MIRA INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUNFLAG IRON AND STEEL COMPANY LIMITED |
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Registered
Office : |
33, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.09.1984 |
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Com. Reg. No.: |
11-034003 |
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Capital
Investment / Paid-up Capital : |
Rs.1622.000 Millions |
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CIN No.: [Company Identification
No.] |
L27100MH1984PLC034003 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS06339E NGPS02039C |
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PAN No.: [Permanent Account No.] |
AACCS3376C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exits |
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Comments : |
Subject is an established company having satisfactory track. Financial position of the company seems to be decent. The rating also takes into account the long track record of the
company in manufacturing of mild steel and alloy steel products, experienced
management and established position in the alloy steel industry. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct and as per commitment. The company can be considered normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
24.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2 |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk |
|
Date |
24.10.2014 |
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
31-03-2014.
INFORMATION DECLINED
Management non co-operative (91-712-2524661)
LOCATIONS
|
Registered / Head / Regional Office : |
33, Mount Road, Sadar, Nagpur – 440001, Maharashtra, India |
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Tel. No.: |
91-712-2524661/ 2520356/ 57/ 58/ 2532901 |
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Fax No.: |
91-712-2520360 |
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E-Mail : |
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Website : |
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Factory : |
Bhandara Road, District Bhandara – 441905, Maharashtra, India |
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Tel. No.: |
91-7197-285551 to 285555 |
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Fax No.: |
91-7184-285570 / 285740 |
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Warehouses : |
Located at : Ø Kolkata Ø Chennai Ø Delhi Ø Faridabad Ø Ludhiana Ø Bangalore Ø Kanpur Ø Madurai Ø Jaipur Ø Bhiwadi Ø Mumbai |
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Branch Offices : |
Located at : Ø
Delhi Ø
Indore Ø
Bangalore |
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Regional Office 1 : |
C/O Themco Private Limited, 8-B. T. Road, Belgharia, Kolkata – 700056,
West Bengal, India |
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Tel No. : |
91-33-25442429/ 25442430 |
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Fax No. : |
91-33-25442431 |
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Regional Office 2 : |
Plot No. 12, Sector – 6, Mathura
Road, Faridabad- 121006, Haryana, India |
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Tel. No.: |
91-129-4290801-08/ 4290887/ 4290888 |
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Fax No.: |
91-129-4061646 |
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Regional
Office 3 : |
705, 7th Floor, Challa Mall, 11 / 11A, Sir
Thiagaraya Road, T. Nagar, Chennai - 600017, Tamilnadu, India |
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Tel. No.: |
91-44-24341065/ 24342262/
24342263/ 24323724 |
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Fax No.: |
91-44-24347649 |
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Regional Office
4 : |
Office No. 65-69, Fifth Floor, 'Sai Kripa Bhavan', Pune -
Mumbai Highway, Opposite KSB Pumps, S No 5743, Kharalwadi, Pimpri
District Pune – 411018, Maharashtra, India |
|
Tel. No.: |
91-20-32940427/ 27425607/
27424685 |
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Fax No.: |
91-20-27423013 |
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Regional Office
5 : |
307, Hamilton-B, Hiranandani Business Park, Ghodbunder
Road, Thane (West) - 400607,
Maharashtra, India |
|
Tel. No.: |
91-22-25862294/ 95/ 96/
25861928 |
|
Fax No.: |
91-22-25861931 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. P. B. Bhardwaj |
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Designation : |
Non-executive Chairman |
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Name : |
Mr. Ravi Bhushan Bhardwaj |
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Designation : |
Vice Chairman and Managing Director |
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Date of Birth/ Age : |
70 Years |
|
Experiences : |
48 Years |
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|
Name : |
Mr. Pranav Bhardwaj |
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Designation : |
Joint Managing Director |
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Date of Birth/ Age : |
39 Years |
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Qualification : |
B. Sc |
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Experiences : |
18 Years |
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Name : |
Dr. E. R. C. Shekar |
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Designation : |
Director |
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Name : |
Mr. S Gajendran |
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Designation : |
Director |
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Name : |
CA Jayesh Madhavji Parmar |
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Designation : |
Director |
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Name : |
Mr. B.W. Ramteke |
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Designation : |
