MIRA
INFORM REPORT
|
Report Date : |
06.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
ELECTROSTEEL STEELS LIMITED (w.e.f. 05.05.2010) |
|
|
|
|
Formerly Known
As : |
ELECTROSTEEL INTEGRATED LIMITED |
|
|
|
|
Registered
Office : |
801, Uma Shanti Apartments, Kanke Road, Ranchi – 834 008,
Jharkhand |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.12.2006 |
|
|
|
|
Com. Reg. No.: |
03-012663 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.21867.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27310JH2006PLC012663 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in setting up an integrated steel and
ductile iron (DI) pipe project and also engaged in manufacturing of wire
rods, reinforcement bars in straight lengths, ductile iron pipes, commercial
billets and pig iron. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 71000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is promoted by the Electrosteel Group of Kolkata. It is an
established company. The company has witnessed a deterioration in its financial profile
marked by cash losses which lead to reporting huge accumulated losses during
2013. However, the rating also take into consideration the approval of
corporate debt restructuring scheme by CDR EG on September 26, 2013 which has
regularized is debt payments as of May 2013. Trade relations are fair. Business is active. Payment terms are reported
as slow but correct. In view of experienced promoter group, the subject can be considered
for business dealing with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities = B |
|
Rating Explanation |
High risk of default regarding payments |
|
Date |
14.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
14.10.2013 |
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 DECLINED BY
|
Name : |
Mr. Nilesh |
|
Designation : |
Accountant |
|
Contact No.: |
91-33-22839990 |
|
Date : |
03.01.2014 |
LOCATIONS
|
Registered Office : |
801, Uma Shanti Apartments, Kanke Road, Ranchi – 834 008, Jharkhand,
India |
|
Tel. No.: |
91-651-2231636 |
|
Fax No.: |
91-651-2231636 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
G.K. Tower, 2nd and 3rd Floor, 19, Camac Street, Kolkata – 700 017, West Bengal, India |
|
Tel. No.: |
91-33-22839990 |
|
Fax No.: |
91-33-22902882/ 22894339 |
|
|
|
|
Factory / Project Site : |
Village
Siyljori, P.O.: Jogidih, PS: Chandankyari, District Bokaro – 828 303,
Jharkhand, India |
|
E-Mail : |
|
|
|
|
|
Branch Offices : |
Located At · Patna · Bokaro · Guwahati · Bhubaneswar ·
Kolkata |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Umang Kejriwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Naresh Pachisia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Lalit Kumar Singhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jinendra Kumar Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sunil V. Diwakar |
|
Designation : |
Nominee Director |
|
|
|
|
Name : |
Mr. Amrendra Prasad Verma |
|
Designation : |
Nominee Direct |
|
|
|
|
Name : |
Mr. Lawrence M. Roy |
|
Designation : |
Alternate Director |
|
|
|
|
Name : |
Mr. Nigam Chander Bahl |
|
Designation : |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Saraogi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Nilesh |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
No.
