MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHUSHAN POWER AND STEEL LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Tolstoy House, 15-17, Tolstoy Marg, Connaught Place, New
Delhi - 110001 |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
22.02.1999 |
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Com. Reg. No.: |
55-108350 |
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|
|
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Capital Investment
/ Paid-up Capital : |
Rs.
2013.337 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100DL1999PLC108350 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Flat, Round and Value Added Products in Steel. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 250900000 |
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|
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|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is a well-established an The company can be considered good 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were
announced, the government decided to hike interest rates on fixed deposit
schemes offered by post offices up to 0.2 per cent. The new rates will be
effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s
appeal against a ruling over transferring ownership of its local mobile phones
plant which is the subject of a tax dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into
Hindustan Aeronautics Limited’s contracts from
Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau
of Investigation will look into allegations that over $80 million was paid in
kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a
solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : A- |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
January 14, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A1 |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
January 14, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Unsecured loans : A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
January 14, 2014 |
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 (Tel. No.: 91-11-30451000)
LOCATIONS
|
Registered/ Corporate Office : |
4th Floor, Tolstoy House, 15-17, Tolstoy Marg,
Connaught Place, New Delhi - 110001, India |
|
Tel. No.: |
91-11-30451000 |
|
Fax No.: |
91-11-23712737/ 30451101 |
|
E-Mail : |
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|
Website : |
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Head Office : |
F – Block 1st Floor, |
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Admin./ Network Office : |
J.K. Millennium Center, 6th Floor, 46-D, Jawahar Lal Nehru Road, Kolkata - 700071, West Bengal, India |
|
Tel. No.: |
91-33-30512299/ 30512332/ 3052333 |
|
Fax No.: |
91-33-30512235/ 30512297 |
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E-Mail : |
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Manufacturing
Units : |
Plot No 03, Industrial Area, Phase-1, Chandigarh,
India Plot No 71, Industrial Area, Phase-1, Chandigarh,
India Plot No 83, Industrial Area, Phase-1, Chandigarh,
India Plot No 141 – 142, Industrial Area, Phase-1, Chandigarh,
India Village Haripur Khura, Ambala-Chandigarh Road, Derabassi,
District Mohali, Punjab, India NH-2, Bangihatti, Mallickpara, Serampore, Hooghly, Kolkata, West Bengal, India Village Thelkoloi and Dhubenchapper Tehsil Rengali District Sambalpur, Orissa, India |
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|
|
|
Marketing Offices : |
Located at: North
Amritsar
Amb
Baddi
Bhiwadi
Chandigarh
Damtal
Delhi
Derabassi
Faridabad
Indore
Jammu
Jalandhar
Jaipur
Kanpur
Ludhiana
Panchkula
Rudrapur
Mandi Gobindgarh
Parwanoo
Una
Kullu
Manesar Ghaziabad (UP) South
Bangalore Hosur
Chennai
Cochin
Secunderabad
Vijayawada Hyderabad East
Kolkata Guwahati (Assam)
Patna
Agartala (Tripura West)
Gulabbagh (Bihar)
Bhubaneshwar
Sambalpur
Siliguri
Jamshedpur (Jharkhand) Raipur (Chhattisgarh) West
Nagpur Mumbai
Nasik
Pune
Aurangabad
Ahmedabad Rajkot |
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|
Network Offices : |
Located at: CHANDIGARH OFFICE Plot No. 3, Industrial Area, Phase – I, Chandigarh - 160002, India Phone : 91-172-3911702/ 3911703 Fax : 91-172-3911704 E-mail : chandigarh@bpsl.net ORISSA OFFICE Village Thelkoloi, P.O. Lapanga, Tehsil - Rengoli, District Sambalpur - 768232 Phone: 91-663-2535000/ 2562026-32 Fax: 91-663-2562007/ 2562011 E-mail : orissa@bpsl.net DERABASSI OFFICE Chandigarh Ambala
Road, Derabassi - 140507, District Patiala, Punjab, India Fax: 91-1762-307902 E-mail : bhushandrb@bpsl.ne |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Sanjay Singal |
|
Designation : |
Managing Director |
|
Address : |
61, Sector 5, Chandigarh, India |
|
Date of Birth/Age : |
19.06.1960 |
|
Qualification : |
Graduate |
|
Experience : |
32 Years |
|
Date of Appointment : |
30.06.2013 |
|
PAN No.: |
ANRPS7985C |
|
DIN No.: |
00006579 |
|
|
|
|
Name : |
Mrs. Aarti Singal |
|
Designation : |
Vice Chairperson and Whole Time Director (Admin) |
|
Address : |
61, Sector 5, Chandigarh, India |
|
Date of Birth/Age : |
08.03.1961 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.09.2010 |
|
PAN No.: |
AEFPS6299L |
|
DIN No.: |
00007698 |
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|
|
|
Name : |
Mr. Ravi Prakash Goyal |
|
Designation : |
Whole Time Director (Commercial) |
|
Address : |
House No. 157, Sector 16, Panchkula – 134112, Haryana, India |
|
Date of Birth/Age : |
09.09.1951 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.03.2011 |
|
PAN No.: |
ADAPG0813G |
|
DIN No.: |
00006595 |
|
|
|
|
Name : |
Mr. Hardev Chand Verma |
|
Designation : |
Whole Time Director (Marketing) |
|
Address : |
14/4A, Burdwan Road, Alipore, Kolkata, West Bengl, India |
|
Date of Birth/Age : |
15.11.1952 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.03.2011 |
|
PAN No.: |
ABVPV6037G |
|
DIN No.: |
00007681 |
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|
|
|
Name : |
Mr. Ram Naresh Yadav |
|
Designation : |
Whole Time Director (Technical) |
|
Address : |
14/4A, Burdwan Road, Alipore, Kolkata, West Bengl, India |
|
Date of Birth/Age : |
16.07.1959 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
14.06.2003 |
|
PAN No.: |
AAAPY4673M |
|
DIN No.: |
00006697 |
|
|
|
|
Name : |
Mr. Ram Dev Batra |
|
Designation : |
Director |
|
Address : |
4148, Pocket 4, Sector D, Vasant Kunj, New Delhi -110001, India |
|
Date of Birth/Age : |
16.05.1936 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
01.03.2001 |
|
DIN No.: |
00007769 |
|
|
|
|
Name : |
Mr. Dinesh Kumar Behal |
|
Designation : |
Director |
|
Address : |
House No. 3235, Phase – II, Dugri Road, Urban Estate, Ludhiana, Punjab, India |
|
Date of Birth/Age : |
19.02.1958 |
|
Qualification : |
ICWAI |
|
Date of Appointment : |
19.06.2006 |
|
DIN No.: |
00011735 |
|
|
|
|
Name : |
Mr. Jimmy Lachmandas Mahtani |
|
Designation : |
Director |
|
Address : |
APT BLKI, Chatsworth Road, #22-21, Singapore |
|
Date of Birth/Age : |
27.10.1976 |
|
Date of Appointment : |
23.05.2012 |
|
DIN No.: |
00996110 |
|
|
|
|
Name : |
Mr. Anil Shridhar Supanekar |
|
Designation : |
Director |
|
Address : |
A1002/1003, DSK Chandnadeep, Mukund Nagar, Pune, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1940 |
|
Qualification : |
B Tech |
|
Date of Appointment : |
20.07.2007 |
|
DIN No.: |
00023254 |
|
|
|
|
Name : |
Mr. Ashok Kumar Khushu |
|
Designation : |
Director |
|
Address : |
E-007, Purvasha Apartments, Anand Lok Group Housing Society, Mayur Vihar, Phase-1, New Delhi, India |
|
Date of Birth/Age : |
