
Names of Shareholders (Preferences Shares) |
|
No. of Shares |
|
|
|
|
|
The President of |
|
28374700 |
|
|
|
|
|
TOTAL |
|
28374700 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of steel products |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
|
GENERAL INFORMATION
|
No. of Employees : |
18079 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. V. Rao and Company Chartered Accountants |
|
Address : |
Flat No. FF-01, |
|
|
|
|
Joint Venture : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48900000 |
Equity Shares |
Rs. 1000/- each |
Rs. 48900.000 millions |
|
31100000 |
Preference Shares |
Rs. 1000/- each |
Rs. 31100.000 millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 80000.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48898462 |
Equity Shares |
Rs. 1000/- each |
Rs.
48898.500 millions |
|
28374700 |
Non-Cumulative redeemable Preference Shares |
Rs. 1000/-
each |
Rs. 28374.700
millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs. 77273.200 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
77273.200 |
78273.200 |
78273.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
59319.700 |
54019.000 |
50576.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
136592.900 |
132292.200 |
128850.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10024.000 |
2748.900 |
3873.200 |
|
|
2] Unsecured Loans |
15727.400 |
8609.900 |
8452.300 |
|
|
TOTAL BORROWING |
25751.400 |
11358.800 |
12325.500 |
|
|
DEFERRED TAX LIABILITIES |
609.800 |
799.700 |
978.200 |
|
|
|
|
|
|
|
|
TOTAL |
162954.100 |
144450.700 |
142153.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17868.400 |
15298.900 |
14653.500 |
|
|
Capital work-in-progress |
105960.800 |
94550.100 |
75069.000 |
|
|
Intangible assets under development |
150.100 |
0.000 |
0.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
3625.800 |
3616.000 |
2.500 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34031.100
|
32547.100 |
24515.200 |
|
|
Sundry Debtors |
4271.500
|
3302.700 |
1811.800 |
|
|
Cash & Bank Balances |
20683.400
|
19988.900 |
54155.400 |
|
|
Other Current Assets |
2373.000
|
1918.900 |
1374.000 |
|
|
Loans & Advances |
26084.300
|
19311.900 |
13650.200 |
|
Total
Current Assets |
87443.300
|
77069.500 |
95506.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3901.900
|
5409.500 |
12652.500 |
|
|
Other Current Liabilities |
37290.700
|
27988.400 |
16067.000 |
|
|
Provisions |
10901.700
|
12685.900 |
14358.900 |
|
Total
Current Liabilities |
52094.300
|
46083.800 |
43078.400
|
|
|
Net Current Assets |
35349.000
|
30985.700 |
52428.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
162954.100 |
144450.700 |
142153.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
132510.400 |
105704.900 |
98091.500 |
|
|
|
Other Income |
3283.900 |
4259.500 |
7368.100 |
|
|
|
TOTAL (A) |
135794.300 |
109964.400 |
105459.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
84722.200 |
71883.600 |
|
|
|
|
Changes in Inventories of Semi-finished/Finished goods |
453.700 |
(5323.200) |
|
|
|
|
Employees' benefits |
14666.700 |
12730.000 |
|
|
|
|
Other expenses |
20059.700 |
17393.700 |
|
|
|
|
Inter account adjustments-raw material mining cost |
(500.300) |
(491.000) |
|
|
|
|
TOTAL (B) |
119402.000 |
96193.100 |
89508.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16392.300 |
13771.300 |
15951.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1906.000 |
1644.900 |
775.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
14486.300 |
12126.400 |
15175.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3448.600 |
2659.400 |
2771.700 |
|
|
|
|
|
|
|
|
|
Add |
Prior
period adjustments |
62.400 |
349.600 |
72.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
11100.100 |
9816.000 |
12476.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6404.500 |
3231.100 |
4509.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
7514.600 |
6584.900 |
7966.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24608.100 |
21178.300 |
16538.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
1000.100 |
|
|
|
Proposed Dividend (Final) |
1908.200 |
2714.700 |
1852.800 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
166.100 |
|
|
|
Tax on Proposed Dividend
(Final) |
309.600 |
440.400 |
307.700 |
|
|
|
Reserve for Redeeming
