MIRA INFORM REPORT
|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SKS ISPAT AND POWER LIMITED (w.e.f. 29.12.2006) |
|
|
|
|
Formerly Known
As : |
SKS ISPAT LIMITED (w.e.f. 11.01.2005) SKS ISPAT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
501B, Elegant Business Park, Andheri Kurla Road, J. B. Nagar, Andheri
(East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.04.2000 |
|
|
|
|
Com. Reg. No.: |
11-125893 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.465.703 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2000PLC125893 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMS28171D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS3299N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Structural Steel with integrated facilities
like Power Plant, Steel Melting Shop, Sponge Iron, Rolling Mills and Coal
Washery. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24890000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There seems a growth in turnover but there appears low profitability
recorded by the company. However, overall financial appears to be decent. Trade relations are fair. Business is active. Payment terms are slow
but 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.
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 |
CARE |
|
Rating |
BBB- (Suspended): Long Term Bank Facilities |
|
Rating Explanation |
Moderate credit quality and average credit risk.
|
|
Date |
July 15, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Suspended): Short Term Bank Facilities |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
July 15, 2013 |
Reason for Suspension: Not furnished information
required.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Jaya |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-30807000 |
|
Date : |
11.09.2013 |
LOCATIONS
|
Registered Office / Corporate
Office : |
501B, Elegant Business Park, Andheri Kurla Road, J. B. Nagar, Andheri
(East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-30807063 / 30807000 |
|
Fax No.: |
91-22-30807070 / 80 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Phase-II, Industrial
Growth Centre, Village Siltara, 18th Mile Stone, Bilaspur –Raipur
Road, Raipur - 493111, Chattisgarh, India |
|
Tel. No.: |
91-7721-264380 |
|
Fax No.: |
91-7721-264378 / 77 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at
|
DIRECTORS
As on: 29.09.2012
|
Name : |
Mr. Anil Mahabir Gupta |
|
Designation : |
Managing Director |
|
Address : |
4th Floor, Nirmal Pran\bhu, Road No.7, J.V.P.D. Scheme,
Vile Parle (West), Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
23.11.1968 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.02.2013 |
|
PAN No.: |
ADKPG6798G |
|
DIN No.: |
00046213 |
|
|
|
|
Name : |
Mr. Deepak Gupta |
|
Designation : |
Managing Director |
|
Address : |
H
No. B/1, College Ward, Taluka Raipur, District Raipur, Chhattisgarh, India |
|
Date of Birth/Age : |
09.01.1974 |
|
Qualification : |
B.
Com |
|
Date of Appointment : |
01.04.2013 |
|
PAN No.: |
AAGPG0744H |
|
DIN No.: |
00645211 |
|
|
|
|
Name : |
Mr. Prasanna Kumar Mishra |
|
Designation : |
Director |
|
Address : |
Gangotri,
BJ - 26, BJB Nagar, Bhubaneshwar - 751 014, Orissa, India |
|
Date of Birth/Age : |
15.02.1944 |
|
Date of Appointment : |
30.03.2007 |
|
DIN No.: |
00888286 |
|
|
|
|
Name : |
Mr. SatpalSingh Kasturilal Arora |
|
Designation : |
Additional Director |
|
Address : |
403, Gangadham Apartment, 148, Giripet Nagpur – 440010, Maharashtra,
India |
|
Date of Birth/Age : |
08.09.1968 |
|
Date of Appointment : |
28.05.2013 |
|
DIN No.: |
03391190 |
KEY EXECUTIVES
|
Name : |
Ms. Jaya |
|
Designation : |
Office Executive |
|
|
|
|
Name : |
Mr. Rajini Kanth Mulugu |
|
Designation : |
Secretary |
|
Address : |
S/2-303,
Malad Kokil Co-Operative Housing Society Limited, Sundernagar, S. V. Road,
Malad (West), Mumbai - 400 069, Maharashtra, India |
|
Date of Birth/Age : |
22.08.1976 |
|
Date of Appointment : |
01.02.2010 |
|
PAN No.; |
AVTPM9512H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Anil Gupta |
|
