1. Summary Information
|
|
|
Country |
India |
|
Company Name |
JAI BALAJI
INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Aditya Jajodia |
|
Status |
Moderate |
Principal Name 2 |
Mr. Rajiv Jajodia |
|
|
|
Registration # |
21-089755 |
|
Street Address |
5, Bentinck Street, Kolkata – 700001, West Bengal |
||
|
Established Date |
01.07.1999 |
SIC Code |
-- |
|
Telephone# |
91-33-22488173/9808 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-33-2243-0021 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Steel |
|
|
# of employees |
Not Available |
Product Name 2 |
Allied Products |
|
Paid up capital |
Rs.637.711
Millions |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group 52.08%, Public Shareholding 47.92% |
Banking |
Indian Overseas Bank |
|
Public Limited Corp. |
Yes |
Business Period |
14 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B (28) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries
|
-- |
Nilachal Iron
and Power Limited (NIPL) |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.06.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,801,986,000 |
Current Liabilities |
15,342,527,000 |
|
Inventories |
8,089,403,000 |
Long-term Liabilities |
16,504,496,000 |
|
Fixed Assets |
15,508,056,000 |
Other Liabilities |
228,554,000 |
|
Deferred Assets |
000 |
Total Liabilities |
32,075,577,000 |
|
Invest& other Assets |
6,656,073,000 |
Retained Earnings |
6,342,230,000 |
|
|
|
Net Worth |
6,979,941,000 |
|
Total Assets |
39,055,518,000 |
Total Liab. & Equity |
39,055,518,000 |
|
Total Assets (Previous Year) |
35,264,038,000 |
|
|
|
P/L Statement as of |
30.06.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
29,332,312,000 |
Net Profit |
(2,760,562,000) |
|
Sales(Previous yr) |
21,657,546,000 |
Net Profit(Prev.yr) |
739,509,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
JAI BALAJI INDUSTRIES LIMITED (w.e.f. 23.07.2007) |
|
|
|
|
Formerly Known as : |
JAI BALAJI SPONGE LIMITED |
|
|
|
|
Registered Office : |
5, Bentinck Street, Kolkata – 700001, West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
01.07.1999 |
|
|
|
|
Com. Reg. No.: |
21-089755 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.637.711
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27102WB1999PLC089755 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. Company’s Shares are listed on the
stock Exchanges |
|
|
|
|
Line of Business : |
Subject is engaged in the Manufacturing and Sale of Steel and Allied
Products. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 27900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company has
incurred a loss in the current year also. There appears huge external
borrowings recorded by the company. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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) |
|
India |
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
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
D [Long term downgraded from BBB] |
|
Rating Explanation |
This rating is in default or is expected to be in default soon. |
|
Date |
March 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
D [Short term downgraded from A2] |
|
Rating Explanation |
This rating is in default or is expected to be in default on maturity. |
|
Date |
March 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 : |
5, |
|
Tel. No.: |
91-33-22488173/9808 |
|
Fax No.: |
91-33-22430021 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Ranigunj G/1, Mangalpur Industrial Complex, Post– Baktarnagar,
District : Burdwan-713347, West Bengal, India |
|
|
|
|
Factory 2: |
Durgapur, Lenin Sarani, District Burdwan-713210,West Bengal, India |
|
|
|
|
Factory 3: |
Durgapur, Village Banskopa, P.O. Rajbandh, District- Burdwan-713212,
West Bengal, India |
|
|
|
|
Factory 4: |
Industrial Growth, Centre, Borai Village and P.O. Rasmada, District
Durg-491009 Chhattisgarh, India |
|
|
|
|
Marketing Office: |
Located At:
|
DIRECTORS
AS ON 30.06.2012
|
Name : |
Mr. Aditya Jajodia |
|
Designation : |
Chairman cum Managing Director |
|
|
|
|
Name : |
Mr. Rajiv Jajodia |
|
Designation : |
Promoter and Non-Executive Director |
|
|
|
|
Name : |
Mr. Gourav Jajodia |
|
Designation : |
Promoter and Non-Executive Director |
|
|
|
|
Name : |
Ashim Kumar Mukherjee |
|
Designation : |
Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Shyam Bahadur Singh |
|
Designation : |
Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Satish Chander Gupta |
|
Designation : |
Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Krishnava S Dutt |
|
Designation : |
Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Amit Kumar Majumdar |
|
Designation : |
Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Sanjiv Jajodia |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kumar Tantia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9929672 |
15.57 |
|
|
23290723 |
36.52 |
|
|
33220395 |
52.08 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
33220395 |
52.08 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3121940 |
4.89 |
|
|
2000 |
0.00 |
|
|
3123940 |
4.90 |
|
|
|
|
|
|
10843215 |
17.00 |
|
|
|
|
|
|
3013125 |
4.72 |
|
|
4864588 |
7.63 |
|
|
8716223 |
13.67 |
|
|
8304547 |
13.02 |
|
|
392388 |
0.62 |
|
|
1 |
0.00 |
|
|
19287 |
0.03 |
|
|
27437151 |
43.02 |
|
Total Public shareholding (B) |
30561091 |
47.92 |
|
Total (A)+(B) |
63781486 |
100.00 |
|
(C) 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) |
63781486 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing and Sale of Steel and Allied
Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 30.06.2012]
|
Particulars |
Installed
Capacity [MT] |
Actual
Production [MT]
# |
|
Sponge Iron |
345000 |
262293 |
|
Pig Iron |
509250 |
498803 |
|
Steel Bars / Rods |
260000 |
97850 |
|
Billet / MS Ingot |
906230 |
420223 |
|
Ferro Alloys |
106618 |
68746 |
|
Ductile Iron Pipe |
240000 |
91788 |
|
Power |
101.10 [MW] |
505.91 [MU] |
|
Sinter |
608000 |
795643 |
Note: # Includes
production for third party conversion 14,101 M.T. (16,850 M.T.) and 6,674 M.T. (12,283
M.T.) in respect of Ferro Alloys and Steel Bars /Rods respectively.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Internal Auditors : |
|
|
Name : |
S.K. Agrawal and Company Chartered Accountant |
|
|
|
|
Cost Auditors |
|
|
Name : |
Muntlal and Associates Chartered Accountants |
|
|
|
|
Subsidiaries : |
·
Nilachal Iron and Power Limited (NIPL) ·
Jai Balaji Steels (Purulia) Limited (JBSPL) ·
Jai Balaji Energy (Purulia) Limited (JBEPL) |
|
|
|
|
Joint Venture Companies : |
·
Rohne Coal Company Private Limited (RCCPL) ·
Andal East Coal Company Private Limited (AECCPL) |
|
|
|
|
Related Parties : |
·
Chandi Steel Industries Limited (CSIL) ·
Jai Balaji Jyoti Steels Limited (JBJSL) ·
Jai Salasar Balaji Industries Private Limited
(JSBIPL) ·
Balaji Ispat Udyog (BIU) ·
Enfield Suppliers Limited (ESL) ·
Hari Management Limited (HML) ·
Jain Vanijya Udyog Limited (JVUL) ·
Jajodia Estate Private Limited (JEPL) ·
K.D.Jajodia Steel Industries Private Limited
(KDJSIPL) ·
Shri Marutaye Balaji Steels Ltd (SMBSL) |
CAPITAL STRUCTURE
AS ON 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
101000000 |
Equity Shares |
Rs.10/- each |
Rs.1010.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
63781486 |
Equity Shares |
Rs.10/- each
|
Rs.637.815
Millions |
|
|
Less: Call in Arrear |
|
Rs.0.104
Million |
|
|
TOTAL |
|
Rs.637.711 Millions |
NOTE:
(a) Reconciliation of the number of shares outstanding as at June 30,
2012 and March 31, 2011 is set out below:
|
Particular |
As on 30.06.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
At the beginning of the year |
63781486 |
637.711 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
63781486 |
637.711 |
(b) Terms/rights
attached to equity shares
The Company has only
one class of ordinary shares (equity shares) having at par value of Rs.10/-
each. Each shareholder of ordinary shares (equity shareholders) is entitled to
one vote per share .The Company declares and pays dividend in Indian Rupees.
The dividend proposed by the Board of Directors is subject to approval of the
share holders in the ensuing Annual General Meeting except in the case of
interim dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distributions of
all preferential amounts, in the proportions to their share holdings.
(c) Equity shareholders holding 5% or more shares
|
Particular |
As on 30.06.2012 |
|
|
|
No. of Shares |
% Holding in The
Class |
|
Enfield Suppliers Limited |
11221233 |
17.59 |
|
Hari Management Limited |
7044533 |
11.04 |
|
CVCIGP II Client Rosehill Limited |
3886734 |
6.09 |
|
Aditya Jajodia |
3203065 |
5.02 |
|
TOTAL
|
25355565 |
39.74 |
As per the of the
Company, including its register of shareholders/members, the above
shareholdings represents legal ownership of shares.