Director (Upto 24th
October 2013)) Nominee - IDBI Bank Limited |
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Name : |
Mr. Surendra Kumar Gupta |
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Designation : |
Director and CEO |
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Date of Birth/ Age : |
65 Years |
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Qualification : |
B. E. (Mechanical) and Holding Diploma in Business Management |
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Experiences : |
35 Years |
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|
Name : |
Mr. Sonam Bodh |
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Designation : |
Director (Effective 24th
October 2013) |
KEY EXECUTIVES
|
Name : |
CA R. Muralidhar |
|
Designation : |
Chief Financial Officer - Executive Director (Finance) |
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Name : |
Mr. Mukesh D. Parakh |
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Designation : |
Company Secretary (Upto 5th
August 2014) |
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Name : |
Mr. Pranab Panigrahi |
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Designation : |
Company Secretary (Effective 5thAugust 2014) |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1612140 |
0.89 |
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|
8333356 |
4.62 |
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|
9945496 |
5.52 |
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|
|
|
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|
13217398 |
7.33 |
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|
65253582 |
36.21 |
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|
78470980 |
43.54 |
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Total shareholding of Promoter and Promoter Group (A) |
88416476 |
49.06 |
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(B) Public Shareholding |
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|
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|
88000 |
0.05 |
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|
89870 |
0.05 |
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|
1100 |
0.00 |
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|
50000 |
0.03 |
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|
228970 |
0.13 |
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|
29225652 |
16.22 |
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|
25746713 |
14.29 |
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|
36025318 |
19.99 |
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|
576319 |
0.32 |
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|
499030 |
0.28 |
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|
55279 |
0.03 |
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|
1460 |
0.00 |
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|
20550 |
0.01 |
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|
91574002 |
50.81 |
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Total Public shareholding (B) |
91802972 |
50.94 |
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Total (A)+(B) |
180219448 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
180219448 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Special Steel Rolled Products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
NOTE: LONG TERM
BORROWINGS
@ The Unsecured
loans comprising interest free loans given by Promoters. There is no
stipulation as to the repayment hence there is no default in repayment during
the period. # The Unsecured
loan comprising interest free Sales Tax Loan. The repayment of the Sales Tax
loan is made as per the schedule and there is no default in repayment during
the period. SHORT TERM
BORROWINGS
|
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Auditors : |
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Statutory Auditors : |
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Name : |
Patel, Shah and Joshi Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Cost Auditors : |
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Name : |
G. R. Paliwal and Company Cost Accountants |
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Address : |
Nagpur, Maharashtra, India |
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Associate Enterprise : |
Ø Haryana Television
Limited Ø Ridge Farm
Developers (Private) Limited |
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Joint Venture Companies : |
Ø Madanpur (North)
Coal Company Private Limited Ø C T Mining
Private Limited Ø Gujarat State
Mining and Resources Corporation Limited |
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Subsidiary Companies : |
Ø Sunflag Power
Limited Ø Sunflag Special
Steels Limited Ø Khappa Coal
Company Private Limited |
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Enterprise which have significant influence : |
Ø Sunflag Limited,
Channel Island, UK |
CAPITAL STRUCTURE
After 30.09.2014
Authorised Capital :
Rs. 2050.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 1802.194
Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
10% Cumulative Preference Shares |
Rs.100/- each |
Rs.400.000 Millions |
|
165000000 |
Equity Shares |
Rs.10/- each |
Rs.1650.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2050.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
162197503 |
Equity Shares |
Rs.10/- each |
Rs.1622.000 Millions |
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a) Terms / Voting Rights attached to the Equity Shares
The paid up capital of the Company consists of only equity shares of Rs.10/- each. Every equity shareholder is
entitled to one vote per share.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion of the
number of the Equity shares held by the Shareholders.