Preference Share Capital |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2217.800 |
24608.100 |
21178.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (on FOB Basis) |
4200.500 |
4209.800 |
3509.400 |
|
|
|
Other Earnings |
1244.600 |
613.700 |
7.900 |
|
|
TOTAL EARNINGS |
5445.100 |
4823.500 |
3517.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
52187.300 |
39667.800 |
26898.800 |
|
|
|
Components & Spare parts |
767.200 |
405.600 |
1121.900 |
|
|
|
Capital Goods |
1926.000 |
4428.400 |
7555.300 |
|
|
TOTAL IMPORTS |
54880.500 |
44501.800 |
35576.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) Per Share (Rs.) |
126.18 |
85.79 |
113.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.53
|
5.99
|
7.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.37
|
9.37
|
12.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.54
|
10.72
|
11.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.07
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19
|
0.08
|
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67
|
1.65
|
2.22 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---- |
|
26] |
Buyer visit details |
---- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS:
Petitioner:
Shivshankar Iron and Steel
Respondent: Rashtriya
Ispat Nigam Limited
Date: 2nd
December, 2009
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
|
|
|
|
Working Capital Borrowings |
852.500 |
0.000 |
|
Short Term Loans |
2231.200 |
1851.200 |
|
Short Term Foreign currency facilities |
11161.600 |
6758.700 |
|
Other Loans and Advances Commercial
Papers |
1482.100 |
0.000 |
|
|
|
|
|
Total |
15727.400 |
8609.900 |
CONTINGENT
LIABILITY
Contingent Liability not provided for, in respect of: -
(Rs.
in millions)
|
PARTICULARS |
31.03.2012 |
|
|
|
|
Contractors / Suppliers / Customers |
5351.400 |
|
Local Authorities - State Government |
372.700 |
|
Sales Tax matters * |
14958.300 |
|
Income Tax |
1939.800 |
|
Customs / Excise duty |
1779.000 |
|
R and D Cess |
33.800 |
|
Others |
3628.800 |
(*) No liability is expected to arise as the movement of
goods were on stock transfer and Sales Tax has been paid on eventual sales.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Global Economic
Environment:
As
per International Monetary Fund (IMF) report on world economic outlook - April
2012, after suffering a major setback during 2011, global prospects are
gradually strengthening again, but downside risks remain elevated. IMF report
further states that Global growth is projected to drop from about 4% in 2011 to
about 3.5% in 2012 because of weak activity during the second half of 2011 and
the first half of 2012. Policies directed at real estate markets can accelerate
the improvement of household balance sheets and thus support otherwise anaemic
consumption. Emerging and developing economies continue to reap the benefits of
strong macroeconomic and structural policies, but domestic vulnerabilities have
been gradually building up. Many of these economies have had an unusually good
run over the past decade, supported by rapid credit growth or high commodity
prices.
Global Steel
industry:
As
per World Steel Association, Steel Industry directly employs more than two
million people worldwide, with a further two million contractors and four
million people in the supporting industries. Considering steel's position as
the key product supplier to industries such as automotive, construction,
transport, power and machine goods, and using a multiplier of 25:1, the steel
industry is at the source of employment for more than 50 million people. World
crude steel production has increased from 851 Mt in 2001 to 1,527 Mt in 2011.
(It was 28.3 Mt in 1900). World average steel use per capita has steadily
increased from 150 kg in 2001 to 220 kg in 2010. India, Brazil, South Korea and
Turkey have all entered the top 10 steel producers list in the last 40 years.
Global production capacity, trade policies of countries
and the regional demand-supply scenario also strongly influence the industry. Steel
producers may attempt to reduce the impact of cyclicality through various
measures, such as diversification of manufacturing operations to various
geographies (preferably emerging markets with low-cost operations), vertical
integration into raw material production, diversification of customer base and
focus on value-added products etc.
