MIRA INFORM REPORT
|
Report Date : |
28.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
ROHIT FERRO-TECH LIMITED |
|
|
|
|
Registered Office
: |
35, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.04.2000 |
|
|
|
|
Com. Reg. No.: |
21-091629 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1137.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104WB2000PLC091629 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and seller of Ferro Alloys and Iron and Steel Products. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2014. Rating also takes into consideration volatility in raw material and
finished good prices and dependence on cyclical steel sector. Trade relations are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealing 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term bank Facilities = BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
13.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
13.11.2013 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-33-40640022)
LOCATIONS
|
Registered Office : |
35, |
|
Tel. No.: |
91-33-22119805/ 9806/ 9729 91-33-22110225/ 0226/ 4064 0021/ 0022 |
|
Fax No.: |
91-33-22114134/ 9834/ |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
SKP House, 132A, S. P. Mukherjee Road, Kolkata - 700 026 |
|
Tel. No.: |
91-33-40168000/ 8100 |
|
Fax No.: |
91-33-40168189/ 8107 |
|
|
|
|
Factory 1 : |
Bishnupur: |
|
Tel. No.: |
91-3244-251170 |
|
Fax No.: |
91-3244-251168 |
|
|
|
|
Factory 2 : |
Jaipur: Kalinganagar Industrial Complex, P O Duburi -755026, District Jaipur, |
|
|
|
|
Factory 3 : |
Haldia (Under
implementation) Joynagar, P.O.: Buniaraichak, P.S.: Durgachak, District: Purba Medinipur,
West Bengal, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Suresh Kumar Patni |
|
Designation : |
Non-Executive Chairman |
|
Qualification : |
B. Com |
|
Date of Appointment : |
07.04.2000 |
|
Previous employment : |
Continuing as Managing Director in Impex Ferro – Tech Limited |
|
|
|
|
Name : |
Mr. Rohit Patni |
|
Designation : |
Managing Director |
|
Qualification : |
BE |
|
Date of Appointment : |
27.08.2007 |
|
Previous employment : |
Continuing as Joint Managing Director in Ankit Metal and power Limited |
|
|
|
|
Name : |
Mr. Ankit Patni |
|
Designation : |
Joint managing
Director |
|
Qualification : |
CFA |
|
Date of Appointment : |
27.08.2007 |
|
Previous employment : |
Continuing as Managing Director in Ankit Metal and power Limited |
|
|
|
|
Name : |
Mr. Binit Jain |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Kailash Chand Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jatindra Nath Rudra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jayanta Chatterjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Asoke Kumar Basu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Binit Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dinesh Biyanee |
|
Designation : |
Director |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
6065638 |
5.33 |
|
|
75852204 |
66.67 |
|
|
81917842 |
72.00 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
81917842 |
72.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
8258908 |
7.26 |
|
|
|
|
|
|
12239797 |
10.76 |
|
|
9482071 |
8.33 |
|
|
1877505 |
1.65 |
|
|
1370629 |
1.20 |
|
|
506876 |
0.45 |
|
|
31858281 |
28.00 |
|
Total Public
shareholding (B) |
31858281 |
28.00 |
|
Total (A)+(B) |
113776123 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
113776123 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and seller of Ferro Alloys and Iron and Steel Products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Allahabad Bank · Canara Bank · State Bank of India · State Bank of Hyderabad · State Bank of Travancore · United Bank of India |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. Jaykishan Chartered Accountants |
|
Address : |
12, Ho-Chi Minh Sarani, Kolkata – 700 071, West |
|
Tel. No.: |
91-33-40035801 |
|
Fax No.: |
91-33-40035832 |
|
E-mail: |
|
|
|
|
|
Wholly Owned
Subsidiary : |
· SKP Overseas PTE Limited |
|
|
|
|
Joint Venture : |
· Rohit Persia Mines and Industries PJSC |
|
|
|
|
Enterprises owned
or significantly influenced by the Key Managerial Personnel or their
relatives : |
· Arin Minerals Private Limited · Impex Metal and Ferro Alloys Limited · Impex Ferro Tech Limited · Ankit Metal and Power Limited · Nucore Exports Private Limited · ArthodockVinimay Private Limited · Whitestone Suppliers Private Limited · Vasupujya Enterprises Private Limited. · MarbleArch Properties Private Limited · SKP PowerVentures Limited · SKP Aviation Services Limited · VNG Mercantiles Private Limited · Invesco Finance Private Limited · Poddar Mech Tech Services Private Limited. · Suanvi Trading and Investment Company Private Limited · Hira Concast Limited · Impex Steel Limited · Shreyansh Leafin Private Limited · Mahabali Ispat Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.1137.800 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
113776123 |
Equity Shares |
Rs.10/- each |
Rs.1137.761
Millions |
a.
