MIRA
INFORM REPORT
|
Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
JAYASWAL NECO INDUSTRIES LIMITED (w.e.f November 2007) |
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|
|
|
Formerly Known
As : |
JAYASWAL NECO LIMITED |
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Registered
Office : |
F - 8, M.I.D.C. Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.11.1972 |
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Com. Reg. No.: |
11-016154 |
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Capital
Investment / Paid-up Capital : |
Rs.4971.762
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1972PLC016154 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPJ00957F |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACJ3174F |
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|
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturer and Supplier of Centrifugal Cast iron Pipe and Fitting, Centrifugal Cast Iron Hubless Pipe and Fitting, Sand Cast Iron Pipe and Fitting, Cast Iron and Ductile Iron Manhole Covers, Frames and Gratings. |
|
|
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 72000000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company having a satisfactory track record. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
08.08.2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3 (Short Term Rating) |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk. |
|
Date |
08.08.2013 |
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.
INFORMATION DENIED
Management Non Cooperative. (91-7104-237276)
LOCATIONS
|
Registered Office : |
F - 8, M.I.D.C. Industrial Area, Hingna Road, Nagpur – 440 016,
Maharashtra, India |
|
Tel. No.: |
91-7104-237276 / 237472 / 237471 / 236251 |
|
Fax No.: |
91-7104-237583 / 236255 |
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E-Mail : |
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Website : |
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Factory : |
Steel Plant Division: ·
Siltara Growth Centre, Raipur, District
Raipur-493221, Chhattisgarh, India Tel.
No.: 91-771-3098927 ·
Gare Palma IV/4 and IV/8 Coal Block, Mand Raigarh
Coal Field, Raigarh, Chhattisgarh, India Centricast
Division: · MIDC Area, Hingna Road, Nagpur, Maharashtra, India Automotive Castings Division: · MIDC Area, Hingna Road and Butibori, Nagpur, Maharashtra, India Construction
Castings Division: ·
Light Industrial Area, Bhilai and Anjora, , Chhattisgarh,
India Castings Divisions: · Plot No. F-8 and F-8/1, MIDC Industrial Area, Nagpur, Maharashtra, India · Plot No. T-41/42, MIDC Industrial Area, Nagpur, Maharashtra, India · Village Ruikhairi, Wardha Road, Butibori, Nagpur, Maharashtra, India · 105, Light Industrial Area, Bhilai, District Durg, Chhattisgarh, India ·
Thanod Road, Anjora, District Rajnandgaon,
Chhattisgarh, India |
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Branch Office : |
Located at:
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DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Basant Lall Shaw |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
03.08.1933 |
|
Qualification : |
B.Com |
|
Experience : |
Associated with Iron
and Steel business for over 52 years. Instrumental in setting up 1 MTPA
Integrated Steel Plant in Raipur and other units in the Group in India and
Abroad. Founder and Chairman of Neco Group of Industries |
|
Date of Appointment : |
28.11.1972 |
|
Other Directorship: |
·
Maa Usha Urja Limited ·
NSSL Limited ·
Neco Heavy Engineering and Castings Limited ·
Neco Ceramics Limited ·
Jayaswal Holdings Private Limited ·
Deify Infraprojects Private Limited ·
Jayaswal Neco Urja Limited |
|
|
|
|
Name : |
Mr. B K Agrawal |
|
Designation : |
Director |
|
Date of Birth/Age : |
28.01.1949 |
|
Qualification : |
M. Com. FCA |
|
Experience : |
Practicing Chartered Accountant for over 36 years. Possesses sound knowledge of Accounting, Auditing, Taxation and Corporate Advisory |
|
Date of Appointment : |
10.08.1994 |
|
Other Directorship: |
· Agrawal Plantations Private Limited · Bamhni Agro-tech Private Limited · Suraburdi Resorts Private Limited · Suraburdi Estate Private Limited |
|
|
|
|
Name : |
Mr. M M Vyas |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.10.1942 |
|
Qualification : |
B.Sc. |
|
Experience : |
Experience in administration, Export Marketing & Liasoning with Govt. Agencies, Institutions and Banks for over 34 yrs. Associated with Business in Iron and Steel Casting and fittings over 23 yrs. |
|
Date of Appointment : |
26.02.1998 |
|
Other Directorship: |
Steel and Tube Exports Limited |
|
|
|
|
Name : |
Mr. P K Bhardwaj |
|
Designation : |
Executive Director and CFO |
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|
|
|
Name : |
Mr. Nirmit Ved |
|
Designation : |
Director (Exim Bank Nominee) |
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|
|
|
Name : |
Mr. S K Sachdev |
|
Designation : |
Director (IDBI Bank Nominee) |
