MIRA INFORM REPORT
|
Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ANKIT METAL AND POWER LIMITED (w.e.f. 31.08.2004) |
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Formerly Known
As : |
ANKIT METAL AND POWER PRIVATE LIMITED (w.e.f. 08.07.2004) ANKIT STEEL WORKS PRIVATE LIMITED |
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Registered
Office : |
35, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.08.2002 |
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Com. Reg. No.: |
21-094979 |
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Capital
Investment / Paid-up Capital : |
Rs.953.755 Millions |
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CIN No.: [Company Identification
No.] |
L27101WB2002PLC094979 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALA05741B |
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PAN No.: [Permanent Account No.] |
AAECA5230B |
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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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Line of Business
: |
Subject is engaged in the manufacturing of sponge iron, ingots billet,
TMT bars and ferro alloys and also actively involved in the trading of steel
items and others like ferro alloys. |
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No. of Employees
: |
538 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 19960000 |
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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 an established company having satisfactory track record. Profit and sales turnover of the company appears to be decent. Overall fundamentals of the company appears to be sound and healthy. 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 conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the traqde deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court has
barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB- (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 14, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
August 14, 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.
INFORMATION DENIED
Management Non-Cooperative (91-33-40168000)
LOCATIONS
|
Registered Office : |
35, Chittranjan Avenue, Kolkata – 700012, West
Bengal, India |
|
Tel. No.: |
91-33-22110225/ 0226/ 40640021/ 0022/ 22119805/ 06 |
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Fax No.: |
91-33-22114134 |
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E-Mail : |
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Website : |
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Corporate Office : |
SKP House, 132A, S. P. Mukherjee Road, Kolkata – 700026, West Bengal, India |
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Tel. No.: |
91-33-40168000/ 8100 |
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Fax No.: |
91-33-40168107/ 8189 |
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Factory : |
Village: Jorehira, Mouza : Burat, Jorehira and Sonpura, P.S.: Chattna, District Bankura, West Bengal, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Suresh Kumar Patni |
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Designation : |
Non-Executive Chairman |
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Name : |
Mr. Ankit Patni |
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Designation : |
Managing Director |
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Name : |
Mr. Sanjay Singh |
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Designation : |
Executive Director |
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Name : |
Mr. Jatindra Nath Rudra |
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Designation : |
Independent/Non-Executive Director |
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Date of Birth/Age : |
76 Years |
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Date of Appointment : |
31.05.2006 |
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Name : |
Mr. Vijay KumarJain |
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Designation : |
Independent/Non-Executive Director (Resigned w.e.f. 29th September, 2012 |
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Name : |
Mr. Jay Shanker Shukla |
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Designation : |
Independent/Non-Executive Director |
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Date of Birth/Age : |
53 Years |
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Date of Appointment : |
29.09.2012 |
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Name : |
Mr. Kailash Chand Jain |
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Designation : |
Independent/Non-Executive (Resigned w.e.f. 9th October, 2012) |
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Name : |
Mr. Jayanta Kumar Chatterjee |
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Designation : |
Independent/Non-Executive |
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Date of Birth/Age : |
70 Years |
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Date of Appointment : |
09.10.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Kumar Jain |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
2510500 |
2.63 |
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|
60590500 |
63.53 |
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|
63101000 |
66.16 |
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Total shareholding
of Promoter and Promoter Group (A) |
63101000 |
66.16 |
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(B) Public
Shareholding |
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|
100 |
0.00 |
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|
2731712 |
2.86 |
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|
2731812 |
2.86 |
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|
|
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|
21330548 |
22.36 |
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|
|
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|
1775228 |
1.86 |
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|
6181136 |
6.48 |
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|
255776 |
0.27 |
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|
179172 |
0.19 |
|
|
76604 |
0.08 |
|
|
29542688 |
30.98 |
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Total Public
shareholding (B) |
32274500 |
33.84 |
|
Total (A)+(B) |
95375500 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
95375500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of sponge iron, ingots billet,
TMT bars and ferro alloys and also actively involved in the trading of steel
items and others like ferro alloys. |
GENERAL INFORMATION
|
No. of Employees : |
538 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Kothari and Company Chartered Accountants |
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Address : |
16A, Shakespeare Sarani, Kolkata – 700071, West Bengal, India |
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Control of KMP : |
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CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
95375500 |
Equity Shares |
Rs.10/- each |
Rs.953.755 Millions |
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Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
31.03.2013 |
|
|
|
No. in Shares |
Rs. in Millions |
|
At the Beginning of the Year |
95375500 |
953.755 |
|
Issued during the Period - Preferential Allotment |
- |
- |
|
Outstanding at the End of the Year |
95375500 |
953.755 |
Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. On a show of hands, every member present in person or by proxy, is entitled to one vote and in case of poll, the voting rights of every member shall be in proportion to his shares of the paid-up equity share capital of the Company.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive 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 shareholders.
