|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
indian steel corporation limited |
|
|
|
|
Registered
Office : |
611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.02.2004 |
|
|
|
|
Com. Reg. No.: |
11-144559 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 712.017
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2004PLC144559 |
|
|
|
|
TAN No.: [Tax Deduction and
Collection Account No.] |
MUMI04849F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI2060A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP
Coils / Sheets and PPGL Coils etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING and COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18260000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There
appears drastic dip in its profitability during 2012. The profit margin
appears to be low. The external borrowings seem to be increasing over years. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
Term Loan : (ICRA) BB |
|
Rating Explanation |
Having moderate risk of default regarding
timely servicing of financial obligation.
|
|
Date |
June 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 DECLINED
MANAGEMENT NON-COOPERATIVE [91-22-22851303]
LOCATIONS
|
Registered/ Branch Office : |
611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22851303 |
|
Fax No.: |
91-22-22823177 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
503, Mahakosh House, 7/5, South Tukoganj,
Indore – 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4017909/ 4017509 |
|
Fax No.: |
91-731-4017919 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No. 370, Near Bhimasal Railway Crossing, National
Railway, 8-A, Bhimasar, Gandhidham, Anjar, District Kutch – 370240, Gujarat, India
|
|
Tel. No.: |
91-2836-285371/ 72/ 73/ 74 |
|
Fax No.: |
91-2836-285375 |
|
|
|
|
Branch Offices : |
AHMEDABAD 207, Iscon Avenue, Opposite Choice
Restaurant, C.G. Road, Navrangpura, Ahmedabad - 380009, Gujarat, India Tel.:
91-79-30074314 Fax:
91-79-30074314 BANGALORE No.595, Sri Lakshmi Adinarayan Swami
Arcade, 1st Floor, JP Nagar 1st Phase,
5th Cross, Bangalore - 560078, Karnataka,
India Tel.: 91-80-33278235 Fax: 91-80-33278231 43, 2nd Floor, Daryaganj, New Delhi –
110002, India Tel.: 91-11-43651100/ 59 Fax: 91-11-23241561 CHENNAI No.40 and 41, East Madha Church Road,
Royapuram, Chennai - 600013, Tamilnadu, India Tel :
91-44-25952953 Fax:
91-44-25976337 VADODARA F.3, First Floor, Taksh Complex - 2,
Vasna Road, Vadodara – 390017, Gujarat, India Tel : 91-265-2250500 Fax : 91-265-22250500 JAIPUR 408, 4th Floor, Crystal Mall, Banipark,
Jaipur - 302015, Gujarat, India Tel.: 91-41-2209873/ 4002954/ 5109873 Fax: 91-41-4027560
|
DIRECTORS
AS ON 21.09.2012
|
Name : |
Mr. Umesh Shahra |
|
Designation : |
Managing director |
|
Address : |
28, Old Palasia, A.B. Road, Indore - 452018, Madhya Pradesh, India |
|
Date of Birth/Age : |
17.06.1963 |
|
Qualification : |
B. Pharma (Hons.) PGDBM (IIMA) |
|
Date of Appointment : |
29.08.2011 |
|
PAN No.: |
AMBPS5571M |
|
DIN No.: |
00061312 |
|
|
|
|
Name : |
Mr. Arjun Zalani |
|
Designation : |
Whole-time director |
|
Address : |
27/B, Sector-A, Slice-6, Scheme No.78, Indore - 452010, Madhya
Pradesh, India |
|
Date of Birth/Age : |
26.11.1971 |
|
Qualification : |
B. E (Electronics), MBA |
|
Date of Appointment : |
27.09.2012 |
|
PAN No.: |
AABPZ0825D |
|
DIN No.: |
00848477 |
|
|
|
|
Name : |
Mr. Kailashchandra Shahra |
|
Designation : |
Director |
|
Address : |
29, Old Palasia, A.B. Road, Indore - 452018, Madhya Pradesh, India |
|
Date of Birth/Age : |
31.01.1938 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.02.2005 |
|
PAN No.: |
ABJPS9987Q |
|
DIN No.: |
00062698 |
|
|
|
|
Name : |
Mr. Shambunath Sadawarti |
|
Designation : |
Director |
|
Address : |
501, Gyan Sagar Apartment, Sanchar Nagar Extension, Indore - 452016,
Madhya Pradesh, India |
|
Date of Birth/Age : |
18.03.1947 |
|
Qualification : |
B. E. (Mech), PGDIM |