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|
|
|
Name : |
Mr. Ramesh Jayaswal |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
02.02.1960 |
|
Qualification : |
B.Com |
|
Experience : |
Associated with
Iron and Steel business for over 24 years. Looks after the implementation of
new projects and other allied matters. |
|
Date of Appointment : |
05.03.1983 |
|
Other Directorship: |
·
Maa Usha Urja Limited ·
NSSL Limited ·
Terra Projects Limited ·
Jayaswal Holdings Private Limited ·
Neco Heavy Engineering and Castings Limited ·
Deify Infrastructures Limited ·
Jayaswal Neco Urja Limited |
|
|
|
|
Name : |
Mr. Arbind Jayaswal |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. A D Karajgaonkar |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3561470 |
0.72 |
|
|
340268151 |
68.44 |
|
|
343829621 |
69.16 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
343829621 |
69.16 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
14306435 |
2.88 |
|
|
679086 |
0.14 |
|
|
8552 |
0.00 |
|
|
334953 |
0.07 |
|
|
52745 |
0.01 |
|
|
15381771 |
3.09 |
|
|
|
|
|
|
92844557 |
18.67 |
|
|
|
|
|
|
23441770 |
4.71 |
|
|
20326339 |
4.09 |
|
|
1359405 |
0.27 |
|
|
649373 |
0.13 |
|
|
710032 |
0.14 |
|
|
137972071 |
27.75 |
|
Total Public shareholding (B) |
153353842 |
30.84 |
|
Total (A)+(B) |
497183463 |
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) |
497183463 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Centrifugal Cast iron Pipe and Fitting, Centrifugal Cast Iron Hubless Pipe and Fitting, Sand Cast Iron Pipe and Fitting, Cast Iron and Ductile Iron Manhole Covers, Frames and Gratings. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · Punjab National Bank · Union Bank of India · State Bank of Travancore · Oriental Bank of Commerce · ICICI Bank Limited · IDBI Bank Limited · State Bank of Bikaner and Jaipur · Central Bank of India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors 1 : |
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|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
|
|
Auditors 2 : |
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|
Name : |
Agrawal Chhallani and Company Chartered Accountants |
|
Address : |
Nagpur, Maharashtra, India |
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|
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Subsidiary: |
Jayaswal Neco Urja Limited |
|
|
|
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Associate
Companies: |
Maa Usha Urja Limited |
|
|
|
|
Other Related
Parties: |
· Abhijeet Infrastructure Limited · AMR Iron and Steel Private Limited · Neco Heavy Engineering and Castings Limited · Neco Mining Company Limited · Neco Ceramics Limited Steel and Tube Exports Limited · NSSL Limited Corporate Ispat Alloys Limited · North Karnapura Coal Company Limited · Jayaswal Neco Power Holding Company Limited · Deify Infrastructures Limited · Jayaswal Holdings Private Limited · Jayaswal Neco Metallics Private Limited · Anurag Sales and Services Private Limited · Apex Spinning Mills Private Limited · Karamveer Impex Private Limited · Avon Sales and Services Private Limited · Nine Star Plastic Packing Service Private Limited · Jyotikant Investments Private Limited · Vibrant Electronics Limited · Jayaswal Neco Infrastructures Private Limited · Jayaswal Neco Energy Private Limited · Jayaswal Neco Steel and Mining Limited · Jayaswal Neco Power Private Limited · Parivar Food Industries Private Limited · Terra Infra Development Limited · Abhijeet Ferrotech Limited · Nagpur Scrap Suppliers Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
497183463 |
Equity Shares |
Rs.10/- each |
Rs.4971.834
Millions |
|
|
Less: Allotment Money Unpaid (from other than Directors) |
|
Rs.0.072
Millions |
|
|
Total |
|
Rs.4971.762 Millions |
Reconciliation of Equity Shares
outstanding at the beginning and at the end of the year
|
PARTICULARS |
No. of Shares |
Amount |
|
Shares outstanding at the beginning of year |
359,683,463 |
3596.834 |
|
Add: Shares issued during the year on Preferential Basis |
137,500,000 |
1375.000 |
|
|
|
|
|
Shares
outstanding at the end of year |
497,183,463 |
4971.834 |
Details of Shareholders, holding more than 5% shares of the Company
|
Name of Shareholders |
No. of Share
held |
Percentage to
Capital |
|
Jayaswal Holdings Private Limited |
43,978,951 |
8.85 |
|
Karamveer Impex Private Limited |
39,069,000 |
7.86 |
|
Nine Star Plastic Packaging Services Private Limited |
36,974,600 |
7.44 |
|
Jayaswal Neco Metallics Private Limited |
32,790,500 |
6.60 |
|
Avon Sales and Services Private Limited |
30,815,000 |
6.20 |
|
Jayaswal Neco Energy Private Limited |
31,312,000 |
6.30 |
|
Jayaswal Neco Power Private Limited |
29,722,500 |
5.98 |
|
Anurag Sales and Services Private Limited |
30,091,000 |
6.05 |
|
Apex Spining Mills Private Limited |
26,559,600 |
5.34 |
· 123776856 shares were allotted in the last five years pursuant to various schemes of Amalgamation and Arrangement without payment being received in cash.