Details of
Shareholders Holding more than 5% Shares in the Company
|
Equity Shares of
Rs. 10/- Each Fully Paid |
31-03-2013 Nos. in Lacs |
|
Invesco Finance Private Limited |
105.52 |
|
Vasupujya Enterprises Private Limited |
103.70 |
|
VNG Mercantiles Private Limited |
87.24 |
|
Nucore Exports Private Limited |
75.69 |
|
Shreyansh Leafin Private Limited |
55.00 |
|
Whitestone Suppliers Private Limited |
53.88 |
|
Arthodock Vinimay Private Limited |
53.55 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
953.755 |
953.755 |
328.755 |
|
(b) Reserves & Surplus |
4037.821 |
3525.941 |
1320.207 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
1107.562 |
|
Total Shareholders’
Funds (1) + (2) |
4991.576 |
4479.696 |
2756.524 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4730.678 |
3675.943 |
1621.203 |
|
(b) Deferred tax liabilities (Net) |
302.040 |
175.564 |
122.801 |
|
(c) Other long term liabilities |
20.151 |
13.763 |
192.629 |
|
(d) long-term provisions |
0.892 |
0.244 |
0.898 |
|
Total Non-current
Liabilities (3) |
5053.761 |
3865.514 |
1937.531 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
2937.851 |
2080.546 |
1588.294 |
|
(b) Trade payables |
2303.219 |
1621.854 |
1139.538 |
|
(c) Other current liabilities |
1041.891 |
790.403 |
339.832 |
|
(d) Short-term provisions |
233.688 |
110.329 |
30.190 |
|
Total Current
Liabilities (4) |
6516.649 |
4603.132 |
3097.854 |
|
|
|
|
|
|
TOTAL |
16561.986 |
12948.342 |
7791.909 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7062.155 |
4688.168 |
1660.244 |
|
(ii) Intangible Assets |
1.992 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
1647.389 |
2420.765 |
1527.272 |
|
(iv) Intangible assets under development |
0.000 |
2.490 |
0.752 |
|
(b) Non-current Investments |
1.175 |
1.184 |
0.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
44.281 |
309.597 |
728.524 |
|
(e) Other Non-current assets |
0.132 |
0.132 |
0.132 |
|
Total Non-Current
Assets |
8757.124 |
7422.336 |
3917.224 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3593.268 |
2099.205 |
1521.599 |
|
(c) Trade receivables |
2591.774 |
1780.850 |
1128.607 |
|
(d) Cash and cash equivalents |
197.144 |
235.384 |
161.528 |
|
(e) Short-term loans and advances |
1288.471 |
1243.578 |
883.773 |
|
(f) Other current assets |
134.205 |
166.989 |
179.178 |
|
Total Current
Assets |
7804.862 |
5526.006 |
3874.685 |
|
|
|
|
|
|
TOTAL |
16561.986 |
12948.342 |
7791.909 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11927.681 |
9257.831 |
6884.099 |
|
|
|
Other Income |
11.786 |
13.097 |
9.434 |
|
|
|
TOTAL (A) |
11939.467 |
9270.928 |
6893.533 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials and Components Consumed |
6856.200 |
5491.174 |
3991.415 |
|
|
|
Purchase of Traded Goods |
3188.087 |
2183.625 |
1969.847 |
|
|
|
(Increase)/Decrease in Inventories of Finished Goods, Work-in Progress and Traded Goods |
(696.179) |
97.887 |
(299.941) |
|
|
|
Employee Benefits Expenses |
92.830 |
69.252 |
53.004 |
|
|
|
Other Expenses |
724.800 |
536.274 |
554.883 |
|
|
|
TOTAL (B) |
10165.738 |
8378.212 |
6269.208 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1773.729 |
892.716 |
624.325 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
713.739 |
350.988 |
219.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1059.990 |
541.728 |
404.687 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
411.123 |
142.343 |
124.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
648.867 |
399.385 |
280.347 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
136.987 |
66.977 |
37.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
511.880 |
332.408 |
242.501 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1197.171 |
864.763 |
622.262 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1709.051 |
