MIRA
INFORM REPORT
|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHUSHAN STEEL LIMITED (w.e.f. 2007) |
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|
|
|
Formerly Known
As : |
BHUSHAN STEEL AND STRIPS LIMITED |
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|
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Registered
Office : |
F Block, 1st Floor, International Trade Tower, Nehru Place,
New Delhi – 110019 |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
07.01.1983 |
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Com. Reg. No.: |
55-014942 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 1454.811 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1983PLC014942 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB07323B |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACB1247M |
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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
: |
Manufacturer and Distributor of Cold Rolled Steel Strips/Sheets/Coils
and Galvanized Cold Rolled Steel Strips/Sheets/Coils. |
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|
|
|
No. of Employees
: |
10,000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 360000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is one of the well-established leading player in the steel industry
having a fine track record. The management has seen a slight moderation in the company’s credit
profile characterized by a dip in the net profitability and further
aggravated by slower than expected ramping – up of operations of Orissa phase
II expansion project due to an explosive mishap occurred as on November 2013. The ratings also take into consideration the working capital intensive
operations along with the large debt funded project expansion due to which
the management has seen an increase in its external borrowings during the
year under review despite all, the financial profile of the company appears
to be decent and the share prices in quoted high on the stock exchange. Business is active. Payment terms are reported as regular and as per
commitments. In view of resource fullness and experience of the promoters and the
company’s established rack in the industry the subject can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry
retained its status as the favourable venture capital investors in 2013.
Pakistan has temporarily banned gold imports for the second time in six months,
as it tries to stem smuggling into India. India’s import duty on gold is 10 %
and curbs on purchases have dried up legal imports into what used to be the
world’s biggest bullion buyers. The World Gold Council puts the amount smuggled
into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed
that unclaimed bank deposits estimated to be about Rs 35000 mn be used for
education and awareness among depositors. According to the plan, deposits
that have not been claimed for at least 10 years will be transferred to the
scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
24.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
24.12.2013 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Neha |
|
Designation : |
Reception |
|
Contact No.: |
91-11-42295555 |
|
Date : |
13.02.2013 |
LOCATIONS
|
Registered/
Corporate Office : |
F Block, 1st
Floor, Nehru Place, International Trade Tower, New Delhi – 110019, India |
|
Tel. No.: |
91-11-26462373 (5 Lines) / 42297777 / 42295555 / 39194000 |
|
Fax No.: |
91-11-26478750 /
26415845 |
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E-Mail : |
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Website : |
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Factory 1 and Marketing Office – Sahibabad : |
23, Site IV,
Sahibabad Industrial Area, Sahibabad, District |
|
Tel. No.: |
91-120-2770601-
04/ 3028000-09 |
|
Fax No.: |
91-120-2770509/
4100574 |
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E-Mail : |
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Factory 2 : |
28/4, Site IV,
Sahibabad Industrial Area, Sahibabad, District |
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Factory 3 : |
Village Nifran,
Savroli and Dehvali, Taluka – Khalapura, (Near Khopoli), District Raigad –
410 203, |
|
Tel. No.: |
91-2192-274146/
302000 |
|
Fax No.: |
91-2192-274294/ 274354 |
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E-Mail : |
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Factory 4 : |
Narendra Pur, P O
Shibapur, Village Meramandali, District – Dhenkanal – 759 121, |
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Tel. No. : |
91-6764-300000/
326443/ 325133/ 325857 |
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E-mail : |
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Branches : |
Located at: ·
Agra ·
Ahmedabad ·
Aurangabad ·
Bengaluru ·
Bhubaneshwar ·
Chandigarh ·
Chennai ·
Coimbatore ·
Dehradun ·
Delhi ·
Faridabad ·
Gurgaon ·
Guwahati ·
Haldwani ·
Hyderabad ·
Hosur ·
Indore ·
Jaipur ·
Jammu ·
Kullu ·
Kolkata ·
Kanpur ·
Ludhiana ·
Mandigovindgarh ·
Mumbai ·
Pilkhuwa (Hapur) ·
Pune ·
Parwanoo ·
Rishikesh ·
Varanasi |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Brij Bhushan
Singal |
|
Designation : |
Chairman |
|
Address: |
W-29, Greater Kailash, Part-II, New Delhi-110046, |
|
Date of Birth/
Age: |
20.11.1936 |
|
Date of
Appointment: |
15.01.1987 |
|
|
|
|
Name : |
Mr. Neeraj Singal |
|
Designation : |
Vice Chairman and Managing Director |