Rights of Equity
Shareholders
The Company has only one class of equity shares having a face value of Rs. 10/- per share. Each shareholder is eligible for one vote per share held. In the event of liquidation of the Company, the equity shareholders will be entitled to receive any of remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholder.
During the financial year 2010-11, the Board of Directors
has approved the Scheme of Arrangement (“the Scheme”) under sections 391-394 of
the Companies Act, 1956, between the Company and Corporate Ispat Alloys Limited
(“CIAL”) providing for demerger of Steel Division of CIAL for the purpose of
its merger with the Company with effect from 1st April, 2008. Necessary
approvals from the Stock Exchanges under clause 24(f) of the Listing Agreement
have been received. The Company has in compliance of the order of the High
Court held meetings of Shareholders and Creditors of the Company on 20th April,
2012. The shareholders have unanimously approved the scheme. The creditors'
meeting has been adjourned at the request of the creditors present. On
obtaining the required statutory approvals and sanctions of the High Courts,
and the Scheme coming into force, the Company shall issue 3,26,49,600 fully
paid-up Equity Shares of Rs. 10/- each to the eligible shareholders of CIAL in
the ratio of 114 Equity Shares of the Company for every 10 Equity Shares held
by them in CIAL as on the record date.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4971.762 |
3596.762 |
2508.537 |
|
(b) Reserves & Surplus |
13093.078 |
8681.604 |
4883.029 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
18064.840 |
12278.366 |
7391.566 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
14411.367 |
10977.102 |
5230.908 |
|
(b) Deferred tax liabilities (Net) |
1606.707 |
1422.841 |
1191.292 |
|
(c) Other long term liabilities |
1.685 |
8.394 |
2205.077 |
|
(d) long-term provisions |
269.495 |
78.233 |
78.233 |
|
Total Non-current Liabilities (3) |
16289.254 |
12486.570 |
8705.510 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7770.145 |
4288.953 |
5427.924 |
|
(b) Trade payables |
3578.579 |
3427.328 |
3578.002 |
|
(c) Other current
liabilities |
2831.674 |
2550.858 |
2221.093 |
|
(d) Short-term provisions |
511.664 |
419.296 |
423.724 |
|
Total Current Liabilities (4) |
14692.062 |
10686.435 |
11650.743 |
|
|
|
|
|
|
TOTAL |
49046.156 |
35451.371 |
27747.819 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12175.921 |
11329.832 |
10635.858 |
|
(ii) Intangible Assets |
424.362 |
248.857 |
285.432 |
|
(iii) Capital
work-in-progress |
9516.801 |
5503.693 |
1380.065 |
|
(iv)
Intangible assets under development |
848.951 |
698.862 |
546.799 |
|
(b) Non-current Investments |
0.001 |
137.056 |
0.256 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12292.886 |
5511.869 |
5135.024 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
35258.922 |
23430.169 |
17983.434 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
143.517 |
4.185 |
1.668 |
|
(b) Inventories |
8018.506 |
6938.966 |
5577.715 |
|
(c) Trade receivables |
3018.541 |
2907.863 |
2568.744 |
|
(d) Cash and cash
equivalents |
1513.030 |
1080.138 |
726.382 |
|
(e) Short-term loans and
advances |
1093.640 |
968.576 |
889.876 |
|
(f) Other current assets |
0.000 |
121.474 |
0.000 |
|
Total Current Assets |
13787.234 |
12021.202 |
9764.385 |
|
|
|
|
|
|
TOTAL |
49046.156 |
35451.371 |
27747.819 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
25492.423 |
25904.942 |
22614.401 |
|
|
|
Other Income |
117.807 |
155.030 |
193.970 |
|
|
|
TOTAL (A) |
25610.230 |
26059.972 |
22808.371 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
15584.875 |
16375.590 |
|
|
|
|
Purchase of Stock in Trade |
546.027 |
203.432 |
|
|
|
|
Changes in Inventories of Finished Goods and Work in Progress |
(675.022) |
(508.612) |
|
|
|
|
Employee Benefits Expense |
1274.912 |
1191.354 |
|
|
|
|
Other Expenses |
5618.137 |
5319.198 |
|
|
|
|
TOTAL (B) |
22348.929 |
22580.962 |
19098.273 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3261.301 |
3479.010 |
3710.098 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1806.214 |