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
80276123 |
802.761 |
|
Shares issued during the year |
33500000 |
335.000 |
|
Shares
outstanding at the end of the year |
113776123 |
1137.761 |
b.
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of Shareholder
|
Number
of Shares |
% holding |
|
Suanvi Trading and Investment Company Private Limited |
11237501 |
9.88 |
|
Vasupujya Enterprises Private Limited |
11359538 |
9.98 |
|
Invesco Finance Private Limited |
11039317 |
9.70 |
|
Poddar Mech Tech Services Private Limited |
12979933 |
11.41 |
|
Shreyansh Leafin Private Limited |
10993150 |
9.66 |
|
Whitestone Suppliers Private Limited |
1090765 |
9.59 |
c. During the year, the Company has made preferential allotment of 335000000 Equity Shares of Rs.10/- each at a premium of Rs.50/- per share, aggregating to Rs.20.100 Millions to part finance the setting up of a 33MVA Sub-merged Arc Furnace at Jaipur, to meet the long term working capital requirement of the Company and to invest the company’s Wholly Owned Subsidiary SKP Overseas Pte Limited. The proceeds of the issue have been utilised towards the objects of the said issue.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1137.800 |
1137.761 |
802.761 |
|
(b) Reserves & Surplus |
4658.000 |
6936.571 |
4983.408 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5795.800 |
8074.332 |
5786.169 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
12960.000 |
6068.538 |
4340.766 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
554.114 |
461.940 |
|
(c) Other long term liabilities |
218.100 |
392.141 |
22.604 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
13178.100 |
7014.793 |
4825.310 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6117.300 |
6739.892 |
5973.240 |
|
(b) Trade payables |
2320.400 |
3898.606 |
2306.335 |
|
(c) Other current
liabilities |
1827.400 |
2092.412 |
1507.063 |
|
(d) Short-term provisions |
87.100 |
85.700 |
172.782 |
|
Total Current Liabilities (4) |
10352.200 |
12816.610 |
9959.420 |
|
|
|
|
|
|
TOTAL |
29326.100 |
27905.735 |
20570.899 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
5599.500 |
5874.797 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
3888.327 |
797.774 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
772.500 |
706.340 |
586.916 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1325.100 |
1419.437 |
1322.293 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
12954.700 |
11613.604 |
8581.780 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
50.000 |
|
(b) Inventories |
7883.600 |
8929.070 |
6491.497 |
|
(c) Trade receivables |
4717.700 |
3872.902 |
1967.552 |
|
(d) Cash and cash
equivalents |
332.300 |
519.623 |
866.766 |
|
(e) Short-term loans and
advances |
2684.500 |
2091.046 |
2322.179 |
|
(f) Other current assets |
753.300 |
879.490 |
291.125 |
|
Total Current Assets |
16371.400 |
16292.131 |
11989.119 |
|
|
|
|
|
|
TOTAL |
29326.100 |
27905.735 |
20570.899 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24436.300 |
22585.446 |
16773.052 |
|
|
|
Other Operating Income |
426.700 |
0.000 |
0.000 |
|
|
|
Other Income |
82.200 |
116.820 |
76.133 |
|
|
|
TOTAL |
24945.200 |
22702.266 |
16849.185 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
12718.200 |
10844.662 |
7631.040 |
|
|
|
Purchase of Stock-in-Trade |
4975.700 |
2138.828 |
1601.617 |
|
|
|
Changes in Inventories of Finished Goods and Work-in-Progress |
301.500 |
(214.054) |
(23.425) |
|
|
|
Employee Benefits Expense |
244.900 |
231.135 |
194.420 |
|
|
|
Other Expenses |
2768.000 |
7273.479 |
5564.093 |
|
|
|
Power |
4625.500 |
0.000 |
0.000 |
|
|
|
TOTAL |
25633.800 |
20274.050 |
14967.745 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(688.600) |
2428.216 |
1881.440 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1661.100 |
1438.447 |
1062.052 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(2349.700) |
989.769 |
819.388 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
300.800 |
295.348 |
216.945 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(2650.500) |
694.421 |
602.443 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(364.500) |
139.120 |
199.351 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
266.091 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(2286.000) |
289.210 |
403.092 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2625.510 |
2336.300 |
1979.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
0.000 |
40.100 |
|
|
|
Corporate Dividend Tax |
|
0.000 |
6.500 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2625.510 |
2336.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
NA |
9602.611 |
7076.175 |
|
|
TOTAL EARNINGS |
NA |
9602.611 |