(d) Aggregate
number of shares issued for consideration other than cash during the period of five
years immediately preceding the reporting date
|
Particular |
As on 30.06.2012 |
|
Equity Shares allotted as fully paid up for consideration other than
cash |
22000000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2012 [15 Months] |
31.03.2011 [12 Months] |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
637.711 |
637.711 |
637.702 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6342.230 |
9102.792 |
8392.369 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6979.941 |
9740.503 |
9030.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16141.996 |
14679.458 |
15848.028 |
|
|
2] Unsecured Loans |
362.500 |
1470.878 |
73.467 |
|
|
TOTAL BORROWING |
16504.496 |
16150.336 |
15921.495 |
|
|
DEFERRED TAX LIABILITIES |
183.052 |
1310.898 |
922.291 |
|
|
|
|
|
|
|
|
TOTAL |
23667.489 |
27201.737 |
25873.857 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15508.056 |
16478.734 |
11931.450 |
|
|
Capital work-in-progress |
5846.513 |
3791.017 |
6163.806 |
|
|
|
|
|
|
|
|
INVESTMENT |
809.560 |
834.115 |
820.158 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8089.403
|
5716.659 |
4201.893
|
|
|
Sundry Debtors |
4868.499
|
5050.413 |
3375.763
|
|
|
Cash & Bank Balances |
209.306
|
320.835 |
206.664
|
|
|
Other Current Assets |
957.162
|
888.111 |
798.142
|
|
|
Loans & Advances |
2767.019
|
2184.154 |
2094.754
|
|
Total
Current Assets |
16891.389
|
14160.172 |
10677.216 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7934.794
|
3863.465 |
2414.574
|
|
|
Other Current Liabilities |
7407.733
|
3964.735 |
1229.976
|
|
|
Provisions |
45.502
|
234.101 |
74.223
|
|
Total
Current Liabilities |
15388.029
|
8062.301 |
3718.773 |
|
|
Net Current Assets |
1503.360
|
6097.871 |
6958.443
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23667.489 |
27201.737 |
25873.857 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2012 [15 Months] |
31.03.2011 [12 Months] |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29332.312 |
21657.546 |
19143.845 |
|
|
|
Other Income |
257.809 |
222.141 |
258.976 |
|
|
|
TOTAL (A) |
29590.121 |
21879.687 |
19402.821 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
23451.274 |
13584.682 |
|
|
|
|
Purchase of Stock in Trade |
12.662 |
451.206 |
|
|
|
|
Employee Benefits Expense |
731.006 |
540.657 |
16790.592 |
|
|
|
Other Expenses |
6077.674 |
4022.685 |
|
|
|
|
Changes in Inventories
of Finished Goods, Work-in-Progress and Stock-in-Trade |
(1381.649) |
(241.440) |
|
|
|
|
TOTAL (B) |
28890.967 |
18357.790 |
16790.592 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
699.154 |
3521.897 |
2612.229 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3199.968 |
1563.723 |
1427.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2500.814) |
1958.174 |
1185.164 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1387.594 |
828.065 |
692.895 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(3888.408) |
1130.109 |
492.269 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1127.846) |
390.600 |
174.184 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(2760.562) |
739.509 |
318.085 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
1388.354 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
NA |
25.513 |
|
|
|
Tax on Dividend |
NA |
NA |
3.657 |
|
|
BALANCE CARRIED TO
THE B/S |
NA |
NA |
1677.269 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
454.075 |
412.519 |
536.796 |
|
|
TOTAL EARNINGS |
454.075 |
412.519 |
536.796 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2925.301 |
700.493 |
1701.705 |
|
|
|
Stores & Spares |
215.986 |
167.735 |
99.219 |
|
|
|
Capital Goods |
209.412 |
859.195 |
347.933 |
|
|
TOTAL IMPORTS |
3350.699 |
1727.423 |
2148.857 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(43.28) |
11.60 |
5.66 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5061.600 |
5313.200 |
498.38 |
|
Total Expenditure |
5466.600 |
5557.700 |
540.13 |
|
PBIDT (Excl OI) |
(405.000) |
(244.500) |
(417.500) |
|
Other Income |
(67.000) |
63.600 |
61.000 |
|
Operating Profit |
(338.000) |
(181.000) |
(356.500) |
|
Interest |
(708.500) |
633.000 |
515.700 |
|
PBDT |
((1046.500) |
(813.900) |
(872.200) |
|
Depreciation |
(279.400) |
280.100 |
280.500 |
|
Profit Before Tax |
(1326.000) |
(1094.000) |
(1152.700) |
|
Tax |
(425.200) |
(299.200) |
(450.800) |
|
