MIRA INFORM REPORT
|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ELECTROSTEEL STEELS LIMITED (w.e.f. 05.05.2010) |
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Formerly Known
As : |
ELECTROSTEEL INTEGRATED LIMITED |
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Registered
Office : |
801, Uma Shanti Apartments, Kanke Road, Ranchi – 834 008,
Jharkhand |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
20.12.2006 |
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Com. Reg. No.: |
03-012663 |
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Capital
Investment / Paid-up Capital : |
Rs.20347.350 Millions |
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CIN No.: [Company Identification
No.] |
L27310JH2006PLC012663 |
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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
: |
Subject is engaged in setting up an integrated steel and ductile iron (DI) pipe project and also engaged in manufacturing of wire rods, reinforcement bars in straight lengths, ductile iron pipes, commercial billets and pig iron. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 76750000 |
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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 a moderate track record. It
has recorded loss during 2012. External borrowings appear to be increasing
tremendously over years. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered for business dealings with some
caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: B |
|
Rating Explanation |
High risk of default. |
|
Date |
March, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March, 2013 |
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 : |
801, Uma Shanti Apartments, Kanke Road, Ranchi – 834 008, Jharkhand,
India |
|
Tel. No.: |
91-651-2231636 |
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Fax No.: |
91-651-2231636 |
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E-Mail : |
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Website : |
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Head Office : |
G.K. Tower, 2nd and 3rd Floor, 19, Camac Street, Kolkata – 700 017, West Bengal, India |
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Tel. No.: |
91-33-22839990 |
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Fax No.: |
91-33-22902882/ 22894339 |
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Factory / Project Site : |
Village Siyljori,
P.O.: Jogidih, PS: Chandankyari, District Bokaro – 828 303, Jharkhand, India |
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E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Binod Khaitan |
|
Designation : |
Chairman |
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Name : |
Mr. Umang Kejriwal |
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Designation : |
Director |
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Name : |
Mr. Naresh Pachisia |
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Designation : |
Director |
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Name : |
Mr. Lalit Kumar Singhi |
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Designation : |
Director |
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Name : |
Mr. Sunil V. Diwakar |
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Designation : |
Nominee Director |
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Name : |
Mr. Lawrence M. Roy |
|
Designation : |
Alternate Director to Mr. Sunil V. Diwakar |
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Name : |
Mr. Nigam Chander Bahl |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Saraogi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of
Shareholder |
No.
of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
866750000 |
39.64 |
|
|
866750000 |
39.64 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
866750000 |
39.64 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10212590 |
0.47 |
|
|
1099388 |
0.05 |
|
|
15305000 |
0.70 |
|
|
9845656 |
0.45 |
|
|
36462634 |
1.67 |
|
|
|
|
|
|
347873004 |
15.91 |
|
|
|
|
|
|
67818768 |
3.10 |
|
|
147544906 |
6.75 |
|
|
720285711 |
32.94 |
|
|
21533217 |
0.98 |
|
|
2968768 |
0.14 |
|
|
694939383 |
31.78 |
|
|
844343 |
0.04 |
|
|
1283522389 |
58.70 |
|
Total Public shareholding (B) |
1319985023 |
60.36 |
|
Total (A)+(B) |
2186735023 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2186735023 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in setting up an integrated steel and ductile iron (DI) pipe project and also engaged in manufacturing of wire rods, reinforcement bars in straight lengths, ductile iron pipes, commercial billets and pig iron. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG-TERM BORROWINGS A. Security 1) The Senior
Debts and External Commercial Borrowings from Bank and others are secured by: (a) First
ranking pari passu mortgage and charge on all immovable and movable properties
including fixed assets, plant and machinery
(both tangible and intangible), present and future, on all bank accounts in
relation to the Project and assignment of project agreements, subject to
charges created / to be created in favour of working capital lenders on the current assets
for securing Working Capital Facilities; and (b) Pledge of