7076.175 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
5266.252 |
3858.286 |
|
|
|
Stores & Spares |
|
32.872 |
2.418 |
|
|
|
Capital Goods |
|
0.000 |
2.122 |
|
|
TOTAL IMPORTS |
NA |
5299.124 |
3862.826 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(20.09) |
3.16 |
6.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(9.16) |
1.27 |
2.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.85) |
3.07 |
3.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.28) |
2.98 |
3.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.46) |
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.29 |
1.59 |
1.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.27 |
1.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
802.761 |
1137.761 |
1137.800 |
|
Reserves & Surplus |
4983.408 |
6936.571 |
4658.000 |
|
Net
worth |
5786.169 |
8074.332 |
5795.800 |
|
|
|
|
|
|
long-term borrowings |
4340.766 |
6068.538 |
12960.000 |
|
Short term borrowings |
5973.240 |
6739.892 |
6117.300 |
|
Total
borrowings |
10314.006 |
12808.430 |
19077.300 |
|
Debt/Equity
ratio |
1.783 |
1.586 |
3.292 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
16773.052 |
22585.446 |
24436.300 |
|
|
|
34.653 |
8.195 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
16773.052 |
22585.446 |
24436.300 |
|
Profit |
403.092 |
289.210 |
(2286.000) |
|
|
2.40% |
1.28% |
(9.35%) |
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 |
Yes |
|
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 |
LITIGATION DETAILS:
CALCUTTA HIGH
COURT
CASE STATUS
INFORMATION SYSTEM
Case Status: Pending
Status of
TEMP APO (APOT) 440 of 2013
STATE OF WEST BENGAL AND ORS AND ANR. Vs.
ROHIT FERRO TECH LIMITED
Pet’s Adv.
: PARITOSH SINHA
Res’s Adv.
:
Court No.
: 1 Last Listed on: Friday,
January 10, 2014
Category
: SALES TAX: REVENUE
Connected
Applications (S) Connected Matters
(S)
No Connected
Application. No Connected Cases.
Case Updated on: Tuesday,
December 24, 2013
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
|
|
|
|
Loan from Body Corporates |
|
0.000 |
|
Other loans and
Advances |
|
|
|
Loan from body corporates |
|
953.450 |
|
Loans against vehicles and Equipment’s |
|
9.401 |
|
Short Term
Borrowings |
|
|
|
Other loans and
Advances |
|
|
|
Bridge loan from WBIDC Limited |
|
2.137 |
|
Total |
NA |
964.988 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
4285.600 |
|
b) Other operating income |
53.900 |
|
Total
income from Operations(net) |
4339.500 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
2845.300 |
|
b) Purchases of stock in trade |
778.700 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(335.900) |
|
d) Employees benefit expenses |
56.200 |
|
e) Depreciation and amortization expenses |
65.400 |
|
e) Power and Fuel |
974.400 |
|
f) Transport and Forwarding Expenses |
477.600 |
|
Total expenses |
4861.700 |
|
3. Profit from operations before other income and
financial costs |
(522.200) |
|
4. Other income |
43.700 |
|
5. Profit from ordinary activities before finance costs |
(478.500) |
|
6. Finance costs |
487.100 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(965.600) |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(965.600) |
|
10.Tax expenses |
0.000 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(965.600) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(965.600) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1137.800 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic |
(8.49) |
|
(b) Diluted |
(8.49) |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
31858281 |
|
- Percentage of shareholding |
28.00% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
81917842 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
72.00% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
|
|
Receiving during the quarter |
|
|
Disposed of during the quarter |
|
|
Remaining unreserved at the end of the quarter |
|
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
Segment Revenue |
|
|
a) Ferro Alloys |
2692.600 |
|
b) Iron & Steel |
2077.500 |
|
Total |
4770.100 |
|
Less Inter Segment Revenue |
430.600 |
|
Total Income
From Operations (net) |
4339.500 |
|
|
|
|
Segment Results |
|
|
Profit before Finance Costs and Tax |
|
|
a) Ferro Alloys |
276.100 |
|
b) Iron & Steel |
204.100 |
|
c) Un-allocated |
1.800 |
|
Total Segment Profit before Finance Costs
and Tax |
478.500 |
|
Less Finance Cost |
487.100 |
|
Less Exceptional Items |
0.000 |
|
Profit / (Loss)
before tax |
965.600 |
|
|
|
|
Capital employed |
|
|
(Segment assets Segment Liabilities) |
|
|
a) Ferro Alloys |
19490.100 |
|
b) Iron & Steel |
4916.200 |
|
c) Un-allocated |
721.100 |
|
Total Capital Employed |
25127.400 |
Notes:
i.