Global
Steel Production:
Global crude steel production (of the 64 countries
reported) in 2011 was approximately 1,490 Mt according to the World Steel
Association Crude Steel Production 2011 ("WSA"), while global
apparent steel consumption (which reflects the deliveries of steel to the
marketplace from domestic steel producers and imported steel) of finished steel
was 1,373 Mt (WSA Short Range Outlook, Apr. 2012).
Global
Steel Consumption:
According
to the WSA, overall apparent steel consumption in 2011 was 1373 Mt,
representing a 6.2% increase over the previous year.
Global
Steel Prices:
Steel
prices are volatile and fluctuate in response to changes in global supply and
demand, raw material costs and general economic conditions. After a downturn in
demand beginning in 1998, global steel prices reached a historic low in the
third quarter of 2001. Since then, global steel prices have generally
increased, reflecting stronger global demand, notably led by China. The steel
industry also fluctuates in response to a combination of factors, including the
availability and cost of raw materials, global production capacity, the
existence of, and changes in steel imports, exchange rates, transportation and
labour costs and protective trade measures. In recent years, global steel
prices have also been increasingly volatile due to an increase in suppliers
across global markets and levels of steel trading as a percentage of total steel
production.
OUTLOOK FOR THE COMPANY IN 2012-13:
The
year 2012-13 is very crucial for the Company since it set its targets for the
year considering the production from the Expansion Units which are likely to be
commissioned during the year. The MOU signed with the Government of India
envisaged a turnover of Rs. 150000.000 millions, Production of Saleable Steel
of 3.55 million tonnes with a gross margin of Rs. 13000.000 millions for
"Excellent" MoU rating.
The
Company looks forward for a stable and sustainable growth in FY 2012-13 despite
the risk of slowdown in the growth of domestic steel demand having a high
correlation with growth in GDP which is showing signs of slower growth in the
range of 7.5% for FY 12-13 given the likelihood of India's Economy being
weighed down by higher domestic interest rates and a weaker global economy.
The
profitability margin in the first half year of 2012-13 is likely to be impacted
due to increase in inputs costs (coking coal prices) and reduced steel demand
thereby putting pressure on margins for the full year.
The
rising interest costs and the over capacity are the concerns that are likely to
be there in 2012-13 resulting in pressure on the bottom-line. In case, the
domestic steel demand does not grow as expected then there is a need to shift
the focus to exports which again is a challenging proposition given the current
slowdown in the developed world. While exports would be beneficial with
depreciating rupee value vis-à-vis dollar, the imported raw materials are likely
to be costlier.
A
sharp decrease in global steel prices due to a global recession and a greater
than expected slowdown in China, leading to a surge in imports due to better
Indian demand, could adversely affect the profitability of domestic steel producers
and might result in a negative outlook. In the process, the Company need to
trade off among the influencing factors to achieve an optical profit margin.
FIXED ASSETS:
- Land
- Freehold
- Leasehold
- Railway Lines and sidings
- Roads, Bridges and
Culverts
- Buildings
- Plant and Equipments
- Furniture and Fixtures
- Locomotives
- Vehicles
- Electrical Installations
- Water Supply and Sewerage
systems
- Computer software
- Mining rights
PRESS RELEASE
GOVERNMENT DEFERS IPO
OF RASHTRIYA ISPAT NIGAM LIMITED
Oct 10, 2012
In this regard, it is hereby informed that the Government has decided not to proceed with the Offer Programme currently.
Rashtriya Ispat Nigam Limited (RINL) had earlier proposed to
make an initial public offer of 488,984,620 Equity Shares of Rs. 10 each by way
of an offer for sale by the President of India, acting through the Ministry of
Steel, Government of India. The Company had filed its Red Herring Prospectus
with the Registrar of Companies on September 27, 2012 in relation to the Offer.
As per the Offer Programme, mentioned in the Red Herring Prospectus, the Offer
was proposed to open on October 15, 2012 and close on October 18, 2012. In this
regard, it is hereby informed that the Government has decided not to proceed
with the Offer Programme currently.
The Government remains committed to the Disinvestment Programme and will
evaluate the decision in due course keeping in view all the relevant
factors.
