MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
indian steel corporation limited |
|
|
|
|
Registered
Office : |
611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.02.2004 |
|
|
|
|
Com. Reg. No.: |
11-144559 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.721.480
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2004PLC144559 |
|
|
|
|
TAN No.: [Tax Deduction and
Collection Account No.] |
MUMI04849F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI2060A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP
Coils / Sheets and PPGL Coils etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1800000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is jointly promoted by Ruchi Group of Industries, India and Mitsui
and company, Japan in the year 2004. The company has witnessed a severe pressure on its liquidity profile
driven by weakening in its profitability, huge amount of payables and
increased borrowings. The ratings also take into consideration the gradual improvement in
the financial profile due to the management opting for debt restructuring as
a measure to improve its liquidity position. Further the risks arising out of uncertainty in the economic
environment and highly competitive nature of the industry may have an effect
on the position of the company. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of technical and managerial support extended from Mitsui and
company limited, Japan, the subject can be considered for business dealings
with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan “BB” |
|
Rating Explanation |
Moderate risk of default regarding timely servicing
of financial obligations. |
|
Date |
June 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits “A4” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
June 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative (91-22-22851303)
LOCATIONS
|
Registered/ Branch Office 1 : |
611, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22851303 |
|
Fax No.: |
91-22-22823177 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
503, Mahakosh House, 7/5, South Tukoganj,
Indore – 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4017909/ 4017509 |
|
Fax No.: |
91-731-4017919 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No. 370, Near Bhimasal Railway Crossing, National
Railway, 8-A, Bhimasar, Gandhidham, Anjar, District Kutch – 370240, Gujarat, India
|
|
Tel. No.: |
91-2836-285371/ 72/ 73/ 74 |
|
Fax No.: |
91-2836-285375 |
|
|
|
|
Branch Offices 2 : |
207, Iscon Avenue, Opposite Choice Restaurant, C.G. Road, Navrangpura, Ahmedabad - 380009, Gujarat, India |
|
Tel. No.: |
91-79-30074314 |
|
Fax No.: |
91-79-30074314 |
|
|
|
|
Branch Offices 3 : |
No.595, Sri Lakshmi Adinarayan Swami Arcade, 1st Floor, JP Nagar 1st Phase, 5th Cross, Bangalore - 560078, Karnataka, India |
|
Tel. No.: |
91-80-33278235 |
|
Fax No.: |
91-80-33278231 |
|
|
|
|
Branch Offices 4 : |
43, 2nd Floor, Daryaganj, New Delhi – 110002, India |
|
Tel. No.: |
91-11-43651100/ 59 |
|
Fax No.: |
91-11-23241561 |
|
|
|
|
Branch Offices 5 : |
No.40 and 41, East Madha Church Road, Royapuram, Chennai - 600013, Tamilnadu, India |
|
Tel. No.: |
91-44-25952953 |
|
Fax No.: |
91-44-25976337 |
|
|
|
|
Branch Offices 6 : |
F.3, First Floor, Taksh Complex - 2,
Vasna Road, Vadodara – 390017, Gujarat, India |
|
Tel. No.: |
91-265-2250500 |
|
Fax No.: |
91-265-22250500 |
|
|
|
|
Branch Offices 7 : |
408, 4th Floor, Crystal Mall, Banipark, Jaipur - 302015, Gujarat, India |
|
Tel. No.: |
91-41-2209873/ 4002954/ 5109873 |
|
Fax No.: |