of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
866750000 |
39.64 |
|
|
866750000 |
39.64 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
866750000 |
39.64 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10102163 |
0.46 |
|
|
950000 |
0.04 |
|
|
15305000 |
0.70 |
|
|
9748227 |
0.45 |
|
|
36105390 |
1.65 |
|
|
|
|
|
|
331607610 |
15.16 |
|
|
|
|
|
|
69040331 |
3.16 |
|
|
161169319 |
7.37 |
|
|
722062373 |
33.02 |
|
|
21513911 |
0.98 |
|
|
4024236 |
0.18 |
|
|
218742306 |
10.00 |
|
|
1584843 |
0.07 |
|
|
476197077 |
21.78 |
|
|
1283879633 |
58.71 |
|
Total Public shareholding (B) |
1319985023 |
60.36 |
|
Total (A)+(B) |
2186735023 |
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) |
2186735023 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in setting up an integrated steel and ductile iron (DI) pipe project and also engaged in manufacturing of wire rods, reinforcement bars in straight lengths, ductile iron pipes, commercial billets and pig iron. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India · Allahabad Bank · Andhra Bank · Oriental Bank of Commerce · Bank of Baroda · Punjab and Sind Bank · Bank of India · Punjab National Bank · Bank of Maharashtra · State Bank of Hyderabad · Canara Bank · State Bank of Mysore · Central Bank of India · State Bank of Patiala · Corporation Bank · State Bank of Travancore · Dena Bank · Syndicate Bank · The JandK Bank Limited · ICICI Bank Limited · UCO Bank · Union Bank of India · Indian Bank · United Bank of India ·
Indian Overseas Bank ·
Vijaya Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
B. Chhawchharia and Company Chartered Accountants |
|
Address : |
Kolkata, West Bengal, India |
|
|
|
|
Cost Auditors : |
S.G. and Associates Cost Accountants |
|
|
|
|
Enterprises where KMP/ relatives of KMP have significant influence or
control : |
·
Akshara Manor Private Limited ·
Global Export Limited ·
Avalokiteshwar Vallnv Limited ·
Greenchip Trexim Private Limited ·
Badrinath Industries Limited ·
Malay Commercial Enterprises Limited ·
Bose Estates Private Limited ·
Murari Investment and Trading Co. Limited ·
Calcutta Diagnostics Centre Private Limited ·
Oxford Heights Private Limited ·
Cubbon Marketing Private Limited ·
Quinline Dealcomm Private Limited ·
Electrocast Sales India Limited ·
Resina Developers Private Limited ·
Electrosteel Aviation Limited ·
Sigma Commercials Private Limited ·
Electrosteel Thermal Coal Limited ·
Sri Gopal Investments Ventures Limited ·
Ellenbarrie Chemical Allied Private Limited ·
Tulsi Enclave Private Limited ·
Ellenbarrie Developers Private Limited ·
Tulsi Highrise Private Limited ·
Escal Finance Services Limited ·
Gaushree Enterprises ·
Uttam Commercial Company Limited ·
G. K. Investments Limited ·
Wilcox Merchants Private Limited ·
G. K. and Sons Private Limited ·
Lanco Industries Limited ·
Tulip Enclave Private Limited ·
Sree Khemisati Construction Private Limited ·
UNB Estates Private Limited |
|
|
|
|
Other related
parties : |
·
Electrosteel Castings Limited ·
Electrosteel USA LLC ·
Electrosteel Europe SA ·
Electrosteel Algeria SPA ·
Singardo International PTE Limited ·
Electrosteel Castings (UK) Limited ·
Waterfab LLC ·
Electrosteel Castings Gulf Fze ·
Electrosteel Brasil Limited A Tubos E Conexoes
Duteis ·
Electrosteel trading S.A. Spain |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000000 |
Equity Shares |
Rs.10/- each |
Rs.30000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2186735023 |
Equity Shares |
Rs.10/- each |
Rs.21867.350
Millions |
|
|
|
|
|
Share Capital Reconciliation
|
Equity shares |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Opening balance |
2034735023 |
20347.350 |
|
Issued during the period |
152000000 |
1520.000 |
|
Closing Balance |
2186735023 |
21867.350 |
Particulars of
Equity Shareholders holding more than 5% Shares at Balance Sheet date
|
Name of Shareholders |
As at 31st March, 2013 |
|
|
No. of Shares |
% Holding |
|
|
Electrosteel Castings Limited |
866750000 |
39.64% |
|
Stemcor Cast Iron Investments Limited |
400909646 |
18.33% |
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 |
21867.350 |
20347.350 |
20347.350 |
|
(b) Reserves & Surplus |
(3960.313) |
(1160.188) |
337.982 |
|
(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) |
17907.037 |
19187.162 |
20685.332 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
56491.476 |
52007.591 |
32631.508 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
4648.677 |
3990.195 |
1278.376 |
|
(d) Long-term provisions |
21.539 |
32.942 |
11.251 |
|
Total Non-current Liabilities (3) |
61161.692 |
56030.728 |
33921.135 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2331.292 |
1031.147 |
200.059 |
|
(b) Trade payables |
2068.272 |
1207.727
|
45.204 |
|
(c) Other current
liabilities |
19135.231 |
12904.683 |
12003.912 |
|
(d) Short-term provisions |
7.854 |
5.142 |
5.780 |
|
Total Current Liabilities (4) |
23542.649 |
15148.699 |
12254.955 |
|
|
|
|
|
|
TOTAL |
102611.378 |
90366.589 |
66861.422 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14425.275 |