15.12.1951 |
|
Date of Appointment : |
07.09.2013 |
|
DIN No.: |
00278227 |
KEY EXECUTIVES
|
Name : |
Mr. Ravinder Kumar Gupta |
|
Designation : |
Secretary |
|
Address : |
2147/3, Sector 45 C, Chandigarh – 160002,
Punjab, India |
|
Date of Birth/Age : |
31.05.1958 |
|
Date of Appointment : |
21.09.2000 |
|
PAN No.: |
ADOPG2712Q |
|
|
|
|
Name : |
Mr. R K Rastogi |
|
Designation : |
Vice President Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Sanjay Singal |
12585436 |
|
Sanjay Singal (HUF) |
256450 |
|
Priyanka Miglani |
1000895 |
|
Radhika S. Dhoot |
1000220 |
|
Aarti Singal |
5969324 |
|
Aniket Singal |
1750967 |
|
Jasmine Steel Trading Limited, India |
39772500 |
|
Marsh Steel Trading Limited, India |
39553500 |
|
Diyajyoti Steel Limited, India |
40032750 |
|
Vision Steel Limited, India |
41068673 |
|
Anuradha Supanekar |
10000 |
|
Baring Private Equity Asia III Mauritius Holdings () |
10714285 |
|
Total |
193715000 |
|
Names of Preference Shareholders |
No. of Shares |
|
Jasmine Steel Trading Limited, India |
527970 |
|
Marsh Steel Trading Limited, India |
542695 |
|
Vision Steel Limited, India |
555810 |
|
Diyajyoti Steel Limited, India |
510025 |
|
Sanjay Singal |
260250 |
|
Aarti Singal |
259550 |
|
Aniket Singal |
186250 |
|
Sanjay Singal (HUF) |
263350 |
|
Total |
3105900 |
As on 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident indian(s) or Overseas corporate bodies or Others) |
5.53 |
|
Bodies corporate (not mentioned above) |
82.82 |
|
Directors or relatives of directors |
11.65 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Flat, Round and Value Added Products in Steel. |
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|
Products : |
v
HR Coil v
Steel Billets v
Alloy Steel Rounds v
Tor Steel v
Wire Rods v
Pig Iron v
Sponge Iron v
Power v
CR Coils v
Narrow CR Coils v
CR Sheets v
Precision Tubes (ERW and CEW) v
Cable Tapes v
Black Pipe v
GI Pipe v
GP Coils / Sheets v
GP Corrugated Sheets
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank Of Patiala, Commercial Branch, 2nd Floor, Chandralok Building, 36, Janpath ,, New Delhi - 110001, India Yes
Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,, Mumbai -
400018, Maharashtra, India Union
Bank Of India, Industrial Finance Branch, M-11, 1st Floor, Middle Circle, Connaught Circus, New Delhi - 110001, India Central
Bank of India, Corporate Finance Branch, Parliament Street, Jeevan Tara Building, New Delhi - 110001, Delhi, India Oriental
Bank Of Commerce, Park Street Branch, 107/1, Park Street (1st Floor), Kolkata - 700016, West Bengal, India State
Bank Of Mysore, 3,4,5, D.D.A Building, Nehru Place,
New Delhi - 110019, India Andhra
Bank, Sco 202-204, Sector 17-C, Chandigarh
- 160017, India Bank
of India, Mid Corporate Branch, Sector 17-B, Chandigarh
- 160017, India Punjab
National Bank, Large Corporate Branch, Sector 17 B, Chandigarh
- 160017, India State
Bank Of Travancore, Commercial Branch, Travancore House K G Marg, New
Delhi - 110001, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Financial Institution: |
Axis Trustee Services Limited, 2nd, Floor, E Block, Axis House, Bombay Dyeing, Compound, Pandhurang Bhudkar Marg, Worli, Mumbai - 400025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Mehra Goel and
Company Chartered Accountants |
|
Address : |
505, |
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E-Mail : |
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|
Website : |
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|
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Cost Auditors : |
|
|
Name : |
J. K. Kabra and Company Cost Accountants |
|
Address : |
New Delhi, India |
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|
|
|
Joint venture: |
Rohne Coal Company Private Limited CIN No.: U10300DL2008PTC176675 |
|
|
|
|
Subsidiary company |
Aarti Minerals (Austrlia) Pty Limited |
|
|
|
|
Associate: |
· Skap Electronics Private Limited CIN No.: U74899DL1983PTC015894 Ambey Steel and Power Private Limited CIN No.: U27104CT2004PTC016778 Aarti Minerals (Austrlia)
Pty Ltd Aarti Resources Mozambique Nova
Iron and Steel Limited CIN No.: L02710CT1989PLC010052 Jasmine
Steel Trading Limited CIN No.: U51420CH2003PLC025890 Vision
Steel Limited CIN No.: U27100CH2003PLC026592 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives: |
Atma Ram House Investment Private Limited CIN No.: U65921DL1965PTC004523 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 3750.000 Millions |
|
7,500,000 |
Preference Share |
Rs.100/- each |
Rs. 750.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 4500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
193,715,000 |
Equity Shares |
Rs.10/- each |
Rs. 1937.150 Millions |
|
3,105,900 |
Preference Share |
Rs.100/- each |
Rs. 310.590 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2247.740 Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 3000.000 Millions |
|
5,000,000 |
Preference Share |
Rs.100/- each |
Rs. 500.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 3500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
193,715,000 |
Equity Shares |
Rs.10/- each |
Rs. 1937.150 Millions |
|
761,867 |
Preference Share |
Rs.100/- each |
Rs. 76.187 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2013.337 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2013.337 |
1937.150 |
1360.517 |
|
(b) Reserves & Surplus |
60722.449 |
52652.758 |
24831.769 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
11032.200 |
|
Total
Shareholders’ Funds (1) + (2) |
62735.786 |
54589.908 |
37224.486 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
179971.013 |
132105.195 |
97408.427 |
|
(b)
Deferred tax liabilities (Net) |
11008.309 |
7958.309 |
5158.309 |
|
(c) Other long term liabilities |
20661.645 |
16089.221 |
7393.256 |
|
(d) long-term provisions |
283.478 |
103.415 |
85.027 |
|
Total Non-current Liabilities (3) |
211924.445 |
156256.140 |
110045.019 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
48603.314 |
36494.983 |
28259.347 |
|
(b) Trade payables |
9408.180 |
9491.993 |
10269.441 |
|
(c) Other current liabilities |
22622.728 |
13483.084 |
10664.182 |
|
(d) Short-term provisions |
271.983 |
299.866 |
297.007 |
|
Total Current Liabilities (4) |
80906.205 |
59769.926 |
49489.977 |
|
|
|
|
|
|
TOTAL |
355566.436 |
270615.974 |
196759.482 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
137422.703 |
125469.041 |
78334.536 |
|
(ii) Intangible Assets |
11.462 |
7.214 |
7.894 |
|
(iii) Capital work-in-progress |
141939.816 |
84419.515 |
66285.003 |
|
(iv) Intangible assets under development |
149.344 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
1220.696 |
1013.858 |
151.409 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
11316.363 |
6367.803 |
6188.994 |
|
(e) Other Non-current assets |
337.930 |
65.233 |
37.713 |
|
Total Non-Current Assets |
292398.314 |
217342.664 |
151005.549 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
212.206 |
453.787 |
732.620 |
|
(b) Inventories |
19927.145 |
17648.281 |
23462.840 |
|
(c) Trade receivables |
17184.061 |
11090.131 |
8590.260 |
|
(d) Cash and cash equivalents |
7336.532 |
8604.496 |
4510.672 |
|
(e) Short-term loans and advances |
18508.178 |
15476.615 |
8457.541 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
63168.122 |
53273.310 |
45753.933 |
|
|
|
|
|
|
TOTAL |
355566.436 |
270615.974 |
196759.482 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
86697.613 |
67510.903 |
46784.39 |
|
|
|
Other Income |
52.698 |
29.236 |
330.041 |
|
|
|
TOTAL (A) |
86750.311 |