500000000 Equity Shares of the Company held by Electrosteel Castings Limited. 2) The
Subordinate Debts from Bank and others are secured by a second charge, which
shall be subject to and subsurvient to the first charge created / to be
created as in (1) above. 3)
Securitization Loan is secured by : (a) Assignment
of receivables pertaining to sale of two of the products; and (b) Second
charge over the fixed assets both present and future of the Company ranking
pari passu with existing term lenders as in (1) and (2) above and the working
capital lenders. 4) Buyers Credit
(appearing under current liabilities) are secured by letter of credit issued
by lenders. 5) Loan from
Others - Rs.5000.000 millions is secured by : (a) Second
charge on all movable assets (including all receivables and intangibles) both
present and future; and (b) Second
charge over the rights, titles and interest of the Company in, to and under
all the assets of the project and all the project documents, contracts,
insurance policies, clearances, permit/approvals; and (c) First
mortgage of a piece of land with factory building thereon owned by
Electrosteel Castings Limited. 6) Other Loan of
Rs.1380.000 millions is secured by way of Corporate Guarantee from
Electrosteel Castings Limited. B. Repayment
terms a) The Senior
and Subordinate debts are repayable in further 28 quarterly installments of
Rs.1668.784 millions each up to March 2019. b) Securitization
loan (partially disbursed) is repayable in quarterly installments wef
30.06.2013 as follow: first 16
installments of Rs.60.000 millions next 12
installments of Rs.75.000 millions final 6 installments
of Rs.90.000 millions the final installment is payable on 30/09/2021. c) Term loan of
Rs.5000.000 millions is due for bullet repayment in July 2013. d) External
Commercial Borrowings are repayable in 24 quarterly installments of
Rs.198.621 millions (US $ 39.03 lakhs) each up to Dec 2018. C. The
applicable rate of interest on the above term loans during the year are a) Senior Debts
from Banks and Others carries interest rate of Base Rate plus spread (being
2.50% to 3.00%) of the respective Lenders. b) Subordinate
Debts from Banks and Others carries interest rate of 1.50% to 2.00% above the
rate of Senior Debts in (a) above. c) External
Commercial Borrowings carries interest of Libor (6 months) plus 4.75%. d) Buyers Credit
carries interest rate of Libor plus spread ranging between 1.25% to 4.25%. e)
Securitization Loan carries interest rate of Base Rate plus spread (being
2.25%) of the Lending Bank. f) Secured Loan
from Others carries interest rate of Lenders' Benchmark Rate minus spread
(being 3.50%). |
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Banking
Relations : |
-- |
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Financial Institutions : |
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Statutory Auditors : |
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|
Name : |
B. Chhawchharia and Company Chartered Accountants |
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Address : |
Kolkata, West Bengal, India |
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Enterprises
where KMP/ relatives of KMP have significant influence or control : |
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Other related
parties : |
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CAPITAL STRUCTURE
As on 07.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2186735023 |
Equity Shares |
Rs.10/- each |
Rs.21867.350
Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2034735023 |
Equity Shares |
Rs.10/- each |
Rs.20347.350
Millions |
|
|
|
|
|
Share Capital Reconciliation
|
Equity
shares |
As at 31st
March, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Opening balance |
2034735023 |
20347.350 |
|
Issued during the period |
-- |
-- |
|
Closing Balance |
2034735023 |
20347.350 |
Particulars of
Equity Shareholders holding more than 5% Shares at Balance Sheet date
|
Name of Shareholders |
As at 31st
March, 2012 |
|
|
No. of Shares |
% Holding |
|
|
Electrosteel Castings Limited |
708000000 |
34.80% |
|
Stemcor Cast Iron Investments Limited |
400909646 |
19.70% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
20347.350 |
20347.350 |
|
(b) Reserves & Surplus |
|
(1160.188) |
337.982 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
19187.162 |
20685.332 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
52007.591 |
32631.508 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
3990.195 |
1278.376 |
|
(d)
Long-term provisions |
|
32.942 |
11.251 |
|
Total
Non-current Liabilities (3) |
|
56030.728 |
33921.135 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
315.802 |
200.059 |
|
(b)
Trade payables |
|
1213.289
|
45.204 |
|
(c)
Other current liabilities |
|
13614.466 |
12003.912 |
|
(d)
Short-term provisions |
|
5.142 |
5.780 |
|
Total
Current Liabilities (4) |
|
15148.699 |
12254.955 |
|
|
|
|
|
|
TOTAL |
|
90366.589 |
66861.422 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
14988.508 |
6656.167 |
|
(ii)
Intangible Assets |
|
56.869 |
32.833 |
|
(iii)
Capital work-in-progress |
|
67299.923 |
52433.933 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
3379.310 |
4688.298 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
85724.610 |
63811.231 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
225.316 |