14988.508 |
6656.167 |
|
(ii) Intangible Assets |
53.561 |
56.869 |
32.833 |
|
(iii) Capital
work-in-progress |
81704.990 |
67299.923 |
52433.933 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1579.706 |
3379.310 |
4688.298 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
97763.532 |
85724.610 |
63811.231 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
225.316 |
671.318 |
|
(b) Inventories |
2259.336 |
1948.589
|
369.146 |
|
(c) Trade receivables |
58.577 |
9.337
|
5.077 |
|
(d) Cash and cash
equivalents |
925.110 |
790.834
|
834.311 |
|
(e) Short-term loans and
advances |
1511.229 |
1613.374 |
1133.058 |
|
(f) Other current assets |
93.594 |
54.529 |
37.281 |
|
Total Current Assets |
4847.846 |
4641.979 |
3050.191 |
|
|
|
|
|
|
TOTAL |
102611.378 |
90366.589 |
66861.422 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
1631.101 |
606.876 |
74.319 |
|
|
|
Other Income |
9.339 |
4.181 |
2.200 |
|
|
|
TOTAL (A) |
1640.440 |
611.057 |
76.519 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1888.650 |
880.468 |
119.659 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress |
(79.932) |
(128.803) |
(23.289) |
|
|
|
Employee Benefits Expense |
100.472 |
70.962 |
1.388 |
|
|
|
Other expenses |
573.483 |
244.514 |
13.886 |
|
|
|
Exceptional Items |
22.952 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
2505.625 |
1067.141 |
111.644 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(865.185) |
(456.084) |
(35.125) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1344.111 |
802.283 |
15.778 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2209.296) |
(1258.367) |
(50.903) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
590.687 |
239.455 |
10.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(2799.983) |
(1497.822) |
(61.335) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.142 |
0.348 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(2800.125) |
(1498.170) |
(61.335) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
NA |
9.423 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
9.423 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2060.485 |
807.438 |
0.000 |
|
|
|
Stores & Spare Parts |
1.445 |
52.935 |
0.000 |
|
|
|
Capital Goods |
871.783 |
6059.031 |
14718.741 |
|
|
TOTAL IMPORTS |
2933.713 |
6919.404 |
14718.741 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.32) |
(0.74) |
(0.03) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1331.000 |
1774.100 |
|
Total Expenditure |
|
1427.200 |
1790.000 |
|
PBIDT (Excl OI) |
|
(96.200) |
(15.900) |
|
Other Income |
|
04.300 |
00.100 |
|
Operating Profit |
|
(91.900) |
(15.800) |
|
Interest |
|
445.200 |
366.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
(537.100) |
(382.400) |
|
Depreciation |
|
170.300 |
149.100 |
|
Profit Before Tax |
|
(707.400) |
(531.500) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(707.400) |
(531.500) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(707.400) |
(531.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(170.69)
|
(245.18) |
(80.16) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(171.66)
|
(246.81) |
(82.53) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.39)
|
(6.49) |
(0.43) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16)
|
(0.08) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.28
|
2.76 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.21
|
0.31 |
0.25 |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short Term
Borrowing |
|
|
|
Inter Corporate Loan |
100.000 |
0.000 |
|
Total |
100.000 |
0.000 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs. in Millions |
31.03.2012 (Rs. in Millions) |
|
Show cause notice from Central Excise Authorities alleging wrong availment of Cenvat credit |
526.409 |
158.664 |
|
Bills Discounted with Bank Sales Tax litigation |
24.931 |
89.221 |
|
Civil and criminal proceedings pending against the Company, the financial liability thereof, if any, is unascertainable. |
5.399 |
7.839 |
OPERATIONS
As you are aware, that the Company is setting up a 2.51 MTPA integrated Steel and Ductile Iron (Dl) Pipe project, at Siyaljori village, in Bokaro District, in the state of Jharkhand, which is about 22 kms from Bokaro city, a well-developed industrial town of Jharkhand, the plant will produce;
|
Finished Products |
MTPA |
|
Wire rods |
0.60 |
|
Reinforcement bars in straight lengths |
0.85 |
|
Ductile Iron Pipe |
0.33 |
|
Commercial Billets |
0.33 |
|
Pig Iron |
0.40 |
One of the Blast Furnaces (350 M3) out of the three, has commenced operation of pig iron in September, 2010. The operation of coke oven plant is continuing and sinter plant has also started operations. RebarMill is also operational. Operation of Steel Melt Shop (SMS) has also begun which has resulted into production of billet and Re-bars. The lists of un its under operations and under test are given in the Management Discussion and Analysis chapter as annexed to this report. Presently the Company is selling pig iron, and TMT bars in the open market.