b) Details of Shareholders holding more than
5% shares in the Company
|
Name of Shareholder |
As at 31.03.2014 |
|
|
Number of Shares
held |
% of Holding |
|
|
Sunflag Limited, Channel Islands, UK |
65253582 |
40.23% |
|
Mr. Suhrit Ravi Chardwaj |
13217398 |
8.15% |
|
M/s. Supra Corporation Limited |
8333356 |
5.14% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1622.000 |
1622.000 |
1622.000 |
|
(b) Reserves & Surplus |
3410.500 |
3193.700 |
3318.700 |
|
(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) |
5032.500 |
4815.700 |
4940.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2234.200 |
2772.500 |
3484.700 |
|
(b) Deferred tax liabilities
(Net) |
486.000 |
558.000 |
558.000 |
|
(c) Other long term
liabilities |
92.200 |
130.600 |
166.000 |
|
(d) long-term provisions |
138.900 |
138.900 |
105.200 |
|
Total
Non-current Liabilities (3) |
2951.300 |
3600.000 |
4313.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1690.400 |
1450.200 |
1826.400 |
|
(b) Trade payables |
2077.000 |
2406.800 |
1920.200 |
|
(c) Other current liabilities |
847.400 |
826.800 |
821.900 |
|
(d) Short-term provisions |
438.200 |
476.200 |
456.400 |
|
Total
Current Liabilities (4) |
5053.000 |
5160.000 |
5024.900 |
|
|
|
|
|
|
TOTAL |
13036.800 |
13575.700 |
14279.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5839.000 |
6178.000 |
4169.300 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
118.900 |
327.000 |
2362.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
76.700 |
76.700 |
76.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
279.900 |
295.300 |
553.400 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6314.500 |
6877.000 |
7161.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3306.600 |
3269.300 |
3918.400 |
|
(c) Trade receivables |
2077.300 |
1556.200 |
1496.000 |
|
(d) Cash and cash equivalents |
506.600 |
534.000 |
526.800 |
|
(e) Short-term loans and advances |
812.600 |
1325.500 |
1134.100 |
|
(f) Other current assets |
19.200 |
13.700 |
42.500 |
|
Total
Current Assets |
6722.300 |
6698.700 |
7117.800 |
|
|
|
|
|
|
TOTAL |
13036.800 |
13575.700 |
14279.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
15854.200 |
15693.100 |
16181.800 |
|
|
Other Income |
54.800 |
78.200 |
52.800 |
|
|
TOTAL
(A) |
15909.000 |
15771.300 |
16234.6 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9324.800 |
9438.600 |
11126.6 |
|
|
Other Manufacturing Expenses |
3661.400 |
3468.100 |
3296 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(30.300) |
168.300 |
(787.000) |
|
|
Employees benefits expense |
750.600 |
758.600 |
716.4 |
|
|
Other expenses |
677.600 |
674.900 |
626.2 |
|
|
TOTAL
(B) |
14384.100 |
14508.500 |
14978.200 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1524.900 |
1262.800 |
1256.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
729.900 |
823.300 |
530.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
795.000 |
439.500 |
725.900 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
611.800 |
564.500 |
424.400 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
183.200 |
(125.000) |
301.500 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(33.600) |
0.000 |
107.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
216.800 |
(125.000) |
193.700 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
3166.100 |
3291.100 |
3099.400 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
3382.900 |
3166.100 |
3293.100 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
802.600 |
1085.400 |
1355.900 |
|
|
TOTAL
EARNINGS |
802.600 |
1085.400 |
1355.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
427.500 |
790.400 |
936.000 |
|
|
Components and Stores parts |
21.600 |
33.600 |