1766.406 |
1385.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1455.087 |
1712.604 |
2324.119 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
966.836 |
865.931 |
843.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
488.251 |
846.673 |
1480.774 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
201.777 |
308.677 |
499.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
286.474 |
537.996 |
981.512 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2525.061 |
1986.988 |
1005.400 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED FROM
REVALUATION RESERVE |
0.076 |
0.077 |
0.076 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2811.611 |
2525.061 |
1986.988 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
118.428 |
73.101 |
106.378 |
|
|
|
Recovery of Freight |
3.028 |
1.843 |
1.547 |
|
|
TOTAL EARNINGS |
121.456 |
74.944 |
107.925 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4111.479 |
3858.532 |
3057.644 |
|
|
|
Stores & Components |
106.240 |
40.619 |
94.691 |
|
|
|
Traded Goods |
0.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
61.596 |
524.000 |
1.493 |
|
|
TOTAL IMPORTS |
4279.315 |
4423.151 |
3153.828 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
0.73 |
1.95 |
3.94 |
|
|
|
Diluted |
0.66 |
1.95 |
3.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
|
|
|
|
Net Sales |
6844.100 |
|
Total Expenditure |
6022.700 |
|
PBIDT (Excl OI) |
821.400 |
|
Other Income |
31.600 |
|
Operating Profit |
853.000 |
|
Interest |
403.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
450.000 |
|
Depreciation |
248.200 |
|
Profit Before Tax |
201.800 |
|
Tax |
151.700 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
50.100 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
50.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.12
|
2.06 |
4.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.92
|
3.27 |
6.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.26
|
2.91 |
5.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.07 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.23
|
1.24 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94
|
1.12 |
0.84 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Deferral (Under Package Scheme of Incentives) |
338.576 |
272.044 |
|
Long term maturities of finance lease obligations |
32.217 |
58.376 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate
Deposits taken from |
|
|
|
Related party |
627.242 |
58.268 |
|
Others |
184.940 |
224.500 |
|
Buyer's Credits |
20.361 |
16.734 |
|
Suppliers Credits * |
2375.606 |
0.000 |
|
Total |
3578.942 |
629.922 |
|
* Includes Rs.1615.317 Millions (Previous Year Rs. NIL ) relating to Capital Goods to be paid out of Term Loans |
||
FINANCIAL
PERFORMANCE:
The Members may be pleased to note that despite falling sales realizations and other unfavourable market conditions, the Company has maintained the overall gross turnover level for the year under review. The gross Turnover of the Company for the year is Rs. 28545.200 Millions against Rs. 28567.100 Millions in the previous year. Major contributors to retain the Turnover at previous year's level are larger volumes of production and sales of Billets and Rolled Products in Steel Plant Division. It would have been higher but for the suspension of operations in Steel Plant Division for some time on account of scheduled Capital Repairs and unprecedented heavy rains. In addition, recessionary pressures especially in automotive component industry resulting into lower off-takes and longer credit periods, added to the wooes.
Higher other expenses on account of capital repairs, equipment hire charges, freight etc. and depreciation impacted the profitability of the Company leaving the Net Profit for the year at Rs. 286.500 Millions as compared to Rs. 538.000 Millions of the previous year.
During the year, the Networth of the Company has jumped to Rs. 18060.000 Millions from Rs. 12280.000 Millions in the previous year, mainly on account of preferential issue of shares and consequent accretion to Securities Premium account. Segment wise performance for the year under review is as under.