1197.171 |
864.763 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
120.555 |
14.006 |
106.639 |
|
|
TOTAL EARNINGS |
120.555 |
14.006 |
106.639 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
518.657 |
409.983 |
84.292 |
|
|
|
Components & Spares Parts |
1.466 |
1.372 |
2.241 |
|
|
|
Capital Goods |
34.494 |
427.632 |
0.000 |
|
|
TOTAL IMPORTS |
554.617 |
838.987 |
86.533 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.37 |
3.49 |
7.38 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 1st
Quarter |
|
Audited / UnAudited |
|
|
UnAudited |
|
Net Sales |
|
|
3236.500 |
|
Total Expenditure |
|
|
2715.600 |
|
PBIDT (Excl OI) |
|
|
521.100 |
|
Other Income |
|
|
3.300 |
|
Operating Profit |
|
|
524.400 |
|
Interest |
|
|
261.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
262.800 |
|
Depreciation |
|
|
132.900 |
|
Profit Before Tax |
|
|
129.900 |
|
Tax |
|
|
26.200 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
103.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
103.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013
|
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.29 |
3.59 |
3.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.44 |
4.31 |
4.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.35 |
3.80 |
4.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.54 |
1.29 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.20 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and Advances
from Related Parties |
|
|
|
From Bodies Corporate |
403.500 |
0.000 |
|
Other Loans and
Advances |
|
|
|
Loan from Bodies Corporate |
500.141 |
181.371 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working Capital Loan from Financial Institution |
196.070 |
89.905 |
|
Bridge Loan |
31.242 |
11.807 |
|
|
|
|
|
Total |
1130.953 |
283.083 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10448688 |
04/09/2013 |
500,000,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B84839554 |
|
2 |
10448021 |
13/08/2013 |
1,027,800,000.00 |
Indian Overseas Bank |
INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B84557578 |
|
3 |
10435791 |
18/06/2013 |
9,767,400,000.00 |
Indian Overseas Bank |
INDIA EXCHANGE PLACE BRANCH (AS TITLE DEED HOLDER), P-35 INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B79178000 |
|
4 |
10424136 |
10/04/2013 |
235,000,000.00 |
Corporation Bank |
CORPORATE BANKING BRANCH, 17, BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B74572322 |
|
5 |
10423716 |
28/03/2013 |
300,000,000.00 |
State Bank of Bikaner and Jaipur |
20B, PARK STREET, KOLKATA, WEST BENGAL - 700016, I NDIA |
B74424847 |
|
6 |
10422280 |
26/03/2013 |
250,000,000.00 |
ANDHRA BANK |
BALLYGUNGE BRANCH,, 87, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B73900953 |
|
7 |
10371884 |
07/08/2012 |
612,200,000.00 |
STATE BANK OF BIKANER & JAIPUR (LEAD BANK) |
N. S. ROAD BRANCH,, 14 N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B56140288 |
|
8 |
10352948 |
28/03/2012 |
180,000,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI, MAHARASHTRA -400051 , INDIA |
B38677522 |
|
9 |
10353267 |
16/03/2012 |
2,120,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA |
B38800512 |
|
10 |
10299088 |
07/07/2011 |
100,000,000.00 |
STATE BANK OF TRAVANCORE |
LAKE MARKET BRANCH,, 91, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B17633256 |
|
11 |
10299098 |
07/07/2011 |
370,000,000.00 |
STATE BANK OF TRAVANCORE |
LAKE MARKET BRANCH,, 91, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B17634494 |
|
12 |
10292698 |
30/05/2011 |
110,000,000.00 |
STATE BANK OF MYSORE |
BENTINCK STREET BRANCH, 1 AND 2, OLD COURT HOUSE CORNER, KOLKATA, WEST BENGAL - 700001, INDIA |
B15171820 |
|
13 |
10295565 |
30/05/2011 |
550,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, 17, BRABOURNE ROAD, MUKHERJEE HOUSE, KOLKATA, WEST BENGAL - 700001, INDIA |