50.700 |
|
|
Capital Goods |
0.000 |
13.200 |
171.000 |
|
|
TOTAL
IMPORTS |
449.100 |
837.200 |
1157.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.34 |
(0.77) |
1.19 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.37 |
-0.80 |
1.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.62 |
8.05 |
7.76 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.43 |
-0.95 |
2.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
-0.03 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.78 |
0.88 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.30 |
1.42 |
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 |
1622.000 |
1622.000 |
1622.000 |
|
Reserves & Surplus |
3318.700 |
3193.700 |
3410.500 |
|
Net worth |
4940.700 |
4815.700 |
5032.500 |
|
|
|
|
|
|
long-term borrowings |
3484.700 |
2772.500 |
2234.200 |
|
Short term borrowings |
1826.400 |
1450.200 |
1690.400 |
|
Total
borrowings |
5311.100 |
4222.700 |
3924.600 |
|
Debt/Equity
ratio |
1.075 |
0.877 |
0.780 |
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 |
16181.800 |
15693.100 |
15854.200 |
|
|
|
(3.020) |
1.027 |
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 |
16181.800 |
15693.100 |
15854.200 |
|
Profit |
193.700 |
(125.000) |
216.800 |
|
|
1.20% |
(0.80%) |
1.37% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT = NOT AVAILABLE
|
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
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 04/03/2014 |
|
Lodging No.:- MCAST/4348/2010 Filing
Date:- 17.02.2010 Reg. No.:- MCA/19/2010 Reg.
Date:- 10.03.2010 |
|
Petitioner: THE STATE OF MAHARASHTRA Respondent: SUNFLAG IRON
AND STEEL COMPANY LIMITED Petn. Adv : GOVERNMENT PLEADER (0) District: NAGPUR |
|
Bench: SINGLE Status: Pre-Admission
Last Date: 09.06.20144 Stage:
FOR ADMISSION Last Coram: ACCORDING TO SITTING LIST |
|
Act: Constitution of India |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
From Promoters |
137.500 |
137.500 |
|
Other loan and advances |
|
|
|
Interest free sales Tax Loan |
571.000 |
626.400 |
|
|
|
|
|
Total |
708.500 |
763.900 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10432530 |
28/09/2013 * |
200,000,000.00 |
State Bank of Bikaner & Jaipur |
Commercial Network
Branch,, 239, P. D. Mello Road, Near GPO, Fort,, Mumbai, Maharashtra - 400001,
|
B86608924 |
|
2 |
10413511 |
28/09/2013 * |
200,000,000.00 |
State Bank of India |
The Arcade, 2nd
Floor,, World Trade Centre, Cuffe |
B86567369 |
|
3 |
10225887 |
20/08/2010 * |
1,500,000,000.00 |
Indian Bank |
Deccan Gymkhana Branch, 759/62, Prabhat Road,, Pune, Maharashtra - 411004, INDIA |
A94006160 |
|
4 |
10222470 |
20/08/2010 * |
900,000,000.00 |
Bank of India |
Nagpur Corporate
Banking Branch, S V Patel Marg, |
A93477800 |
|
5 |
10209393 |
20/08/2010 * |
1,000,000,000.00 |
IDBI Bank Limited |
IDBI Tower, 9th
Floor,, WTC Complex, Cuffe Parade |
A93440774 |
|
6 |
10112073 |
12/09/2008 * |
600,000,000.00 |
State Bank of India |
Industrial Finance
Branch, 'The Arcade' 2nd Floor, |
A45338423 |
|
7 |
90239709 |
28/09/2013 * |
6,993,300,000.00 |
State Bank of India |
The Arcade, 2nd Floor,, World Trade Centre, Cuffe Parade,, Mumbai, Maharashtra - 400005, INDIA |
B87636999 |
|
8 |
90239530 |
22/07/2004 * |
43,600,000.00 |
IFCI Ltd |
Bank of Baroda
Bulding,, Parliamentary Street,, N |
- |
|
9 |
90239504 |
22/07/2004 * |
81,100,000.00 |
INDUSTRIAL FINANCE CORP. OF INDIA |
BANK OF BARODA BUILDING, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA |
- |
* Date of charge modification
INDEX OF CHARGES: NO CHARGES
EXIST FOR THE COMPANY
CORPORATE
INFORMATION
Subject was
incorporated in 1984 and engaged in the business of manufacturing and sale of
Special Steel Rolled products.