|
Address: |
W-29, Greater Kailash, Part-II, New Delhi-110046, |
|
Date of Birth/
Age: |
23.04.1968 |
|
Qualification: |
Graduate |
|
Date of
Appointment: |
01.04.1992 |
|
|
|
|
Name : |
Mr. Nittin Johari |
|
Designation : |
Whole-time
Director [Finance] |
|
Qualification: |
M.Com, FCA |
|
Date of
Appointment: |
06.01.1995 |
|
|
|
|
Name : |
Mr. Rahul Sen Gupta |
|
Designation : |
Whole-time
Director [Technical] |
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|
|
|
Name : |
Mr. P.K. Aggarwal |
|
Designation : |
Whole time Director [Commercial] |
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|
Name : |
Mr. Mohan Lal |
|
Designation : |
Director |
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Address: |
19-A, Udham Singh Nagar, |
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|
|
|
Name : |
Mr. B B Tondon |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V.K. Mehrotra |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. M. V. Surya
Narayana |
|
Designation : |
Director |
|
Address: |
12-2-417/A/11, Gudimalkapur,
Jaya Nagar, Hydedrabad - 500028, Andhra Pradesh, India |
|
Date of Birth/
Age: |
05.04.1946 |
|
Date of
Appointment: |
25.09.2010 |
|
|
|
|
Name : |
Mrs. Sunita
Sharma |
|
Designation : |
Nominee Director
of LIC |
KEY EXECUTIVES
|
Name : |
Mr. O. P. Davra |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Neha |
|
Designation : |
Reception |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
129002355 |
56.95 |
|
|
32431540 |
14.32 |
|
|
161433895 |
71.27 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
161433895 |
71.27 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
24149 |
0.01 |
|
|
4120 |
0.00 |
|
|
8897159 |
3.93 |
|
|
4135312 |
1.83 |
|
|
13060740 |
5.77 |
|
|
|
|
|
|
43168528 |
19.06 |
|
|
|
|
|
|
2916415 |
1.29 |
|
|
5632762 |
2.49 |
|
|
301877 |
0.13 |
|
|
120224 |
0.05 |
|
|
181653 |
0.08 |
|
|
52019582 |
22.97 |
|
Total Public shareholding (B) |
65080322 |
28.73 |
|
Total (A)+(B) |
226514217 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
226514217 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Cold Rolled Steel Strips/Sheets/Coils
and Galvanized Cold Rolled Steel Strips/Sheets/Coils. |
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|
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Products : |
· Cold Rolled Galvanised Bhushan Galume Colour Coated Coil Colour Coated Tiles Drawn Tubes of OEM Grade Hardened and Tempered Strip High Tensile Steel Stripping Wire Rods and Alloy Billets Sponge Iron |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Hot Rolled Steel Strips/Sheets/Coils |
MT |
1900000 |
805675 |
|
Cold Rolled Steel Strips/Sheets/Coils |
MT |
1250000 |
1191715 |
|
Cold Rolled Galvanised Steel
Strips/Sheets/Coils |
MT |
540000 |
545196 |
|
Colour Coated Galvanised Steel Strips/Sheets/Coils |
MT |
160000 |
118691 |
|
Precision Tubes |
MT |
140000 |
126642 |
|
Hardened & Tempered Cold Rolled Steel Strips |
MT |
11000 |
12412 |
|
High Tensile Steel Strapings |
MT |
20000 |
9865 |
|
Sponge Iron |
MT |
900000 |
406787 |
|
Billets |
MT |
340000 |
242035 |
|
Wire Rods |
MT |
20000 |
8623 |
|
Formed Sections |
|
3000 |
780 |
GENERAL INFORMATION
|
Customers |
Wholesalers Alstom BHEL Bajaj Bundy Ashok Leyand Ford Honda Hitachi Hyundai IFB Mahindra GM SKF Kone Carrier Yamaha |
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No. of Employees : |
10,000 (Approximately) |
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Bankers : |
· State Bank of India ·
Punjab National Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
|
|
Name : |
Mehra Goel and Company Chartered
Accountants |
|
|
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|
Joint Venture: |
·
Andal East Coal Company Private Limited |
|
|
|
|
Associates : |
·
Angul Sukinda Railway Limited Bhusahan Energy Limited |
|
|
|
|
Subsidiary companies: |
·
Bhushan
Steel (Orissa) Limited. ·
Bhushan
Steel Madhya Bharat Limited ·
Bhushan
Steel (South) Limited ·
Bhushan
Steel Bengal Limited ·
Parakeet
Finvest Private Limited
(from 25th January, 2012) ·
Marsh
Capital Services Private Limited
(from 25th January, 2012) ·
Paragon
Securities Private Limited
(from 25th January, 2012) ·
Perpetual
Securities Private Limited
(from 25th January, 2012) ·
Jawahar
Credit and Holdings Private Limited
(from 29th February, 2012) ·
Bhushan
Capital and Credit Services Private Limited.
(from 29th February, 2012) ·
Bhushan
Steel Global FZE (Upto 7th May, 2011) ·
Bhushan
Steel (Australia) PTY Limited -
Bowen
Energy Limited, Australia -
Kondor
Holdings PTY Limited -
Bowen
Coal PTY Limited -
Bowen
Consolidated PTY Limited ·
Capricorn
Metals Ltd. (Deregistered w.e.f. 4th April, 2011) ·
Capricorn
Resources (Australia) Limited
(Deregistered w.e.f. 4th April, 2011) · Golden Country Resources (Australia) PTY Limited |
|
|
|
|
Enterprises over which
Key Management Personnel and their relatives are able to exercise significant
influence: |
·
Arshiya
International Limited ·
Bhushan
Aviation Limited ·
Bhushan
Infrastructure Private Limited |
|
|
|
|
Sister Concern |
·
Bhushan
Steel (Orissa) ·
Bhushan
Steel (South) |
CAPITAL STRUCTURE
AFTER 21.09.2013
Authorised Capital : Rs.2250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.1430.633
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs.2/- each |
Rs.800.000 Millions |
|
14500000 |
Preference Shares |
Rs.100/- each |
Rs.1450.000Millions |
|
|
Total |
|
Rs.