671.318 |
|
(b)
Inventories |
|
1948.589
|
369.146 |
|
(c)
Trade receivables |
|
9.337
|
5.077 |
|
(d)
Cash and cash equivalents |
|
790.834
|
834.311 |
|
(e)
Short-term loans and advances |
|
1613.374 |
1133.058 |
|
(f)
Other current assets |
|
54.529 |
37.281 |
|
Total
Current Assets |
|
4641.979 |
3050.191 |
|
|
|
|
|
|
TOTAL |
|
90366.589 |
66861.422 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
16657.630 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
16657.630 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
24693.559 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
24693.559 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
41351.189 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2016.327 |
|
|
Capital work-in-progress |
|
|
36856.002 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1606.037 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
943.206 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
793.008 |
|
Total
Current Assets |
|
|
1736.214 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
845.303 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
18.265 |
|
Total
Current Liabilities |
|
|
863.568 |
|
|
Net Current Assets |
|
|
872.646 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.177 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
41351.189 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
606.876 |
74.319 |
0.000 |
|
|
|
Other Income |
4.181 |
2.200 |
0.000 |
|
|
|
TOTAL (A) |
611.057 |
76.519 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
880.468 |
119.659 |
0.000 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress |
(128.803) |
(23.289) |
0.000 |
|
|
|
Employee Benefits Expense |
75.370 |
1.388 |
0.000 |
|
|
|
Other expenses |
240.106 |
13.886 |
0.000 |
|
|
|
TOTAL (B) |
1067.141 |
111.644 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(456.084) |
(35.125) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
802.283 |
15.778 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1258.367) |
(50.903) |
0.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
239.455 |
10.432 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1497.822) |
(61.335) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.348 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1498.170) |
(61.335) |
0.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
9.423 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
9.423 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
807.438 |
0.000 |
0.000 |
|
|
|
Stores & Spare Parts |
52.935 |
0.000 |
0.000 |
|
|
|
Capital Goods |
6059.031 |
14718.741 |
10437.991 |
|
|
TOTAL IMPORTS |
6919.404 |
14718.741 |
10437.991 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.74) |
(0.03) |
0.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
128.800 |
3.500 |
625.900 |
872.900 |
|
Total Expenditure |
226.400 |
141.300 |
788.200 |
1326.800 |
|
PBIDT (Excl OI) |
(97.600) |
(137.800) |
(162.300) |
(453.900) |
|
Other Income |
0.800 |
0.400 |
0.200 |
8.000 |
|
Operating Profit |
(96.800) |
(137.500) |
(162.100) |
(445.900) |
|
Interest |
229.900 |
205.200 |
341.000 |
568.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(23.000) |
|
PBDT |
(326.800) |
(342.600) |
(503.100) |
(1036.800) |
|
Depreciation |
135.300 |
136.800 |
136.800 |
181.900 |
|
Profit Before Tax |
(462.000) |
(479.400) |
(639.900) |
(1218.700) |
|
Tax |
0.000 |
0.200 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(462.000) |
(479.600) |
(639.900) |
(1218.700) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(462.000) |
(479.600) |
(639.900) |
(1218.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(245.18) |
(80.16) |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(246.81) |
(82.53) |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.49) |
(0.43) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08) |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.73 |
1.59 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.31 |
0.25 |
2.01 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
-- |
|
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 |
No |
|
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 |
Yes |
OPERATIONS
The Company is setting up a 2.2 MTPA integrated steel and Ductile Iron (DI) Pipe project, at Siyaljori village, in Bokaro District, in the state of Jharkhand, which is about 22 kms from Bokaro city, a well developed industrial town of Jharkhand.
During the project implementation process, some modifications were suggested by the technical experts to meet the technical superiority and efficiency improvement of the plant. Hence, for better balancing of the product with optimized product mix and better value addition, the Company is contemplating to enhance the plant capacity from 2.2 MTPA to 2.51 MTPA. The enhanced capacity of the plant is based on Blast Furnace (BF) - Basic Oxygen Furnace (BOF) - Billet Caster and Hot Rolling Route.
One of the Blast Furnaces (350 M3) out of the three, has commenced operation of pig iron in September, 2010. The Company has taken shut down of the above Blast Furnace for synchronization with other facilities and the same was restarted subsequently. Currently, the said furnace is giving sales to the Company. The Company has also started production of Ductile Iron Pipes from its plant.