PROTESTS OVER RASHTRIYA ISPAT NIGAM LIMITED -
VISAKHAPATNAM STEEL PLANT UNIT IN RAE BARELI
Dec 26, 2012
VISAKHAPATNAM:
Protesting against the decision of the state-run steel maker Rashtriya Ispat
Nigam Ltd-Visakhapatnam Steel Plant (RINL-VSP) to set up a railway wheel
manufacturing unit in Rai Bareli, the CPI (M) Visakhapatnam district committee
said it was unfair as the unit was being set up with Rs 1,000 crore borrowed by
VSP-RINL while the jobs would be provided to those from Rai Bareli and
surrounding areas. Members of the CPI (M) objected to the logic of setting up
the unit in Rai Bareli, when the VSP-RINL could have done the same in their own
sprawling campus in Visakhapatnam.
Speaking on the
issue here on Tuesday, C H Narsinga Rao, district secretary, CPI (M), alleged
that the MoU was signed by the VSP management under political pressure and said
that it was not mere coincidence that the unit was being set up in Sonia
Gandhi's constituency.
RINL PLANS TO RAISE UP TO Rs. 60000.000 MILLIONS IN 3 YEARS
Sun, Oct 28, 2012
State-owned steelmaker Rashtriya
Ispat Nigam Ltd (RINL) plans to raise about Rs. 50000.000 – 60000.000 millions
in the next three years from the markets to meet its capital expenditure
requirements.
State-owned steelmaker Rashtriya Ispat Nigam Ltd (RINL) plans to raise about Rs. 50000.000 – 60000.000 millions in the next three years from the markets to meet its capital expenditure requirements.
"The process will begin from January, when the company will be raising about Rs. 10000.000 millions to fund current fiscals' capex requirements," a senior company official told PTI.
This month the government indefinitely deferred RINL's initial public offer (IPO) due to differences with the merchant bankers over the price band of the issue.
The Vizag-based steelmaker has also reworked its capex plans for the current fiscal as its ongoing expansion has got delayed due to a blast at its factory in June. As many as 19 persons were killed in that blast.
According to the revised plan, the company will spend about Rs. 14000.000 – 15000.000 millions on expansion and modernisation this year against a target of about Rs 18000.000 millions, the official said.
Besides, RINL will raise about Rs 15000.000 – 20000.000 millions next fiscal, and about Rs. 25000.000 millions in 2014-15 to fund capacity upgradation and rebuilding existing assets, he added.
However, the fund raising plan does not include acquiring assets abroad as the steelmaker was told to go solo by the Steel Ministry only last week, the official further said.
"This (the fund raising) excludes acquisitions abroad.
For that we will be making attempts now onwards. Today there is no visibility on that," he said.
The delayed expansion of the company, after which RINL's steel making capacity will increase to 6.300 million tonnes per annum (MTPA), from the existing 3 MTPA, is now expected to be completed by year-end. RINL has invested about Rs 123000.000 millions on the expansion and is a debt-free company currently.
The company also has plans to modernise its existing 3 MTPA unit and thereby increasing the capacity to a total of 7.3 MTPA by 2014-15. The fund raising plan till 2014-15 has also included the cost of modernising the existing facility, the official said.
In 2011-12, the company had posted its best-ever turnover at Rs 144570.000 millions and a profit after tax of Rs 7510.000 millions.
The government has plans to offload 10 per cent stake in RINL and the IPO proceeds will go into the disinvestment kitty of the exchequer as and when it happens.
However, the indefinite deferment the IPO has also brought RINL on the brink of losing its 'Navratna' status as listing on the bourses within 2 years was one of the major conditions when the steelmaker was awarded the coveted tag on November 16, 2010.
RICH TRIBUTES PAID
TOMAHATMA GANDHI
Date: 30.01.2013
RINL-Visakhapatnam Steel Plant celebrated the Vardhanthi ceremony of Mahatma Gandhi, the Father of the Nation at Mahatma Gandhi Park in Ukkunagaram today. Sri P Madhusudan, Director (Finance) RINL, the Chief Guest, paid rich tributes to Mahatma Gandhi by garlanding the statue at a function held to mark the occasion.