2250.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
230605220 |
Equity Shares |
Rs. 2/- each |
Rs.461.210 Millions |
|
9405367 |
10% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 940.537 Millions |
|
354000 |
4% Non convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 35.400 Millions |
|
400000 |
25% Non convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.40.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1477.147 Millions |
Subscribed and
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
212358310 |
Equity Shares |
Rs. 2/- each |
Rs.424.717 Millions |
|
14157220 |
Equity Shares |
Rs. 1/- each |
Rs.14.157 Millions |
|
9405367 |
10% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 940.537 Millions |
|
354000 |
4% Non convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 35.400 Millions |
|
400000 |
25% Non convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.40.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1454.811 Millions |
NOTE:
Detail of
Shareholders holding more than 5% shares:
|
Name of
Shareholders |
As at 31st March,2013 |
|
|
|
No. of Shares |
% Held |
|
(A) Equity Shareholders |
|
|
|
1. Brij Bhushan Singal |
45628672 |
20.14% |
|
2. Neeraj Singal |
73105933 |
32.27% |
|
3. Bhushan Infrastructure Private Limited |
29486540 |
13.01% |
|
(B) Preference Shareholders |
|
|
|
1. Bhushan Energy Limited |
1200000 |
11.81% |
|
2. Bhushan Finance Limited |
840000 |
8.27% |
|
3. Robust Transportation Limited |
531567 |
5.23% |
|
4. Shri Neeraj Singal |
1204400 |
11.86% |
|
5. Brij Bhushan Singal |
707100 |
6.96% |
|
Particulars |
As at 31st March,2013 |
|
|
No. of Shares |
Amount (Rs. In
Millions |
|
|
Reconciliation of
number of shares outstanding is set out |
|
|
|
below: |
|
|
|
(A) Equity Shares |
|
|
|
At the beginning of the year |
212358310 |
424.717 |
|
Add : Shares Issued |
14157220 |
14.157 |
|
Less: Shares Cancelled |
-- |
-- |
|
At the end of the year |
226515530 |
438.874 |
|
(B) Preference
Shares (Non Convertible Cumulative Redeemable Preference Shares) |
|
|
|
10% Preference
Shares |
|
|
|
At the beginning of the year |
7795267 |
779.527 |
|
Add : Shares Issued |
1610100 |
161.010 |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
9405367 |
940.537 |
|
4% Preference
Shares |
|
|
|
At the beginning of the year |
399000 |
39.900 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares Redeemed |
45000 |
4.500 |
|
At the end of the year |
354000 |
35.400 |
|
25% Preference
Shares |
|
|
|
At the beginning of the year |
400000 |
40.000 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
400000 |
40.000 |
The holders of Equity Shares has one vote for each equity shares held by them. The registerd holders of Equity Shares are entitled to dividend declared from time to time. The Preference Shareholders are entitled to pro-rata dividend in preference over Equity Shareholders. The dividend is cumulative at the rate specified against each category.
The premium on redemption of preference shares to the extent of premium received on issue will be adjusted against the security premium account and any premium paid over the above said amount shall be paid out of current appropriation / General Reserve.
The Preference Share are not convertible in Equity and are redeemable at the option of the company.