The above results for the quarter ended June 30,
2014 have been reviewed by the Audit Committee and approved by the Board of
Directors at their respective meetings held on August 12, 2014. The statutory
auditors of the Company have carried out a limited review of the above results
for the quarter ended June 30, 2014.
ii.
The figures for the quarter ended March 31, 2014
are the balancing figures between audited figures in respect of the full
financial year and the published year to date figures upto the third quarter of
the relevant financial year.
iii.
Pursuant to the Companies Act 2013 (the Act),
becoming effective from April 1, 2014, the Company has re-worked depreciation
with reference to the estimated useful lives of fixed assets prescribed under
Schedule I1 to the Act. As a result depreciation is lower by Rs.9.433 Millions
for the quarter ended June 30, 2014. Further, based on the transitional
provision in Note 7(b) of Schedule 11, an amount of Rs.32.676 Millions has been
adjusted against retained earnings.
i.
The Company's financial performance for the period
has been adversely affected mainly due to increase in cost of raw materials and
power, global market recession and non-availability of assessed working capital
finance because of non-delayed release of limits by the lenders as per the CDR
package approved by the Corporate Debt Restructuring Empowered Group Cell vide
its Letter of Approval dated March 28, 2014.
ii.
The Company is in the process of setting up an
additional Sub Merged Arc Furnace of 33MVA and a Captive Power Plant at its
Jajpur Unit
iii.
In view of loss during the quarter, and as a matter
of prudence deferred tax asset has not been recognized. The figures of the
previous year/ period have been regrouped1 reclassified, wherever necessary to
conform to the classification for the quarter ended June 30,2014
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10446751 |
30/08/2013 |
1,145,000.00 |
BANK
OF BARODA |
C.
R. AVENUE (SOUTH) BRANCH, 33, C. R. AVENUE BRANCH, KOLKATA, WEST BENGAL -
700012, INDIA |
B83862367 |
|
2 |
10422932 |
24/04/2013 |
1,300,000.00 |
STATE
BANK OF INDIA |
SMECCC,
KOLKATA, 1, STRAND ROAD, 4TH FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
B74123555 |
|
3 |
10422283 |
28/03/2013 |
350,000,000.00 |
ANDHRA
BANK |
BALLYGUNGE
BRANCH,, 87, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B73901308 |
|
4 |
10411712 |
27/02/2013 |
626,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B70746409 |
|
5 |
10410541 |
14/02/2013 |
16,487,300,000.00 |
UNITED
BANK OF INDIA |
CORPORATE
FINANCE BRANCH,, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL - 700001,
INDIA |
B70341300 |
|
6 |
10378976 |
03/10/2012 |
1,298,600,000.00 |
ALLAHABAD
BANK |
RED
CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B59072389 |
|
7 |
10363574 |
21/06/2012 |
1,790,000,000.00 |
STATE
BANK OF INDIA (LEAD BANK) |
INDUSTRIAL
FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST
BENGAL - 700017, INDIA |
B42845446 |
|
8 |
10364523 |
15/05/2012 |
100,000,000.00 |
SBI GLOBAL
FACTORS LIMITED |
6TH
FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI,
MAHARASHTRA - 400051, INDIA |
B43208024 |
|
9 |
10346018 |
24/03/2012 |
500,000,000.00 |
CENTRAL
BANK OF INDIA |
CORPORATE
FINANCE BRANCH, KOLKATA, 33, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL -
700001, INDIA |
B36476315 |
|
10 |
10334509 |
27/12/2011 |
13,682,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B31653546 |
|
11 |
10317464 |
15/10/2011 |
7,930,080.00 |
SREI
EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA',
86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
B25224858 |
|
12 |
10315366 |
25/07/2013
* |
6,987,700,000.00 |
STATE
BANK OF INDIA (LEAD BANK) |