STEEL PLANT DIVISION:
Considering the market scenario, overall performance of this Division during the year was satisfactory Despite falling prices of steel, closure of operations for about 3 weeks, the production and sales have been maintained at the same level as the previous year. Overall Segment revenue in this division was Rs. 23880.000 Millions as compared to Rs. 23590.000 Millions in the previous year. Arising out of focus on production of value added Steel Billets, intermediaries and Finished Rolled products demanding more captive usage of Hot Metal, there is scale down in the production and sale of Pig Iron and skull. The total sales turnover from the Billets and Rolled Products is higher by 8% as compared to that in the previous year. During the year, sinter plant as well as the existing and new Coke Oven plants gave a good support and the Division made the highest possible use of the sinters and met coke produced in the captive plants that helped control the costs of materials consumed.
CASTINGS DIVISION:
Overall Sluggish market demand affected the Iron and Steel Castings Division of the Company also. Consequently, the production in Casting Division of the Company was lower by 28% as compared to previous
year's level. Gross turnover of this division was lower by about 10% when compared to the previous year.
The Division continues to focus on higher productivity, cost optimization and high quality of castings which are the key drivers for maintaining the market share in this business. With the augmentation of improved machineries and upgraded processes, new High Pressure Moulding Line which will be commissioned soon at Automotive Castings Division, the production and sales of the Division are expected to go up in the near future.
PROJECTS:
As the Members are aware, the Company with a view to optimize costs and explore its potential in finished steel making in the long product segment, is in the process of setting up of further various facilities including Mining under its Steel Plant Division in the State of Chhattisgarh and Jharkhand. The Company has also undertaken need based additional revamping and modification schemes to achieve smooth operations of some of the existing facilities at Raipur and enhancement in the capacity of the Automotive Casting Division at Nagpur. Briefly, the status of various projects under implementation is as under:
INTEGRATEDSTEEL PLANT
PROJECT:
The Facilities being implemented as a part of this Project are as follows:-
Steel Melt Shop and
Rolling Mill:
This is Company's one of the key value added projects. On becoming fully operational the Company's enhanced capacity for Steel Melt Shop and Rolling Mill will be 7.10 Lacs MTPA and 7.50 Lacs MTPA respectively. The Company would be in a position to produce Alloy Steel Bars and Rods for Automotive Components/ industrial uses and medium structurals for Transmission Line Towers and Industrial / Housing Applications.
The EPC Contract for the project has been awarded. All the statutory approvals for the project have been received. The Construction of the Project is in advanced stage. Orders for critical equipments and other supplies have been placed with reputed international and national vendors and deliveries of the major equipments have already started.
Coal and Iron Ore
Mines Development:
This part of the project is aimed at development and expansion of Coal Mines at Gare Palma IV/4 Non Coking Coal Block for expansion in capacity from 4.80 Lacs MTPA to 10.00 Lacs MTPA, development of Gare Palma IV/8 Non Coking Coal Block, setting up of 18 Lacs MTPA Coal washery at Raigarh and the Iron Ore Mines at Laindongri and Devpura in Chhattisgarh. Requisite clearances from the concerned statutory authorities are being organized concurrently and the development and the implementation work is under progress. EPC Contract for this Project also has been awarded.
Sponge Iron and Power
Plant:
The Company is implementing this project comprising of 3.0 Lacs MTPA DRI/ Sponge Iron Plant, 50MW Waste Heat Recovery and Coal Fired Boiler bassed Power Plants in Bilaspur district. This is a Green field Project. Land acquisition and procurement activities are in process. EPC contract for the project has been awarded. Most of the statutory clearances for this project have been received. Overall, the Integrated Steel Plant Project is facing some time delays due to delays in regulatory approvals, land acquisition and other external issues which are beyond the control of the Company. However, the Company is committed and confident to commission the project at the earliest.
OUTLOOK:
As per official estimates Indian GDP is expected to grow at 6.40% in FY 2013-14. However, analysts have scaled down the GDP forecasts for FY 13-14 to 5.5% mainly due to marginal growth in Mining and manufacturing sectors resulting into poor growth in IIP. Indian steel demand is also expected to track GDP growth supported by some easing in the interest rate cycle, and consequent push in demand of the automotive and auto components sector. Regulatory authorities are faced with a daunting taask to contain spiraling inflation, weakening rupee against major foreign currencies, Law and order problems, stringent regulatory procedures and political pressures which culminate into disruption of the various industrial activities. With the additional capacities being created by the Company in finished steel making in the long products segment, adoption of various austerity measures and other efforts; the Company is trying to sustain in such adverse conditions.