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 |
1454.811 |
1284.144 |
1111.577 |
|
(b) Reserves & Surplus |
89026.194 |
72679.500 |
57852.511 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
3830.100 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
90481.005 |
77793.744 |
58964.088 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
( (a) long-term
borrowings |
216642.128 |
155287.802 |
109693.445 |
|
(b) Deferred tax liabilities (Net) |
13427.818 |
10388.183 |
6983.183 |
|
(c) Other long term liabilities |
21794.561 |
15058.998 |
6477.588 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
251864.507 |
180734.983 |
123154.216 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
52328.639 |
42877.823 |
44741.482 |
|
(b) Trade payables |
16170.235 |
9931.250 |
9920.126 |
|
(c) Other current
liabilities |
21011.854 |
22622.509 |
15285.234 |
|
(d) Short-term provisions |
759.843 |
548.366 |
484.205 |
|
Total Current
Liabilities (4) |
90270.571 |
75979.948 |
70431.047 |
|
|
|
|
|
|
TOTAL |
432616.083 |
334508.675 |
252549.351 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
181415.523 |
157327.164 |
125656.922 |
|
(ii) Intangible Assets |
11.584 |
11.801 |
6.025 |
|
(iii) Capital work-in-progress |
125953.132 |
90686.743 |
53247.265 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4024.554 |
3047.026 |
1541.324 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
24959.380 |
28260.352 |
28543.917 |
|
(e) Other Non-current assets |
214.014 |
193.754 |
3.500 |
|
Total
Non-Current Assets |
336578.187 |
279526.840 |
208998.953 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
247.500 |
247.500 |
247.500 |
|
(b) Inventories |
55596.755 |
33114.261 |
31684.055 |
|
(c) Trade receivables |
23430.872 |
12203.763 |
4835.331 |
|
(d) Cash and cash
equivalents |
1536.256 |
3349.803 |
347.290 |
|
(e) Short-term loans and
advances |
15226.513 |
6066.508 |
6436.222 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
96037.896 |
54981.835 |
43550.398 |
|
|
|
|
|
|
TOTAL |
432616.083 |
334508.675 |
252549.351 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
107442.697 |
99414.077 |
70004.625 |
|
|
|
Other Income |
173.359 |
273.442 |
695.128 |
|
|
|
TOTAL |
107616.056 |
99687.519 |
70699.753 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
57986.415 |
55067.473 |
42382.553 |
|
|
|
Purchase of Goods Traded |
811.855 |
0.000 |
0.000 |
|
|
|
Change in Inventories of Finished Goods, Work In Progress and Stock- in –Trade |
(1058.367) |
(653.307) |
(4717.536) |
|
|
|
Employee Benefits Expense |
1734.541 |
1439.797 |
1230.922 |
|
|
|
Other Expenses |
14818.588 |
13519.329 |
10804.748 |
|
|
|
TOTAL |
74293.032 |
69373.292 |
49700.687 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
33323.024 |
30314.227 |
20999.066 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
12874.431 |
10462.673 |
4464.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
20448.593 |
19851.554 |
16534.958 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8308.619 |
6199.295 |
2778.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
12139.974 |
13652.259 |
13756.505 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3051.071 |
3417.510 |
3705.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
9088.903 |
10234.749 |
10050.859 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
89.309 |
37.769 |
720.833 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
113.258 |
106.179 |
106.179 |
|
|
|
Proposed Dividend on Preference Shares |
1.148 |
0.407 |
37.014 |
|
|
|
Provision for Dividend Tax |
19.443 |
17.291 |
23.230 |
|
|
|
Interim Dividend on Preference Shares |
89.547 |
75.050 |
0.000 |
|
|
|
Dividend Tax on Interim Dividend |
14.527 |
12.193 |
0.000 |
|
|
|
Transferred to Debenture Redemption Reserve |
2696.250 |
847.500 |
547.500 |
|
|
|
Release from Debenture Redemption Reserve |
0.000 |
0.000 |
(100.000) |
|
|
|
Transfer to General Reserve |
6000.000 |
9000.000 |
10120.000 |
|
|
|
Premium paid on Redemption of Preference
Shares |
26.407 |
124.589 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
217.632 |
89.309 |
37.769 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
18128.945 |
14553.645 |
12059.629 |
|
|
|
Interest Received |
1.862 |
14.816 |
2.260 |
|
|
TOTAL EARNINGS |
18130.807 |
14568.461 |
12061.889 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16794.751 |
14937.369 |
27393.773 |
|
|
|
Stores & Spares |
1219.888 |
599.810 |
1091.688 |
|
|
|
Capital Goods |
12426.676 |
19137.965 |
7861.598 |
|
|
TOTAL IMPORTS |
30441.315 |
34675.144 |
36347.059 |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
41.61 |
47.78 |
47.13 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 1st
Quarter |
|
Net Sales |
24908.600 |
|
Total Expenditure |
17535.100 |
|
PBIDT (Excl OI) |
7373.500 |
|
Other Income |
33.100 |
|
Operating Profit |
7406.600 |
|
Interest |
4026.100 |
|
Exceptional Items |
0.000 |
|
PBDT |
3380.500 |
|
Depreciation |
2339.800 |
|
Profit Before Tax |
1040.700 |
|
Tax |
278.100 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
762.600 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
762.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.45
|
10.27
|
14.22
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.30
|
13.73
|
19.74
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.79
|
5.67
|
6.96
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.18
|
0.23
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.97
|
2.55
|
2.62
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.51
|
0.72
|
0.62
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
1111.577 |
1284.144 |
1454.811 |
|
Reserves & Surplus |
57852.511 |
72679.5 |
89026.194 |
|
Net
worth |
58,964.088 |
73,963.644 |
90,481.005 |
|
|
|
|
|
|
long-term borrowings |
109693.445 |
155287.802 |
216642.128 |
|
Short term borrowings |
44741.482 |
42877.823 |
52328.639 |
|
Total
borrowings |
154,434.927 |
198,165.625 |
268,970.767 |
|
Debt/Equity
ratio |
2.619 |
2.679 |
2.973 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
70004.625 |
99414.077 |
107442.697 |
|
|
|
42.011 |
8.076 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
70004.625 |
99414.077 |
107442.697 |
|
Profit |
10050.859 |
10234.749 |
9088.903 |
|
|
14.36% |
10.30% |
8.46% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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
IN THE HIGH COURT OF DELHI AT NEW DELHI
CS(OS) 2484/2013
METSO MINERALS (SINAGAPORE) PTE LIMITED..... Plaintiff
Through: Mr. Nitin Khare, Adv.