|
Date of Appointment : |
16.02.2004 |
|
DIN No.: |
00031966 |
|
|
|
|
Name : |
Mr. Navin Khandelwal |
|
Designation : |
Director |
|
Address : |
5/1, Saket Nagar, Indore - 452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
22.04.1973 |
|
Qualification : |
CA |
|
Date of Appointment : |
01.07.2004 |
|
DIN No.: |
00134217 |
KEY EXECUTIVES
|
Name : |
Mr. Ashutosh Mishra |
|
Designation : |
Secretary |
|
Address : |
21A, Krishi Vihar Colony, Near Bakhtawar Ram Nagar, Indore - 452001,
Madhya Pradesh, India |
|
Date of Birth/Age : |
21.01.1964 |
|
Date of Appointment : |
28.03.2009 |
|
PAN No.: |
AFDPM4265M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Umesh Shahra |
|
80800 |
|
Neeta Shahra |
|
1250 |
|
Arjun Zalani |
|
6100 |
|
Manish Parikh |
|
1000 |
|
Shambhu Nath Sadawani |
|
1000 |
|
Saket Barodia |
|
1000 |
|
Vijay Kumar Mahajan and Seema Mahajan |
|
5000 |
|
Vijay Kumar Mahajan and Varun Mahajan |
|
3125 |
|
Rohini Forex Private Limited, India |
|
3721028 |
|
Ruchi Acroni Industries Limited, India |
|
663000 |
|
Ruchi Global Limited, India |
|
1240000 |
|
Ruchi Infrastructure Limited, India |
|
2995100 |
|
Ruchi Corporation Limited, India |
|
1135800 |
|
Ruchi Stock and Securities Private Limited, India |
|
3314873 |
|
Ruchi Real Estate Developers Private Limited, India |
|
3459112 |
|
Ruchi Growth Fund Private Limited, India |
|
2436915 |
|
Rohini Commodities Private Limited, India |
|
12412118 |
|
Mandhana Leafin Limited, India |
|
2757587 |
|
Lucas Meyer Industries Private Limited, India |
|
2761500 |
|
Iron Global Limited, India |
|
54100 |
|
Swastika Worldwide Private Limited, India |
|
20000 |
|
Snehdeep Impex Private Limited, India |
|
825233 |
|
SSP Finvest Private Limited, India |
|
625233 |
|
Trans Siberian Industries Limited, UAE |
|
4709807 |
|
Sino Asian Resources Industries Limited, |
|
5866397 |
|
Kyanite Economic and Development Limited, |
|
4274657 |
|
Global Connects Instrument Limited, UAE |
|
4228046 |
|
Mitsui and Company Limited, Japan |
|
7190691 |
|
Mitsui and Company India Private Limited, India |
|
2151608 |
|
Mitsui and Company ( |
|
5057646 |
|
|
|
|
|
Total |
|
71999726 |
AS ON 21.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
46.50 |
|
Bodies
corporate |
53.37 |
|
Directors
or relatives of directors |
0.12 |
|
Other
top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP
Coils / Sheets and PPGL Coils etc. |
||||||
|
|
|
||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· Corporation Bank Limited, Mahavir Empire, 63, M.G. Road, Indore - 452001, Madhya Pradesh, India · IDBI Bank Limited, Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore - 452001, Madhya Pradesh, India · Jammu and Kashmir Bank Limited, Block "D", 1st Floor, North Side, Shiv Nagar Estates, Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · State Bank of Indore, Industrial Finance Branch, Khel Prashal, Indore - 452003, Madhya Pradesh, India · Punjab National Bank, Mid Corporate Branch, GG Tower, MG Road, Indore - 452007, Madhya Pradesh, India · IDBI Bank Limited, 1, Indian Red Cross Socity Building, Red Cross Road, New Delhi - 110001, India · State Bank of India · State Bank of Saurashtra · State Bank of Travancore · State Bank of Hyderabad · State Bank of Patiala · State Bank of Bikaner and Jaipur · HDFC Bank · Oriental Bank of Commerce ·
Bank of India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
317, Chetak Centre, “Annexe”, R.N.T. Marg, Indore-452 001, |
|
Tel. No.: |
91-731-2517341/ 4069301/ 2523134 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AACFA7732P |
|
|
|
|
Subsidiary company: |
Indian Steel SEZ Limited [U74900MH2007PLC173930] |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners
with Key management personnel and their relatives: |
· Ruchi Strips and Alloys Limited [L27100MH1987PLC142326] ·
Ruchi Acroni Industries Limited
[U74999MH1979PLC029075] |
CAPITAL STRUCTURE
AFTER 21.09.2012
Authorised Capital : Rs.