On captive Iron Ore and Coal Mines and other expansion projects becoming fully operational, your Company is slated to become one of the lowest cost players in Integrated Steel Plant category in the Country.
With the release of macroeconomic data it is seen that the growth in real estate sector has not shown much improvement, The Government is trying to give push to the Infra sector by removing the hurdles in their implementation which could eventually push growth in Private Investment and Capital Goods sector.
CONTINGENT
LIABILITIES:
(Rs. in Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Guarantees given by the Company's Bankers. (Bank guarantees are provided under contractual/legal obligation) |
363.726 |
283.436 |
|
Corporate Guarantee (Given to Banks against the borrowings taken by one of the associate Company) |
118.100 |
118.100 |
|
Demands not acknowledged as debts |
|
|
|
i) Disputed Excise Duty and Service Tax |
283.081 |
272.449 |
|
ii) Disputed Sales Tax |
421.888 |
297.185 |
|
iii) Disputed Customs Duty (Relating to cess on Metallurgical Coke) |
81.295 |
78.730 |
|
Other Disputed Demands (Mainly related to demand of Cess on Power, Electricity Duty and Stamp Duty.) |
579.810 |
168.091 |
|
Third Party Claims (Matters are pending before various forum) |
42.069 |
40.721 |
|
Liability in respect of Bills Discounted |
1255.055 |
1432.371 |
|
Letters of credit opened in favour of suppliers (Cash flow is expected on receipt of material from suppliers) |
5817.118 |
4163.426 |
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER ENDED 30.06.2013
(Rs. in Millions)
|
|
PARTICULARS |
3 Months ended |
|
|
|
30.06.2013 |
|
|
|
Unaudited |
|
1. |
Income from Operations |
|
|
|
a) Net sales/income from operations (Net of excise
duty and Service Tax) |
6843.700 |
|
|
b) Other operating income |
0.040 |
|
|
Total Income from Operations (Net) |
6844.100 |
|
2. |
Expenses |
|
|
|
a) Cost of materials consumed |
3950.500 |
|
|
b) Purchases of stock-in-trade |
58.900 |
|
|
c) Changes in inventories of finished goods and
work-in-progress |
337.000 |
|
|
d) Employee benefits expenses |
322.100 |
|
|
e) Depreciation and amortisation expense |
248.200 |
|
|
f) Exchange difference (Net) |
80.900 |
|
|
g) Other expenses |
1273.300 |
|
|
Total Expenses |
6270.900 |
|
3. |
Profit from Operations before Other Income, Finance
Costs & |
|
|
|
Exceptional Items (1-2) |
573.200 |
|
4. |
Other income |
31.600 |
|
5. |
Profit from Ordinary Activities before Finance Costs
& |
|
|
|
Exceptional Items (3+4) |
604.800 |
|
6. |
Finance costs |
403.000 |
|
7. |
Profit from Ordinary Activities after Finance Costs
but before |
|
|
|
Exceptional Items (5-6) |
201.800 |
|
8. |
Exceptional items |
- |
|
9. |
Profit from Ordinary Activities before tax (7-8) |
201.800 |
|
10. |
Tax expense |
|
|
|
Current tax |
83.500 |
|
|
MAT credit entitlement |
- |
|
|
Deferred tax liability |
68.200 |
|
11. |
Net Profit from Ordinary Activities after tax (9-10) |
50.100 |
|
12. |
Extraordinary items (Net of tax expenses) |
- |
|
13. |
Net Profit for the period (11 + 12) |
50.100 |
|
|
|
|
|
14. |
Paid-up equity share capital |
4971.800 |
|
|
(Face Value per share : Rs. 10/-) |
|
|
15. |
Reserves excluding Revaluation Reserves as per the
audited balance sheet of previous years |
|
|
16. |
Earning Per Share
(before and after extraordinary items) (of Rs.10 each) (not annualised) |
|
|
|
a) Basic |
0.10 |
|
|
b) Diluted |
0.10 |
SELECT INFORMATION FOR THE QUARTER ENDED 30.06.2013
|
|
PARTICULARS |
3 months ended |
|
|
|
30.06.2013 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
153353842 |
|
|
- Percentage of shareholding |
30.84% |
|
2 |
Promoters and
Promoter group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- Number of shares |
8927000 |
|
|
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
2.60% |
|
|
- Percentage of Shares (as a % of the total share capital of the company) |
1.80% |
|
|
b) Non – Encumbered |
|
|
|
- Number of shares |
334902621 |
|
|
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
97.40% |
|
|
- Percentage of Shares (as a % of the total share capital of the company) |
67.36% |
|
|
|
|
|
|
PARTICULARS |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed off during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1. The above results have been reviewed by Audit Committee and approved and taken on record by the Board of Directors at its Meeting held on 12th August, 2013.