Versus
BHUSHAN STEEL LIMITED.... Defendant
Through: None
CORAM:
MS. SUKHVINDER KAUR (DHJS), JOINT REGISTRAR
O R D E R
11.12.2013
IA no. 20169/2013 ( u/s 151 CPC for exemption from filing the original documents filed by plaintiff)
Heard. In view of submission, plaintiff is granted six weeks time to file
the original documents. IA is disposed of accordingly.
CS (OS) 2484/2013
This is a fresh suit. Let it be checked and registered. Issue summons of the
suit to the defendant by all modes for 01.04.2014.
SUKHVINDER KAUR (DHJS)
JOINT REGISTRAR
DECEMBER 11, 2013/NR
$ 29
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
BHUSHAN STEEL LIMITED
|
|
SEBI |
DID NOT MAKE PUBLIC ANNOUNCEMENT AS REQUIRED UNDER
REGULATION 10 OF SEBI TAKEOVER CODE, 1997 IN MATTER OF ACQUISITION OF SHARES
OF ORISSA SPONGE IRON And STEEL LIMITED |
IMPOSED PENALTY RS.0.450, Millions ALONG WITH OTHER
ENTITIES/PERSONS |
SAT: APPEAL ALLOWED AND IMPUGNED ORDER DATED 18/01/2010
SET ASIDE WITH NO ORDER AS TO COSTS |
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Term Loan |
|
|
|
Foreign Currency Loans |
|
|
|
From Indian Banks |
1791.900 |
1678.710 |
|
From Foreign Banks |
4234.735 |
12373.297 |
|
From Others |
84.711 |
115.245 |
|
Less: current maturity of Long Term Borrowing |
(16263.148) |
(15344.103) |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
From Bank |
|
|
|
Rupee Loan |
|
|
|
Term Loan / Commercial Paper |
6803.175 |
11679.365 |
|
Foreign Currency
Loans |
|
|
|
From Indian Banks |
1286.749 |
2765.403 |
|
|
|
|
|
Total |
(2061.878) |
13267.917 |
EXPANSION
PROJECT:
The company is under
implementation of 0.35 MTPA capacity Colled Rolling cum Electrical Steel (CRNGO)
Complex at estimated project cost of Rs.15630.000 Millions at Meramandali,
Orissa.
In addition to the above,
the company shall also be completing the Coke oven plant (1.3 MTPA), Coal
Washery (2.5 MTPA) and 2 DRI Kilns (aggregate capacity of 0.34 MTPA) and 197 MW
Power Plant at the existing site of Integrated steel plant at Orissa in the
current financial year i.e. 2013-14.
In order to maintain its
leadership position in downstream segment of steel industry and to maximize the
margins, the company is setting up the downstream capacity of 1.8 MTPA, where
the company shall come up with PLTCM of 1.8 MTPA and CAL of 1 MTPA with the
estimated capex of Rs.59950.000 Millions at Meramandali, Orissa to fully
utilize its additional HR capacity. With this the company's total downstream
production capacity shall be increased to about 4 MTPA by FY 2017.
FINANCE:
During the year the Company
has tied up the term loans in foreign currency and rupee for its expansion plans
and for the requirement of funds for its normal capital expenditure. The
Company has tied up Rupee Term Loan of f 10420.000 Millions from Axis Bank as
Syndication lead bank for their CRNGO project at Orissa.
The Working Capital
facilities for Sahibabad, Khopoli and Orissa Plants have been appraised by PNB,
the lead Bank, for Rs.113900.000 Millions (Fund Based limit of Rs.53900.000
Millions and Non Fund Based limit of Rs.60000.000 Millions) for the Financial
year 2013-14.
CREDIT
RATING:
The Long Term rating of The
Company is Care A+ by Credit Analysis and Research Limited as per the
provisions of BASEL II guidelines of RBI.
The Credit Analysis and
Research Ltd (CARE) has rated the short term rating at the highest rating of
A1+ (A One Plus) for short term credit facilities of the Company.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
The steel industry is
divided into primary and secondary sectors. The primary sector products are
billets, pallets, rounds and Hot Rolled Coils/Plates (HRC/HRP).These form raw
material for the secondary sector ,which produces value added items such as
Angles, Channels, wire Rods, Cold Rolled Coils/sheets (CRC/CRS) AND Galvanised
Coils/Sheets. CR Sheet is a thinner sheet used for consumer durables like
refrigerators, washing machines, automobiles, bicycles, etc. CR sheets are used
by the automobile and domestic appliances industry whereas CR strips are used
in manufacturing of bicycles, drums, barrels, fabrication, furniture etc. CR
Coils are mainly used for manufacturing GP/GC sheets. Bhushan Steel Limited
which so far falls under secondary sector, also entered in primary sector with
setting up plant at Orissa.