67540.139 |
47114.431 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
42985.178 |
29374.474 |
28280.309 |
|
|
|
Purchases of Stock-in-Trade |
2916.564 |
856.14 |
2551.93 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(2687.923) |
4016.266 |
(8248.088) |
|
|
|
Employees benefits expense |
2235.416 |
1893.052 |
2592.053 |
|
|
|
Other expenses |
14249.776 |
10839.311 |
7773.493 |
|
|
|
TOTAL (B) |
59699.011 |
46979.243 |
32949.697 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
27051.300 |
20560.896 |
14164.734 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
10816.536 |
7360.448 |
4424.106 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16234.764 |
13200.448 |
9740.628 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7465.512 |
5059.776 |
3729.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8769.252 |
8140.672 |
6011.401 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3050.000 |
2800.000 |
1632.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
5719.252 |
5340.672 |
4378.561 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11210.388 |
7878.104 |
5507.449 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
2076.381 |
2000.000 |
2000.000 |
|
|
|
Transferred to Debenture Redemption Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
9.686 |
7.217 |
6.800 |
|
|
|
Proposed Dividend on Cumulative compulsorily convertible preference
Shares |
0.011 |
0.000 |
0.000 |
|
|
|
Dividend Tax |
1.648 |
1.171 |
1.100 |
|
|
BALANCE CARRIED
TO THE B/S |
14841.914 |
11210.388 |
7878.110 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
15019.412 |
13849.910 |
11496.834 |
|
|
|
Interest |
0.000 |
8.472 |
23.213 |
|
|
TOTAL EARNINGS |
15019.412 |
13858.382 |
11520.047 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12134.607 |
7486.365 |
10925.479 |
|
|
|
Stores & Spares |
398.902 |
334.782 |
486.667 |
|
|
|
Capital Goods |
6607.684 |
6195.772 |
8159.115 |
|
|
TOTAL IMPORTS |
19141.193 |
14016.919 |
19571.261 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
29.52 |
37.00 |
32.18 |
|
|
|
- Diluted |
25.63 |
32.26 |
26.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.59 |
7.91 |
9.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.11 |
12.06 |
12.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.13 |
4.40 |
4.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.64 |
3.09 |
3.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.78 |
0.89 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1360.517 |
1937.150 |
2013.337 |
|
Reserves & Surplus |
24831.769 |
52652.758 |
60722.449 |
|
Share Application money
pending allotment |
11032.2 |
0.000 |
0.000 |
|
Net
worth |
37224.486 |
54589.908 |
62735.786 |
|
|
|
|
|
|
long-term borrowings |
97408.427 |
132105.195 |
179971.013 |
|
Short term borrowings |
28259.347 |
36494.983 |
48603.314 |
|
Total
borrowings |
125667.774 |
168600.178 |
228574.327 |
|
Debt/Equity
ratio |
3.376 |
3.088 |
3.643 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
46784.390 |
67510.903 |
86697.613 |
|
|
|
44.302 |
28.420 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
46784.390 |
67510.903 |
86697.613 |
|
Profit |
4378.561 |
5340.672 |
5719.252 |
|
|
9.36% |
7.91% |
6.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10472674 |
21/01/2014 |
4,550,000,000.00 |
DEUTSCHE BANK AG
(SECURITY AGENT OF DEUTSCHE BANK |
KODAK HOUSE, 222,
DR D. N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B94407020 |
|
2 |
10472682 |
21/01/2014 |
11,050,000,000.00 |
DEUTSCHE BANK AG
(SECURITY AGENT OF KFW AND KFW IP |
KODAK HOUSE, 222,
DR D. N. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B94408309 |
|
3 |
10473502 |
21/12/2013 |
8,000,000,000.00 |
LIFE INSURANCE
CORPORATION OF INDIA |
YOGAKSHEMA, 6TH
FLOOR, INVESTMENT DEPARTMENT, WEST WING, JEEWAN BIMA MARG, MUMBAI - 400021, MAHARASHTRA,
INDIA |
B94687894 |
|
4 |
10473465 |
29/11/2013 |
1,000,000,000.00 |
U27100DL1999PLC108350 |
LARGE CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, |
B94679032 |
|
5 |
10468385 |
19/11/2013 |
2,000,000,000.00 |
CANARA BANK |
SCO 117-119,
SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B92797257 |
|
6 |
10464340 |
19/11/2013 * |
3,456,500,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
2ND, FLOOR, E
BLOCK, AXIS HOUSE, BOMBAY DYEING, COMPOUND, PANDHURANG BHUDKAR MARG, WORLI, MUMBAI
- 400025, MAHARASHTRA, INDIA |
B93240919 |
|
7 |
10462209 |
09/11/2013 |
2,000,000,000.00 |
THE SOUTH INDIAN
BANK LIMITED |
A 301, III
FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B90346982 |
|
8 |
10464267 |
31/10/2013 |
119,999,930.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR.
V. B. GANDHI MARG, FORT, MUMBAI 400001, MAHARASHTRA, INDIA |
B91159871 |
|
9 |
10455673 |
21/10/2013 |
1,000,000,000.00 |
STATE BANK OF
MYSORE |
3,4,5, D.D.A BUILDING,
NEHRU PLACE, NEW DELHI - 110019, INDIA |
B87780532 |
|
10 |
10455674 |
19/11/2013 * |
7,100,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
2ND, FLOOR, E
BLOCK, AXIS HOUSE, BOMBAY DYEING, COMPOUND, PANDHURANG BHUDKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B93233435 |
|
11 |
10450506 |
25/09/2013 |
1,000,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING FLOOR 21, WORLD TRADE CENTRE COMPLEX CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B85544666 |
|
12 |
10455732 |
21/09/2013 |
15,000,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI
- 110001, INDIA |
B87820924 |
|
13 |
10451396 |
05/08/2013 |
1,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B85889046 |
|
14 |
10445993 |
19/11/2013 * |
2,500,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICE BRANCH, 3, WALCHAND, HIRACHAND MARG, 1ST FLOOR, BALLARD
PIER, MUMBAI, MAHARASHTRA - 400001, INDIA |
B93977973 |
|
15 |
10444787 |
02/07/2013 |
1,000,000,000.00 |
INDIAN OVERSEAS
BANK |
PRAKASH DEEP
BUILDING, 7 TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B82968330 |
|
16 |
10443404 |
19/11/2013 * |
2,000,000,000.00 |
SYNDICATE BANK |
C-18, PASCHIMI
MARG, VASANT VIHAR, NEW DELHI, DELHI - 110057, INDIA |
B92860337 |
|
17 |
10442540 |
28/06/2013 |
5,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B81924128 |
|
18 |
10436641 |
19/11/2013 * |
1,000,000,000.00 |
INDIAN OVERSEAS
BANK |
PRAKASH DEEP
BUILDING, 7, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B92982222 |
|
19 |
10437831 |
19/11/2013 * |
3,000,000,000.00 |
BANK OF INDIA |
MID CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B93022572 |
|
20 |
10432486 |
19/11/2013 * |
1,000,000,000.00 |
VIJAYA BANK |
BRAKHAMBA ROAD BRANCH,
GROUND FLOOR VIJAYA BUILDING 17 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001,INDIA |
B92756949 |
|
21 |
10432776 |
19/11/2013 * |
2,000,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE FINANCE
BRANCH, PARLIAMENT STREET, JEEVAN TARA BUILDING, NEW DELHI, DELHI - 110001,
INDIA |
B93334340 |
|
22 |
10435253 |
19/11/2013 * |
1,500,000,000.00 |
STATE BANK OF
MYSORE |
3,4,5, D.D.A
BUILDING, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B93232155 |
|
23 |
10434701 |
11/06/2013 |
552,000,000.00 |
BAYERISCHE
LANDESBANK |
BRIENNERSTRABE
18, 80333, MUNICH, - 80333, GERMANY |
B78668571 |
|
24 |
10434086 |
19/11/2013 * |
2,000,000,000.00 |
CORPORATION BANK |
CORPORATE
BANKING BRANCH, HINDUSTAN TIMES HOUSE, |
B92777473 |
|
25 |
10434231 |
21/05/2013 |
15,006,300,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAVAN, 1, TOLSTORY MARG, NEW
DELHI, DELHI |
B78465051 |
|
26 |
10428658 |
19/11/2013 * |
3,000,000,000.00 |
UNITED BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, 11 HEMANTA BSU SARANI, KOLKATA, WEST BENGAL - 700001,
