MIRA INFORM REPORT
|
Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
INDIA STEEL WORKS LIMITED (w.e.f. 22.10.2007) |
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Formerly Known
As : |
ISIBARS LIMITED (w.e.f. 09.05.1991) ISIBARS PRIVATE LIMITED |
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Registered Office
: |
India Steel Works Complex, Zenith Compound, Khopoli,
Raigad-410203, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
15.04.1987 |
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Com. Reg. No.: |
11-043186 |
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Capital
Investment / Paid-up Capital : |
Rs. 875.940 Millions |
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CIN No.: [Company Identification
No.] |
L29100MH1987PLC043186 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI01649E |
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PAN No.: [Permanent Account No.] |
AAACI1362A |
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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 of Steel Billets, Hot Roll Bars etc. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2013. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.
|
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney and
two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds
a share.
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
Management Non-Cooperative (91-22-49102000)
LOCATIONS
|
Registered Office / Factory 1 : |
Special Steel Division India Steel Works Complex, Zenith Compound, Khopoli,
Raigad-410203, Maharashtra, India |
|
Tel. No.: |
91-2192-265 812 |
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Fax No.: |
91-2192-264 061 |
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E-Mail : |
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Website : |
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Corporate Office : |
1101, Tower 2, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400 013. Maharashtra, India |
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Tel. No.: |
91-22-49102000 |
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Fax No.: |
91-22-49102099 |
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E-Mail : |
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Factory 2 : |
Bright Bars
Division C- 63, TTC Area, MIDC Turbhe, Navi Mumbai - 400 705, Maharashtra , India |
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Tel. No.: |
91-22-27686446 / 2768 6437 / 27670424 |
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Fax No.: |
91-22-27633888 |
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Factory 3 : |
Stainless Steel Wire Plant Savroli, Taluka Khalapur, Khopoli, District. Raigad, Maharashtra –
410202, |
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Tel. No.: |
91-22-2192274053 |
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Fax No.: |
91-22-2192274080 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ashwinkumar Harbanlal Gupta |
|
Designation : |
Chairman |
|
Address : |
Ashiana, Vasant Vihar, |
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Date of Birth/Age : |
06.01.1950 |
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Date of Appointment : |
19.02.1990 |
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Name : |
Mr. Sudhirkumar Harbanslal Gupta |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
06.07.1961 |
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Date of Appointment : |
19.02.1990 |
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Name : |
Mr. Varun Sudhirkumar Gupta |
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Designation : |
Director |
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Address : |
Ashok, 541/C, |
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Date of Birth/ Age : |
17.06.1985 |
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Date of Appointment : |
17.12.2009 |
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Name : |
Mr. Satyaprakash Achru Khosla |
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Designation : |
Director |
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Address : |
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Date of Birth/ Age : |
01.05.1929 |
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Date of Appointment : |
25.09.1999 |
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Name : |
Mr. Bimal Ramanlal Desai |
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Designation : |