91-41-4027560 |
DIRECTORS
AS ON 18.09.2013
|
Name : |
Mr. Umesh Shahra |
|
Designation : |
Managing director |
|
Address : |
28, Old Palasia, A.B. Road, Indore - 452018, Madhya Pradesh, India |
|
Date of Birth/Age : |
17.06.1963 |
|
Qualification : |
B. Pharma (Hons.) PGDBM (IIMA) |
|
Date of Appointment : |
29.08.2011 |
|
PAN No.: |
AMBPS5571M |
|
DIN No.: |
00061312 |
|
|
|
|
Name : |
Mr. Arjun Zalani |
|
Designation : |
Whole-time director |
|
Address : |
27/B, Sector-A, Slice-6, Scheme No.78, Indore - 452010, Madhya
Pradesh, India |
|
Date of Birth/Age : |
26.11.1971 |
|
Qualification : |
B. E (Electronics), MBA |
|
Date of Appointment : |
27.09.2012 |
|
PAN No.: |
AABPZ0825D |
|
DIN No.: |
00848477 |
|
|
|
|
Name : |
Mr. Kailashchandra Shahra |
|
Designation : |
Director |
|
Address : |
29, Old Palasia, A.B. Road, Indore - 452018, Madhya Pradesh, India |
|
Date of Birth/Age : |
31.01.1938 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.02.2005 |
|
PAN No.: |
ABJPS9987Q |
|
DIN No.: |
00062698 |
|
|
|
|
Name : |
Mr. Shambunath Sadawarti |
|
Designation : |
Director |
|
Address : |
501, Gyan Sagar Apartment, Sanchar Nagar Extension, Indore - 452016,
Madhya Pradesh, India |
|
Date of Birth/Age : |
18.03.1947 |
|
Qualification : |
B. E. (Mech), PGDIM |
|
Date of Appointment : |
16.02.2004 |
|
DIN No.: |
00031966 |
|
|
|
|
Name : |
Mr. Navin Khandelwal |
|
Designation : |
Director |
|
Address : |
5/1, Saket Nagar, Indore - 452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
22.04.1973 |
|
Qualification : |
CA |
|
Date of Appointment : |
01.07.2004 |
|
DIN No.: |
00134217 |
|
|
|
|
Name : |
Mr. Hiroyuki Furuhata |
|
Designation : |
Director |
|
Address : |
20-10, Hanegi 2, Chome Setagaya – KU, Tokyo NA |
|
Date of Birth/Age : |
16.12.1959 |
|
Date of Appointment : |
13.12.2012 |
|
DIN No.: |
06367333 |
KEY EXECUTIVES
|
Name : |
Mr. Ashutosh Mishra |
|
Designation : |
Secretary |
|
Address : |
21A, Krishi Vihar Colony, Near Bakhtawar Ram Nagar, Indore - 452001,
Madhya Pradesh, India |
|
Date of Birth/Age : |
21.01.1964 |
|
Date of Appointment : |
28.03.2009 |
|
PAN No.: |
AFDPM4265M |
MAJOR SHAREHOLDERS
AS ON 18.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Umesh Shahra |
|
80800 |
|
Neeta Shahra |
|
1250 |
|
Arjun Zalani |
|
6100 |
|
Manish Parikh |
|
1000 |
|
Shambhu Nath Sadawani |
|
1000 |
|
Saket Barodia |
|
1000 |
|
Vijay Kumar Mahajan and Seema Mahajan |
|
5000 |
|
Vijay Kumar Mahajan and Varun Mahajan |
|
3125 |
|
Rohini Forex Private Limited, India |
|
3721028 |
|
Ruchi Acroni Industries Limited, India |
|
663000 |
|
Ruchi Global Limited, India |
|
1240000 |
|
Ruchi Infrastructure Limited, India |
|
2995100 |
|
Ruchi Corporation Limited, India |
|
1135800 |
|
Ruchi Stock and Securities Private Limited, India |
|
3314873 |
|
Ruchi Real Estate Developers Private Limited, India |
|
3459112 |
|
Ruchi Growth Fund Private Limited, India |
|
3436915 |
|
Rohini Commodities Private Limited, India |
|
11412118 |
|
Mandhana Leafin Limited, India |
|
2757587 |
|
Lucas Meyer Industries Private Limited, India |
|
2761500 |
|
Iron Global Limited, India |
|
54100 |
|
Swastika Worldwide Private Limited, India |
|
20000 |
|
Snehdeep Impex Private Limited, India |
|
825233 |
|
SSP Finvest Private Limited, India |
|
877903 |
|
Trans Siberian Industries Limited, UAE |
|
4709807 |
|
Sino Asian Resources Industries Limited, Hong Kong |
|
5866397 |
|
Kyanite Economic and Development Limited, Singapore |
|
4357648 |
|
Global Connects Instrument Limited, UAE |
|
4228046 |
|
Mitsui and Company Limited, Japan |