Profit After Tax |
(900.800) |
(794.800) |
(701.900) |
|
Net Profit |
(900.800) |
(794.800) |
(701.900) |
KEY RATIOS
|
PARTICULARS |
|
30.06.2012 [15 Months] |
31.03.2011 [12 Months] |
31.03.2010 |
|
PAT / Total Income |
(%) |
(9.33)
|
3.37 |
1.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(13.25)
|
5.22 |
2.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.00)
|
3.69 |
2.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.55)
|
0.12 |
0.05
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.57
|
2.49 |
2.17
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.75 |
2.87
|
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
FINANCIAL HIGHLIGHTS:
During the year
2011-12, the Company achieved total revenue of Rs. 29590.121 Millions as compared
to Rs. 21879.687 Millions in the previous year which reflects a growth of
around 35.24%. Despite moderate increase in turnover, the company incurred loss
during the year which was mainly due to hike in the price of raw materials,
rising borrowing costs and other global factors. The Loss before exceptional
and extraordinary items and tax was Rs. 3888.408 Millions as compared to profit
before exceptional and extraordinary items and tax of Rs. 1130.109 Millions in
the previous year. The net loss for the year was Rs. 2760.562 Millions against
profit of Rs. 739.509 Millions in the previous year.
FINANCIAL YEAR:
The financial year
of the Company 2011-12 has been extended by three months such that the
Financial Year shall commence from 1st April, 2011 and will end upon completion
of 15 months there from on 30th June, 2012. The financial year 2012-13 shall
comments on 1st July, 2012 and end on 31st March, 2013.
AWARDS AND ACCOLADES:
The Banaras Hindu
University has bestowed upon Mr. Amit Kumar Majumdar an independent director of
the Company its “Distinguished Alumnus Award” in 2012 for his outstanding
achievements in the field of Metallurigical Engineering of the said university.
The Company has
received ‘One Leaf Award’ of 23% Score and 10th Ranking and was one of the
three Companies rated in this regard from the State, for its Key plus points as
high blast furnace productivity, good safety performance and relatively better
solid waste management practices by the ratings released on 4th June, 2012. The
ratings were released by Planning Commission Deputy Chairperson, Montek Singh
Ahluwalia and Jayanthi Nataranjan, Union Minister of State for environment and
forests.
The Company has
received Carbon Credit, Volume of CERs: 55730 (Tradable Volume: 54615) on account
of Power generated from its Waste Heat Recovery Boilers by the UNFCCC and first
monetary receipt of approximately Rs. 33 million (Rupees thirty three millions
only) on account of sale of 54615 units of Carbon Credit.
The Company has
received a Certificate of Conformity for production of Ductile Iron Pipes for
water pipelines, which is in Conformity against the requirements of the
following standards: ISO 2531:2009, EN 545:2010 by BUREAU VERITAS
Certification. Further a License has been granted to use the Kitemark in
accordance with the Kitemark License as approved by the Registrar under the
Trade Marks Act, 1944 in respect of BS ISO 2531, ductile iron pipes, fittings,
accessories and their joints for water applications.
EXPANSION AND PROJECTS:
The Company
continues its journey to deliver value for customers and to all the
stakeholders of the Company by improving its performance in safety, quality,
productivity, environment and people development through knowledge
transmission. The Company’s planned expansion of 350000 MTPA Coke Oven Plant
along with Waste Heat Recovery Boiler of 80 TPH is in advanced stage and
infrastructure work of roads and drains for the entire plant is commissioned.
The DRI Plant of 60000 MT and coal washery in subsidiary company Nilachal Iron
and Power Limited is already commissioned and Forest Clearance certificate,
pollution clearance and clearance from the Ministry of Environment has been
received. The Dumri Coal Block has also received Environmental Celearance and
Fresh Go Certificate.
The Company’s
products meet stringent quality parameters and are gaining market share
comprising of private, institutional, non-institutional and government body
buyers. This achievement highlights the technical and project execution skills of
the management of the Company to successfully execute large projects within
record time.