800.000 Millions
Issued, Subscribed and Paid-up Capital : Rs. 723.354
Millions
AS ON 21.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 800.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71,999,726 |
Equity Shares |
Rs. 10/- each |
Rs. 719.997
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 800.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71,201,652 |
Equity Shares |
Rs. 10/- each |
Rs. 712.017
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
712.017 |
610.000 |
|
(b) Reserves and Surplus |
|
3853.968 |
2832.511 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
273.283 |
|
Total Shareholders’
Funds (1) + (2) |
|
4565.985 |
3715.794 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3734.692 |
3710.276 |
|
(b) Deferred tax liabilities (Net) |
|
148.867 |
146.497 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
10.598 |
5.919 |
|
Total
Non-current Liabilities (3) |
|
3894.157 |
3862.692 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2639.248 |
1799.688 |
|
(b)
Trade payables |
|
7020.618 |
3530.882 |
|
(c)
Other current liabilities |
|
1926.509 |
1749.351 |
|
(d)
Short-term provisions |
|
131.760 |
124.850 |
|
Total
Current Liabilities (4) |
|
11718.135 |
7204.771 |
|
|
|
|
|
|
TOTAL |
|
20178.277 |
14783.257 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
7719.044 |
5023.094 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
1731.860 |
2379.077 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.503 |
0.503 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
755.197 |
1058.147 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
10206.604 |
8460.821 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
39.898 |
130.940 |
|
(b)
Inventories |
|
4411.168 |
3326.549 |
|
(c)
Trade receivables |
|
3271.273 |
1391.857 |
|
(d)
Cash and cash equivalents |
|
996.388 |
423.600 |
|
(e)
Short-term loans and advances |
|
1173.990 |
1027.650 |
|
(f)
Other current assets |
|
78.956 |
21.840 |
|
Total
Current Assets |
|
9971.673 |
6322.436 |
|
|
|
|
|
|
TOTAL |
|
20178.277 |
14783.257 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
572.500 |
|
|
2] Share Application Money |
|
|
18.950 |
|
|
3] Reserves and Surplus |
|
|
2286.996 |
|
|
4] (Accumulated Losses) |
|
|
(14.724) |
|
|
NETWORTH |
|
|
2863.722 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2733.881 |
|
|
2] Unsecured Loans |
|
|
2250.662 |
|
|
TOTAL BORROWING |
|
|
4984.543 |
|
|
DEFERRED TAX LIABILITIES |
|
|
25.363 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7873.628 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3194.662 |
|
|
Capital work-in-progress |
|
|
1941.257 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
56.002 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1893.836
|
|
|
Sundry Debtors |
|
|
1253.826
|
|
|
Cash and Bank Balances |
|
|
722.120
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans and Advances |
|
|
698.602
|
|
Total
Current Assets |
|
|
4568.384
|
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1718.603
|
|
|
Other Current Liabilities |
|
|
97.369
|
|
|
Provisions |
|
|
71.071
|
|
Total
Current Liabilities |
|
|
1887.043
|
|
|
Net Current Assets |
|
|
2681.341
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.366 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7873.628 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
23989.440 |
14066.078 |
11167.945 |
|
|
|
Other Income |
92.151 |
78.071 |
123.666 |
|
|
|
TOTAL (A) |
24081.591 |
14144.149 |
11291.611 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
10685.367 |
6783.800 |
9906.640 |
|
|
|
Purchases of stock-in-trade |
11276.821 |
5338.715 |
-- |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(1079.596) |
(105.751) |
(384.202) |
|
|
|
Employee benefit expense |
225.857 |
175.036 |
-- |
|
|
|
Other expenses |
1487.102 |
1083.320 |
988.742 |
|
|
|
Exceptional items |
0.000 |
(57.506) |
-- |
|
|
|
TOTAL (B) |
22595.551 |
13217.614 |
10511.180 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1486.040 |
926.535 |
780.431 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1172.290 |
330.621 |
332.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
313.750 |
595.914 |
447.896 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
278.277 |
172.474 |
158.274 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
35.473 |
423.440 |
289.622 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.574 |
125.702 |
127.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
31.899 |
297.738 |
162.534 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