|
7190691 |
|
Mitsui and Company India Private Limited, India |
|
2151608 |
|
Mitsui and Company (Asia Pacific) Pte. Limited, Singapore |
|
5057646 |
|
|
|
|
|
Total |
|
72335387 |
Equity Share Break up (Percentage of Total Equity)
AS ON 18.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
46.40 |
|
Bodies corporate |
53.47 |
|
Directors or relatives of Directors |
0.12 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Steel Products i.e. CR Coils / Sheets, GP
Coils / Sheets and PPGL Coils etc. |
||||||
|
|
|
||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Corporation Bank Limited, Mahavir Empire, 63, M.G. Road, Indore - 452001, Madhya Pradesh, India · IDBI Bank Limited, Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore - 452001, Madhya Pradesh, India · Jammu and Kashmir Bank Limited, Block "D", 1st Floor, North Side, Shiv Nagar Estates, Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India · State Bank of Indore, Industrial Finance Branch, Khel Prashal, Indore - 452003, Madhya Pradesh, India · Punjab National Bank, Mid Corporate Branch, GG Tower, MG Road, Indore - 452007, Madhya Pradesh, India · IDBI Bank Limited, 1, Indian Red Cross Socity Building, Red Cross Road, New Delhi - 110001, India · State Bank of India · State Bank of Saurashtra · State Bank of Travancore · State Bank of Hyderabad · State Bank of Patiala · State Bank of Bikaner and Jaipur · HDFC Bank Limited · Oriental Bank of Commerce ·
Bank of India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
317, Chetak Centre, “Annexe”, R.N.T. Marg, Indore-452 001, |
|
Tel. No.: |
91-731-2517341/ 4069301/ 2523134 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AACFA7732P |
|
|
|
|
Subsidiary company: |
Indian Steel SEZ Limited [U74900MH2007PLC173930] |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives: |
· Ruchi Strips and Alloys Limited [L27100MH1987PLC142326] ·
Ruchi Acroni Industries Limited
[U74999MH1979PLC029075] |
CAPITAL STRUCTURE
AS ON 18.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72335387 |
Equity Shares |
Rs.10/- each |
Rs.723.354 Millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72147994 |
Equity Shares |
Rs.10/- each |
Rs.721.480 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 |
721.480 |
712.017 |
610.000 |
|
(b) Reserves & Surplus |
3984.190 |
3853.969 |
2832.511 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
273.283 |
|
Total Shareholders’
Funds (1) + (2) |
4705.670 |
4565.986 |
3715.794 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3559.388 |
3734.692 |
3710.276 |
|
(b) Deferred tax liabilities (Net) |
178.633 |
148.867 |
146.497 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
13.592 |
10.598 |
5.919 |
|
Total Non-current
Liabilities (3) |
3751.613 |
3894.157 |
3862.692 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5416.793 |
2639.248 |
1799.688 |
|
(b) Trade
payables |
9492.341 |
7020.618 |
3530.882 |
|
(c) Other
current liabilities |
1602.901 |
1927.612 |
1749.351 |
|
(d) Short-term
provisions |
2.096 |
0.953 |
124.850 |
|
Total Current
Liabilities (4) |
16514.131 |
11588.431 |
7204.771 |
|
|
|
|
|
|
TOTAL |
24971.414 |
20048.574 |
14783.257 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
9949.118 |
7719.044 |
5023.094 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
116.699 |
1731.860 |
2379.077 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.274 |
0.503 |
0.503 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
563.704 |
766.017 |
1058.147 |
|
(e) Other
Non-current assets |
108.460 |
78.898 |
0.000 |
|