SUBSIDIARIES:
The Company has
three wholly owned subsidiaries namely, ilachal Iron and Power Limited, Jai Balaji
Steels (Purulia) Limited and Jai Balaji Energy (Purulia) Limited. The Audited
Balance Sheet and Statement of Profit and Loss account along with the Auditors’
Report thereon and the respective Reports of the Board of Directors’ of the
said subsidiaries for the financial year ended 31st March, 2012 are attached in
terms of Section 212 of the Companies Act, 1956.
JOINT VENTURES:
ANDAL EAST COAL
COMPANY PRIVATE LIMITED:
A Joint Venture
Company Andal East Coal Company Private Limited was formed in 2009-10 with the
Registrar of Companies, West Bengal, in which the Company along with Bhushan
Steel Limited and Rashmi Cement Limited are venture partners. The said Joint
Venture Company was formed in terms of allocation of Andal Non-Coking Coal
Block in the State of West Bengal by Ministry of Coal, Government of India. The
Company has 32.79% stake in the coal block.
ROHNE COAL COMPANY
PRIVATE LIMITED:
A Joint Venture
Company Rohne Coal Company Private Limited was formed in 2008-09 with the
Registrar of Companies, NCT of Delhi and Haryana, in which the Company along
with JSW Steel Limited and Bhushan Power and Steel Limited are venture
partners. The said Joint Venture Company was formed in terms of allocation of
Rohne-Coking Coal Block in the State of Jharkhand by Ministry of Coal,
Government of India. The Company has 6.90% stake in the coal block. Both the
Joint Venture Companies are in the process of setting up coal mining facilities
at respective coal blocks.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE
AND DEVELOPMENT:
GLOBAL OVERVIEW:
The economy
registered a positive beginning in 2011, however the global economic
environment turned adverse during the second half of the year, majorly due to
acute crisis in euro area and monetary imbalances in developing economies,
caused mainly by shooting commodity prices. The first four months of the year
registered
improved growth in
financial markets that have contributed to a turnaround in the real-side
economy. Consequent
to the turmoil in
euro zone, the growth in developed economies may continue to disappoint,
expanding by only about 2 percent in 2013.
It is pertinent to
review performances, in brief, of major economies of the world which impacts
the global economy to a large extent
European economy: The Europe entered into a recessionary phase
the euro zone severally impacted economic performance of its trade partners. As
a consequence of domestic policy tightening in euro zone, growth in several
developing countries, like Brazil, India etc., slowed down partly.
US Economy: The United States of America registered a positive
growth after a weak start in 2011. The inflation was subdued during the year
but fear of high oil prices is still on in the US. However, it registered a
positive performance with rising employment and retail sales, among other
factors.
Asian Economy: The growth rate across Asia slowed down during the
last quarter of the year 2011. The effect of spillover from Europe was evident by
weak export to the euro zone. In some economies, such as India domestic factors
also contributed the slowdown by weak investments and rising borrowing costs.
In Thailand, the growth curtailed down significantly due to the historic
floods. In some Asian countries, however robust domentic demand helped offset
the effect of slowing exports. Investment and private consumption remained
strong in China, which appeared as a comparatively stronger economy during the
year.
INDIAN ECONOMY:
Managing growth
and price stability are the major challenges of macroeconomic policymaking. In
2011-12, India found itself in the heart of these conflicting demands. The
Indian economy grew at 6.5 per cent in 2011-12, after having grown at the rate
of 8.4 per cent in each of the two preceding years. This indicates a slowdown
compared not just to the previous two years but 2003 to 2011 (except 2008-09).
At the same time, sight must not be lost of the fact that, by any cross country
comparison, India remains among the front-runners.
With agriculture
and services continuing to perform well, India’s slowdown can be attributed
almost entirely to weakening industrial growth. Global factors such as euro
zone crises, geopolitical disturbances and weather extremities contributed to
domestic economic slowdown, apart from the role played by rising inflation and
borrowing rates. Rupee lost more than 14% of its value, during the year, making
it one of the worst performing currencies in Asia, eroding India Inc’s
profitability and widening trade deficit. However, in the midest of all the
gloom and doom talk going on, March, 2012 presented a few notable traits by
depicting revenue growth rate of 13.5%. Net profits fell 8% in March, 2012,
though it was one of the slowest growth pace of growth, it could actually be
regarded as positive, since September and December, 2011 quarters had seen
profits falling 37.9% and 20.6%, respectively.