Director |
|
Address : |
A-14, Jay Prabhat, Sahakar Nagar, J P Road, Andheri (West), Mumbai –
400058, Maharashtra, India |
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Date of Birth/ Age : |
19.11.1964 |
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Date of Appointment : |
12.12.2006 |
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Name : |
Mr. Neeraj Damodar Agarwal |
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Designation : |
Director |
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Address : |
103, laxmi Plaza, Laxmi Industrial Estate, New Link Road, Mumbai –
400053, Maharashtra, India |
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Date of Birth/ Age : |
28.09.1974 |
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Date of Appointment : |
12.12.2006 |
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Name : |
Mrs. Shruti Kumar |
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Designation : |
Director (up to 8th August, 2012) |
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Address : |
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Date of Birth/ Age : |
Mr. Subrata Dey |
|
Date of Appointment : |
Director (9th August, 2012 - 22nd May, 2013) |
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|
Name : |
Mr. Gaurav Chabbria |
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Designation : |
Alternate Director (up to 3rd October, 2012) |
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Name : |
Mr. Mahesh Kedia |
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Designation : |
Alternate Director (up to 11th July, 2012) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11225610 |
2.82 |
|
|
187322650 |
47.06 |
|
|
198548260 |
49.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
198548260 |
49.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3600 |
0.00 |
|
|
7812475 |
1.96 |
|
|
14334300 |
3.60 |
|
|
14349200 |
3.60 |
|
|
14900 |
0.00 |
|
|
14334300 |
3.60 |
|
|
36499575 |
9.17 |
|
|
|
|
|
|
14316149 |
3.60 |
|
|
|
|
|
|
8848226 |
2.22 |
|
|
15441298 |
3.88 |
|
|
124427417 |
31.26 |
|
|
24004 |
0.01 |
|
|
119260000 |
29.96 |
|
|
9229 |
0.00 |
|
|
4877722 |
1.23 |
|
|
256462 |
0.06 |
|
|
163033090 |
40.95 |
|
Total Public shareholding (B) |
199532665 |
50.12 |
|
Total (A)+(B) |
398080925 |
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) |
398080925 |
0.00 |
|
Total Public shareholding (B) |
267926283 |
38.31 |
|
Total (A)+(B) |
699424177 |
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) |
699424177 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|||
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
|
1 |
India Steel International Private Limited |
9,81,34,150 |
24.65 |
45487600 |
46.35 |
11.43 |
24.65 |
|
2 |
Ashwin Gupta |
55,15,825 |
1.39 |
2550000 |
46.23 |
0.64 |
1.39 |
|
3 |
Sudhir Gupta |
53,82,725 |
1.35 |
2550000 |
47.37 |
0.64 |
1.35 |
|
4 |
ISICom Traders Private Limited |
9,62,750 |
0.24 |
0 |
0.00 |
0.00 |
0.24 |
|
5 |
ISIWorld Steel Private Limited |
1,78,37,500 |
4.48 |
0 |
0.00 |
0.00 |
4.48 |
|
6 |
ISICom Traders Private Limited |
3,50,000 |
0.09 |
350000 |
100.00 |
0.09 |
0.09 |
|
7 |
ISIStar Exports Limited |
3,50,000 |
0.09 |
350000 |
100.00 |
0.09 |
0.09 |
|
8 |
Varun Gupta |
2,04,800 |
0.05 |
0 |
0.00 |
0.00 |
0.05 |
|
9 |
ISIStar Exports Private Limited |
87,500 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
10 |
Anita Gupta |
47,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
11 |
Priya Gupta |
70,560 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
12 |
ISIMetals India Private Limited |
1,74,00,250 |
4.37 |
0 |
0.00 |
0.00 |
4.37 |
|
13 |
ISINOX Steels Limited |
250 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
14 |
ISISales India Private Limited |
1,74,00,250 |
4.37 |
0 |
0.00 |
0.00 |
4.37 |
|
15 |
Khamgaon Land Development and Trading Company Private Limited |
1,74,00,000 |
4.37 |
0 |
0.00 |
0.00 |
4.37 |
|
16 |
Yeotmal Land Development and Trading Company Private Limited |
1,74,00,000 |
4.37 |
0 |
0.00 |
0.00 |
4.37 |
|
17 |
Siddharth Gupta |
4,700 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
19,85,48,260 |
49.88 |
51287600 |
25.83 |
12.88 |
49.88 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
UD Industrial Holdings Pte Limited, Singapore |
92000000 |
23.11 |
23.11 |
|
2 |
TB Investments Limited |
27000000 |
6.78 |
6.78 |
|
3 |
Ushdev International Limited |
4931539 |
1.24 |
1.24 |
|
4 |
Mavi Investment Fund Limited |
14334300 |
3.60 |