Total Non-Current Assets |
10738.255 |
10296.322 |
8460.821 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
9.142 |
39.898 |
130.940 |
|
(b)
Inventories |
6030.682 |
4411.167 |
3326.549 |
|
(c) Trade
receivables |
4034.546 |
3271.274 |
1391.857 |
|
(d) Cash
and cash equivalents |
2017.597 |
996.388 |
423.600 |
|
(e)
Short-term loans and advances |
2101.485 |
1033.467 |
1027.650 |
|
(f) Other
current assets |
39.707 |
0.058 |
21.840 |
|
Total
Current Assets |
14233.159 |
9752.252 |
6322.436 |
|
|
|
|
|
|
TOTAL |
24971.414 |
20048.574 |
14783.257 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
23989.440 |
14066.078 |
|
|
|
Other Income |
|
92.151 |
78.071 |
|
|
|
TOTAL (A) |
30408.120 |
24081.591 |
14144.149 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
10685.367 |
6783.800 |
|
|
|
Purchases of stock-in-trade |
|
11276.821 |
5338.715 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
|
(1079.596) |
(105.751) |
|
|
|
Employee benefit expense |
|
225.857 |
175.036 |
|
|
|
Other expenses |
|
1487.102 |
1083.320 |
|
|
|
Exceptional items |
|
0.000 |
(57.506) |
|
|
|
TOTAL (B) |
30143.783 |
22595.551 |
13217.614 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
264.337 |
1486.040 |
926.535 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
197.317 |
1172.290 |
330.621 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[Financial +
Depreciation] |
313.750 |
595.914 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
|
278.277 |
172.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
67.020 |
35.473 |
423.440 |
|
|
|
|
|
|
|
|
|
|
TAX (H) |
13.880 |
3.574 |
125.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
36.790 |
31.899 |
297.738 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
314.913 |
283.014 |
(14.724) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
351.703 |
314.913 |
283.014 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1899.753 |
1100.341 |
985.341 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
8639.501 |
6975.526 |
|
|
|
Stores and Spares |
NA |
43.326 |
14.007 |
|
|
|
Capital Goods |
NA |
404.345 |
460.167 |
|
|
TOTAL IMPORTS |
NA |
9087.172 |
7449.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.51 |
0.50 |
5.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.12 |
0.13 |
2.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
0.15 |
3.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.27 |
0.19 |
3.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.01 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.91 |
1.40 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.84 |
0.88 |
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 |
610.000 |
712.017 |
721.480 |
|
Reserves & Surplus |
2832.511 |
3853.969 |
3984.190 |
|
Share Application money
pending allotment |
273.283 |
0.000 |
0.000 |
|
Net
worth |
3,715.794 |
4,565.986 |
4,705.670 |
|
|
|
|
|
|
long-term borrowings |
3710.276 |
3734.692 |
3559.388 |
|
Short term borrowings |
1799.688 |
2639.248 |
5416.793 |
|
Total
borrowings |
5509.964 |
6373.940 |
8976.181 |
|
Debt/Equity
ratio |
1.483 |
1.396 |
1.908 |
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 |
|
Total Income |
14144.149 |
24030.520 |
30408.120 |
|
|
|
69.897 |
26.540 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Total Income |
14144.149 |
24030.520 |
30408.120 |
|
Profit |
297.738 |
31.900 |
36.790 |
|
|
2.11% |
0.13% |
0.12% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Working capital
Loans from Banks |
4925.348 |
1378.640 |
|
|
|
|
|
Total |
4925.348 |
1378.640 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10419519 |