INDIA |
B93239531 |
|
27 |
10426854 |
08/04/2013 |
1,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B75525253 |
|
28 |
10414552 |
19/11/2013 * |
2,000,000,000.00 |
ANDHRA BANK |
SCO 202-204, SECTOR
17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B93022853 |
|
29 |
10422454 |
19/11/2013 * |
1,500,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
6, DEVIKA TOWER,
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B92820810 |
|
30 |
10418998 |
19/11/2013 * |
2,000,000,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74 JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B92792217 |
|
31 |
10421292 |
19/11/2013 * |
2,000,000,000.00 |
STATE BANK OF
TRAVANCORE |
COMMERCIAL BRANCH,
TRAVANCORE HOUSE K G MARG, NEW DELHI, DELHI - 110001, INDIA |
B93004950 |
|
32 |
10420722 |
19/11/2013 * |
2,820,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PARK STREET
BRANCH, 107/1, PARK STREET (1ST FLOOR), KOLKATA, WEST BENGAL - 700016, INDIA |
B93135572 |
|
33 |
10422599 |
26/03/2013 |
1,500,000,000.00 |
SYNDICATE BANK |
C-18, PASCHIMI
MARG, VASANT VIHAR, NEW DELHI, DELHI - 110057, INDIA |
B73988644 |
|
34 |
10416412 |
19/11/2013 * |
2,000,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B93863157 |
|
35 |
10412221 |
11/03/2013 |
1,000,000,000.00 |
ANDHRA BANK |
SCO 202-204,
SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B70916846 |
|
36 |
10412787 |
19/11/2013 * |
3,500,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, SECTOR 17 B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B93012425 |
|
37 |
10416409 |
07/03/2013 |
2,000,000,000.00 |
KARUR VYSYA BANK
LIMITED |
CENTRAL PROCESSING
CELL (LOANS),, 65/7, NEW ROHTAK ROAD, NEW DELHI, DELHI - 110005, INDIA |
B72199490 |
|
38 |
10406066 |
21/03/2013 * |
2,000,000,000.00 |
UCO BANK |
FLAGSHIP
CORPORATE BRANCH, MCLEOD HOUSE, 3, NETAJI SUBHASH ROAD, KOLKATA, WEST BENGAL -
700001, INDIA |
B73791055 |
|
39 |
10403502 |
11/02/2013 |
1,500,000,000.00 |
AXIS BANK
LIMITED |
STATESMAN HOUSE,
148, BARAKHAMBHA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B68321595 |
|
40 |
10401437 |
19/11/2013 * |
3,000,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, M-11, 1ST FLOOR,, MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI,
DELHI - 110001, INDIA |
B93583748 |
|
41 |
10401435 |
01/02/2013 |
1,000,000,000.00 |
UNION BANK OF
INDIA |
INDUSTRIAL FINANCE
BRANCH, M-11, 1ST FLOOR,, MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI, DELHI -
110001, INDIA |
B67423616 |
|
42 |
10400379 |
21/03/2013 * |
1,000,000,000.00 |
VIJAYA BANK |
BARAKHAMBA ROAD
BRANCH, GROUND FLOOR VIJAYA BUILD |
B73175341 |
|
43 |
10404101 |
19/11/2013 * |
7,500,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG,, NEW
DELHI, DELHI - 110001, INDIA |
B92859305 |
|
44 |
10401835 |
24/01/2013 |
1,500,000,000.00 |
ALLAHABAD BANK |
SECTOR 8-C,
MADHYA MARG, CHANDIGARH, CHANDIGARH - 160009, INDIA |
B67599233 |
|
45 |
10401681 |
21/01/2013 |
2,427,500,000.00 |
IDBI BANK
LIMITED |
3RD FLOOR, INDIAN
RED CROSS SOCIETY BUILDING, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B67423525 |
|
46 |
10401438 |
19/11/2013 * |
2,500,000,000.00 |
BANK OF
MAHARASHTRA |
SOUTH EXTENSION,
PART-1, A-13, RING ROAD, NEW DELHI, DELHI - 110049, INDIA |
B92889948 |
|
47 |
10400378 |
21/03/2013 * |
3,000,000,000.00 |
BANK OF BARODA |
CORPORATE
FINANCIAL SERVICE BRANCH, 3, WALCHAND, |
B72681380 |
|
48 |
10399159 |
21/03/2013 * |
1,000,000,000.00 |
SYNDICATE BANK |
C-18, PASCHIMI
MARG, VASANT VIHAR, NEW DELHI, DELHI - 110057, INDIA |
B74736810 |
|
49 |
10386644 |
29/10/2012 |
2,000,000,000.00 |
THE SOUTH INDIAN
BANK LIMITED |
A 301, III
FLOOR, STATEMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B62112693 |
|
50 |
10385158 |
21/03/2013 * |
2,000,000,000.00 |
ALLAHABAD BANK |
SECTOR 8-C,
MADHYA MARG, CHANDIGARH, CHANDIGARH - 160009, INDIA |
B74622499 |
|
51 |
10385710 |
01/10/2012 |
2,850,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BANK, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B61815015 |
|
52 |
10387170 |
30/09/2012 |
99,738,626.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR.
V. B. GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B62260625 |
|
53 |
10379916 |
21/03/2013 * |
2,000,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, CHANDRALOK BUILDING, 2ND FLOOR, 36, JANPATH, NEW DELHI, DELHI -
110001, INDIA |
B72638778 |
|
54 |
10382437 |
11/09/2012 |
2,000,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PARK STREET
BRANCH, 107/1, PARK STREET (1ST FLOOR), KOLKATA, WEST BENGAL - 700016, INDIA |
B60430543 |
|
55 |
10369818 |
21/03/2013 * |
1,500,000,000.00 |
STATE BANK OF
MYSORE |
3,4,5, D.D.A BUILDING,
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B73174740 |
|
56 |
10373966 |
06/08/2012 |
2,000,000,000.00 |
BANK OF INDIA |
MID CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH -160017, INDIA |
B57038614 |
|
57 |
10364087 |
21/03/2013 * |
1,500,000,000.00 |
KARUR VYSYA BANK
LTD. |
CENTRAL
PROCESSING CELL (LOANS), 65/7, NEW ROHTAK ROAD, NEW DELHI, DELHI - 110005,
INDIA |
B71972814 |
|
58 |
10359598 |
21/03/2013 * |
1,000,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
6, DEVIKA TOWER,
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B73898157 |
|
59 |
10358795 |
12/05/2012 |
2,000,000,000.00 |
ANDHRA BANK |
SCO 202 - 204,
SECTOR 17 C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B40833493 |
|
60 |
10344519 |
30/03/2012 |
3,000,000,000.00 |
UCO BANK |
FLAGSHIP
CORPORATE BRANCH, 3, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B35879212 |
|
61 |
10348635 |
21/03/2013 * |
1,000,000,000.00 |
DENA BANK |
25, RAJENDRA
PLACE, GOPALA TOWER, FIRST FLOOR, NEW DELHI, DELHI - 110008, INDIA |
B74562430 |
|
62 |
10350873 |
21/03/2013 * |
2,500,000,000.00 |
UNITED BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B73446536 |
|
63 |
10339688 |
07/03/2012 |
5,000,000,000.00 |
IDBI BANK
LIMITED |
3RD FLOOR, IRCS
BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B33908377 |
|
64 |
10336679 |
21/03/2013 * |
3,000,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, PARLIAMENT STREET, JEEVAN TARA BUILDING, NEW DELHI, DELHI - 110001,
INDIA |
B73738080 |
|
65 |
10338955 |
04/02/2012 |
2,500,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B33583923 |
|
66 |
10336680 |
23/01/2012 |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL
BRANCH, 74, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B32596678 |
|
67 |
10322494 |
11/06/2012 * |
18,450,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B42953612 |
|
68 |
10322493 |
29/11/2011 |
1,800,000,000.00 |
BAYERISCHE
LANDESBANK |
BRIENNERSTRABE
18, 80333, MUNICH, - 80333, GERMANY |
B27606219 |
|
69 |
10316585 |
27/03/2012 * |
32,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B37509742 |
|
70 |
10316586 |
16/10/2011 |
6,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B24899148 |
|
71 |
10298609 |
27/03/2012 * |
3,825,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B38323010 |
|
72 |
10281396 |
27/03/2012 * |
2,000,000,000.00 |
BANK OF
MAHARASHTRA |
SOUTH EXTENSION,
PART - I,, A-13, RING ROAD, NEW DELHI, DELHI - 110049, INDIA |
B37905957 |
|
73 |
10280940 |
27/03/2012 * |
2,500,000,000.00 |
INDIAN OVERSEAS
BANK |
PRAKASH DEEP
BUILDING, 7, TOLSTOY MARG,, NEW DELHI, DELHI - 110001, INDIA |
B37905759 |
|
74 |
10280272 |
28/03/2011 |
1,000,000,000.00 |
ANDHRA BANK |
SCO 202 - 204, SECTOR
17 C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B10552966 |
|
75 |
10280254 |
28/03/2011 |
1,500,000,000.00 |
ANDHRA BANK |
SCO 202 - 204,