PERFORMANCE
The company is engaged in Steel business, which is context of Accounting Standard (AS)-17 issued by the institute of Chartered Accountants of India is considered the only business segment. The overall operational performance of the company has been much satisfactory during the year. The plants have operated optimally during the year and there were no major break downs or shutdowns.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10474663 |
03/01/2014 |
6,000,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE
BRANCH, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B95112041 |
|
2 |
10469506 |
26/12/2013 |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
CORE-6, SCOPE COMPLEX,
LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
B93258226 |
|
3 |
10469498 |
20/12/2013 |
500,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
G-40,, CONNAUGHT
PLACE, NEW DELHI, DELHI - 110001, INDIA |
B93256618 |
|
4 |
10464778 |
05/12/2013 |
500,000,000.00 |
THE FEDERAL BANK LIMITED |
CORPORATE
BANKING BRANCH, E-13-29, HARSHA BHAWAN, |
B91376855 |
|
5 |
10462754 |
25/11/2013 |
2,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
INDUSTRIAL
FINANCE BRANCH, A-30-33, 1ST FLOOR, CO |
B90570789 |
|
6 |
10467526 |
29/01/2014 * |
10,000,000,000.00 |
STATE BANK OF INDIA |
CORP. ACCOUNTS
GROUP BRANCH, JAWAHAR VYAPAR BHAWAN |
B96143771 |
|
7 |
10467359 |
28/11/2013 * |
2,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, ANDURANG BUDHKAR MARG, WORLI,, MUMBAI, MAHARAS |
B93080273 |
|
8 |
10454137 |
26/09/2013 |
200,000,000.00 |
JSC VTB BANK |
THE TAJ MAHAL
HOTEL, THE LOBBY MEZZANINE FLOOR, N |
B87137758 |
|
9 |
10452147 |
26/09/2013 |
1,500,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE
ACCOUNTS BRANCH, NO. 3,4 AND 5 DDA BUILDI |
B86269347 |
|
10 |
10449904 |
21/09/2013 |
3,000,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B85338705 |
* Date of charge modification
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER and half year ENDED 30th
SEPTEMBER 2013
(Rs. In Millions)
|
Sl. no. |
particulars |
Quarter ended 30.09.2013 |
Quarter ended 30.06.2013 |
Half Year 30.09.2013 |
|
|
|
|
Unaudited |
|
|
1 |
INCOME FROM OPERATIONS |
|
|
|
|
|
Domestic Sales |
17922.700 |
21489.800 |
39412.500 |
|
|
Export Sales |
5805.700 |
4579.300 |
10385.000 |
|
|
Total Gross Sales
of Finished Goods |
23728.400 |
26069.100 |
49797.500 |
|
|
Less : Excise Duty |
1964.500 |
2325.600 |
4290.100 |
|
(a) |
Net Sales of
Finished Goods / income from operation |
21763.900 |
23743.500 |
45507.400 |
|
|
Other operating income |
977.700 |
1240.00 |
2217.700 |
|
|
Less : Excise Duty |
66.700 |
74.900 |
141.600 |
|
(b) |
Net Other Operating
Income |
911.000 |
1165.100 |
2076.100 |
|
2 |
Net Sales/ Total
Income from Operations Expenses |
22674.900 |
24908.600 |
47583.500 |
|
|
a) Consumption of Raw Materials |
12776.800 |
14337.800 |
27114.600 |
|
|
b) Purchase of Traded Goods |
-- |
190.300 |
190.300 |
|
|
c) Change in Inventories of Finished Goods, Work in Progress and stock in trade (Increase)/ Decrease |
(1100.400) |
(1181.300) |
(2281.700) |
|
|
d) Employee Benefits Expense |
462.100 |
443.400 |
905.500 |
|
|
e) Depreciation and Amortisation Expense |
2351.400 |
2339.800 |
4691.200 |
|
|
f) Other Expenses |
3547.900 |
3744.900 |
7292.800 |
|
|
Total Expenses |
18037.800 |
19874.900 |
37912.700 |
|
3 |
Profit from operations
before other income, finance costs and exceptional items |
4637.100 |
5033.700 |
9670.800 |
|
4 |
Other Income |
91.100 |
33.100 |
124.200 |
|
5 |
Profit from
ordinary activities before finance costs and exceptional items |
4728.200 |
5066.800 |
7975.000 |
|
6 |
Finance Costs |
3892.400 |
4026.100 |
7918.500 |
|
7 |
Profit from ordinary activities after Finance costs but before Exceptional items |
835.800 |
1040.700 |
1876.500 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit from ordinary
activities before Tax |
835.800 |
1040.700 |
1876.500 |
|
10 |
Tax Expense |
235.200 |
278.100 |
513.300 |
|
11 |
Net Profit from
ordinary activities after Tax |
600.600 |
762.600 |
1363.200 |
|
12 |
Extraordinary items (net of tax) |
- |
- |
-- |
|
13 |
Net Profit for the
Period |
600.600 |
762.600 |
1363.200 |
|
14 |
Share of Profit / (Loss) of associates |
|
|
|
|
15 |
Minority interest Profit / (Loss) |
|
|
|
|
16 |
Net Profit after
Tax, minority interest and share of Profit of associate |
600.600 |
762.600 |
1363.200 |
|
17 |
Paid-up Equity Share Capital (Face Value of Rs.2/- each) |
453.000 |
453.000 |
453.000 |
|
18 |
Reserves Excluding Revaluation Reserves |
|
|
|
|
19 |
EPS (Not
Annualised) |
|
|
|
|
|
i) Basic (Rs.) |
2.52 |
3.31 |
5.82 |
|
|
ii) Diluted (Rs.) |
2.52 |
3.31 |
5.82 |
|
A 1 |
PARTICULARS OF
SHAREHOLDING Public Shareholding |
|
|
|
|
|
- Number of Shares |
65111635 |
66341635 |
65111635 |
|
|
- Percentage of Shareholding |
28.74% |
29.29% |
28.74% |
|
2 |
Promoters and
Promoters Group Shareholding a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