3.60 |
|
5 |
Cresta Fund Limited |
8400000 |
2.11 |
2.11 |
|
6 |
Parveen Kumar Gupta |
7615221 |
1.91 |
1.91 |
|
7 |
K R Bharat |
5500000 |
1.38 |
1.38 |
|
8 |
Lotus Global Investments Limited |
5934300 |
1.49 |
1.49 |
|
9 |
Shaktiman Steel Castings Private Limited |
5300054 |
1.33 |
1.33 |
|
10 |
Kotak Mahindra Bank Limited |
5000000 |
1.26 |
1.26 |
|
11 |
Siddharthe Suresh Khatwani |
4499821 |
1.13 |
1.13 |
|
|
Total |
180515235 |
45.35 |
45.35 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
UD Industrial Holdings Pte Limited, Singapore |
92000000 |
23.11 |
23.11 |
|
2 |
TB Investments Limited |
27000000 |
6.78 |
6.78 |
|
|
Total |
119000000 |
29.89 |
29.89 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
ISIMetals India Private Limited |
1,74,00,250 |
4.37 |
|
2 |
ISISales India Private Limited |
1,74,00,250 |
4.37 |
|
3 |
ISIWorld Steel Private Limited |
1,78,37,500 |
4.48 |
|
4 |
Khamgaon Land Development and Trading Co Private Limited |
1,74,00,000 |
4.37 |
|
5 |
Yeotmal Land Development and Trading Co Private Limited |
1,74,00,000 |
4.37 |
|
6 |
UD Industrial Holdings Pte Limited, Singapore |
7,20,00,000 |
18.09 |
|
7 |
Kotak Mahindra Bank Limited |
50,00,000 |
1.26 |
|
|
Total |
16,44,38,000 |
41.31 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Billets, Hot Roll Bars etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
|
|
|
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Auditors : |
|
|
Name : |
Mr. Dilip Maharana Chartered Accountants |
|
|
|
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Statutory Auditors
: |
Thanawala and Company |
|
|
|
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Associates : |
|
|
|
|
|
Enterprises over
which Key Mangerial Personnel are able to exercise significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
280000000 |
Equity Shares |
Rs.1/- each |
Rs.280.000 Millions |
|
64500000 |
Preference shares |
Rs.10/- each |
Rs.645.000 Millions |
|
|
Total |
|
Rs.925.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
234080925 |
Equity Shares |
Rs.1/- each |
Rs.234.081 Millions |
|
2000000 |
14% Cumulative Reedemable Preference shares |
Rs.10/- each |
Rs.20.000 Millions |
|
53671310 |
0.01% Cumulative Reedemable Preference shares |
Rs.10/- each |
Rs.536.713 Millions |
|
8514574 |
0.01% Cumulative Reedemable Preference shares |
Rs.10/- each |
Rs.85.146 Millions |
|
|
Total |
|
Rs.875.940 Millions
|
EQUITY SHARE
Of the above, 2,42,70,000 fully paid-up equity shares of Rs 1/- each represent the shares which were reduced from a face value of Rs.10/- each to Rs 1/- each pursuant to the Bombay High Court Order in the last 5 years
Of the above, 10,00,00,000 fully paid-up equity shares of Rs 1/- each represent the shares which were alloted on a preferential basis to the promoters of the Company in the last 5 years
Of the above, 8,70,00,000 fully paid-up equity shares of Rs 1/- each represent the shares which were alloted on a preferential basis to the Strategic Investors of the Company in the last 5 years
Of the above, 2,00,00,000 fully paid-up equity shares of Rs 1/- each represent the shares which were alloted pursuant to the CDR Scheme without payments being received in cash, in the last 5 years.
Of the above, 28,10,925 fully paid-up equity shares of Rs 1/- each represent the shares which were alloted pursuant to cash payment of Rs 1 Lac and balance against settlement of dues in the last 5 years
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
Opening Balance |
Fresh issue |
Closing Balance |
|
Equity shares with voting rights |
|
|
|
|
Number of shares |
234080925 |
-- |
234080925 |
|
Amount |
234.081 |
-- |
234.081 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
Number of shares held |
% holding in that class of shares |
|
Equity shares with voting rights |
|
|
|
Indiasteel International Private Limited |
98134150 |
41.92% |
|
TB Investments Limited |
27000000 |
11.53% |
|
Asset Reconstruction Co. India Limited |
20000000 |
8.54% |
|
Mavi Investment Limited |
14334300 |
6.12% |
|
TOTAL |
159468450 |
68.11% |
PREFERENCE SHARE
Note :
1) 14% Cumulative Reedemable Shares are reedemable in the year 2018.
2) 0.01% Cumulative Reedemable Shares are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019
3) 0.01% Cumulative Reedemable Shares ( Option Series) are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019
4) Dividend on above Preference Shares for current year not provided Rs. 28.62 Millions and till date amounted to Rs.46.786 Millions.