SECTOR 17 C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B10552438 |
|
76 |
10271068 |
12/02/2011 |
3,000,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PARK STREET
BRANCH, 107/1, PARK STREET, 1ST FLOOR, KOLKATA, WEST BENGAL - 700016, INDIA |
B07241201 |
|
77 |
10264070 |
24/12/2010 |
1,000,000,000.00 |
VIJAYA BANK |
17, BARAKHAMBA ROAD,
NEW DELHI, DELHI - 110001, INDIA |
B04146197 |
|
78 |
10267850 |
17/12/2010 |
2,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE
BRANCH, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
B05449251 |
|
79 |
10262414 |
26/02/2011 * |
1,000,000,000.00 |
SYNDICATE BANK |
C-18, PASCHIMI
MARG, VASANT VIHAR, NEW DELHI, DELHI - 110057, INDIA |
B08623936 |
|
80 |
10257431 |
26/02/2011 * |
1,000,000,000.00 |
STATE BANK OF
HYDERABAD |
COMMERCIAL
BRANCH, 74, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B08584849 |
|
81 |
10250626 |
26/02/2011 * |
1,500,000,000.00 |
BANK OF
MAHARASHTRA |
SOUTH EXTENSION,
PART-1, A-13, RING ROAD, NEW DELHI, DELHI - 110049, INDIA |
B08644619 |
|
82 |
10258762 |
26/02/2011 * |
1,500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, CHANDRALOK BUILDING, 2ND FLOOR, 36, JANPATH, NEW DELH, DELHI -
110001, INDIA |
B08585390 |
|
83 |
10242298 |
13/09/2010 |
2,000,000,000.00 |
INDIAN OVERSEAS
BANK |
PRAKASH DEEP BUILDING,
7, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A95561932 |
|
84 |
10242304 |
13/09/2010 |
2,000,000,000.00 |
INDIAN OVERSEAS
BANK |
PRAKASH DEEP
BUILDING, 7, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A95562484 |
|
85 |
10247356 |
26/02/2011 * |
2,000,000,000.00 |
DENA BANK |
25, RAJENDRA
PLACE, GOPALA TOWER, FIRST FLOOR, NEW DELHI, DELHI - 110008, INDIA |
B08777112 |
|
86 |
10237552 |
03/09/2010 |
4,500,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE
BRANCH, 3 N S ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
A93636207 |
|
87 |
10228583 |
26/06/2010 |
254,000,000.00 |
UNICREDIT BANK
AUSTRIA AG |
8243/EXPORT
FINANCE, SCHOTTENGASSE, 6-8, 1010, VIENNA, - 681010, AUSTRIA |
A89231674 |
|
88 |
10215432 |
26/02/2011 * |
1,500,000,000.00 |
UNITED BANK OF
INDIA |
OLD COURT HOUSE
STREET BRANCH, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B08207573 |
|
89 |
10211668 |
27/03/2010 * |
7,875,000,000.00 |
STATE BANK OF INDIA
(ACTING AS SECURITY AGENT AND |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR,, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG,, NEW
DELHI, DELHI - 110001, INDIA |
A83543686 |
|
90 |
10214505 |
19/03/2010 |
1,250,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A83320853 |
|
91 |
10211669 |
17/07/2010 * |
945,000,000.00 |
KFW REPRESENTED
BY KFW IPEX BANK GMBH |
PALMENGARTENSTRASSE
5-960325, FRANKFURT AM MAIN GERMANY, - 5960325, GERMANY |
A90709007 |
|
92 |
10214475 |
09/03/2010 |
1,250,000,000.00 |
CENTRAL BANK OF
INDIA |
CORPORATE
FINANCE BRANCH, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A83157198 |
|
93 |
10199090 |
27/03/2010 * |
1,000,000,000.00 |
JAMMU AND KASHMIR
BANK LIMITED |
(CORPORATE
HEADQUARTERS), M.A.ROAD, SRINAGAR, KASHMIR, SRINAGAR, JAMMU AND KASHMIR -
190001, INDIA |
A83157594 |
|
94 |
10175427 |
27/03/2010 * |
4,000,000,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE BRANCH,
PNB HOUSE, SECTOR 17-B, CHANDIGARH, CHANDIGARH - 160017, INDIA |
A83071035 |
|
95 |
10168755 |
08/07/2009 |
1,500,000,000.00 |
CANARA BANK |
SCO 117-119,
SECTOR 17-C, CHANDIGARH, CHANDIGARH - 160017, INDIA |
A66556705 |
|
96 |
10170296 |
08/07/2009 |
2,500,000,000.00 |
IDBI BANK
LIMITED |
SURYA KIRAN
BUILDING, 11TH FLOOR, 19, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001,
INDIA |
A67280891 |
|
97 |
10166454 |
07/09/2013 * |
980,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICE BRANCH, 3, WALCHAND, HIRACHAND MARG, 1ST FLOOR, BALLARD PIER,
MUMBAI, MAHARASHTRA - 400001, INDIA |
B85673192 |
|
98 |
10165438 |
23/03/2013 * |
1,375,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
CHANDERLOK BUILDING,, 2ND FLOOR, 36, JANPATH, NEW DELHI, DELHI - 110001,
INDIA |
B73259244 |
|
99 |
10164966 |
27/03/2010 * |
28,530,000,000.00 |
STATE BANK OF
INDIA (ACTING AS SECURITY AGENT AND |
INDUSTRIAL FINANCE
BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG,, NEW DELHI, DELHI
- |
A82319419 |
|
100 |
10162457 |
26/06/2009 * |
2,620,000,000.00 |
KFW REPRESENTED
KFW IPEX BANK LIMITED |
PALMENSARTENTRASSE
- 5-960325, FRANKFURT AM MAIN GERMANY, - 5960325, GERMANY |
A64249923 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Intercorporate deposits |
0.000 |
146.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from others |
500.000 |
9476.137 |
|
Foreign currency term loans from others |
0.000 |
4611.242 |
|
Commercial paper |
2500.000 |
2850.000 |
|
Total |
3000.000 |
17083.379 |
HIGHLIGHTS OF
INDUSTRY REVIEW
Steel Industry in India is expected to grow at around 7% per annum. This is higher than the rate at which has growing in the last financial year. The recent reforms announced by the Govt. as well as expected monetary policy easing to be announced by the Reserve Bank of India may play the accelerator for growth in the steel industry. The lifting of iron ore ban will also help in this regard. The US economy is showing early signs of recovery. Though Chinas overcapacity and sluggish demand remains a cause of concern, the general feeling is that the steel industry will turn around 2013-14.
World crude steel production reached 1547.80 Million Tons during 2012, recording growth of 1.2% over 2011. During 2012, Chinese crude production reached 716.5 Million Tons, with a growth of 3.1 % over 2011 and remained the world’s largest crude steel producer in 2012, followed by Japan (107.2 million tons) and USA (86.6 million tons). India occupied 4 th position with total production of 76.97 million tons for the third consecutive year recoding increase of 4.6% over 2011. Russia, South Koera, Germany, Turkey, Brazil and Ukraine are the other crude steel producing countries among top ten.
The current abysmally low per capita consumption of steel of 59 kg in India compared to China 427 kg and world average of 206 kg strengthens the argument that the domestic steel industry has a huge growth potential. The current per capita consumption has increased in the recent past from 29 kg to 59 kg. The National Steel Policy has set up the target of 100 million tons of steel production by 2018 whereas total crude steel production in 2012-13 was estimated to be about 90 million tons. Public Sector contributed about 21% of the total production. It is expected that Indian crude steel Industry will grow at CAGR of around 10% during 2013-14. Govt.’s proactive plans to boost economic growth in various industries, viz construction, infrastructure, automobile, power etc., will drive the steel industry in future.
Achieving a rank of the 4th largest global crude steel producer in 2012, India has further made a mark globally in the production of sponge iron / direct reduction iron (DRI). Mushrooming growth of coal based sponge iron units in key mineral-rich pockets of the country, domestic production of sponge iron increased rapidly, enabling the country to achieve and maintain the number one position in the global market. Once the ongoing steel projects are implemented to its full capacity, it will re-write the steel industry structure and dynamics. With the domestic economy carrying forward infrastructure development, the future of Indian Steel Industry is certainly optimistic. For the 12th five year plan (2012-17), the Planning Commission has approved total outlay of Rs 91,174.64 Crores.