55798813 |
55050813 |
55798813 |
|
|
- Percentage of Shares (as a Percentage of the total shareholding of promoter and promoter group) |
34.57% |
34.37% |
34.57% |
|
|
- Percentage of Shares (as a Percentage of the total share capital of the company) |
24.64% |
24.30% |
24.64% |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of Shares |
105605082 |
105123082 |
105605082 |
|
|
- Percentage of Shares (as a Percentage of the total shareholding of promoter and promoter group) |
65.43% |
65.63% |
65.43% |
|
|
- Percentage of Shares (as a Percentage of the total share capital of the company) |
46.62% |
46.41% |
46.62% |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
Quarter Ended
30.09.2013 |
|
|
Pending at the beginning of the Quarter |
NIL |
|
|
Received during the Quarter |
2 |
|
|
Disposed of during the Quarter |
1 |
|
|
Remaining unresolved at the end of the Quarter |
1 |
NOTES:
The above results and statement of Assets and Liabilities have been reviewed by Audit committee and approved by the Board of Directors held on November 14, 2013.
The limited review for the quarter ended on September 30, 2013, as required
under clause 41 of the listing agreement with the Stock Exchanges has been
carried out by the Statutory Auditors.
In terms of letter of offer dated January 09, 2013 for the Right Issue, the
Company has during the quarter ended June 30, 2013, made first & final call
on 14157220 Equity Shares @ Rs. 167.50 (comprising Rs. 1/- per Equity Share
towards share capital and Rs. 166.50 per Equity Share as share premium).The
company during the current quarter received calls on 15,790 equity shares
Consequently the paidup Equity share capital of the company has increased by
Rs. 0.16 Lacs and the said proceeds have been utilised as per the objects of
the Right issue. Further in the absence of identification of the payees,the
amount received against calls for 6725 equity shares has not been considered in
paid-up Capital and Security Premium Reserve as on September 30, 2013.
On November 07, 2013, the Company has issued final forfeiture notice to 123
shareholders holding 1299 Equity Shares for which first & final call remain
unpaid.
Earnings per Share for the quarter as well as half year ended September 30,
2012 has been recalculated on account of right issue as required by Accounting
Standard (AS) -20.
The Company is engaged in the steel business, which in the context of
Accounting Standard 17 is considered the only business segment.
During the current quarter Bhushan Steel Bengal Limited, Bhushan Capital and
Credit Services Private Limited, Jawahar Credit and Holdings Private Limited,
Paragon securities Private Limited, Parakeet Finvest Private Limited, Perpetual
Securities Private Limited, Marsh Capital Services Private Limited ceased to be
Subsidiaries of the Company. Further Bhushan Capital and Credit Services
Private Limited and Jawahar Credit & Holdings P Private Limited became
associate companies.
Previous year/period figures have been regrouped / rearranged wherever
considered necessary.
STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH
SEPTEMBER 2013
|
SOURCES OF FUNDS |
30.09.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1399.600 |
|
(b) Reserves & Surplus |
91028.900 |
|
(c) Money
received against share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
92428.500 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
257286.600 |
|
(b) Deferred tax liabilities (Net) |
13547.800 |
|
(c) Other long term liabilities |
20561.400 |
|
(d) long-term provisions |
0.000 |
|
Total Non-current Liabilities (3) |
291395.800 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
55193.500 |
|
(b) Trade payables |
25075.200 |
|
(c) Other current
liabilities |
25182.400 |
|
(d) Short-term provisions |
629.000 |
|
Total Current Liabilities (4) |
106080.100 |
|
|
|
|
TOTAL |
489904.400 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
350446.300 |
|
(b) Non-current Investments |
3734.100 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
25216.300 |
|
(e) Other Non-current assets |
223.600 |
|
Total Non-Current Assets |
379620.300 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
65611.000 |
|
(c) Trade receivables |
24277.700 |
|
(d) Cash and cash
equivalents |
993.700 |
|
(e) Short-term loans and
advances |
19401.700 |
|
(f) Other current assets |
0.000 |
|
Total Current Assets |
110284.1000 |
|
|
|
|
TOTAL |
489904.400 |
Fixed Assets
v
Tangible
Assets
Freehold
Land
Leasehold
Land / Building
Plant
and Machinery
Railway
Siding
Furniture
and Fixtures
Vehicles
Office
Equipment
v
Intangible Assets
Computer
Software
PRESS RELEASES
Bhushan Steel posts Rs 550.000 Millions loss in Q3 Income of the company fell to Rs 24071.600 Millions during the quarter from Rs 25290.700 Millions a year earlier. Expenditure, however, went up to Rs 20478.000 Millions from Rs 19546.800 Millions a year earlier.