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
Opening Balance |
Fresh issue |
Closing Balance |
|
Preference shares without voting rights |
|
|
|
|
Number of shares |
61863884 |
2322000 |
64185884 |
|
Rs. In Millions |
618.639 |
23.220 |
641.859 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
Number of shares held |
% holding in that class of shares |
|
Preference shares without voting rights |
|
|
|
IDBI Limited. |
37547800 |
58.50% |
|
Punjab and Sind Bank |
12138000 |
18.91% |
|
Oriental Bank of Commerce |
5698413 |
8.88% |
|
TOTAL |
55384213 |
86.29% |
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 |
875.940 |
852.720 |
852.451 |
|
(b) Reserves & Surplus |
(281.118) |
(173.012) |
(101.686) |
|
(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) |
594.822 |
679.708 |
750.765 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1143.534 |
1284.473 |
1320.828 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
98.197 |
84.431 |
87.332 |
|
(d) long-term
provisions |
26.765 |
28.834 |
27.709 |
|
Total Non-current
Liabilities (3) |
1268.496 |
1397.738 |
1435.869 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
238.755 |
0.000 |
0.000 |
|
(b) Trade payables |
1248.544 |
907.902 |
1335.968 |
|
(c) Other
current liabilities |
267.990 |
128.774 |
60.296 |
|
(d) Short-term
provisions |
103.040 |
112.047 |
50.776 |
|
Total Current
Liabilities (4) |
1858.329 |
1148.723 |
1447.040 |
|
|
|
|
|
|
TOTAL |
3721.647 |
3226.169 |
3633.674 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1611.016 |
1521.218 |
1645.141 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
15.398 |
64.110 |
1.149 |
|
(b) Non-current Investments |
21.424 |
21.460 |
0.381 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
25.797 |
40.546 |
40.511 |
|
(e) Other
Non-current assets |
2.375 |
12.513 |
22.735 |
|
Total Non-Current
Assets |
1676.010 |
1659.847 |
1709.917 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1060.276 |
669.454 |
910.608 |
|
(c) Trade
receivables |
266.327 |
298.215 |
443.814 |
|
(d) Cash
and cash equivalents |
101.465 |
61.936 |
63.364 |
|
(e)
Short-term loans and advances |
343.265 |
261.780 |
251.284 |
|
(f) Other
current assets |
274.304 |
274.937 |
254.687 |
|
Total
Current Assets |
2045.637 |
1566.322 |
1923.757 |
|
|
|
|
|
|
TOTAL |
3721.647 |
3226.169 |
3633.674 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7248.638 |
6013.714 |
2996.011 |
|
|
|
Other Income |
51.536 |
10.406 |
1.390 |
|
|
|
TOTAL (A) |
7300.174 |
6024.120 |
2997.401 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4587.775 |
4700.779 |
2245.274 |
|
|
|
Purchases of Stock-in-Trade |
1970.648 |
120.700 |
174.054 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(335.814) |
89.834 |
(223.307) |
|
|
|
Employees benefits expense |
127.940 |
116.553 |
95.194 |
|
|
|
Other expenses |
773.104 |
781.230 |
654.821 |
|
|
|
Exceptional items |
0.036 |
0.148 |
(29.100) |
|
|
|
TOTAL (B) |
7123.689 |
5809.244 |
2916.936 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
176.485 |
214.876 |
80.465 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
144.669 |
147.687 |
77.159 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.816 |
67.189 |
3.306 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
139.772 |
138.326 |
137.129 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(107.956) |
(71.137) |
(133.823) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.150 |
0.189 |
1.941 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(108.106) |
(71.326) |
(135.764) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1739.830) |
(1668.504) |
(1532.740) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1847.936) |
(1739.830) |
(1668.504) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5.767 |
0.120 |
28.882 |
|
|
TOTAL EARNINGS |
5.767 |
0.120 |
28.882 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
877.609 |
515.481 |
1193.647 |
|
|
|
Capital Goods |
6.178 |
1.011 |
0.000 |
|
|
TOTAL IMPORTS |
883.787 |
516.492 |
1193.647 |
|
|
|
|
|
|
|
|
|
|
Earnings
/(Loss) Per Share (Rs.) |
(0.46) |
(0.30) |
(0.58) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.48) |
(1.18) |
(4.53) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.49) |
(1.18) |
(4.47) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.93) |
(2.270 |
(3.68) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
(0.10) |
(0.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.32 |
1.89 |
1.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.36 |
1.33 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
852.451 |
852.720 |
875.940 |
|
Reserves & Surplus |