HIGHLIGHTS OF
OPERAIONAL PERFORMANCE
The Company continues to manage effectively supply chain management, product mix enrichment, improvement in quality and productivity. Company also focus on innovation of new products to enlarge market share.
The Company achieved Gross revenue for operation of Rs 9,5174.700 Millions as compared to Rs 7,2816.500 Millions last year recording growth of 30.70%. Net Profit after taxes increased by 7.09% to Rs. 5719.200 Millions. Cash Profit increased by 26.77% to Rs 1,6234.700 Millions. Better market demand, higher exports and better realization during the year has resulted into increased financial performance.
EXPORTS
During the year under report total exports of finished alloy and non-alloy steel was 3.78 million tons and expected to increase further. The company has made presence in international market. Growing response, quality consciousness and greater market acceptability in global market has resulted into achieving the growth in the international market.
Exports turnover of the Company has increased by 7.27 % over last year to Rs. 16309.500 Millions by exporting its products to various countries i.e. to Austria, Bhutan, Beinhoa City, Belgium, Congo, Cotondu, Dubai, England, France, Freetown, Gambia, Kuwait, Lebanon, Liberia, Luanda, Malaysia, Monrovia, Nepal, Nigeria, Oman, Singapore, Saudi Arabia, Sudan, Sri Lanka, South Africa, Senegal, Sierra Leone, Switzerland, Tanzania, Tamatave, U.A.E and Vietnam. Their products confirm international quality standards coupled with efficacy of sternest delivery tests applied worldwide which are key factors of higher realization in international market.
MINES
Minerals are valuable natural resources being finite and non- renewable. They constitute the vital raw materials for many basic industries and are a major resource for development. Mining sector is an important segment of the Indian economy. Since Independence, there has been a pronounced growth in the mineral production both in terms of quantity and value.
The new liberalized industrial policies may lead to high and accelerated growth in mineral industry to complement and supplement the revival and rapid growth of national economy. Mineral wealth and its exploitation have substantially contributed to the growth of national economy. Minerals continued to play a vital role in India’s overseas trade too. .
The total value of mineral production (excluding atomic minerals) during 2012-13 has been estimated at Rs. 2,34,6126.600 Millions, which shows decrease of about 0.12% over that of the previous year. During 2012-13, estimated value for fuel minerals accounts for Rs.1,56,8340.400 Millions or 66.85%, metallic minerals Rs.43,381.67 crore or 18.49% of the total value and non- metallic mineral including minor minerals Rs.34,3969.500 Millions or 14.66% of the total value. Mining industry in India has been progressing at an annual rate of 4% to 5% during the last three decades
Indian mining industry is characterized by a large number of small operational mines. The number of mines which reported mineral production {excluding minor minerals, petroleum (crude), natural gas and atomic minerals} in India was 3,108 in 2012-13 as against 3,236 in the previous year.
India’s total coal resources now stand at a level of a little over 194 billion tons in the coal seams of thickness 0.9m and above upto a depth of 1200 m. This is little over 1% of global coal resources. Of the total coal reserves of 194 billion tones, 85% is of non-coking variety and only 15% is of coking variety. Further, 33% of the total reserves fall under proved category, 44% in the indicated category and 23% in the inferred category.
COKING COAL
Demand of coking coal is expected to be higher while supplies are most likely going to be less. Coking coal prices in world market has increased. However the steel producers without captive mines are likely to see margins contraction. The volatile exchange fluctuation has further squeezed the margins. Indian steelmakers will continue to import coking coal. It is expected that import will increase to 60 million tons by 2017 and 90 million tons by 2020 as to meet increasing capacities each year.
ROHNE COKING COAL
BLOCK- A JOINT VENTURE
Company holds 24.09% shareholding in Joint Venture with JSW Steel Limited and Jai Balaji Steel Limited under the name Rohne Coal Company Private Limited Rohne Coal Block in the State of Jharkhand has been allotted. The said joint venture has purchased 230.27 acres of land. Total allocated land is 3,076.39 Acres. Ministry of Coal, Govt of India has accorded prior approval under MMDRA for mining lease over coal bearing of 778 hectares and prospecting license of over an unexplored area of 420 hectares. Company has contributed by way of investment in capital.
NON-COKING COAL
Coal is a critical input for industries like steel, power and cement. Company has been allotted non-coking coal mines at Jamkhani consisting about 222 million tons reserves (open cast and underground) and Bijhan with an estimated reserves of about 327 million tons (open cast and underground) in the State of Odisha. Mining plan for coal mines at Jamkhani and Bijhan has been approved by Govt. of India and mining lease for Jamkhani is expected to be executed at the earliest. Necessary approvals are in place. Company’s coal mines at Jamkhani is expected to be operational shortly. Till that time, Company has to depend on market supply and supply from Coal India Ltd and other available sources. In the state of Jharkhand, the company has been allotted coal block in Patal (East) block containing estimated reserves of 193 million tones (open cast and underground both) as per GSI report for its proposed Integrated Steel and Power Project in that State .
IRON ORE
Pursuant to the judgment dated 14.03.2012, Hon’ble Supreme Court of India has directed the State of Odisha to recommend to the Cental Govt for grant of iron ore mines to the Company. Company filed Contempt Petition for implementation of order dated 14.03.2012 before Supreme Court consequent to which State has recommended to the Central Govt. for grant of 96 million tons of iron ore reserves in Thakurani area. However for the balance 128 million tons of iron ore reserves for the plant is yet to be recommended and State is seeking directions in the Contempt Petition filed by the Company which is pending for adjudication.
Company has been allotted iron ore block having estimated reserves of about 35 million tons in Chatuburu block in the State of Jharkhand and taking necessary steps for execution of mining lease.
POWER
Present installed capacity till January 2013 in power sector in India has been assessed 2.12 lakh MW out of which thermal based capacity constitute 66.91% (Coal based 57.42%, Gas based 8.92% and oil based 0.56%), Hydro based constitute 18.61%, nuclear based constitute 2.25% and renewal energy sources constitute about 12.20% of the total installed power capacity. Further out of the total install capacity, 86,343 MW is in State sector (40.77%), 62,963 MW (29.73) is in Central Sector and 62,459 MW (29.49%) in private sector, Planning Commission has set target of 88,000 MW for 12 th Plan which means adding 17,500 MW over five years. In 2012-13 against the internal target of adding 16500 MW, country has achieved total generation of 20,500 MW. Renewable energy creates huge opportunities for power generation, however, thermal based power sector will remain the dominant source for energy in India. Major contributing countries to FDI equity inflow in power sector during the year under review are France, Singapore, UAE, United Kingdom, USA and Morocco. Investments in power sector are expected to be high in the next five years. The total demand for electricity in India is still more than its generation and there is huge gap of demand and supply.
To meet power requirement of the plant, 506 MW captive power plant has been commissioned. Company is also drawing 100 MW power from WESCO to meet the power requirement of the plant.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW
GLOBAL SCENARIO
The year 2013-14 offers encouragement after the past year of declining demand. World Trade Associations forecasts global steel consumption will rise a further 3.2% and reach 1.5 billion MT for 2014. World Steel Association represents steelmakers in 62 countries. World steel association outlook seems to be more positive. However economist noted that recently the primary risks to the strength of the global economy the Eurozone crisis, a hard landing for the Chinese economy and the US fiscal cliff - have stabilized considerably.
China has managed to keep the iron ore prices high by its predatory purchases across the global. Iron ore prices became particularly volatile after the move away from benchmark pricing to spot and short term contract pricing in 2010. China jinx may be nearing its end. Iron ore prices fluctuated but recovered to around USD 137 per ton by the end of current financial year, however thereafter further declined to USD 114 per ton. Dip in prices was caused by supply and demand imbalances in China which last year absorbed 744 million tons of the world’s 1.2 billion tons of sea borne iron ore supply. It is estimated that the supply of iron ore will rise 9.1% this year but demand is likely to rise by only 8.55% as Australian producers export more and china’s demand remains sluggish. This could result in a surplus next year, which will widen until at least 2018 and prices of iron ore could cool sufficiently. Coking coal prices are witnessing instability in global steel.