283.014 |
(14.724) |
(177.258) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
314.913 |
283.014 |
(14.724) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1100.341 |
985.341 |
613.222 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8639.501 |
6975.526 |
4384.752 |
|
|
|
Stores and Spares |
43.326 |
14.007 |
2.111 |
|
|
|
Capital Goods |
404.345 |
460.167 |
424.031 |
|
|
TOTAL IMPORTS |
9087.172 |
7449.700 |
4810.894 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.50 |
5.18 |
3.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.13
|
2.11 |
1.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.15
|
3.01 |
2.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.19
|
3.41 |
3.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.40
|
1.48 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85
|
0.88 |
2.42 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of long-term debt |
1301.408 |
1327.528 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10419519 |
23/03/2013 |
350,000,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, ORBIT MALL, A.B. ROAD, INDORE - 452001, MADHYA PRADESH, INDIA |
B73113110 |
|
2 |
10400501 |
07/01/2013 |
2,492,800,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
6, KANTI MENSION, MURAI MOHALLA, SANYOGITAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA |
B67073114 |
|
3 |
10123996 |
09/09/2008 |
6,630,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL, RACE COURSE ROAD, INDORE - 452003, MADHYA PRADESH, INDIA |
A46403432 |
|
4 |
10147848 |
29/07/2008 |
400,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, SIYAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA |
A45770948 |
|
5 |
10114839 |
14/07/2008 |
400,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH, SIYAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA |
A42329813 |
|
6 |
80038787 |
19/12/2005 |
700,000,000.00 |
CORPORATION BANK |
63 M.G. ROAD, REGAL SQUARE, INDORE - 452001, MADHYA PRADESH, INDIA |
- |
|
7 |
80039724 |
12/11/2005 |
500,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, SIYAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA |
- |
|
8 |
90146788 |
04/11/2004 |
100,000,000.00 |
STATE BANK OF SAURASHTRA |
MAIN BRANCH, INDORE, MADHYA PRADESH, INDIA |
- |
|
9 |
90146771 |
21/07/2006 * |
150,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH, KHELPRASAL, RACE COURCE ROAD, INDORE - 452003, MADHYA PRADESH, INDIA |
- |
|
10 |
80039723 |
14/10/2004 |
500,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, A.B.ROAD, INDORE - 452001, MADHYA PRADESH, INDIA |
- |
|
11 |
90146762 |
14/10/2004 |
500,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, A. B. ROAD, INDORE, MADHYA PRADESH, INDIA |
- |
|
12 |
90145418 |
20/08/2010 * |
18,210,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH, KHELPRASHAL, INDORE - 452003, MADHYA PRADESH, INDIA |
A94288495 |
|
13 |
90148883 |
22/06/2013 * |
18,298,600,000.00 |
IDBI BANK LTD. |
SPECIALIZED CORPORATE BRANCH, UG - 1 C.S. NAYUDU ARCADE, 10/2 OLD PALASIA, INDORE - 452001, MADHYA PRADESH, INDIA |
B79941332 |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Borrowing from foreign institutional agencies |
1378.640 |
1359.744 |
|
Total |
1378.640 |
1359.744 |
PERFORMANCE AND
PROGRESS
During the year, the Company has achieved a turnover of Rs. 24081.590
Million registering a growth of 70.30% as compared to last financial year.
However weakening of INR against USD has caused an adverse impact on the
profitability of the Company, due to which Profit before tax during the year
stood at Rs. 35.47 Million.
During the year the Company has successfully launched the Wider Width
Galvanized material from its new Galvanizing Line supplied by CMI -FPE. The
wider width galvanized material is the product of the future and is in good
demand, both in construction and Home appliance segment. Thus with addition of
the company’s capability to manufacture the same, we hope to reap the benefits.
The Company has also successfully completed the erection and alignment
of the Continuous Colour Coated Line supplied by CMI-FPE. The cold trials are
on and the line will roll its products in the current financial year to the
market. With this the Company has completed the phase II and will have a
capacity to produce 600,000 MT/ per annum. The Company has also added Slitting
and Cut to Length lines, imported from the quality manufacturers of South
Korea, in order to cater to Automotive and Home appliance customers. The said
lines have been commissioned and are operational.