The Company's plant is at its advance stage of completion and its operations are currently in a nascent stage. Due to a variety of technical reasons, the plant has undergone improvements and changes, which will in turn benefit the operations of the Company in the long run.
The target completion date of the balance facilities have been extended by few months. The main reason for the delay was due to sudden decrease in availability of Chinese manpower, due to guidelines issued by the Central Government of India on Visa Policy restricting the Chinese manpower with work visa. This was beyond the control of Company's management. However, the Company made significant efforts to mitigate the effect of this Force Majeure situation with the following alternative plans;
- Appointment of local Sub-contractors under the supervision of Chinese Contractors.
- Reducing the scope of Chinese Contractors and offloading the same to Indian Contractors.
Subsequently, the Central Government of India has allowed work permits to a specified number of Chinese manpower, since then the work at the site is going on smoothly. The Company is confident in achieving the revised completion target in the current financial year.
The project cost for the earlier 2.2 MTPA plant was Rs.72620.000 Millions and the revised project cost for the 2.51 MTPA plant is estimated at Rs.95620.000 Millions. The revised cost of the project has been verified by Lenders Independent Engineer and vetted by Mecon Limited. The estimated additional capital expenditure required for capacity enhancement would be around Rs.12360.000 Millions and for infrastructural/other facilities and efficiency improvement Rs.10640.000 Millions. The above additional cost of Rs.12360.000 Millions is proposed to be funded in the debt to equity ratio of 2:1. Out of the above debt requirement of Rs.8240.000 Millions, their Lead Banker, State Bank of India has sanctioned Rs.2500.000 Millions with a provision of interim disbursement of 40% of the sanctioned amount. Proposal with other banks is at an advance stage and they are hopeful to complete the same very soon.
The Company had also proposed to raise Rupee Term Loan of around Rs.22000.000 Millions by securitizing the future receivables from the sale of DI pipe and Pig iron with various banks. For securitisation of the above, the Company has entered into an Off-take agreement with Stemcor India Private Limited and Electrosteel Castings Limited for off-taking DI Pipes and Pig Iron for a period of 12 years. Out of the above requirement, State Bank of India has sanctioned Rs.6000.000 Millions and also disbursed 40% of the sanctioned amount as interim disbursement pending full tie-up. The proposal with other banks is at an advance stage and they are hopeful to complete it very soon. A part of the proceeds from the securitization of future receivables will be utilised in meeting expenditure towards other capital expenditures/implementing systems, ensuring efficiency improvement and redundancies improvement in Feeder sections like Sinter Plant, Pellet Plant, Coke Oven, Control Systems, Material Handling and other allied facilities
MANAGEMENT'S DISCUSSION AND ANALYSIS
OVERVIEW
The Company is promoted by Electrosteel Castings Limited (ECL) to setup a 2.2 MTPA Integrated Steel and Ductile Iron (DI) Pipes project in the district of Bokaro, Jharkhand. Pursuant to group's strategy of focusing on identification of opportunities for backward integration, new DI pipe capacity as well as investment in the steel sector, ECL has been allotted mining blocks of iron ore and coking coal in the state of Jharkhand and has promoted this Company for implementing the integrated steel and DI pipe plant.
ECL, the Promoter of the Company, is a premier manufacturer of Cast Iron pipes for over four decades and DI Pipes since last 16 years. For the fiscal year 2010-11, ECL recorded consolidated net sales of Rs.18725.597 Millions. ECL has four manufacturing facilities, two located at Khardah and Haldia, both in the State of West Bengal, one at Elavur in the State of Tamil Nadu and one Coal washery plant at Parbatpur in the State of Jharkhand.
During the project implementation process, some modifications were suggested by the technical experts to meet the technical superiority and efficiency improvement of the plant. Hence, for better balancing of the product with optimized product mix and better value addition, the Company is contemplating to enhance the plant capacity from 2.2 MTPA to 2.51 MTPA. The enhanced capacity of the plant is based on Blast Furnace (BF) - Basic Oxygen Furnace (BOF) - Billet Caster and Hot Rolling Route.