OVERVIEW OF INDIAN
STEEL INDUSTRY
Till seventies, large scale capacity creation in public sector contributed to making India the 10 th largest steel producer in the world as crude steel production grew markedly to nearly 15 million tons. But the trend could not be sustained from late seventies onward, as the economic slowdown adversely affected the pace of growth of Indian Steel industries. In nineties the country replaced the control regime by liberalization and deregulation in the context of globalization. New economic policy impacted the Indian steel industry in many ways i.e. private sector came to play a prominent role in the overall set up, pricing and distribution control mechanism discontinued, iron and steel industry was included in high prority list for foreign investment, export restriction were removed. System thereafter marked changes. With the opening up of the economy in 1992 the country experienced rapid growth in steel making capacity. Large integrated steel plants were set up in the private sector by major steel players. In 1996-97 with the steady decline in the domestic economy, the growth of Indian steel industry slowed down. In foreign trade, Indian steel was also subject to anti dumping duties as most developed economies invoked non-tariff barriers. However from 2002, global industry turned around. The situation was not different for Indian steel industry which by now had acquired maturity, with emphasis on intensive R and D activities, adoption of measures to increase domestic per capital steel consumption and other market development projects, import substitution measures, thrust on export promotion and exploring global avenues to fulfill inputs requirement. National Steel Policy was announced in 2005 as a basic blue print for growth and self reliant and globally competitive sector. The long term objective of National Steel Policy 2005 is to ensure that India has a modern and efficient steel industry of world standard, catering to diversified steel demand. The focus of policy is to attain levels of global competitiveness in terms of global benchmarks of efficiency and productivity. The policy focuses on the domestic sector, but also envisages a steel industry growing faster than domestic consumption, which will enable export opportunities to be realized. Therefore a new Steel Vision for next twenty years is under finalization.
Steel Industry in India is expected to grow at around 7% per annum. This is higher than the rate at which has growing in the last financial year. The recent reforms announced by the Govt. as well as expected monetary policy easing to be announced by the Reserve Bank of India may play the accelerator for growth in the steel industry. The lifting of iron ore ban will also help in this regard. The US economy is showing early signs of recovery. Though china’s overcapacity and sluggish demand remains a cause of concern, the general feeling is that the steel industry will turn around 2013-14.
Crude steel production grew at CAGR of 7.7% during the last five years ending 2011-12 which incidentally marked the end of the 11 th five year plan. Such growth was driven by capacity expansion. Crude steel performance has been contributed largely by the strong trends in growth of the electric route of steel making, particularly induction furnace route. India is also leading producer of sponge iron with a host of coal based units located in the mineral rich states of the country. India is also in important producer of pig iron with setting up of several units in the private sector. This has not only helped drastically reduction in imports but has turned out to be net exporter of pig iron. Private sector accounted for 91% of total production for sale of pig iron in 2011-12. India has emerged 4 th largest producer of crude steel with total production of 76.97 million tons only after China, Japan and USA.
Steel demand in India is expected to grow at CAGR of 10-12% till 2014-15. Government is more focusing on infrastructure development with speedy growth. Power, roads, irrigation and urban infrastructure, housing sector are considered to be key drivers of growth and is likely to contribute to a significant portion of long steel demand in India. Good quality deposits of iron ore, particularly in the eastern region located in Odisha, Jharkhand and Chhattisgarh is prime destination of steel industry. The Company visualizes the potential of growth in steel sector.
Indian steel industry needs to address its own opportunities and challenges some of which are unique. Iron ore resources and surplus iron ore production capacity are significant strengths that the Indian steel industry has been unable to fully utilize due to host of issues, many being external to the industry as such. Iron ore is lifeline of Steel Industry and inadequate supply or low quality ore affects the both production and future growth.
OVERVIEW OF INDIAN
POWER SECTOR
The total installed capacity of Indian power sector is approx 2.11 lakh MW out of which fuel based power installed capacity is about 1.42 lakh MW. Hydro (Renewable) capacity is 0.39 lakh MW, nuclear based power capacity is 0.05 lakh MW. Govt has initiated several policies to promote and garner investments in power sector viz National Electricity policy, Ultra Mega Power Project Policy, Mega Power Policy CERC Policy, Tariff Policy etc. National Electricity Policy in fact stipulates power for all and annual per capital consumption of electricity to rise to 1000 units by 2012.
Waste heat recovery process has been recognized the competitive generation cost of power. In the Indian scenario, electricity sector is predominantly controlled by Public Sector Undertakings of Govt. of India in generation of electricity. Nuclear based power generation in the near future in the country shall bridge the gap of generation and demand of power sector. State level Corporations are also involved in the generation of electricity. The intra state distribution is managed by the State Electricity Boards (SEBs) and private companies. Power Grid Corporation of India is responsible for the inter-state transmission of electricity and the development of national grid.
COMPANY’S PROSPECTS
After commissioning of facilities under Phase V, the Company will have unique integrated steel complex having total integration of primary steel products i.e. sponge iron, pig iron/hot metal, Steel Billets, HR Coils and secondary steel products CR Coils/Sheets, Galvanized Plain/Corrugated Sheets, Galvalume Sheets, Colour Coated Sheets, Black Pipes, GI Pipes, Precision Tubes, Cable Tapes and Special Alloy Steel, Bars, Wire Rod, Wires and bright bars with total control on raw material supplies including own railway siding. Presently the Company has production capacity of 2.40 MTPA. With the implementation of Phase VI, Compnay shall achieve the capacity of 3.50 MTPA.
State of Odhisha has recommended for grant of mining lease for 96 million tons of iron ore reserves in Thakurani block. The recommendation of balance 128 million tons of iron ore mines in state of Odisha is before Hon’ble Supreme Court for direction.
Mining of Company’s coal blocks at Jamkhani and Bijhan and generation of additional power will further reduce the cost of inputs and saving in cost of production and increase in profitability. Rohne Coal Block in the State of Jharkhand will supplement to meet the coal demand of the Company, further enhancing the self-reliance.
Allocation of Patal (E) coal block and Chatuburu Iron Ore Mines in the State of Jharkhand to the Company for its proposed Integrated Steel and Power Project will further make the Company truly integrated. 1,000 MW Power project in the State of Chhattisgarh is envisaged for uninterrupted supply of Power.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
Cheque / DD and bills discounted with banks |
1746.869 |
2037.276 |
|
Claims against the Company not acknowledged as debt |
1300.870 |
0.368 |
|
Central / State Sales Tax Act |
680.245 |
286.570 |
|
Odisha Entry Tax Act |
51.698 |
309.549 |
|
Central Excise Act,1944 |
501.003 |
299.154 |
|
Income Tax Act,1961 |
537.306 |
537.305 |
|
Service Tax |
1.456 |
0.000 |
FIXED ASSETS
Tangible Assets
v Freehold Land
v Leasehold Land
v Building
v Railway Siding
v Plant and Equipment
v Furniture and Fixture
v Office Equipment
v Vehicles
v Assets not owned by the Company
Intangible Assets
v Technical Knowhow
v Computer Software
PRESS RELEASES:
SC
RULES IN FAVOUR OF BHUSHAN STEEL
New Delhi March 15, 2012
The Supreme Court today allowed the appeal of Bhushan
Power and Steel Limited and directed the Orissa
government to act according to the memorandum of understanding (MoU) between the two, signed on May 15, 2002. Overruling
the Orissa high court order, a bench headed by
Justice Altamas Kabir also
asked the state government to make recommendations to the Centre for granting
iron ore mines, as per the MoU.
The Bhushan group had sought allocation of
iron ore mines to it to set up an integrated steel plant in the state. However,
after the signing of the MoU, there were disputes
among the family members of the industrial family. The state government then
stated that the MoU had become naught and asked the
company to sign a new one. Later, when the family claimed that the disputes had
been settled, the state government still insisted on a new MoU.
According to the group, the government was not complying with its
obligation of making recommendations for grant iron ore mines. The industrial
house said that in the MoU the state government had
committed to provide land, iron ore mines, coal blocks and other facilities to
it.
The company claims it has set up an integrated steel plant, which has
been operating since 2005. It also claims that it has invested Rs 180000.000 Millions and is providing employment to at
least 10,000 people. Putting forward these claims, it argued before the Supreme
Court that the state was obliged to make recommendation to the Centre for grant
of iron ore mines.
According to the company, it has been incurring losses since it has no
captive mines and is forced to purchase irons ore from the market at five times
the normal rate.