23/03/2013 |
350,000,000.00 |
STATE
BANK OF PATIALA |
MID
CORPORATE BRANCH, ORBIT MALL, A.B. ROAD, INDORE - 452001, MADHYA PRADESH,
INDIA |
B73113110 |
|
2 |
10123996 |
21/09/2013
* |
6,630,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, A.B. ROAD, INDORE - 452001,
MADHYA PRADESH, INDIA |
B87125860 |
|
3 |
10147848 |
29/07/2008 |
400,000,000.00 |
PUNJAB
NATIONAL BANK |
MID
CORPORATE BRANCH, ORBIT MALL, A.B. ROAD, INDORE - 452001, MADHYA PRADESH,
INDIA |
A45770948 |
|
4 |
10114839 |
14/07/2008 |
400,000,000.00 |
PUNJAB
NATIONAL BANK |
MID
CORPORATE BRANCH, ORBIT MALL, A.B. ROAD, INDORE - 452001, MADHYA PRADESH,
INDIA |
A42329813 |
|
5 |
80038787 |
19/12/2005 |
700,000,000.00 |
CORPORATION
BANK |
63
M.G. ROAD, REGAL SQUARE, INDORE - 452001, MADHYA PRADESH, INDIA |
- |
|
6 |
80039724 |
12/11/2005 |
500,000,000.00 |
CENTRAL
BANK OF INDIA |
CORPORATE
FINANCE BRANCH, SIYAGANJ, INDORE - 452001, MADHYA PRADESH, INDIA |
- |
|
7 |
80039723 |
14/10/2004 |
500,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, A.B. ROAD, INDORE - 452001,
MADHYA PRADESH, INDIA |
- |
|
8 |
90146762 |
14/10/2004 |
500,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, A.B. ROAD, INDORE - 452001,
MADHYA PRADESH, INDIA |
- |
|
9 |
90148883 |
22/06/2013
* |
18,298,600,000.00 |
IDBI
BANK LTD. |
SPECIALIZED
CORPORATE BRANCH, UG - 1 C.S. NAYUDU ARCADE, 10/2 OLD PALASIA, INDORE - 452001, MADHYA PRADESH, INDIA |
B79941332 |
|
10 |
90145418 |
22/10/2013
* |
24,928,600,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B90312638 |
* Date of charge modification
PERFORMANCE AND PROGRESS
During
the year, subject has achieved a turnover of Rs.30408.12 Million registering a growth
of 26.54% as compared to last financial year. However weakening of INR against
USD has caused an adverse impact on the profitability of subject, due to which
Profit before tax during the year stood at Rs.67.02 Million.
During
the year subject has successfully launched the wider width Colour Coated Line
with a special feature of three layer and four layer coating supplied by CMI -
FPE. The wider width Colour Coated material is the product of the future and is
in good demand, both in construction and home appliance segment in domestic and
international market. Thus with this addition in subject’s capability, we hope
to reap the benefits.
Subject
has also successfully commissioned the profiling line with a new and elegant
profile structure and started supplying to construction sector. The product is
well appreciated by the market. Subject in its endeavor to do innovative things
and provide good value products to market is adding a special pretreatment line
to enhance the coated product’s life many folds. Subject is likely to launch
another new series of product in the profiling sector to get better value of
the product.
MARKET DEVELOPMENT AND PROGRESS IN AUTO
AND WHITE GOODS SEGMENT
With the
primary focus to produce quality steel and coated steel products Indian Steel
Corporation today, is a name to reckon with, in a variety of segments such as:
Automotive, Home Appliances, Construction and General Engineering.
Being
a firm believer in commissioning of top-notch technology, ISC is now fully
equipped to supply Cold Rolled Steel Coils/sheets, Galvanized and Colour Coated
Steel Coils/sheets to auto and home appliance majors.
After
completion of phase-II expansion project your Company is now able to save
foreign exchange for the country and also minimizing dependence on imports for
Indian Automotive and Home appliance sectors.