B16337701 |
|
14 |
10285618 |
26/03/2011 |
500,000,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B12525960 |
|
15 |
10255798 |
19/03/2013 * |
540,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B71193585 |
|
16 |
10239974 |
10/06/2013 * |
2,010,000,000.00 |
Indian Overseas Bank |
INDIA EXCHANGE PLACE BRANCH, P-35 INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B79120457 |
|
17 |
10227816 |
08/06/2010 |
90,000,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
A89325393 |
|
18 |
10223170 |
23/04/2010 |
470,000,000.00 |
STATE BANK OF TRAVANCORE |
LAKE MARKET BRANCH, 91, RASH BEHARI AVENUE, KALIGHAT, KOLKATA, WEST BENGAL - 700026, INDIA |
A86476413 |
|
19 |
10215923 |
01/06/2013 * |
995,100,000.00 |
UNITED BANK OF INDIA |
OLD COURT HOUSE STREET BRANCH, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B78369907 |
|
20 |
10216698 |
29/03/2012 * |
960,000,000.00 |
INDIAN OVERSEAS BANK |
INDIA EXCHANGE PLACE BRANCH, P-35, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B37259108 |
|
21 |
10215868 |
18/03/2010 |
230,000,000.00 |
STATE BANK OF INDORE |
COTTON STREET BRANCH, 161, C R AVENUE, KOLKATA, WEST BENGAL - 700007, INDIA |
A84142769 |
|
22 |
10209450 |
15/03/2010 |
240,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
N. S. ROAD BRANCH,, 14 N. S. ROAD,, KOLKATA, WEST BENGAL - 700001, INDIA |
A82423666 |
|
23 |
10203789 |
09/02/2010 |
230,000,000.00 |
STATE BANK OF MYSORE |
BENTINCK STREET BRANCH, 1 AND 2, OLD COURT HOUSE CORNER, KOLKATA, WEST BENGAL - 700001, INDIA |
A80219579 |
|
24 |
10127352 |
22/02/2010 * |
461,400,000.00 |
ANDHRA BANK |
BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA, WEST BENGAL - 700007, INDIA |
A81505901 |
|
25 |
10088614 |
10/03/2011 * |
420,000,000.00 |
IDBI Bank Limited |
KOLKATA MAIN BRANCH (MCG), IDBI HOUSE, 44 SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B07796196 |
|
26 |
10071430 |
27/09/2013 * |
5,708,900,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA |
B87195426 |
|
27 |
10122499 |
13/02/2013 * |
250,000,000.00 |
SYNDICATE BANK |
CAMAC STREET BRANCH, 26, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B68802552 |
|
28 |
10024964 |
31/10/2006 |
123,500,000.00 |
ANDHRA BANK |
BURRA BAZAR BRANCH, 23/1, MAHARSHI DEVENDRA ROAD, KOLKATA, WEST BENGAL - 700007, INDIA |
A06366264 |
|
29 |
90248951 |
02/11/2005 |
176,800,000.00 |
ANDHRA BANK |
N. S. ROAD COMMERCIAL BRANCH, 132/1; M. G. ROAD, KOLKATA, WEST BENGAL - 700007, INDIA |
- |
|
30 |
90246713 |
30/03/2007 * |
54,000,000.00 |
SYNDICATE BANK |
BARA BAZAR BRANCH, 132/1 M G ROAD, KOLKATA, WEST BENGAL - 700007, INDIA |
A29776218 |
|
31 |
90247583 |
14/07/2005 |
125,100,000.00 |
ANDHRA BANK |
BURRABAZAR BRANCH, 23/1; MAHARSI DEBENDRA ROAD, K OLKATA, WEST BENGAL - 700001, INDIA |
- |
|
32 |
90244793 |
27/09/2013 * |
10,515,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST BENGAL - 700017, INDIA |
B87196937 |
|
33 |
90246313 |
04/03/2013 * |
3,152,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. |
B71041677 |
|
34 |
90248571 |
03/06/2004 |
1,500,000.00 |
CITICORP FINANCE (INDIA) LIMITED |
7THN FLOOR; METRO PLAZA; 1, HOCHI MINIL SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
- |
|
35 |
90248554 |
30/04/2004 |
1,300,000.00 |
CITICORP FINANCE (INDIA) LIMITED |
7TH FLOOR; METRO PLAZA; 1, HOCHI MINH SARANI, KOLKATA, WEST BENGAL, INDIA |
- |
* Date of charge modification
FINANCIAL AND
OPERATIONAL REVIEW
Net Sales/Income from operation for the year stood to Rs. 11927.681 Millions registering a growth of 28.84% over previous year. The Profit after Tax (PAT) grew by 53.99% to Rs. 511.880 Millions in 2012-13. The Cash Profit before tax for the year stood at Rs. 1059.990 Millions compared with Rs. 541.729 Millions in the year 2011-12.