The enhanced capacity of the plant will produce 1.45 MTPA of long steel products, comprising 0.60 MTPA wire rods and 0.85 MTPA of reinforcement bars in straight lengths, bundles and plain rounds. The plant will have a 0.33 MTPA DI pipe production facility in the same complex and will be provided with hot metal from the Blast Furnaces. The plant will also have production facilities for 0.33 MTPA of Commercial Billets and 0.40 MTPA of Pig Iron.
The Company will be manufacturing basically the long steels which will be used as construction steel along with intermediary products like commercial billets and pig iron. The Company will also produce DI Pipes.
The Company has acquired approximately 2,187.82 acres of land for the proposed plant, taking into account the scope for future expansion.
INDUSTRY STRUCTURE
The Indian steel industry is broadly classified into two groups: Primary steel producers and Secondary steel producers.
Primary steel producers has backward integration and normally has a higher capacity over 1.0 MTPA. The manufacturing process starts with steel making from Iron ore. The investment needed is also much higher as compared to secondary producers.
Secondary producers essentially have mini steel plants with capacities below 1.0 MTPA. This category mainly employs Electric Arc Furnace (EAF) or Induction Furnace (IF) route, which use scrap and sponge iron or a mix of both as raw materials to produce steel. This group also consists of processors and re-rollers of steel products. Secondary producers primarily manufacture long products and the route adopted by them is highly energy intensive for which they have to depend upon the purchased power.
Although, there are over 3,500 varieties of regular and special steel available, steel products can be broadly classified into two basic types according to their shape viz. flats and longs. All finished steel products are made from semi-finished steel that comes in the form of slabs, billets and blooms.
GLOBAL STEEL INDUSTRY
Based on World Steel Association data, the world's crude steel production has reached a level of 1527 MTPA in the CY 2011. The crude steel production in India has reached 72.2 MTPA . The steel production has increased by 6.8 % as compared to the CY 2010. This was the 2nd consecutive year where the growth was positive after negative growth in 2009. China has maintained its leadership position with the production of 695.5 MTPA followed by Japan with 107.6 MTPA. India's steel production has registered a growth of 5.7% in CY 2011 as compared to previous CY while china has shown growth of 8.9 %. Asian countries have a lion's share of 64% of total world's steel production. This is also visible from the economic growth of these countries as compared to western countries.
India's steel industry is likely to grow at similar rate in the next few years. The steel production is increasing in line with the projection made in Annual Budget and the infrastructure investments planned by the government. Sectors like Roads, Highways, Airports, Power Generation, Power distribution etc are expected to have a robust growth.. The targeted steel production in India by 2019-2020 is over 100 MTPA. The steel production in India is likely to grow at a CAGR of 7-8% per annum as indicated by the government and external research.
INDIAN STEEL INDUSTRY
India has moved to 4th position among the top steel producing nations in the world. Considering the substantial increase in outlay for construction sector, the demand for steel is going to be strong. Per capita consumption of steel in India is low at 56.3 kg as compared to 445 Kg for China and world average of 220.8 kg. As India is on a growth path, steel which is the basic ingredient will be needed for achieving the desired growth in GDP.
DUCTILE IRON (DI)
PIPES
The DI pipes have
been recognized as the industry standard for modern water and sewage
transportation systems. DI pipes are preferred over Cast Iron (CI) pipes on
account of being lighter, stronger, more durable and cost efficient, these
being corrosion resistant, ductile, etc. The DI pipes also have higher water
carrying capacity. The DI pipes can also be laid out much faster and are
virtually maintenance free.
Internationally,
DI pipes have increasingly replaced CI pipes and Mild Steel pipes in most
applications, including water and sewage transportation and management. This is
primarily due to the qualitative and structural benefits provided by DI pipes
in comparison to CI pipes and mild steel pipes such as superior tensile
strength, yield strength, greater impact resistance, corrosion resistance and
ductility. In addition, DI pipes require less support and provide greater flow
area as compared to pipes made from other materials. DI pipes have a lower life
cycle cost. In difficult terrain, these can be a better choice than Polyvinyl
chloride concrete, polyethylene and steel pipes.
The following
factors would drive the demand for DI pipes:
1. Thrust of the
government to provide drinking water and sanitation to 100% of the population
and make funds available to achieve it.
2. The need to
conserve water and reduce leakage. The need to focus on life cycle cost rather
than initial cost; and to consider inconvenience to public in replacement of
pipes.