Subject
is supplying its products to Auto Majors like Tata Motors, Bajaj Auto, Ashok
Leyland, AMW, Force Motors, General Motors, Eicher Motors Limited etc. and
White Goods majors like LG, Videocon, Samsung, Godrej Boyce etc.
Today
ISC’s pre-painted brand UltraCoat is widely accepted in the markets.
MARKET
DEVELOPMENT AND PROGRESS IN CONSTRUCTION SEGMENT
Ensuring
quality and easy availability of our products, we enjoy a receptive market for
our products and to achieve this, we have established an extremely robust
dealer network, comprising of 306 dealers, 1200 plus sub dealers and 32 stock
points covering the entire length and breadth of India.
We
manufacture a wide range of steel products and today our galvanized product
brands- Indian Ultra Tuf, Indian Tadka, Indian Makkhan, Indian Cool and colour
coated product brands Ultra Coat, Ultra Shine and Ultra Tuf Colour have in a
short span of time, become household names among the consumers.
Ultra
Shine pre-painted profile sheets are very popular with the construction segment
in India and overseas as well. It claims of proven wind resistance upto180
kmph, which is a rare feat achieved by very few producers worldwide.
To strengthen a steely bonding with the customers, various
brand promotional activities, events have been carried out during the year.
EXPANDING STEEL RETAIL
Established
a chain of 146 ISC Steel Zones across India, which not only increases the depth
of market for Indian Steel Corporation, but also offers its customers a
substantial advantage.
STRENGTHNING RELATIONSHIP WITH
STRATEGIC PARTNER
Subject
continues to enjoy full trust and confidence of Mitsui Group, Japan, the
strategic partner of subject rendered its valuable support in the growth of
subject.
PROSPECTS
·
Indian steel industry plays a
significant role in the Country’s economic growth. Currently, ranked the
world's fourth largest crude steel capacity, India is expected to become the
second largest producer of crude steel in the world by 2015-16. India is also
the world's largest producer of sponge iron with a host of coal-based units
located in its mineral-rich states.
·
Indian crude steel production is
estimated to grow at a compound annual growth rate (CAGR) of around 10 per cent
during 2010-2013, whereas the finished steel consumption is estimated to grow
at a CAGR of around 12 per cent during FY 2012-14. Steel consumption in India
is expected to grow significantly in coming years as per capita finished steel
consumption is far less than its regional counterparts.
·
The World Steel Association has
estimated steel consumption in India to grow at five per cent in 2013.
"Steel producers may see a spurt in demand in the medium term if the
Indian Government implements its US$ 1 trillion infrastructure investment plan.
·
India has acquired a central position
on the global steel map with its giant steel mills, acquisition of global scale
capacities by players, continuous modernization and up-gradation of old plants,
improving energy efficiency and backward integration into global raw material
sources.
·
India's steel making capacity is
estimated to exceed 100 million tonnes (MT) by 2013 and the production is
expected to reach 275 MT by 2020. Taking into account the government incentive
plan to boost the economic growth by infusing funds in various industries, such
as automobile, construction, infrastructure, power etc. the future of the
Indian Steel Industry seems to be good.
Subject
is poised to avail all such opportunities and to meet the growing demands of
domestic as well as international markets. With a good acceleration in demand
emanating from all segments of the industrial sector, it is expected that the
Company will achieve significant position for coated steel products. Given the
experience of strong senior management team having substantial exposure in
steel industry, value added to implement our strategies, the prospects for
sustainable long term growth in our business and consequently shareholders
value are tremendous.
However,
volatility in raw materials prices across the globe especially in commodity
market, recession in European economy and fluctuations in the foreign
currencies could affect the performance of the Company in terms of
profitability. Your management is taking appropriate steps to combat the
negative impact of these factors.
EXCELLENCE THROUGH LEARNING AND
INNOVATION
Subject
is committed to produce world class products that best satisfy its customers,
by building an organization which pursues excellence through continuous
learning and innovation thereby ensuring best value to all its stakeholders.