2. The statutory auditors of the Company have carried out a Limited Review of the results for the quarter ended 30th June, 2013 in accordance with clause 41 of the listing agreement.
3. With respect to the Scheme of Arrangement ("the Scheme") under section 391-394 of the Companies Act, 1956, between the Company and Corporate Ispat Alloys Limited ("CIAL") providing for merger of the Steel Division of CIAL with effect from 1st April, 2008, the Company has filed petition before the Hon'ble High Court for sanction of the scheme. On obtaining the required statutory approvals and sanctions of the High Courts, and the Scheme coming into force, the Company shall issue 3,26,49,600 Equity Shares of Rs. 10A-each credited as fully paid up to the eligible shareholders of CIAL as on the Record Date.
4. The Company's Project for enhancement of Iron and Steel making capacities of its Integrated Steel Plant, Captive Power Plants, Coal Washeries and developing its Coal and Iron Ore Mines in Chhattisgarh is facing some time delays on account of external issues beyond its control. However, the Projects for implementation of 1.2 MTPA Pellets Plant at Raipur, Debottlenecking and augmentation of its facilities at Raipur and Nagpur are progressing as per schedule. The delivery of major portion of the critical equipments is done and the Company is confident and committed to commission the projects at the earliest.
5. The above results are prepared in accordance with the recognision and measurement principles laid down in the Accounting Standard 25 ( AS 25- Interim Financial Reporting ) as those followed in previous year. The figures for the corresponding previous periods have been restated/regrouped wherever necessary, to make them comparable.
Report of Segment
wise Revenue, Results and Capital Employed, under Clause 41 of the Listing
Agreement:
(Rs. in Millions)
|
PARTICULARS |
3 months ended 30/06/2013 |
|
|
UNAUDITED |
|
1. Segment Revenue |
|
|
a) Steel |
5994.900 |
|
b) Iron & Steel Castings |
969.100 |
|
Total |
6964.000 |
|
Less: Inter-segment Revenue |
120.300 |
|
Sales/Income from
Operations (Net) |
6843.700 |
|
2. Segment Results (Segment Revenue - Segment Expenses) |
|
|
a) Steel |
554.700 |
|
b) Iron & Steel Castings |
43.000 |
|
Total |
597.700 |
|
Less : i) Finance Cost |
(403.000) |
|
ii) Unallocated Corporate Expenses |
(10.600) |
|
Add : Unallocated Income |
17.700 |
|
Total Profit Before
Tax |
201.800 |
|
3. Capital Employed (Segment Assets - Segment Liabilities) |
|
|
a) Steel |
41984.700 |
|
b) Iron & Steel Castings |
2795.200 |
|
c) Unallocated (Assets - Liabilities) |
(26665.000) |
|
Total |
18114.900 |
Notes:
Segments have been identified in line with the Accounting Standard on Segment Reporting (AS 17). Steel Segment is engaged in manufacture and sale of Pig Iron, Billets, Rolled Products including alloy steel and Sponge Iron and its captive power plants at its units located at Siltara, Raipur and Mining activities in the state of Chhattisgarh, Jharkhand and Maharasthra. Iron and Steel Castings Segment comprises of manufacture and sale of Engineering and Automotive Castings with production facilities at Nagpur in Maharashtra and Bhilai and Anjora in Chhattisgarh.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10445870 |
26/08/2013 |
860,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B83482174 |
|
2 |
10430629 |
27/05/2013 |
2,000,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO 5, SAI COMPLEX, BHARAT NAGAR, AMRAVATI ROAD, NAGPUR, Maharashtra - 440010, INDIA |
B76917228 |
|
3 |
10364490 |
14/01/2013 * |
1,000,000,000.00 |
State Bank of Travancore |
125, Central Avenue, Gandhi Putala,, Nagpur, Maharashtra - 440032, INDIA |
B67261529 |
|
4 |
10358283 |
14/01/2013 * |
3,110,000,000.00 |
UNION BANK CONSORTIUM |
Gandhibagh Branch, 318 Post Office Road, Nagpur, |
B66958976 |