5086000 |
|
Deepak Gupta |
|
14100 |
|
Indo Emirates Building Solutions Private Limited,
India |
|
1550000 |
|
Gupta Steel Corporation Private Limited, India |
|
1153846 |
|
Lambodar Ispat Private Limited, India |
|
1370000 |
|
SKS Minerals and Mining Company Private Limited,
India |
|
1351400 |
|
Sangeeta Gupta |
|
12000 |
|
Shares in Demat form |
|
37186850 |
|
|
|
|
|
Total |
|
47724196 |
SHARES
IN DEMAT FORM
|
List of Demat Shareholders |
|
No. of Shares |
|
Anil Gupta |
|
4100 |
|
Citywings Agencies Private Limited, India |
|
6611850 |
|
Deepak Gupta |
|
4100 |
|
Gupta Steel Corporation Private Limited, India |
|
2779900 |
|
Padma Ispat Private
Limited, India |
|
2307100 |
|
Sangeeta Gupta |
|
4100 |
|
Shree Krishna Structure Private
Limited, India |
|
22733700 |
|
Vighnesh Steels Private Limited, India |
|
2742000 |
|
|
|
|
|
Total |
|
37186850 |
As on: 06.03.2013
|
Names of Allottee |
|
No. of Shares |
|
Shree Krishna Structure Private Limited, India |
|
1538462 |
|
|
|
|
|
Total |
|
1538462 |
As on: 11.12.2012
|
Names of Allottee |
|
No. of Shares |
|
Shree Krishna Structure Private Limited, India |
|
2692310 |
|
|
|
|
|
Total |
|
2692310 |
Equity Share Break up (Percentage of Total Equity)
As on: 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
89.26 |
|
Directors or relatives of directors |
10.74 |
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Structural Steel with integrated facilities
like Power Plant, Steel Melting Shop, Sponge Iron, Rolling Mills and Coal
Washery. |
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Products : |
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Terms : |
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||||||
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Sponge Iron |
M.T. |
270,000 |
225,121 |
|
Billet / Blooms |
M.T. |
345,6000 |
91,904 |
|
Rolled Products |
M.T. |
224,000 |
144,673 |
|
TMT / Wire Rod |
M.T. |
233,000 |
63,108 |
|
Ferro Alloys Plant |
M.T. |
28,300 |
7,286 |
|
Power Plant |
MW / KWH |
85MW |
321,97,265KWH |
Notes:
1) In terms of Press Note No.4(1994 series) dated 25.10.1994 issued by the
Department if Industrial Development, Ministry of Industry, Government of India,
industrial licensing has been abolished.
2) Installed capacities, being a technical matter, have not been verified by
the Auditors
GENERAL INFORMATION
|
Customers : |
Manufacturers |
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|
No. of Employees : |
1000 (Approximately) |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
S B Wakharkhar and Company Chartered Accountants |
|
Address : |
11, Shreyas, Veera Desai Road, Andheri (West), Mumbai – 400058, Maharashtra, India |
|
PAN No.: |
AAAPW6993N |
|
|
|
|
Auditors 2 : |
|
|
Name : |
Kapoor and Parikh Associates Chartered Accountants |
|
Address : |
Zaveri Building, 1st Floor, 157 Princess Street, Mumbai – 400002,
Maharashtra, India |
|
PAN.: |
AACPP9863E |
|
|
|
|
Ultimate Holding
Company : |
Citywings Agencies Private Limited CIN No.: U51109WB2006PTC108331 |
|
|
|
|
Subsidiary Company
: |
CIN No.: U10100CT2008PTC020663
CIN No.: U26940MH2008PLC180732
CIN No.: U40103MH2008PLC180231
CIN No.: U40101MH2008PLC180730
CIN No.: U40101MH2008PLC180729
CIN No.: U40109MH2011PLC211947
CIN No.: U40101MH2008PLC180742
|
|
|
|
|
Related Parties : |
CIN No.: U27101CT1995PTC009316 |
|
|
|
|
Joint Venture : |
Surya Infraventure Private Limited CIN No.: U24232MP1995PTC009740 |
CAPITAL STRUCTURE
After : 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52000000 |
Equity Shares |
Rs.10/- each |
Rs.520.000 Millions |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51954968 |
Equity Shares |
Rs.10/- each |
Rs.519.550 Millions |
|
|
|
|
|
As on: 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47724196 |
Equity Shares |
Rs.10/- each |
Rs.477.242 Millions |
|
|
|
|
|
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46570350 |
Equity Shares |
Rs.10/- each |
Rs.465.703 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
465.703 |
465.703 |
|
(b) Reserves & Surplus |
|
5607.823 |