Speaking on the occasion, Sri Madhusudan lauded the sacrifices of Mahatma Gandhi during freedom struggle and his non-violence and selfless services helped the country to attain Independence.
Senior officers, Union leaders, representatives of SC and ST association and large number of employees paid their floral tributes on the occasion.
Martyrs Day OBSERVED: RINL collective joined the Nation today in observing a two minutes silence in their respective departments on the occasion of “Martyrs Day” in memory of those, who laid down their lives in the struggle of India’s Independence.
DIVERSIFICATION OF BUSINESS
ISMANTRA FOR SUCCESS: SRI AP CHOUDHARY, CMD, RINL
--Republic Day celebrated with religious fervor
-- Blueprint and Road Map for R and D launched
Date: 26.01.2013
Sri AP Choudhary, CMD, RINL-VSP stressed the need to diversity the Company’s interests and spread wings geographically for long term sustainable growth. Addressing the VSP employees and their family members on the occasion of Republic Day celebrations at Ukkunagaram today, Sri Choudhary said that to realize this objective for success of the organisation, RINL envisaged strategic business propositions like setting up of Seamless Pipe Mill, Large Dia Bars, Transmission Line Towers, Axle and Forged Wheel Plants, Installation of pelletization Plant and Laying of Iron Ore Slurry Pipeline etc.
Sri Choudhary unfurled the National Flag, took the salute and inspected the guard of honour accorded by the CISF Jawans, home guards, school children of Ukkunagaram at the sprawling Trishna Grounds in Ukkunagaram.
Speaking on the occasion, Sri Choudhary said that the commissioning of the new Blast Furnace, the synchronization of Power Plant of Coke Oven Battery-4, the readiness of the power, utility and raw material handling systems to meet the requirement of the new units; have set the tone for enhancing production. He observed that towards modernization, the work on Blast Furnace - 1 has already commenced and RINL will have the 2nd Furnace of 3800 cum during the current calendar year. There is a need to set in motion the re-vamping of the Converters, Sinter Plant and Blast Furnace-2 to raise our bar to 7.3 mtpa, he added.
Sri Choudhary announced amidst applause that in the next 5 to 6 years, RINL would be doubling its capacity to 12 million tonnes, which would call for a different set of strategies for growth. Constant re-orientation is the “Mantra” for survival, and, success today depends on entrepreneurship, for which employees need to create aspirations. To promote innovation, RINL has already launched its blueprint and road map for R and D and he added that R and D efforts are intensified for production of newer grades, improvement in techno-economic indices and reduction of cost. Sri Choudhary expressed confidence that 2013 will set the tone for new beginnings that will see RINL scale new horizons with the dedicated efforts of RINL collective.
Sri P Madhusudan, Director (Finance), Sri TK Chand, Director (Commercial), Sri YR Reddy, Director (Personnel), Sri NS Rao, Director (Projects), Sri B Siddhartha Kumar, IFS, CVO, Smt Lata Choudhary, President of Visteel Mahila Samiti, Sri Digvijay Singh, Senior Commandant, CISF participated in the R Day celebrations.
Senior officers, union leaders, large number of employees and their family members attended the function. School children of Ukkunagaram presented a scintillating dance performance highlighting the sovereignty and integrity of the country.
RINL ACHIEVES
ALL-ROUND GROWTH IN DECEMBER
- Prices of steel products increased by around Rs.500/- per ton
RINL registered all-round improvement in its performance in December 2012, registering a growth of 15% and 5% in Sinter and Iron and Steel production respectively. The Sinter production of 528,000t is the best ever monthly production achieved since inception of the plant. The Saleable Steel production of 270,000t in December ’12 is the best achieved in the current financial year. In order to overcome the crisis due to the power shortage in the State, RINL is putting all efforts to increase its captive power generation and could register a growth of 2% in the month of December.
On the sales front, RINL registered a growth of 13% over the sales of last month. The improved performance has been achieved despite tough market conditions during December 2012.
With the expectations that the steel market is likely to improve coupled with signs of increased in demand of steel in market and prices firming up in domestic as well as global market, RINL has increased the prices of its steel products by around Rs.500/- per ton in January 2013.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
NID |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.