Higher finance costs and lower income led Bhushan Steel into the red with the firm reporting Rs 547.900 Millions net loss during the October-December quarter. The company had clocked a Rs 2212.000 Millions net profit in the corresponding quarter of the last fiscal, it said in a BSE filing. Income of the company fell to Rs 24071.600 Millions during the quarter from Rs 25290.700 Millions a year earlier. Expenditure, however, went up to Rs 20478.000 Millions from Rs 19546.800 Millions a year earlier. Meanwhile, finance costs of the company also grew to Rs 4320.800 Millions from Rs 2930.100 Millions. Bhushan Steel said due to explosion during the trial run of the second blast furnace at its Meramandali plant in Odisha on November 13, 2013, the operation at the blast furnace has remained suspended, resulting in loss of production.
FIRE AT BHUSHAN STEEL PLANT; 1 KILLED, 15 INJURED
NOVEMBER 13, 2013
Dhenkanal: One person died and at least 15 others were injured, many of them seriously, when a fire broke out at a private steel plant in Odisha's Dhenkanal district on Wednesday prompting the state government to order closure of the factory, police said.
"We have received report of one person being killed and another sustaining
above 80 per cent burn injury in the fire at Bhushan Steel Plant. The
government has asked the plant authorities to close down the plant till further
order," Labour and employment secretary CMT Suguna told a news agency.
Dhenkanal Superintendent of Police Manoranjan Mohanty said "There is
information about one death and burn injuries to several others in the fire
that erupted in a blast furnace of the steel plant." Around 15 persons were injured, most of them
seriously, in the fire that broke out in blast furnace No 2 of Bhushan Steel Plant at Meramunduli,
Sub-Divisional Police Officer (SDPO), Dhenkanal, AP Swain said.
Eleven of the injured persons were referred to SCB Medical College Hospital at Cuttack
where their condition was stated to be critical, official sources said adding
some workers were feared still trapped.
The deceased who had suffered more than 80 percent burn was yet to be
identified, the SP said.
The fire, which was accompanied by an explosion, engulfed the blast furnace
area within minutes, police said adding fire tenders from Dhenkanal and Angul
districts took over 4 hours to control the blaze.
Senior police and district administration officials rushed to the site.
"The state government has asked the factory and boiler authorities to
immediately rush to the place of accident and probe into the cause of
fire," said Labour and Employment minister Bijayshree Routray.
The minister said the government was waiting for the detail report.
PCB DIRECTS CLOSURE OF BHUSHAN STEEL LIMITED
NOVEMBER 21, 2013
One more worker, who suffered burns in the major fire in the plant on November 13, dies
The Odisha State Pollution Control Board on Wednesday ordered closure of the power plant and steel rolling mill of the controversial Bhushan Steel Limited even as another worker, who had sustained burns in a major fire in the plant last week, died at a private hospital in Cuttack.
The steel plant of Bhushan Steel Limited at Meramundali in Dhenkanal district neither had environment clearance nor consent of operation from the Pollution Control Board to commission its Blast Furnace II, where a major fire broke out on November 13.
“We have asked Bhushan Steel Ltd. to shut down the Blast Furnace II, along with its power plant and a rolling mill, for which it did not have necessary permission,” said Lalit Tiwari, Member Secretary of OSPCB.
While the company had claimed that only one labourer was killed and 15 were injured on the day the blast took place during commissioning of the blast furnace, the administration had so far not been able to find out the exact number of workers who were killed and injured in the incident.
Ajay Dehury, a 22-year-old worker from Angul district, admitted to a private hospital in Cuttack with over 70 per cent burns, died on Wednesday, Health Minister Damodar Rout told reporters.
Condition stable
The condition of another worker, Durga Charan Hansda, with about 50 per cent burns, was stable, Dr. Rout added. Interestingly, the Pollution Control Board ordered closure of the power plant and the rolling mill in the company with immediate effect a day after Union Minister of State for Labour K. Suresh took strong exception to the blast and sought a detailed report.
As per the Minister’s direction, a team of officials visited the blast site of the steel plant on Wednesday.
Meanwhile, the Bharatiya Janata Party alleged that Chief Minister Naveen Patnaik was shielding the owner of the steel plant, who had flouted each and every norm.
The party demanded that the State government declare the actual figure of casualties and adequate compensation to the victims, and ensure proper regulation of labour laws in the plant.
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.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.