GLOBAL STEEL
INDUSTRY:
As the Company
belong to Iron and Steel Industry, it would be pertinent to review performance
of Global Steel Industry during the year. Steel sector is cyclical in nature
and is shifting from advanced to emerging economies. Despite demand growth
witnessed during 2010 and 2011, growth in steelmaking capacity still exceeds
steel demand. There is significant over-capacity in the global steel sector
which is putting pressure on operator’s profitability. This is the effect of
European Sovergien debt crisis which reduced confidence in the marketplace in
the later half of 2011, putting a halt on investments into largescale
infrastructure projects in Europe, and reducing availability of capital for
growth. The world steel demand achieved a solid growth of 5.6 percent in 2011,
whereas world crude steel production has reached 1,527 million tons in 2011 compared
to that of 1,414 million tons in 2010. It reflects an increase of 6.8 percent
increase in production compared to that of 2010 which exceeds the consumption
being 5.2 percent compared to 2010. In 2011, according to World Steel
Association, global steel consumption has risen by 6 percent and is estimated
to increase by approximately 5 percent to reach 1.4 billion tones in 2012.
STEEL CAPACITY
UTILIZATION:
World economic
slowdown had its effect of Steel sector making it vulnerable to production cuts
and capacity outages. European Nations like France and Italy were one of the
worst to be impacted with their idle capacity of 33% and 24% respectively;
while emerging economies such as China and India were on the lowest side with
high capacity utilization during the year. According to the World Steel
Association, total production of steel for the 62 countries reporting to the
World Steel Association was 128 million tonnes (Mt) in April 2012, an increase
of 1.2% compared to April 2011. All the major steel producing countries
registered a positive growth in production.
The world crude
steel capacity utilization ratio for the 62 countries in April 2012 remained
nearly unchanged at 81.1% compared to March 2012. It was 1.7 percentage points
lower compared to April 2011.
INDIAN STEEL INDUSTRY:
Steel industry is
vital for overall economic development of every nation as it is one of the core
sectors. India is the largest producer of sponge iron in the world. Barring
year 2008-09 due to worldwide recession, steel industry has delivered robust
growth with a growth rate of 8.9%. With the introduction of new reforms, India
though welcomed world steel majors; however their projects after hitting
several road blockades are yet to generate output. The steel sector contributes
to nearly 2 percent in the GDP and employs over 5 lakh people.
India ranked as
the fourth largest producer of crude steel in the world during January-December
2011 after China, Japan, and the USA. After a sharp increase in world
consumption of finished steel in 2010 (15 per cent), the consumption is
estimated to slow down to 6.5 per cent for 2011 and 5.4 per cent in 2012 as per
World Steel Association estimates. The Country has also been the largest sponge
iron producer in the world since 2002. The increase in production is driven by
8.8 per cent growth in crude steel capacity mainly in the private-sector
plants.
The Indian Steel
Industry has diversified its product mix to include sophisticated value-added
steel used in the automotive sector, heavy machinery and physical
infrastructure. Despite the softening of industrial demand as reflected in a
4.4 per cent growth in real consumption of total finished steel during
April–December, 2011 over the same period of last year, the overall
April-December 2011 performance of the Indian Steel Industry is optimistic.
Indian Steel
Industry is highly consolidated with majority of crude steel being resident
with integrated steel producers, majority of which are located in Eastern
India. But the changing ratio of hot metal and crude steel production indicates
a presence of secondary steel producers manufacturing steel through scrap route
and enhancing their dependence of imported raw material.
In 2011, it was
faced with stiff challenges posed by rising inflationary pressures at home and
deteriorating global growth conditions. The multiple hikes in interest rates by
the central bank also impacted the industry’s growth directly and indirectly
through their effect on the growth of key user industries. Raw material security
(e.g. getting iron ore mining lease), infrastructure (affecting logistics and
transport), quality of coking coal, and uncertainties in land acquisition have
emerged as bottlenecks to setting up new steel plants.
STEEL OUTLOOK:
The Steel Industry
despite bearing burnt of global slowdown and variation in demand and supply has
grown at sound pace India has reached 4th rank among the steel producing
nations. The Industry is expected to exhibit an improved performance in
2012-13. The New Industrial policy opened up the Indian Iron and Steel Industry
for private investment by removing it from the list of industries reserved for
public sector and exempting it from compulsory licensing. Imports of foreign
technology as well as foreign direct investment are now freely permitted up to
certain limits under an automatic route.