PCB
SERVES CLOSURE NOTICE ON BHUSHAN STEEL
September 18, 2013
Company asked to
shut down DRI kiln 6, 9 and 10 and 130 mw FBC boiler (unit-II) forthwith
Taking exception to violation of pollution norms, the Odisha State Pollution Control Board (OSPCB) has served
closure notice on Bhushan Power and Steel Limited
(BPSL) in Sambalpur district.
The OSPCB has intimated Sambalpur district
Collector to ensure closure of direct reduced iron (DRI) plants 3 and 4, 60 mw
FBC boiler and electric arc furnace under Section of 31 A of Air (Prevention
and Control of Pollution) Act, 1981, and Section 33A of Water (Prevention and
Control of Pollution) Act, 1974.
The BPSL operates integrated steel plant for production of sponge iron
through DRI kiln, coal washery, captive power plant,
coke oven plant, and cold rolling mill at Thelkoli in
Sambalpur district.
The OSPCB had conducted a surprise inspection of the plant on the
midnight of May 1, 2013, and verified the operational status and efficacy of
pollution control devices. The OSPCB team observed several non-compliances of
directions under Section 31 A of Air (P&CP) Act, 1981, and Section 33A of
Water (P&CP) Act, 1974.
The board had ordered the plant to rectify lapses subsequently and not
to resume operation of DRI 3 and 4, 60 mw FBC boiler and electric arc furnace.
The company responded to the board’s direction stating that all action had been
taken to comply with the orders.
However, regional officer of Sambalpur again
inspected the plant site on July 2 and 3 and found recurring of violation of
pollution norms, including heavy air pollution. “Facts and observations lead to
the conclusion that the company has grossly failed to manage the problems of
environmental pollution within the plant side and also failed to keep commitments
made through affidavits,” notes OSPCB’s closure
notice.
The notice directs the company to shut down DRI kiln 6, 9 and 10 and 130
mw FBC boiler (unit-II) forthwith and take appropriate actions to remove the
defects in electro static precipitators and process equipment to the
satisfaction of board and get prior approvals for restart of those units.
SUPREME COURT UNTANGLES BHUSHAN KNOT OVER ODISHA RESOURCES
Kolkata, May 2:
What's in a name? A lot, if it is a name of a corporate entity; more so, if it represented change in control. It took the apex court years to untangle complex legal knots created by the change of name of a company.
Bhushan Limited signed an MoU with the Government of Orissa, now Odisha, for setting up a 4-million-tonne steel plant in two phases. The State committed iron ore reserves in Keonjhar and Sundargarh districts and recommended allocation of coal blocks and facilitated a captive power plant in the State.
In February 2006, Bhushan Limited altered its name to Bhushan Power and Steel Limited (BPSL). The State Government rejected its claim for mining lease on the basis of MoU with Bhushan Limited.
The Supreme Court in a judgment on March 14 (Bhushan Power and Steel Limited and Ors vs State of Orissa) directed the State Government to stand by the MoU and ensure raw material security for BPSL. The State has allotted the agreement-specific reserve to some other firms.
The apex court noted that “trouble began to brew” in 2003.
“A decision had been taken to merge Bhushan Limited with Bhushan Steel and Strips Limited (BSSL) which had an identity that was separate from that of Bhushan Limited, though treated to be a family concern under the Bhusan family umbrella,” the judgment recorded. But on February 21, 2003, Mr Brij Bhusan Singhal, Chairman of the Group, said Bhushan Limited would not be merging with BSSL.
On March 17, 2003, BSSL also wrote to the Chief Minister, informing him that two companies had decided not to merge, with retrospective effect from April 1, 2002, as had been decided earlier.
On May 5, 2003, BSSL informed it was unable to process the setting up of the steel plant and “in order to minimise the friction” between the two family groups, BSSL had decided to set up a separate plant at a different location in Dhankanal district.
BHUSHAN POWER AND
STEEL MAY LOSE COAL BLOCK OVER DELAY
Bhubaneswar Jul 04, 2011
Coal ministry warning follows a show cause
notice issued on September 23 last year.
The Union coal ministry has threatened to
de-allocate the coal block allotted to Bhusan Power
and Steel Limited (BPSL) for inordinate delay by the company to develop the
block. The block is located at Jamkhani in Sundergarh district of Orissa.
The ministry’s warning follows a show cause
notice issued to the company on September 23 last year to explain the delay.
The review committee of the ministry noted the reasons given by the steel
company in response is not convincing.
Accordingly, the ministry, in a letter on June
29, has directed the company to develop the block immediately. Any further
failure in this regard would lead to necessary action as per the terms and
conditions of the allocation including de-allocation, it warned.
The Jamkhani coal
block was allocated to the allocatee under Section
3(3) (a) (iii) of the Coal Mines (Nationalisation)
Act-1973 vide letter no- 47011/1(13)/2001-CPAM/CA dated November 12, 2003 for
supply of coal to meet the requirement of 2.6 mtpa
(million tonne per annum) of coal for the company’s
0.68 mpa sponge iron plant and 135 Mw (mega watt)
CPP.
In order to expedite the development of the
coal block, various review meetings were held from time to time with the
representatives of BPSL. The company had assured the ministry to commence coal production
from March, 2010.
In the review meeting held on July 20/21 last
year, it was noted that no serious efforts had been made by the company to
develop the coal block.
It was also found that some of the important
milestones such as land acquisition and R and R (rehabilitation and
resettlement) are still pending since allocation of the coal block, the
ministry said.
ARCELORMITTAL IN
TALKS TO BUY STAKE IN BHUSHAN POWER AND STEEL – PAPER
MUMBAI Mar 18, 2010
(Reuters) - ArcelorMittal,
the world's largest steelmaker, is in talks to buy a stake in unlisted Indian
steel producer Bhushan Power and Steel Limited to
gain access to its plant and mining rights, the Economic Times said.
Christophe Cornier, a member on the board of ArcelorMittal, and Chief Technology Officer Pierre Gugliermina were in New Delhi recently and met senior Bhushan Power officials, the newspaper said on Thursday, quoting people familiar with the development.
Bhushan Power Chairman Sanjay Singal told the paper there was no such plan. "ArcelorMittal hasn't approached us and we are not talking to the company," he was quoted as saying.
Officials at ArcelorMittal could not immediately be reached for comment.
Bhushan Power has seven steel plants with a combined annual capacity of 1.5 million tonnes, according to its website. It posted a turnover of 38.73 billion rupees ($850 million) in 2008.
The Economic Times said ArcelorMittal, which has about 8 percent of the global market, would gain access to a steel mill and some mining rights in eastern Indian state of Orissa if it succeeds in buying a stake.
MCNALLY BH ENGG
10th-Apr-2012
Mcnally Bh Engg - Received Order from Bhushan Power and Steel Limited (At a price of Rs. 1500.000 Millions)
McNally Bharat Engineering Company Limited has informed BSE that the Company have received an order from Bhushan Power and Steel Limited for Supply of Equipments (Shop Manufactured Mechanical Items) and Technological Structures, Detail Design, Engineering (Mechanical), Erection and Construction of Civil, Structural and Mechanical Work of the Recovery Coke Oven Plant and By Product Plant of Bhushan Power and Steel Limited, Rengali, Sambalpur, Orissa at a price of Rs. 1500.000 Millions
BHUSHAN POWER REVISES OPEN OFFER
Kolkata, June 25:
Bhushan Power and Steel Limited, along with Titanic Steel Industries Limited and Olympian Finvest Limited (formerly Olympian Steel Industries Limited), termed ‘Person Acting in Concert’, has revised its open offer to shareholders of Orissa Sponge Iron and Steel Limited. The intending acquirers have raised the size of the offer. In an announcement, the offer manager, Centrum Capital Limited, said that the offer size was revised from 52 lakh to 79.3 lakh shares of Orissa Sponge, the target company.
The earlier offer, in 2009, for 20 per cent of the target company’s paid-up capital has now been raised to 26 per cent. This is the second revision of the open offer and is in connection with the original public announcement published on February 7, 2009. On July 26, 2010, Bhushan had made its first revision to the offer. According to the revised schedule, though the specified date remains unchanged (February 27, 2009), the offer reopens on June 28 and closes on July 17. In the last few years, the Bhubaneswar-located company has seen multi-cornered moves for acquisition of its control.
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. 59.95 |
|
|
1 |
Rs. 99.36 |
|
Euro |
1 |
Rs. 82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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.