|
5 |
10344577 |
14/01/2013 * |
2,870,000,000.00 |
PUNJAB NATIONAL BANK (LEAD BANK) |
SITABULDI, MAHAJAN MARKET, Nagpur, Maharashtra - 440012, INDIA |
B66481649 |
|
6 |
10332723 |
30/01/2012 |
708,787.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B30893986 |
|
7 |
10321815 |
26/06/2012 * |
1,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B43470525 |
|
8 |
10306378 |
15/09/2011 |
2,029,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B20579512 |
|
9 |
10294186 |
30/06/2011 |
1,772,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B15815095 |
|
10 |
10288452 |
26/06/2012 * |
1,800,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO 5, SAI COMPLEX, BHARAT NAGAR, AMRAVATI ROAD, NAGPUR, Maharashtra - 440010, INDIA |
B43019264 |
|
11 |
10278072 |
27/11/2012 * |
18,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR,, 17, R KAMANI MARG, |
B63351969 |
|
12 |
10264595 |
07/05/2013 * |
1,325,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH, 1ST FLOOR, MAFATLAL CENTRE, NARIMAN
POINT, MUMBAI, Maharashtra - 400021, |
B75544312 |
|
13 |
10257301 |
26/06/2012 * |
890,000,000.00 |
State Bank of Travancore |
125, Central Avenue, Gandhiputala, Nagpur, Maharashtra - 440032, INDIA |
B43191949 |
|
14 |
10233190 |
21/07/2010 |
1,780,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A90346552 |
|
15 |
10224859 |
26/06/2012 * |
220,000,000.00 |
ICICI BANK LIMITED |
ICICI BANK TOWERS, BANDRA KURLA COMPLEX, MUMBAI, Maharashtra - 400051, INDIA |
B43393099 |
|
16 |
10218039 |
09/03/2010 |
2,600,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A84690445 |
|
17 |
10187665 |
15/01/2013 * |
750,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B66959933 |
|
18 |
10173884 |
24/08/2009 |
9,800,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA |
A68705490 |
|
19 |
10178255 |
20/08/2009 |
24,750,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, M |
A68061274 |
|
20 |
10173886 |
27/07/2009 |
1,575,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA |
A68707884 |
|
21 |
10173885 |
23/07/2009 |
18,200,000.00 |
L & T FINANCE LIMITED |
L&T HOUSE, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA |
A68706209 |
|
22 |
10161279 |
20/05/2009 |
1,048,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, M |
A63694442 |
|
23 |
10154346 |
17/04/2009 |
687,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, M |
A60837317 |
|
24 |
10138505 |
27/05/2013 * |
9,620,900,000.00 |
SBI Consortium - Lead - State Bank of India |
Industrial Finance Branch, 5, Sai Complex, Bharat |
B76919323 |
|
25 |
10141124 |
26/06/2012 * |
250,000,000.00 |
Export-Import Bank of India |
Centre One Building, Floor 21,, World Trade Centre Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA |
B44004950 |
|
26 |
10136554 |
26/06/2012 * |
74,100,000.00 |
BANK OF INDIA |
NAGPUR CORPORATE BANKING BRANCH, S V PATEL MARG, |
B42821942 |
|
27 |
10132488 |
28/11/2008 |
5,227,300,000.00 |
SBI Consortium - Lead - STATE BANK OF INDIA |
MIDC INDUSTRIAL AREA, HINGNA ROAD, NAGPUR, Mahara |
A51648186 |
|
28 |
10132486 |
26/06/2012 * |
500,000,000.00 |
PUNJAB NATIONAL BANK |
SITABULDI, NAGPUR, Maharashtra - 440012, INDIA |
B43017169 |
|
29 |
10123484 |
26/06/2012 * |
500,000,000.00 |
UNION BANK OF INDIA |
GANDHIBAGH, NAGPUR, Maharashtra - 440002, INDIA |
B42646489 |
|
30 |
10119274 |
01/09/2008 |
5,157,300,000.00 |
SBI CONSORTIUM (Lead Bank - STATE BANK OF INDIA) |
MIDC INDUSTRIAL AREA, HINGNA ROAD, NAGPUR, Maharashtra - 440016, INDIA |
A44316768 |
* Date of charge modification
FIXED ASSETS:
- Freehold Land
- Leasehold Land
- Building
- Railway Siding
- Plant and Machinery
- Developed Property
- Office Equipment
- Furniture and Fixture
- Vehicles
- Software
- Technical Know-how
- Process Development
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.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.