(I) STEEL
Crude steel
capacity was 89 mt in 2011- 12 (prov) and India, the 4th largest producer of
crude steel in the world, has to its credit, the capability to produce a
variety of grades and that too, of international quality standards. The country
is expected to become the 2nd largest producer of crude steel in the world by
2015-16, provided all requirements for creation of fresh capacity are
adequately met.
(II) PIG IRON
India is also an
important producer of pig iron. With setting up several units in the private
sector, not only imports have drastically reduced but also India has turned out
to be a net exporter of pig iron. The private sector accounted for 91% of total
production for sale of pig iron in the country in 2011-12 (provisional). The
production of pig iron has increased from 1.6 mt in 1991-92 to 5.78mt in
2011-12 (provisional).
(III) SPONGE IRON
India is the
world’s largest producer of sponge iron with a host of coal based units,
located in the mineral-rich states of the country. Over the years, the coal
based route has emerged as a key contributor and accounted for 76% of total
sponge iron production in the country (20.37 mt in 2011-12; prov.). Capacity in
sponge iron making too has increased over the years and stands at around 35 mt.
On a dressing
note, the Supreme Court’s ban on the iron ore mining in the primary district of
Bellary in Karnataka since July, 2011 has affected the Steel Sector. However
supply of primary raw material from other states has enabled steel operators in
operation of steel plants. The silver lining for the industry is to initiate
increase in per capita consumption, without being largely affected by global
economic slowdown. The factors like investment in infrastructure, which is
nearly a trillion in 12th five year plan, growing rural markets, rise in
population and government efforts will define growth of Indian Steel Industry
in the coming years.
Besides this,
Government’s decision of increasing duty on the iron ore exports has charged up
the domestic steel companies, as export of this raw material had heated up its
cost. Achievement of self sufficiency in iron ore production has also boosted
the morale of companies who are now looking forward for inventing
technologically upgraded steel plant which can deliver similar output with
usage of iron fines and non-coking coal, which is widely available.
CONTINGENT LIABILITIES:
|
Particulars |
30.06.2012 [15 Months] |
31.03.2011 [12 Months] |
|
|
Rs.
in Millions |
|
|
a) Claims
against the Company not acknowledged as debts |
|
|
|
i) Excise and Service Tax Demands under dispute/appeal |
353.693 |
381.203 |
|
ii) Sales Tax / VAT matters under dispute /appeal |
1155.259 |
19.503 |
|
iii) Others |
0.000 |
4.474 |
|
b) Letters of Credit, Bills discounted and Bank Guarantees outstanding |
1153.370 |
443.517 |
|
c) Custom Duty on Import of Equipment and spare parts under EPCG
Scheme |
226.613 |
94.535 |
|
d) Guarantees and
Counter guarantees given by the Company for loans obtained by subsidiary company |
450.000 |
450.000 |
|
e) Guarantee given for Joint Venture Companies |
141.246 |
141.246 |
|
TOTAL |
3480.181 |
1534.478 |
FIXED ASSETS:
- Railway
Siding
- Plant and
Machinery
- Electrical
Installation
- Furniture and
Fixtures
- Office
Equipment
- Vehicles
UNAUDITED FINANCIAL RESULTS
FOR THE FIRST QUARTER AND SIX MONTHS ENDED ON 31ST DECEMBER, 2012
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Six
Months Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
4904.190 |
5234.595 |
10138.785 |
|
|
Other Operating
Income |
79.597 |
78.599 |
158.196 |
|
|
Total Income |
4983.787 |
5313.194 |
10296.981 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of
materials consumed |
3371.146 |
4132.247 |
7534.432 |
|
|
Purchase
of stock in trade |
11.897 |
3.675 |
15.572 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
668.016 |
159.835 |
827.851 |
|
|
Employee
benefits expenses |
164.510 |
162.829 |
327.339 |
|
|
Depreciation
and amortization expenses |
280.470 |
280.064 |
560.534 |
|
|
Power
and fuel |
437.525 |
386.666 |
824.191 |
|
|
Other
expenses |
748.211 |
712.437 |
1429.609 |
|
|
Total Expenses |
5681.775 |
5837.753 |
11519.528 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(697.988) |
(524.559) |
(1222.547) |
|
|
|
|
|
|
|
4. |
Other
Income |
61.033 |
63.545 |
124.578 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
(636.955) |
(461.014) |
(1097.969) |
|
|
|
|
|
|
|
6. |
Interest |
515.708 |
632.957 |
1148.665 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(1152.663) |
(1093.971) |
(2246.634) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(1152.663) |
(1093.971) |
(2246.634) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
(450.754) |