5592.493 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
150.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
6223.526 |
6058.196 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3641.880 |
3183.258 |
|
(b) Deferred tax liabilities (Net) |
|
821.106 |
790.180 |
|
(c) Other long term liabilities |
|
20.549 |
40.870 |
|
(d) long-term provisions |
|
16.671 |
15.951 |
|
Total Non-current
Liabilities (3) |
|
4500.206 |
4030.259 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2415.663 |
2369.527 |
|
(b) Trade payables |
|
1665.676 |
1143.015 |
|
(c) Other current liabilities |
|
1581.657 |
2089.555 |
|
(d) Short-term provisions |
|
1.497 |
1.128 |
|
Total Current
Liabilities (4) |
|
5664.493 |
5603.225 |
|
|
|
|
|
|
TOTAL |
|
16388.225 |
15691.680 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
7055.459 |
7364.953 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
1149.955 |
749.737 |
|
(iv) Intangible assets under development |
|
423.871 |
416.556 |
|
(b) Non-current Investments |
|
1609.968 |
17.552 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
15.828 |
1529.466 |
|
Total Non-Current
Assets |
|
10255.081 |
10078.264 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
3233.212 |
3171.131 |
|
(c) Trade receivables |
|
1576.246 |
875.110 |
|
(d) Cash and cash equivalents |
|
389.916 |
400.146 |
|
(e) Short-term loans and advances |
|
930.158 |
1163.085 |
|
(f) Other current assets |
|
3.612 |
3.944 |
|
Total Current
Assets |
|
6133.144 |
5613.416 |
|
|
|
|
|
|
TOTAL |
|
16388.225 |
15691.680 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
361.940 |
|
|
2] Share Application Money |
|
|
234.550 |
|
|
3] Reserves & Surplus |
|
|
4318.210 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4914.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6291.753 |
|
|
2] Unsecured Loans |
|
|
900.000 |
|
|
TOTAL BORROWING |
|
|
7191.753 |
|
|
DEFERRED TAX LIABILITIES |
|
|
720.063 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12826.516 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
7137.159 |
|
|
Capital work-in-progress |
|
|
865.547 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
14.940 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2973.629 |
|
|
Sundry Debtors |
|
|
851.547 |
|
|
Cash & Bank Balances |
|
|
273.636 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
1456.408 |
|
Total
Current Assets |
|
|
5555.220 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
607.886 |
|
|
Other Current Liabilities |
|
|
91.683 |
|
|
Provisions |
|
|
46.781 |
|
Total
Current Liabilities |
|
|
746.350 |
|
|
Net Current Assets |
|
|
4808.870 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12826.516 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13880.070 |
9889.300 |
9627.991 |
|
|
|
Other Income |
58.968 |
204.515 |
197.434 |
|
|
|
TOTAL (A) |
13939.038 |
10093.815 |
9825.425 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5063.228 |
4465.005 |
|
|
|
|
Purchases of stock-in-trade |
5729.351 |
3235.225 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
206.009 |
(212.752) |
|
|
|
|
Employee benefit expense |
135.625 |
118.550 |
|
|
|
|
Other expenses |
1093.178 |
796.076 |
|
|
|
|
Exceptional items |
251.776 |
0.000 |
|
|
|
|
TOTAL (B) |
12479.167 |
8402.104 |
8306.471 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1459.871 |
1691.711 |
1518.954 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
986.666 |
948.543 |
459.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
473.205 |
743.168 |
1059.694 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
426.948 |
413.648 |
313.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
46.257 |
329.520 |
746.347 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.926 |
86.019 |
145.014 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
15.331 |
243.501 |
601.333 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2911.971 |
2668.478 |
2067.147 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2927.304 |
2911.971 |
2668.480 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