3. The over
reliance on ground water for rural water supply has resulted in twin problem of
sustainability and water quality and suggested a shift to surface water source for
tackling this issue. This will result in substantial increase in requirement of
pipes.
4. Jawaharlal
Nehru National Urban Renewal Mission (JNNURM) is making a large investment in
water sector but has limited coverage of only 63 cities with a population of
over one lakh.
FINANCIAL
PERFORMANCES
Since the project is under implementation and only one Blast Furnace
(i.e. a part of the entire facility) had commenced its operation and started to
produce pig iron and D.I Pipes. The Company had only recorded the net turnover
of Rs.577.881 Millions in the year ended 2012. After the adjustment of other
expenditures, the earnings before Interest, depreciation, taxation and
amortization is Rs.(456.084) Millions. The Profit after Tax for the year 2012
is Rs.(1498.170) Millions.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 (Rs. in Millions) |
31.03.2011 (Rs. in Millions) |
|
Show cause notice from Central Excise Authorities alleging wrong availment of Cenvat credit |
158.664 |
158.664 |
|
Contested demand of Income Tax (AY 2008-09 & AY 2009-10) |
27.025 |
0.000 |
|
Bills Discounted with Bank Sales Tax litigation |
89.221 |
0.000 |
|
Civil and criminal proceedings pending against the Company, the financial liability thereof, if any, is unascertainable. |
7.839 |
7.839 |
AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013
(Rs.
in Millions)
PART I
|
Particulars |
Three months ended |
Year ended |
||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
Audited |
Unaudited |
Audited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from
operations (Net of excise duty) |
727.604 |
550.593 |
1400.881 |
|
|
(b) Other Operating Income |
145.272 |
75.343 |
230.220 |
|
|
Total income from
operations (net) |
872.376 |
625.936 |
1631.101 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials
consumed |
869.439 |
952.574 |
1883.650 |
|
|
(b) Purchases of stock-in
trade |
-- |
-- |
-- |
|
|
(c) Changes in inventories
of finished goods. work-in-progress and stock in trade |
70.337 |
(244.005) |
(79.932) |
|
|
(d) Employee benefits
expense |
50.522 |
16.223 |
100.472 |
|
|
(e) Depreciation and
Anmortisation Expenses |
181.893 |
136.762 |
590.687 |
|
|
(f) Other Expenses (Any item exceeding 10% of
total expenses relating to continuing operations to be shown separately) |
336.453 |
63.401 |
573.483 |
|
|
Total expenses |
1508.644 |
924.955 |
3073.360 |
|
3 |
Profit/ (Loss) from operations
before other Income, finance costs and exceptional Items (1-2) |
(635.768) |
(299.019) |
(1442.259) |
|
4 |
Other Income |
7.985 |
0.197 |
9.339 |
|
5 |
Profit/ (Loss) from
operations before other income, finance costs and exceptional items (3+4) |
(627.783) |
(298.822) |
(1432.920) |
|
6 |
Finance Costs |
567.961 |
341.042 |
1344.111 |
|
7 |
Profit/ (Loss) from
ordinary activities after finance cost but before exceptional items (5-6) |
(1195.744) |
(639.864) |
(2777.031) |
|
8 |
Exceptional items |
22.952 |
-- |
22.952 |
|
9 |
Profit/ (Loss) from
ordinary activities before tax (7+8) |
(1218.696) |
(639.864) |
(2799.983) |
|
10 |
Tax expenses |
(0.029) |
-- |
0.142 |
|
11 |
Net Profit / (Loss) from
ordinary activities after tax (9-10) |
(1218.667) |
(639.864) |
(2800.125) |
|
12 |
Extraordinary item (net of
tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for
the period (11-12) |
(1218.667) |
(639.864) |
(2800.125) |
|
14 |
Share of profit' (loss) of
associates |
NA |
NA |
N.A |
|
15 |
Minority Interest |
NA |
NA |
N.A |
|
16 |
Net Profit/ (Loss) after
taxes, minority interest and share of profit/(loss) of associates (13+14+15) |
(1218.667) |
(639.864) |
(2800.125) |
|
17 |
Paid up equity share
capital (Face Value of Rs10/- each) |
21867.350 |
21867.350 |
21867.350 |
|
18 |
Reserve excluding
Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
-- |
(1160.188) |
|
19.i |
Earnings per share (before