Company's plant is at its advance stage of completion and its operations are currently in a nascent stage. Due to a variety of technical reasons, the plant has undergone improvements and changes which will in turn benefit the operations of the Company in the long run.
The target completion date of the balance facilities have been extended by few months. The main reason for the delay was due to sudden decrease in availability of Chinese manpower on account of change in guidelines issued by the Central Government of India on Visa Policy, restricting the Chinese manpower with work visa. This was beyond the control of Company's management. However, the Company made significant efforts to mitigate the effect of this Force Majeure situation with the following alternative plans;
- Appointment of local Sub-contractors underthe supervision of Chinese Contractors.
- Reducing the scope of Chinese Contractors and offloading the same to Indian Contractors.
Subsequently, the Central Government of India has allowed work permits to a specified number of Chinese manpower, since then the work at the site is going on smoothly. The Company is confident of achieving the revised completion target in the current financial year.
In addition to the above the delay in tie-up of additional loans from the bankers delayed the implementation of various modules.
The company is
pursuing following two loan proposals:
1) Loan against Securitization of Receivables for Rs. 22000.000 Millions. The Company has applied for Securitisation Loan in 1st week of September 2011 and envisaged to complete the same by March 2012. However, the Company received the full sanction from the Lenders in February 2013. The Company had raised this loan from various banks by Securitizing future receivables from the sale of Dl Pipes and Pig Iron. A part of the proceeds from the said loan has been utilized towards payment of installments to the lenders and part towards the Project.
2) Capacity Enhancement Loan of Rs. 8240.000 Millions – The Company had approached to various lenders for the capacity enhancement Loan in November 2011. The Company has received over 80% of sanctions under the said loan and has executed the Common Loan Agreement pending full tie up. The proposals for the sanction of balance loan are at an advance stage of approval with other banks and the Company is hopeful of completion of the same very soon. The proceeds from the said loan would be utilized towards completion of the balance facilities.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10452038 |
26/09/2013 |
75,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, NO. 301-302, THE EAGLE'S FLIGHT, SUREN ROAD, ANDHERI (EAST),, MUMBAI, MAHARASHTRA - 400093, INDIA |
B86208527 |
|
2 |
10440089 |
28/06/2013 |
72,500,000.00 |
THE BANK OF BARODA |
3 WALCHAND HIRACHAND MARG, BELLARD PIER, MUMBAI, MAHARASHTRA - 400001, INDIA |
B80926488 |
|
3 |
10437381 |
28/06/2013 |
100,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, NO. 301-302, THE EAGLE'S FLIGHT, SUREN ROAD, ANDHERI (EAST),, MUMBAI, MAHARASHTRA - 400093, INDIA |
B79830311 |
|
4 |
10378639 |
19/09/2012 |
800,000,000.00 |
STATE BANK OF HYDERABAD |
COMMERCIAL BRANCH, TRINITY TOWER, GROUND FLOOR, 83, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B58947201 |
|
5 |
10374815 |
13/08/2012 |
500,000,000.00 |
ORIENTAL BANK OF COMMERCE |
7/1 LORD SINHA ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
B57415291 |
|
6 |
10372111 |
30/07/2012 |
560,000,000.00 |
STATE BANK OF TRAVANCORE |
CORPORATE FINANCE BRANCH, 112-115 TULSIANI CHAMBERS, 212 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B56230881 |
|
7 |
10324558 |
26/12/2011 |
5,000,000,000.00 |
SREI INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA, 86C, TOPSIA ROAD (SOUTH), KOLKATA, WES |
B28352359 |
|
8 |
10261324 |
30/03/2013 * |
8,650,000,000.00 |
STATE BANK OF INDIA |
RELIANCE HOUSE, 34 J L NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
B71995393 |
|
9 |
10066956 |