579.063 |
NA |
404.777 |
|
|
TOTAL EARNINGS |
579.063 |
NA |
404.777 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
916.629 |
|
|
|
Stores & Spares |
|
|
1.315 |
|
|
|
Capital Goods |
|
|
15.089 |
|
|
TOTAL IMPORTS |
NA |
NA |
933.033 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.33 |
6.72 |
16.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.11 |
2.41
|
6.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.33 |
3.33
|
7.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.35 |
2.27
|
5.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.05
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.97 |
0.92
|
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.00
|
7.44 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In Millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long-term debt |
1110.283 |
1860.033 |
NA |
|
|
|
|
|
|
Total |
1110.283 |
1860.033 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
FINANCIAL HIGHLIGHTS
The Company has achieved a Turnover of Rs. 13265.919 Millions, as against Rs. 9889.300 Millions during the previous year with an increase of 34% over last year. Though, the Turnover of the Company increase significantly, the EBIDITA has increased marginally to Rs. 1711.648 Millions from Rs. 1691.704 Millions due to the subdued profitability. The Company had to write off the following exceptional items during the year and hence the profit after tax got reduced to Rs. 15.333 Millions:
Rs. 231.655 Millions being claim of infrastructure subsidy as per the State Industrial Policy of Government of Chhattisgarh. The subsidy was treated as revenue subsidy and added to income in the earlier years. It has been disallowed by the State Level Committee of Industries department of Chhattisgarh, vide order dated 25th May 2012. The Company has preferred an appeal against the same before appropriate authority In addition to the above, The Company had to write off Rs. 20.121 Millions, being claim against SECL towards forfeiture of commitment guarantee.
Operations:
Operations of various production facilities, viz. Four DRI kilns, SMS comprising 8 nos of Induction Furnaces and Concast, 25 MW WHRB based CPP, 30 MW AFBC boiler based CPP, Rolling mills are being gradually scaled up.
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 31.03.2011 |
|
LONG-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
50.000 |
50.000 |
|
Intercorporate borrowings |
350.000 |
0.000 |
|
|
|
|
|
Total |
400.000 |
50.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10439501 |
28/06/2013 |
720,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B80616857 |
|
2 |
10439502 |
28/06/2013 |
720,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B80617376 |
|
3 |
10439505 |
28/06/2013 |
720,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B80617855 |
|
4 |
10439500 |
12/06/2013 |
2,600,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B80616394 |
|
5 |
10439497 |
11/06/2013 |
1,500,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
B80615263 |
|
6 |
10426606 |
08/04/2013 |
150,000,000.00 |
Indian Overseas Bank |
MID CORPORATE BRANCH, 5TH FLOOR,, E WING, MAKER TOWER,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, |
B75061341 |
|
7 |
10426494 |
29/03/2013 |
6,559,058.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI, MAHARASHTRA - 400710, INDIA |
B74931502 |
|
8 |
10400892 |
07/01/2013 |
960,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA |
B67031898 |
|
9 |
10383120 |
24/09/2012 |
50,000,000.00 |
UNION BANK OF INDIA |
SANT TUKARAM ROAD BRANCH, APEEJAY URENDRA, 24,KR |
B60758273 |
|
10 |
10370110 |
02/08/2012 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B45533536 |
|
11 |
10365126 |
08/06/2012 |
120,000,000.00 |
Bank of India |
92-93, FREE PRESS HOUSE, 9TH FLOOR, FREE PRESS JOURNAL MARG, 215, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B43474279 |
|
12 |
10366086 |
24/07/2012 * |
100,000,000.00 |
INDIAN OVERSEAS BANK |
FLORA FOUNTAIN BRANCH, 51, MULLA HOUSE, HUTATMA C |
B56436835 |
|
13 |
10345688 |
25/02/2012 |