extraordinary items) of Rs.10/- each (not annualised): |
|
|
|
|
|
(a) Basic |
(0.56) |
(0.29) |
(1.32) |
|
|
(b) Diluted |
(0.56) |
(0.29) |
(132) |
|
19.ii |
Earnings per share (after
extraordinary items) of Rs.10/- each (not annualised) |
|
|
|
|
|
(a) Basic |
(0.56) |
(0.29) |
(1.321 |
|
|
(b) Diluted |
(0.56) |
(0.29) |
(1 32) |
PART II
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
1319985023 |
1319985023 |
1319985023 |
|
|
- Percentage of
shareholding |
60.36% |
60.36% |
60.36% |
|
2 |
Promoters and Promoter
group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
500000000 |
500000000 |
500000000 |
|
|
- Percentage of shares (as
a % of the total shareholding of Promoter & Promoter group) |
57.69% |
57.69% |
57.69% |
|
|
- Percentage of shares (as
a % of the total Share Capital of the Company) |
22.87% |
22.87% |
22.87% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
366750000 |
366750000 |
366750000 |
|
|
- Percentage of shares (as
a % of the total shareholding of Promoter & Promoter group) |
42.31% |
42.31% |
42.31% |
|
|
- Percentage of shares (as
a % of the total Share Capital of the Company) |
16.77% |
16.77% |
16.77% |
|
B |
INVESTOR COMPLAINTS |
Three months ended 31.03.2013 |
|
|
Pending at the beginning
of the quarter |
0 |
|
|
Received during the
quarter |
3 |
|
|
Disposed off during the
quarter |
3 |
|
|
Remaining unresolved at
the end of the quarter |
0 |
STANDALONE / CONSOLIDATED
STATEMENT OF ASSETS AND LIABILITIES
(Rs. in millions)
|
Particulars |
As at 31.03.2013 (Audited) |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capita) |
21867.350 |
|
|
b) Reserves & Surplus |
(3960.313) |
|
|
c) Money received against
share warrants |
-- |
|
|
Sub Total- Shareholders
funds |
17907.037 |
|
2 |
Share application money
pending allotment |
|
|
3 |
Minority Interest |
NA |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
56491.476 |
|
|
(b) Other long term liabilities |
4648.677 |
|
|
fc) Long term provisions |
21.539 |
|
|
Sub Total- Non Current
Liabilities |
61161.692 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
2331.292 |
|
|
(b) Trade Payables |
2068.272 |
|
|
(c) Other current liabilities |
19135.231 |
|
|
(d) Short term provisions |
7.854 |
|
|
Sub Total- Current
Liabilities |
23542.649 |
|
|
TOTAL-EQUITY AND
LIABILITIES |
102611.378 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
96183.826 |
|
|
(b) Long term loans and
advances |
1579.706 |
|
|
Sub-Total- Non current
assets |
97763.532 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
-- |
|
|
b) Inventories |
2259.336 |
|
|
c) Trade Receivables |
58.577 |
|
|
d) Cash and cash
equivalents |
925.110 |
|
|
(e) Short term loans and
advances |
1511.229 |
|
|
(f) Other current assets |
93.594 |
|
|
Sub-Total- current assets |
4847.846 |
|
|
TOTAL ASSETS |
102611.378 |
Notes:
1. Corresponding previous year figures have been
reclassified as per revised schedule VI wherever appropriate, to confirm the
current year's presentation.
2. The Company's integrated Steel and Dl Pipe Plant in
the State of Jharkhand, India, is under construction and erection A part of
plant facility has commenced production and accordingly the proportionate
expenditure related to the project has been accounted as 'Project Development
Expenditure' pending capitalization under 'Capital work-in-Progress'
3. The recalculation of provision of depreciation since
inception has resulted in deficiency of Rs.22.952 millions ascertained upto
31.03.2012 under the head 'Plant and Machinery' which has been disclosed as
'Exceptional Items'.
4. There is no reportable segment in accordance with
AS-17 since the part of the Company's project is under construction stage.
5. The above audited results were reviewed by the Audit
Committee and thereafter approved by the Board of Directors at its meeting held
on May 6, 2013.
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Railway Sidings
· Computer Software
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.59.85 |
|
|
1 |
Rs.92.30 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.