26/03/2013 * |
85,120,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B71845192 |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Railway Sidings
· Computer Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
AND HALF YEAR ENDED SEPTEMBER 30, 2013
Rs. In Millions
|
Particulars |
Three months ended |
Year ended |
||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from
operations (Net of excise duty) |
1661.589 |
1198.230 |
2859.819 |
|
|
(b) Other Operating Income |
112.533 |
132.731 |
245.264 |
|
|
Total income from
operations (net) |
1774.122 |
1330.961 |
3105.083 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials
consumed |
1334.976 |
1235.504 |
2570.480 |
|
|
(b) Purchases of stock-in
trade |
|
-- |
-- |
|
|
(c) Changes in inventories
of finished goods. work-in-progress and stock in trade |
125.825 |
(98.940) |
26.885 |
|
|
(d) Employee benefits
expense |
25.943 |
25.568 |
51.511 |
|
|
(e) Depreciation and
Anmortisation Expenses |
149.137 |
170.273 |
319.410 |
|
|
(f) Other Expenses (Any item exceeding 10% of
total expenses relating to continuing operations to be shown separately) |
303.231 |
265.056 |
568.287 |
|
|
Total expenses |
1939.112 |
1597.461 |
3536.573 |
|
3 |
Profit/ (Loss) from operations before other
Income, finance costs and exceptional Items (1-2) |
(164.990) |
(266.500) |
(431.490) |
|
4 |
Other Income |
0.092 |
4.328 |
4.420 |
|
5 |
Profit/ (Loss) from operations before other
income, finance costs and exceptional items (3+4) |
(164.898) |
(262.172) |
(427.070) |
|
6 |
Finance Costs |
366.622 |
445.183 |
811.805 |
|
7 |
Profit/ (Loss) from ordinary activities
after finance cost but before exceptional items (5-6) |
(531.520) |
(707.355) |
(1238.875) |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
(531.520) |
(707.355) |
(1238.875) |
|
10 |
Tax expenses |
-- |
-- |
-- |
|
11 |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
(531.520) |
(707.355) |
(1238.875) |
|
12 |
Extraordinary item (net of
tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(531.520) |
(707.355) |
(1238.875) |
|
14 |
Share of profit' (loss) of
associates |
NA |
NA |
NA |
|
15 |
Minority Interest |
NA |
NA |
NA |
|
16 |
Net Profit/ (Loss) after taxes, minority
interest and share of profit/(loss) of associates (13+14+15) |
(531.520) |
(707.355) |
(1238.875) |
|
17 |
Paid up equity share
capital (Face Value of Rs10/- each) |
21867.350 |
21867.350 |
21867.350 |
|
18 |
Reserve excluding
Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
19.i |
Earnings per share (before
extraordinary items) of Rs.10/- each (not annualised): |
|
|
|
|
|
(a) Basic |
(0.24) |
(0.33) |
(0.57) |
|
|
(b) Diluted |
(0.24) |
(0.33) |
(0.57) |
|
19.ii |
Earnings per share (after
extraordinary items) of Rs.10/- each (not annualised) |
|
|
|
|
|
(a) Basic |
(0.24) |
(0.33) |
(0.57) |
|
|
(b) Diluted |
(0.24) |
(0.33) |
(0.57) |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
1319985023 |
1319985023 |
1319985023 |
|
|
- Percentage of
shareholding |
60.36% |
60.36% |
60.36% |
|
2 |
Promoters and Promoter
group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
866750000 |
500000000 |
866750000 |
|
|
- Percentage of shares (as
a % of the total shareholding of Promoter & Promoter group) |
100.00% |
57.69% |
100.00% |
|
|
- Percentage of shares (as
a % of the total Share Capital of the Company) |
39.64% |
22.87% |
39.64% |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
-- |
366750000 |
-- |
|
|
- Percentage of shares (as
a % of the total shareholding of Promoter & Promoter group) |
0.00% |
42.31% |
0.00% |
|
|
- Percentage of shares (as
a % of the total Share Capital of the Company) |
0.00% |
16.77% |
0.00% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning
of the quarter |
0 |
|
|
|
|
Received during the quarter |
2 |
|
|
|
|
Disposed off during the
quarter |
2 |
|
|
|
|
Remaining unresolved at
the end of the quarter |
0 |
|
|
STANDALONE / CONSOLIDATED STATEMENT OF
ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2013 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
21867.350 |
|
|
b) Reserves & Surplus |
(5199.188) |
|
|
c) Money received against
share warrants |
-- |
|
|
Sub Total- Shareholders funds |
16668.162 |
|
2 |
Share application money pending allotment |
-- |
|
3 |
Minority Interest |
NA |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
73497.029 |
|
|
(b) Other long term
liabilities |
4618.354 |
|
|
fc) Long term provisions |
17.742 |
|
|
Sub Total- Non Current Liabilities |
78133.125 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
2583.547 |
|
|
(b) Trade Payables |
1227.736 |
|
|
(c) Other current
liabilities |
8377.373 |
|
|
(d) Short term provisions |
7.854 |
|
|
Sub Total- Current Liabilities |
12196.510 |
|
|
TOTAL-EQUITY AND LIABILITIES |
106997.797 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
101277.714 |
|
|
(b) Long term loans and
advances |
1239.812 |
|
|
Sub-Total- Non current assets |
102517.526 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
-- |
|
|
b) Inventories |
1404.518 |
|
|
c) Trade Receivables |
8.698 |
|
|
d) Cash and cash
equivalents |
1152.178 |
|
|
(e) Short term loans and
advances |
1891.411 |
|
|
(f) Other current assets |
23.466 |
|
|
Sub-Total- current assets |
4480.271 |
|
|
TOTAL ASSETS |
106997.797 |
Notes:
1.
Corresponding
previous year figures have been reclassified as per revised schedule VI
wherever appropriate,
2.
The
Company's integrated Steel and Dl Pipe Plant in the State of Jharkhand, India,
is under construction and erection A part of plant facility has commenced production
and accordingly the proportionate expenditure related to the ongoing project
has been accounted as 'Project Development Expenditure' pending capitalization
under 'Capital work-in-Progress'
3.
Against
the proposal of the company to restructure its debts, the corporate Debt
Restructuring Empowered Group (CDR EG) cell vide its letter of approval dete 28
September 2013 has approved a package to restructure/reschedule the company’s
debt. The implementation of CDR package is under progress pending execution of
the ‘Master Restructuring Agreement’ with the CDR leaders, the financial effect
thereof has been taken in these accounts.
4.
There
is no reportable segment in accordance with AS-17 since the part of the
Company's project is under construction stage.
5.
The
above audited results were reviewed by the Audit Committee and thereafter
approved by the Board of Directors at its meeting held on November 14, 2013.
The statutory Auditors have carried out a limited review of the quarter and
half year ended 30th September 2013 pursuant to clause 41 of the
listing Agreement.
AS PER WEBSITE
PRESS RELEASES
ELECTROSTEEL STEELS BETTING ON CHINESE-MADE
PLANT
Mar 12, 2013
With most companies in the domestic steel sector struggling amid rising debts, slowing demand and scarce raw materials, saving Rs 4,250 crore in the setting up of a new steel plant is significant. Equally important is completing the construction of the plant and commissioning it within five years, especially when big names in the sector have nothing to show for projects they signed in 2005.
Interestingly, there is a ‘foreign hand’ in this twin achievements of Kolkata-based Electrosteel Castings Group, whose unit Electrosteel Steels is operating a new plant in Bokaro, the industrial district of Jharkhand. The company roped in Chinese steel major Laiwu Steel Group to construct the plant and maintain it till production is ramped up to capacity (this could take up to two years). Ninety-five percent of the equipment was imported from China. The steel plant is not just the first in India to be built entirely with Chinese collaboration, but also probably the first to be constructed by a Chinese workforce—almost 2,000 Chinese workers built it. The plant has a capacity of 2.5 million tonnes a year. “We will add another million tonnes of capacity,” says AV Shah, chief sales and marketing officer, Electrosteel Steels.