190,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA |
B36348217 |
|
14 |
10326674 |
09/12/2011 |
200,000,000.00 |
L AND T FINANCE LIMITED |
L AND T HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA- 400001, INDIA |
B29012432 |
|
15 |
10315655 |
12/10/2011 |
500,000,000.00 |
LANDT INFRASTRUCTURE FINANCE COMPANY LIMITED |
MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, TAMILNADU - 600089, INDIA |
B24540312 |
|
16 |
10303893 |
29/08/2011 |
72,889,540.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B19480532 |
|
17 |
10301868 |
08/08/2011 |
250,000,000.00 |
DBS Bank Limited |
5TH FLOOR, FORT HOUSE, 221, DR. D N ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
B18688788 |
|
18 |
10303579 |
15/07/2011 |
202,500,000.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B19322031 |
|
19 |
10299764 |
11/07/2011 |
40,000,000.00 |
INDIAN OVERSEAS BANK |
FLORA FOUNTAIN BRANCH, 51, GROUND FLOOR, MULLA HO |
B17910563 |
|
20 |
10261565 |
22/12/2010 |
250,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA |
B03536554 |
|
21 |
10419223 |
21/12/2010 |
196,630,000.00 |
State Bank of India |
COMMERCIAL BRANCH, SECOND FLOOR, POOJARI CHAMBERS,
PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, |
B56965056 |
|
22 |
10232701 |
11/06/2010 |
1,800,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ZONAL OFFICE BUILDING, 2ND FLOOR, RAVI BHAVAN,
RAIPUR, CHHATTISGARH - 492001, I |
A90998436 |
|
23 |
10222074 |
31/03/2010 |
200,000,000.00 |
STATE BANK OF TRAVANCORE |
112-115, TULSANI CHAMBERS, 215, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A85960367 |
|
24 |
10298600 |
30/03/2010 |
900,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ZONAL OFFICE BUILDING, 2ND FLOOR, RAVI BHAVAN, RAIPUR, CHHATTISGARH - 492001, INDIA |
A85959385 |
|
25 |
10212298 |
15/02/2010 |
160,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ZONAL OFFICE BUILDING, 2ND FLOOR, RAVI
BHAVAN, RAIPUR, CHHATTISGARH - 492001, I |
A82969551 |
|
26 |
10165330 |
25/08/2011 * |
300,000,000.00 |
State Bank of India |
COMMERCIAL BRANCH, 2ND FLOOR, POOJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA |
B22968010 |
|
27 |
10133012 |
05/11/2008 |
1,768,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, RAIPUR, CHHATTISGARH - 492001, INDIA |
A51589034 |
|
28 |
10046792 |
05/12/2008 * |
150,000,000.00 |
STATE BANK OF TRAVANCORE |
112-115 TULSIANI CHAMBERS, 215 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A53488144 |
|
29 |
10028049 |
07/11/2006 |
250,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
79A MEHTA HOUSE, BOMBAY SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A07355209 |
|
30 |
80008819 |
12/10/2012 * |
4,173,200,000.00 |
State Bank of India |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR, CHHATTISGARH - 492001, INDIA |
B60849858 |
|
31 |
80013412 |
28/09/2006 * |
460,000,000.00 |
BANK OF INDIA |
KALBADEVI BRANCH, ROUND BUILDING SHAMALDA GANGHI |
- |
|
32 |
80013408 |
29/03/2005 |
150,000,000.00 |
State Bank of Patiala |
COMMERCIAL BRANCH, ATLANTA, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
33 |
80013410 |
18/12/2007 * |
998,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BYRON BAZAR , RAIPUR, CHHATTISGARH - 492001, INDIA |
A40146623 |
|
34 |
80008818 |
23/07/2010 * |
6,578,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, ZONAL OFFICE BUILDING, 2ND FLOOR, RAVI
BHAVAN, RAIPUR, CHHATTISGARH - 492001, I |
A94014644 |
|
35 |
80013413 |
29/09/2006 * |
150,000,000.00 |
BHARAT OVERSEAS BANK LIMITED |
FORT BRANCH,MULLA HOUSE, FOUNTAIN, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
36 |
80013407 |
28/09/2006 * |
600,000,000.00 |
UNION BANK OF INDIA |
S.T.ROAD BRANCH , APEEJAY - SURENDRA BUILDING, 24 |
A06549349 |
|
37 |
80013409 |
16/03/2005 |
250,000,000.00 |
State Bank of Indore |
COMMERCIAL BRANCH, MITTAL COURT, B WING, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and Equipment
- Vehicles
- Office Equipment
- Computer Equipments
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.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.