INDUSTRIAL
FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST
BENGAL - 700017, INDIA |
B80727555 |
|
13 |
10299700 |
04/08/2011 |
500,000,000.00 |
UCO
BANK |
FLAGSHIP
CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001,
INDIA |
B17886078 |
|
14 |
10283789 |
18/04/2011 |
7,600,000.00 |
L
& T FINANCE LIMITED |
L&T
HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B11997459 |
|
15 |
10285524 |
26/03/2011 |
500,000,000.00 |
ALLAHABAD
BANK |
RED
CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKA |
B12524625 |
|
16 |
10275446 |
02/03/2011 |
500,000,000.00 |
STATE
BANK OF TRAVANCORE |
LAKE
MARKET BRANCH,, 91, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B09004797 |
|
17 |
10259095 |
08/01/2011 |
320,000,000.00 |
UCO
BANK |
FLAGSHIP
CORPORATE BRANCH, 2, INDIA EXCHANGE PLACE,, KOLKATA, WEST BENGAL - 700001,
INDIA |
B02950343 |
|
18 |
10227819 |
08/06/2010 |
670,000,000.00 |
ALLAHABAD
BANK |
RED
CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
A89325872 |
|
19 |
10223495 |
13/05/2010 |
300,000,000.00 |
CANARA
BANK |
SHAKESPEARE
SARANI BRANCH, 21 CAMAC STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
A86554128 |
|
20 |
10225108 |
10/05/2010 |
1,400,000,000.00 |
UNITED
BANK OF INDIA |
OLD
COURT HOUSE STREET BRANCH, 11, HEMANTA BASU SARANI, KOLKATA, WEST BENGAL -
700001, INDIA |
A87794269 |
|
21 |
10221132 |
13/04/2010 |
300,000,000.00 |
ALLAHABAD
BANK |
RED
CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
A85772143 |
|
22 |
10213805 |
30/03/2010 |
600,000,000.00 |
UCO
BANK |
MID CORPORATE
BRANCH, 2, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
A83626515 |
|
23 |
10202075 |
28/03/2013
* |
1,220,000,000.00 |
STATE
BANK OF HYDERABAD |
PARK
STREET BRANCH, PODDAR POINT (1ST FLOOR),, 113, PARK STREET,, KOLKATA, WEST BENGAL
- 700016, INDIA |
B74545716 |
|
24 |
10177030 |
12/08/2009 |
750,000,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, N. S. ROAD, 8, N. S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
A70392345 |
|
25 |
10102778 |
26/03/2008 |
195,300,000.00 |
STATE
BANK OF HYDERABAD |
PARK
STREET BRANCH, PODDAR POINT, 113 PARK STREET, KOLKATA, WEST BENGAL - 700016,
INDIA |
A37424637 |
|
26 |
10082062 |
25/07/2013
* |
12,565,000,000.00 |
STATE
BANK OF INDIA (LEAD BANK) |
INDUSTRIAL
FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST
BENGAL - 700017, INDIA |
B80724693 |
|
27 |
80048302 |
26/11/2005 |
300,000,000.00 |
STATE
BANK OF TRAVANCORE |
LAKE
MARKET BRANCH, 91, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
- |
|
28 |
80048303 |
02/03/2011
* |
1,050,000,000.00 |
STATE
BANK OF TRAVANCORE |
LAKE
MARKET BRANCH,, 91, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B09006388 |
|
29 |
90248897 |
31/03/2011
* |
600,000,000.00 |
STATE
BANK OF HYDERABAD |
PARK
STREET BRANCH, 113 PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B11228384 |
|
30 |
80048314 |
18/08/2005 |
100,000,000.00 |
STATE
BANK OF TRAVANCORE |
LAKE
MARKET BRANCH, KOLKATA, WEST BENGAL - 700026, INDIA |
- |
|
31 |
90248888 |
17/05/2013
* |
3,372,900,000.00 |
UNITED
BANK OF INDIA |
CORPORATE
FINANCE BRANCH, KOLKATA, 11, HEMANTA BASU SARANI,, KOLKATA, WEST BENGAL -
700001, INDIA |
B77041796 |
|
32 |
90245997 |
30/03/2013
* |
6,336,300,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA, WEST
BENGAL - 700017, INDIA |
B74010836 |
FIXED ASSETS:
· Factory Shed and Building
· Office Building
· Guest House
· Plant and Machinery
· Electrical Installments
· Tools and Equipments
· Air Conditioners
· Office Equipments
· Computers
· Motors Cars
· Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.60.50 |
|
UK Pound |
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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.