ECONOMIC OVERVIEW
The World Economy witnessed a major slowdown in 2012 due to the uncertainties of fiscal imbalance in many economies coupled with reduced trade and investments. The report of the International Monetary Fund (IMF) shows that the global GDP expanded at 3.2% in 2012, with average growth rates of 1.2% and 5.1% in advanced and developing economies, respectively.
Indian Economy growth rate declined from 6.2% in 2011-2012 to 5% in 2012-2013, the slowest growth of the economy in a decade which was mainly due to decline in service and industrial sectors. The subdued performance of service sector was mainly due to slowdown in global economy and the decline in industrial output was due to slow down in mining, manufacturing and capital goods sector.
The reforms measures announced by the Government of India in the form of reducing fuel subsidies, implementation of big-ticket infrastructure projects, direct cash transfers of subsidies, recent changes in FDI and several regulatory reforms including the new Companies Bill, Land Acquisition Bill and the Direct Tax Code augurs well for a pick-up in growth in 2013-14.
STEEL INDUSTRY
The global steel production reached to a record high of 1.55 billion tons up by 1.2% in comparison to 2011 whereas the global industrial production in 2012 was lowest since 2009. Global steel makers continued to witness supply growth outpacing demand, with capacity utilising on rates remaining constantly below 80%. Annual production for Asia was 1.01 billion tons of crude steel in 2012, an increase of 2.65% as compared to 2011.
The Indian iron and steel industry is nearly a century old with the first integrated plant set up in 1907. It was the first core sector to be completely freed from the licensing regime (in 1990-91) and the pricing and distribution controls. The iron and steel industry contributes nearly 2% of the GDP and employs over 0.5 million people. Soaring demand from the sectors like infrastructure, real estate, automobiles uses of specialised steel. Automobiles and power sectors has put Indian steel industry on the world map. Over past few years, the rapid rise in the production of iron and steel output resulted in India becoming the fourth largest producer of crude steel in the world. India continued to show high consumption growth trend of finished steel and continued to be net importer due to increased demand of special grades of steel.
SEGMENT-WISE
REPORTING
The business activity of the Company primarily falls within a single business segment-Iron and Steel. The Company also generate power from captive power plant, which is entirely consumed in manufacturing of iron and steel without any sale to third parties.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE BOOKS OF ACCOUNTS: (As on:
31.03.2013)
a) In respect of Bills Discounted, outstanding as on 31st March, 2013 amounting to Rs. 484.340 Millions (P. Y. Rs. 207.735 Millions).
b) In respect of Letter of Credit amounting to Rs. 321.260 Millions (P. Y. Rs. 312.259 Millions) and Bank guarantee amounting to Rs. 27.293 Millions (P.Y. Rs. 14.120 Millions).
c) Commitments against Capital Expenditure not provided in the accounts Rs. 61.715 Millions (P.Y. Rs. 432.079 Millions).
d) Relating to Assessment year 2006-07, 2008-09, 2009-10 and 2010-11 a demand of Rs. 2.111 Millions, Rs. 21.790 Millions, Rs. 2.528 Millions and Rs. 8.843 Millions was raised by the Income Tax Department against which the Company has filed an application with respective department. The Decision of the case relating to A.Y. 2008-09 is in favour of Company against which department filed application in Tribunal. An amount of Rs. 1.110 Millions was paid under protest relating to A.Y. 2006-07 and Rs. 5.000 Millions relating to A.Y. 2008-09.
e) Relating to previous Financial Year a various demand of Rs. 8.861 Millions were raised by the Central Excise and Service Tax Department against which appeal has been filed by the Company. The Company has paid Rs. 0.500 Millions under protest and a search has been conduted in the factory and office premises on 11.01.2012 relating to which show cause notice has not been issued by the department during the financial year. The Company has paid Rs. 1.500 Millions under protest.
f) Relating to Financial year 2005-06, 2006-07, 2007-08 and 2008-09 a demand of Rs. 22.289 Millions, Rs. 35.816 Millions, Rs. 91.791 Millions, Rs. 53.904 Millions and Rs. 194.682 Millions respectively were raised by the sales tax department against which appeal has been filed by the Company.
g) (i) A Suit of Rs. 10.0000 Millions filed by Mr. Ram Krishna Mukherjee for recovery of outstanding money against coal supplied to the Company in the year 2011. The Company is opposing the suit on the ground of inferior quality.