FINANCE
The Company has
ended the financial year with a profit after tax of Rs 216.800 Millions. After
taking into account the brought forward profit of Rs 3168.100 Millions, the
Company has carried forward an amount of Rs. 3384.900 Millions.
MARKET SCENARIO
No substantial
increase of demand was seen in Automobile and Auto Component Industries. The
profitability of the steel industry have been affected due to high input cost
of basic raw materials viz Iron Ore and Coal and also due to Government
policies on these basic raw materials. However, is continuing to develop new
high value grades of alloy steel to cater the needs of other domestic as well
as international markets than its present market. The current market scenario
is expected to be favorable to Steel Industries after slow down in the previous
year/s.
OPERATIONS
i. During the
financial year under review :
a) The total
production for Direct Reduction Plant (I + II) was 114,026 MT as against
118,030 MT of the previous financial year.
b) The total
production of 296,702 MT in Steel Melt Shop as against 269,152 MT of the
previous financial year.
c) The total
production of Rolled products was 296,564 MT as against 273,019 MT of the
previous financial year.
d) The total
production of Mini Hot Metal / Pig Iron was 219,980 MT as against 193,200 MT of
the previous financial year.
e) The total
production of Sinter Plant was 339,301 MT as against 340,389 MT of the previous
financial year.
ii. The power
plant generated Rs. 157.313 Millions kWh as compared to Rs. 160.103 Millions
Lacs kWh of the previous financial year.
iii. The total coal production at Belgaon Coal Block is 148,000 as
against 248,350 MT of the previous financial year.
PROJECTS
Project under
Construction :
The Company has
undertaken to commission Online Inspection system. The project consists of
Ultrasonic Testing Machine and Roll Straighteners together with hot rolled
black bar handling equipment. This facility is proposed to be installed at
finished product unit to verify the material for defect free. This will
eliminate the customer rejections on quality issues. Also, SUNFLAG STEEL will
continue to retain major auto giants.
FIXED ASSETS
Ø Freehold Land
Ø Leasehold Land
Ø Buildings
- Factory Building
- Non – Factory Building
- Office Building
- Township
- Welfare Building
- Roads
- Boundary wall and fencing
Ø Railway Siding
Ø Plant and
Machinery
Ø Furniture and
Fixture
Ø Heavy Vehicles
Ø Light Vehicles
Ø Development of
Mines
UNAUDITED
FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30TH SEPTEMBER, 2014
(Rs.
In Millions)
|
Sr No. |
Particulars (PART
I) |
3
Months ended |
|
|
|
|
September,
30 2014 |
June,
30 2014 |
|
1 |
Income from
operations |
|
|
|
|
(a) Net
sales/income from operations (Net of excise duty) |
4759.100 |
4166.100 |
|
|
(b) Other operating income |
-- |
-- |
|
|
Total income from
operations (net) |
4759.100 |
4166.100 |
|
2 |
Expenses |
|
|
|
|
(a) Cost of
materials consumed |
2853.900 |
2255.100 |
|
|
(b) Purchases of stock-in-trade |
-- |
-- |
|
|
(c) Changes
in inventories of finished goods and work-in-progress |
(45.400) |
(213.500) |
|
|
(d)
Employee benefits expense |
204.400 |
200.300 |
|
|
(e)
Depreciation and amortisation expense |
132.100 |
127.700 |
|
|
(f) Other
expenses |
1310.400 |
1094.100 |
|
|
Total expenses |
4455.400 |
3890.700 |
|
3 |
Profit (Loss) from
operations before other income, finance costs and exceptional items (1-2) |
303.700 |
275.400 |
|
4 |
Other income |
11.800 |
11.800 |
|
5 |
Profit/(Loss) from
ordinary activities before finance costs and exceptional items (3*4) |
315.500 |
287.200 |
|
6 |
Finance costs |
181.000 |
188.900 |
|
7 |
Profit (Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
134.500 |
98.300 |
|
8 |
Exceptional items |
254.500 |
-- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7-8) |
(120.000) |
98.300 |
|
10 |
Tax expense |
|
|
|
|
Current |
(34.000) |
(20.000) |
|
|
Deferred |
40.800 |
(33.400) |
|
11 |
Net Profit/[Loss
after tax (9-10) |
(113.200) |
44.900 |
|
12 |
Paid-up equity share capital (Face Value Rs. 10/-) |
18022 |
16220 |
|
13 |
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
-- |
-- |
|
14 |
Basic
and Diluted Earning per share (Rs.) |
(0.68) |
0.28 |
|
|
PART II |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of Shares |
91802972 |
73781027 |
|
|
- Percentage of Shareholding |
50.94% |
45.49% |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
|
|
- Percentage of shares (as a percentage of the total shareholding of
Promoters and Promoter Group) |
-- |
-- |
|
|
- Percentage of shares (as a percentage of the total capital of the
Company) |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
88416476 |
88416476 |
|
|
- Percentage of shares (as a percentage of the total shareholding of Promoters
and Promoter Group) |
100.00% |
100.00% |
|
|
- Percentage of shares (as a percentage of the total capital of the
Company) |
49.06% |
54.51% |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at half year ended on 30.09.2014 (Unaudited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
1802.200 |
|
|
(b) Reserves & Surplus |
3877.100 |
|
|
Total
Shareholders’ Funds |
5679.300 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
1741.300 |
|
|
(b) Deferred tax liabilities (Net) |
539.900 |
|
|
(c) Other long term
liabilities |
92.400 |
|
|
(d) long-term
provisions |
138.900 |
|
|
Sub Total Non-current Liabilities |
2512.500 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short term
borrowings |
914.400 |
|
|
(b) Trade payables |
2419.400 |
|
|
(c) Other current
liabilities |
912.900 |
|
|
(d) Short-term
provisions |
894.600 |
|
|
Sub
Total Current Liabilities |
5141.300 |
|
|
|
|
|
|
TOTAL- EQUITY AND
LIABILITIES |
13333.100 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
5924.300 |
|
|
(b) Non-current Investments |
76.800 |
|
|
(c) Long-term Loan and Advances |
294.900 |
|
|
(d) Other
Non-current assets |
0.000 |
|
|
Sub Total
Non-Current Assets |
6296.000 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
0.000 |
|
|
(b) Inventories |
3543.300 |
|
|
(c) Trade receivables |
2091.400 |
|
|
(d) Cash and cash equivalents |
571.700 |
|
|
(e) Short-term loans
and advances |
806.300 |
|
|
(f) Other current
assets |
24.400 |
|
|
Sub Total Current
Assets |
7037.100 |
|
|
|
|
|
|
TOTAL-ASSETS |
13333.100 |
NOTE:
- After reviewed by the Audit Committee, the
above financial results were approved by the Board of Directors at their
meeting held on 28Ih January 2014.
- The above Financial results are subject to
'Limited Review' by the Statutory Auditors of the Company.
- The capital employed as on 31"' December
2013 is Rs. 8890.700
millions
- As there are no taxable profits, the Company
has provided current tax expenses as per provisions under MAT
- As of now, there is no deferred tax liability.
However, the same will be reviewed and liability, if any, will be provided
before the end of the financial year.
- The Company is primarily engaged in the
business of rolled products and grouped as single segment as per the
Accounting Standard (AS) - 17 dealing with segment report issued by ICAI.
- During the quarter. 4 Investors' complaints
were received and all the complaints were attended to by the Company I Share
Transfer Agent. At the end of the quarter, no complaints were pending.
- The figures of previous periods have been
re-grouped I re-arranged, wherever necessary
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.31 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.78.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.