(299.203) |
(749.957) |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(701.909) |
(794.768) |
(1496.677) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(701.909) |
(794.768) |
(1496.677) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
637.776 |
637.711 |
637.776 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(11.01) |
(12.46) |
(23.47) |
|
|
b) Basic
and diluted EPS after extraordinary items |
(11.01) |
(12.46) |
(23.47) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
30561091 |
30591366 |
30561091 |
|
|
-
Percentage of Shareholding |
47.92 |
47.96 |
47.92 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
30782233 |
30782233 |
30782233 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
92.66 |
92.75 |
92.66 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
48.26 |
48.26 |
48.26 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
2438162 |
2407887 |
2438162 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
7.34 |
7.25 |
7.34 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
3.82 |
3.78 |
3.82 |
|
Particulars |
3 Months ended on 31.12.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
STANDALONE STATEMENTS OF ASSETS AND
LIABILITIES
|
PARTICULARS |
31.12.2012 [Rs. In Millions] |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
637.776 |
|
Reserve & surplus |
4845.552 |
|
Money Received Against Warrants |
250.925 |
|
Sub-total
- Shareholders' funds |
5734.253 |
|
Non - current liabilities |
|
|
Long term borrowings |
16747.720 |
|
Deferred tax liability (net) |
0.000 |
|
Sub-total
- Non-current liabilities |
16747.720 |
|
Current liabilities |
|
|
Short term borrowings |
5127.870 |
|
Trade payables |
8737.181 |
|
Other current liabilities |
3059.756 |
|
Short term provisions |
52.067 |
|
Sub-total
- Current liabilities |
16976.874 |
|
|
|
|
Total -
Equity & Liabilities |
39458.847 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
21296.637 |
|
Non-current investment |
809.710 |
|
Long term loans & advances |
1197.783 |
|
Deferred tax assets (net) |
566.905 |
|
Other non-current assets |
36.071 |
|
Sub-total
- Non-current Assets |
23907.106 |
|
Current
assets |
|
|
Inventories |
5535.642 |
|
Trade receivables |
6632.447 |
|
Cash & bank balances |
343.322 |
|
Short term loans & advances |
1657.790 |
|
Other current assets |
1282.540 |
|
Sub-total
- Current Assets |
15451.741 |
|
|
|
|
Total –
Assets |
39458.847 |
NOTES:
1. The above results have been reviewed by the Audit Committee and subsequently approved and taken on record by the Board of Directors of the Company in their respective meetings held on Tuesday, 12th February 2013.
2. Limited review of the Unaudited Standalone Financial Results for the quarter ended 31st December, 2012 has been carried out by the joint statutory auditors of the Company.
3. The auditors in their limited review report for quarter ended 30th September, 2012 have expressed their inability to comment on the possible consequential effect of the search and seizure operation carried out by the income tax department on 9th June, 2011. The company expects that the above issue is likely to be resolved favourable and no further liability will accrue.
4. A) The corporate debt restructuring empowered group (CDR EG) has approved a debt restructuring package on 20th September, 2012. Pursuant to the above, effect of interest reversal has been given in these financial results only for those banks who have implemented the same, resulting in net reversal of Rs.180.711 Millions pertaining to earlier periods, which have been reduced from the finance costs of the current quarter.
B) Further in terms of the aforesaid restructuring scheme, the company has received application money
towards warrants from promoter group companies to be allotted on preferential basis at a price of Rs.50/-
per warrant. Each warrant shall be converted into one equity share of Rs.10/- each at a premium of Rs.40/-
per equity share within a period of 18 months from the date of allotment of such warrants.
5. As the previous accounting year was of 15 months, the figures for the corresponding six months ended 31st December, 2011 are derived by aggregating the figures for the quarters ended 30th September, 2011 and 31st December, 2011.
6. The Company is mainly engaged in production of iron, steel and allied products and providing services in India. Hence, it operates in one business segment. Accordingly, no further disclosure is required under Accounting Standard 17 - Segment Reporting, notified in Companies (Accounting Standards) Rules, 2006.
1.
Previous period figures are regrouped /
restated, wherever necessary.
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.54.40 |
|
|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.