MARKET DEVELOPMENT
AND PROGRESS IN AUTO and WHITE GOODS SEGMENT
The primary focus of the Company is to produce quality steel and coated
steel products focusing on Automotive, Home appliances and Construction sector,
which are key areas for development of the country.
With the latest state of art technology, ISC is now fully equipped to
supply Cold Rolled Steel Coils/sheets for skin panels to auto majors, which are
currently being imported in India. Also ISC would be able to produce import
substitute Prepainted Steel sheets for Home Appliances. With the expansion the
Company will not only save foreign exchange for the country but also be able to
minimize dependence on imports for Indian Automotive and Home appliance
sectors. Hence ISC product range will definitely help in the growth of
Automotive and Home appliances Industries in Gujarat and India too.
The Company has already received source approval for its Cold Rolled
Steel and Galvanized Steel from Auto Majors like Tata Motors, Bajaj Auto, Ashok
Leyland, AMW, Force Motors, General Motors etc. and White Goods majors like
Videocon, Samsung, Godrej Boyce, Haier etc.
MARKET DEVELOPMENT
AND PROGRESS IN CONSTRUCTION SEGMENT
From ethical practices, aggressive vision and a commitment to excellence,
in a very short time the Company has achieved a lot riding on core strengths.
We have established a vast distribution network of 265 dealers and 700
plus sub dealers for better servicing to the consumers and 25 nationwide depots
for the smooth and effective distribution of material.
We are the market leaders in Gujarat and Rajasthan and strong
challengers in most of India. Our most popular brands in the name of Indian
UltraTuf, Indian Tadka, Indian Makkhan and Indian Coolhave become household names
among the consumers.
The Company had organized Dealers / retailers meet in order to
strengthen the bonding and to create strong relationship with its dealers and
retailers. The Company had supported the dealers and retailer to stand out in
competition through various branding and sales oriented activities.
EXPANDING STEEL
RETAIL
Expanding its retail chain, the Company has established 100 ISC Steel
Zones in the year 2011-12 to assure the consumers, the right quality at right
price with entire range of Galvanized and Cold Rolled Steel Products. ISC Steel
Zones will extend better services, thereby providing value for money to
consumers.
PROSPECTS
· Indian steel industry plays a significant role in the Country’s economic growth. The major contribution directs the attention that the steel is having a stronghold in the traditional sectors, such as infrastructure and construction, automobile, transportation, industrial applications etc. Presently India is the fifth largest producer of steel in the world and is likely to become the second largest producer in the coming years.
· The Indian crude steel production is likely to grow at a CAGR of around 10% during 2010-2013. Steel consumption in India is expected to grow significantly in coming years as per capita finished steel consumption is far less than its regional counterparts.
· Steel consumption in India will resume its strong growth trends in 2012 and 2013 after the relative slowdown in 2011, according to forecasts released by World Steel Association recently. During its 12th Plan period 2012-2017, India expects an investment of $ one trillion in the infrastructure sector.
· The country has acquired a central position on the global steel map with India having enormous potential and necessary resources, capabilities to become a global supplier of quality steel. Also there exists ample opportunities in the neighbouring regions of Asia, Africa and the Middle East.
· Keeping in view the government incentive plan to stimulate the economic growth by infusing funds in various industries, such as automobile, construction, infrastructure, power etc. the future of the Indian Steel Industry seems to be good.
The Company is poised to avail all such opportunities and to meet the growing
demands of domestic as well as international markets. With a good acceleration
in demand emanating from all segments of the industrial sector, it is expected
that the Company will achieve significant position for coated steel products.
Given the experience of strong senior management team having substantial
exposure in steel industry, value added to implement our strategies, the
prospects for sustainable long term growth in our business and consequently
shareholders value are tremendous.
However, volatility in raw materials prices across the globe especially
in commodity market, recession in European economy and fluctuations in the
foreign currencies could affect the performance of the Company in terms of
profitability. The management is taking appropriate steps to combat the
negative impact of these factors.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
CMT REPORT (Corruption, Money Laundering and 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. 63.67 |
|
|
1 |
Rs. 100.71 |
|
Euro |
1 |
Rs. 84.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYN |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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 and 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.