Subject
is implementing world class manufacturing programs and is committed to move
towards world class manufacturing practices thereby maintaining higher
productivity and adhering to standard quality, integrity and fairness.
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
PRESS
RELEASE:
INDIAN STEEL CORP LAUNCHES 4-FT-WIDE COLOUR COATED PROFILE SHEET
Ahmedabad, September 16:
Indian Steel Corporation Ltd, a joint venture of Ruchi
Group and Japan-based Mitsui and Company, on Monday launched “Ultrashine XL”,
India’s first colour-coated profile sheet now available in four-feet width.
Available in different colours, these sheets are best
suited for residential, commercial, industrial roofings, airports, stadiums
etc., said Umesh Shahra, Managing Director, here.
Indian Steel, having a six lakh tonne capacity secondary
steel manufacturing facility in Kutch district, would also introduce shortly
the teakwood and embossed pattern textures for interiors, he said.
Mitsui has a 20 per cent stake in the venture, which has
procured technology from a European company, CMI. The durable colour coated
profit sheets have a longer paint life and stronger enough to withstand high wind
velocity of up to 180 km per hour unlike traditional sheets that can withstand
winds up to 120 km per hour.
The joint venture has so far invested Rs.14000.000
Millions on its plant spread over 150 acres from 2004 onwards. In the first
phase, it invested Rs.3500.000 Millions on a capacity of two lakh tonnes in the
first phase and another Rs.10500.000 Millions in the second phase to achieve
the six lakh ton capacity, Shahra said.
The estimated market size in colour-coated profile sheet
in India is about Rs.7000.000 Millions or one million tonnes. The colour coated
sheets’ market is growing at 35 per cent unlike steel sector’s 4-5 per cent
growth.
INDIAN STEEL
CORPORATION SCRAPS STEEL SEZ PLANS IN KUTCH
AHMEDABAD: Japanese conglomerate Mitsui & Co and its Indian partner Ruchi Group's Indian Steel Corporation Limited (ISC) have scrapped their steel SEZ project in Kutch.
Instead
of an SEZ, the company is now planning to set up a steel plant to cater to the
domestic market, but even this plan is uncertain due to gloomy ecnomic
scenario. Mitsui and Ruchi Group have a 20:80 joint venture company called ISC.
Mitsui is a $50-billion company while its Indian partner Ruchi Group's turnover stands at Rs 30,000 crore. "Three years ago, we had applied to the state government to allocate us 1,800-2,000 hectares in Kutch," said Umesh Shahra, managing director, Indian Steel Corporation. In 2010, the joint venture company ISC had planned to set up a steel SEZ project at Tagdi village in Kutch district.
After scraping the SEZ project, the company planned only to set up a steel plant at Kutch. "We have also kept the steel plant project on hold," said Shahra, adding, that the major reason is the economic slowdown which has resulted in the fall of domestic steel consumption to 4%, which used to be 10-12% during 2010.
Global slowdown had lead many companies like Welspun, Essar Steel, Pradip Overseas, Gallops's multi-product SEZ and Strength Real Estate to drop their SEZ projects on account of fall in demand. Recently, in January, Reliance Industries' 40% SEZ in Jamnagar was de-notified in order to cater to the domestic market.
For the time being, the company is planning to focus on developing new products. ISC on Monday launched Ultrashine XL, which the company claims to be an innovative colour-coated profile sheet of 4 ft width, having application in residential, commercial and industrial roofing.
ISC's current turnover is Rs.34000.000 Millions and it expects to ride on its innovative product range to achieve Rs 5,000 crore turnover by the end of next two years. Currently, the size of Indian steel industry is 80 million tonne, out of which 60% is of flat steel. The company is also looking for more greenfield and brownfield projects, said the managing director of the company
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.60.71 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.83.77 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.