“Traditionally, Indian steel companies have relied on German suppliers for equipment and technology to set up plants. Had we followed the same route, the equipment alone would have cost us at least 30 percent more,” Shah says. The Chinese are also known for “fast execution of projects”. “If not for almost a year that we lost because of the work being held up, we would have completed the project much earlier,” he says. Work had been stalled due to “visa problems” faced by the Chinese workers.
Not far from the Electrosteel plant is the site of the proposed mega project of ArcelorMittal, the world’s largest steelmaker. Though the company signed an agreement in 2005 with the local government to set up the plant, the project is facing delays in acquiring land. Shah says that although Electrosteel acquired about 2,000 acres for its project, the plant needs less than 700 acres, which is less than what a plant usually needs.
“Indian steelmakers have been sourcing equipment from China for sometime now,” says AS Firoz, chief economist, Joint Plant Committee, a research body set up under the ministry of steel. But the purchase—made to reduce the overall debt burden—has been limited to a blast furnace or a sinter, and not a complete plant. “Although we appreciate the lower capex per tonne, benefits will be known once the plant is fully operational,” wrote Bhavesh Chauhan and Vinay Rachh of Angel Broking in a note in late 2012. Right now, only one of the three blast furnaces is fully operational.
This could well be the litmus test for Electrosteel and its Chinese partner. As experience from the power sector has shown—rising use of Chinese equipment was marred by complaints of faults—all eyes will be focussed on this Bokaro plant until all its units function at full capacity.
BANKS, ELECTROSTEEL IN TALKS TO TIE UP
FUNDS FOR STEEL PROJECT
Mumbai, February 24, 2013
A State Bank of India-led lender group is in talks with Kolkata-based Electrosteel Steels Limited (ESL) to tie up funds for its steel project in Jharkhand which has seen delay in commissioning of its operations.
ESL saw a delay in commencement of commercial operations and was hit by cost escalation. The company has a 2.51 million-tonne integrated steel and ductile iron pipe project and a 120 Mw captive power plant, at Bokaro, Jharkhand. Net loss more than doubled to Rs 1580.000 Millions in April-December 2012 as against Rs 730.000 Millions in April-December 2011.
Binod Khaitan, chairman of ESL, said the steel industry was passing through a phase of slowing demand and a rise in costs. This new project got into a problem due to delay in commencement of operations. Beside SBI, the other bankers to the company are Bank of India, Bank of Baroda, Allahabad Bank and Central Bank of India.
The lenders have exposure for a little over Rs 75000.000 Millions.
A senior bank official said this is not a restructuring, involving a rate cut or payment holiday. It involves a fresh line of credit, he said. The project remains viable. SBI’s exposure to the iron and steel sector was Rs 565310.000 Millions at the end of December 2012. The country’s largest lender has restructured loans worth Rs 52670.000 Millions given to steel companies. Its gross non-performing assets in iron and steel units were Rs 35660.000 Millions.
In August 2012, CARE Ratings had downgraded ESLfrom ‘BBB’ to ‘BB-’. ESL revised the project capacity to 2.51 million tonnes annually from 2.2 mtpa and decided on an operational revamp to achieve better efficiency. Hence, the project cost rose by Rs 22000.000 Millions to Rs 95620.000 Millions. The cost overrun due to delay in project commissioning added to the rise in outlay, said CARE.
It is to part-fund the cost increase by securitising future receivables originating from the DI pipes and pig iron division. Khaitan said ESL’s promoter company, Electrosteel Castings, had also infused capital in the company.
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to
suggest that subject is or was the subject of any formal or informal
allegations, prosecutions or other official proceeding for making any
prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No available information exist that suggest
that subject or any of its principals have been formally charged or convicted
by a competent governmental authority for any financial crime or under any
formal investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any
director or indirect owners, controlling shareholders, director, officer or
employee of the company is a government official or a family member or close
business associate of a Government official.
9] Compensation Package :
Our market survey revealed that the amount
of compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as
part of its Due Diligence do provide comments on Corporate Governance to
identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our Governance
Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not
known to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be
included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.