(ii) In the year 2012 Mjunction Services Limited has filed a suit against the Company for non-payment of invoices raised by them on account of service charges of the bidding conducted by them.
h) In the year 2012 the Company has challanged the ACT i.e. Section 4 of West Bengal Tax on Entry of goods into the Local Areas Act 2012, (Levy and Collection of Tax).Hearing of the case is under Progress.
i) A civil suit has been filed before Hon'able Court, Calcutta against Company on 04.02.2011 for a sum of Rs. 13.682 Millions for non payment of rejected material along with interest and penalty for non-submission of Sales Tax Declaration in Form "C".
FIXED ASSETS
Tangible Assets
- Land
- Free hold Land
- Lease hold land
- Factory Building
- Other than Factory Building
- Plant and Equipments
- Office Equipments
- Computers
- Vehicles
- Furniture and Fixtures
Intangible Assets
- Trade Mark
- Software Charges
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2013
(Rs. In Millions)
|
SL |
Particular |
30.06.2013 Unaudited |
|
|
|
|
|
a |
Income from
operations |
|
|
|
a) Net safes/income from operations (Net of excise duty) |
3176.290 |
|
|
b) Other operating income |
60.236 |
|
|
Total income from
operations (net) |
3236.526 |
|
2 |
Expenses |
|
|
|
a) Cost of materials consumed |
1687.948 |
|
|
b) Purchases of stock-in-trade |
1016.864 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(181.288) |
|
|
d) Employees benefits expense |
30.215 |
|
|
e) Depreciation and amortisation expense |
132.916 |
|
|
f) Power expense |
70.908 |
|
|
g) Other expenses |
90.838 |
|
|
Total expenses |
2848.401 |
|
3 |
Profit/(Loss) from
operations before other income, finance costs & exceptional items (1-2) |
388.125 |
|
4 |
Other income |
3.303 |
|
5 |
Profit/(Loss) from
ordinary activities before finance costs & exceptional items (3+4) |
391.428 |
|
6 |
Finance costs |
261.523 |
|
7 |
Profit/(Loss) from
ordinary activities after finance costs but before exceptional Items (5-6) |
129.905 |
|
8 |
Exceptional items |
- |
|
9 |
Profit/(Loss) from
ordinary activities before tax (7-8) |
129.905 |
|
10 |
Tax expense |
26.147 |
|
11 |
Net Profit/(Loss)
from ordinary activities after tax (9-10) |
103.758 |
|
12 |
Extraordinary items (net of tax expense) |
|
|
13 |
Net Profit/(Loss)
for the period (11-12) |
103.758 |
|
14 |
Paid-up equity share capital Face Value of Rs. 10/-per share)] |
953.755 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.1 |
Earnings per share
(before extraordinary items) |
|
|
|
of Rs.10/-each) (not annualised) |
|
|
|
a} Basic |
1.09 |
|
|
b) Diluted |
1.09 |
|
16.ii |
Earnings per share
(after extraordinary items) |
|
|
|
of Rs.10/-each) (not annualised) |
|
|
|
a) Basic |
1.09 |
|
(b) Diluted |
1.09 |
|
|
|
Particulars |
30.06.2013 |
|
|
Particulars of
Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
Number of shares |
32274500 |
|
|
Percentage of shareholding |
33.84% |
|
|
|
|
|
2 |
Promoter & Promoter
Group Shareholding |
|
|
a |
Pledged/Encumbered |
|
|
|
Number of shares |
5744700 |
|
|
Percentage of shares {as a % of the total shareholding of promoter & promoter group) |
9.10% |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
6.02% |
|
b |
Non-encumbered |
|
|
|
Number of shares |
57356300 |
|
|
Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
90.90% |
|
Percentage of shares (as a % of the total share capital of |
60.14% |
|
|
|
||
|
SL |
PARTICULARS |
Quarter Ended 30.06.2013 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
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 |
Notes:
1 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 13th August, 2013.
2 Tax Expenses includes Provision for Current Tax, Deffered Tax and Mat Credit Entitlement.
3 The Company operates in one reportable segment only viz. Iron and Steel. However, the Company also generates power which is entirely used for the captive consumption. Hence, Segment Reporting is not applicable.
4 The figures for the previous year & period have been regrouped/ rearranged wherever considered 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 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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
47 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.