(101.686) |
(173.012) |
(281.118) |
|
Net
worth |
750.765 |
679.708 |
594.822 |
|
|
|
|
|
|
long-term borrowings |
1320.828 |
1284.473 |
1143.534 |
|
Short term borrowings |
0.000 |
0.000 |
238.755 |
|
Total
borrowings |
1320.828 |
1284.473 |
1382.289 |
|
Debt/Equity
ratio |
1.759 |
1.890 |
2.324 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2996.011 |
6013.714 |
7248.638 |
|
|
|
100.724 |
20.535 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2996.011 |
6013.714 |
7248.638 |
|
Profit / (Loss) |
(135.764) |
(71.326) |
(108.106) |
|
|
(4.53%) |
(1.19%) |
(1.49%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation Date : 26/09/2013 |
|||||||
|
Lodging No. : |
NMAL/1898/2013 |
Failing Date:- |
26/09/2013 |
Reg. No.:- |
NMA/1371/2013 |
Reg. Date:- |
04/10/2013 |
|
Main Matter |
|||||||
|
Lodging No.:- |
CEXAL/103/2010 |
|
|||||
|
Petitioner:- |
THE COMMISSIONER OF CENTRAL EXCISE |
Respondent:- |
INDIA STEEL WORKS LIMITED |
||||
|
Petn.Adv:- |
SUCHITRA KAMBLE (0) |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
SINGLE |
Category:- |
NOTICE OF MOTION (TAX) |
||||
|
Status:- |
Pre-Admission |
|
|
||||
|
|
|
||||||
|
Act. : |
Central Excise and Salt Act |
|
|||||
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Others ** |
324.427 |
779.927 |
|
From related parties ** |
699.308 |
416.057 |
|
Total |
1023.735 |
1195.984 |
|
** The instalment falling due within 12 months after report date is Nil as terms of repayment are not predetermined. |
||
COMPANY OVERVIEW
The Company was incorporated on April 15, 1987 as Khanna and Roy Heavy Engineering Private Limited, under the Companies Act, 1956.
The name was changed to Isibars Private Limited on May 9, 1991. Further Isibars Private Limited changed to Isibars Limited on November 29, 1991.Fresh Certificate of Incorporation upon change of name from Isibars Limited to subject was issued on October 22, 2007.The Company is involved in the business of steel.
OPERATIONS
Even in the background of sluggish economy, the Company was able to maintain credible and sustainable, year-on-year growth of 20% by clocking a turnover of Rs.7248.600 Millions in year as against a turnover of Rs.6013.700 Millions in the previous year of 2011-12.The impetus has been to widen and deepen the customer service base with a slow transit from job work to own manufacturing. However, pressure on EBIDTA margins continued, stemming from high cost of raw material finance from the creditors leading to a net loss of Rs.107.900 Millions.
During the year, the bright bar division was shifted from Turbhe to Khopoli, thus, completing the consolidation of all the manufacturing facilities of the Company at Khopoli. The Directors at its meeting held on 30.05.2013 has considered sale of Turbhe Lease hold Property as per the mandates obtained through postal ballot.
EXPORTS
The Company has been making aggressive forays in the international markets with regular customer meets and participation in international trade fairs for marketing the high value products. Though, direct exports of the Company, during the year, accounted to Rs.5.767 Millions only, the products of the Company being exported by traders and other associates were well received.
FINANCIAL
RESTRUCTURING
The Company is close to a successful exit from its financial restructuring under the aegis of Corporate Debt Restructuring (CDR) Scheme. Majority of the dues including the entire principal amounts were paid off in the financial year, while partial dues were converted into preference shares in accordance of the CDR Scheme. Financial closures in form of 'No Dues Certificate' were received from many CDR and all the Non-CDR lenders of the Company. General Insurance Company Limited and New India assurance Company Limited assigned their debts under CDR to Kotak Mahindra Bank Limited (KMBL). KMBL gave a fresh sanction for the same. Punjab and Sind Bank and Oriental Bank of Commerce, who admitted to full satisfaction of their dues with interest, in the Hon'able High Court of Bombay, have failed to provide their 'No Dues Certificate' on account of their own procedural lags till the date of this Report. The liquidated damages, delayed payment interest, etc., have been paid to the satisfaction of ARCIL, in the current year and ARCIL has issued a 'No Dues Certificate', on 22nd day of May, 2013.
Fresh Funding
The Company has obtained a long term loan of Rs.106.800 Millions and working capital facilities to the tune of Rs.260.000 Millions from Kotak Mahindra Bank Limited (KMBL).
MANAGEMENT DISCUSSION
AND ANALYSIS
OUTLOOK
The long-term outlook for steel demand in India is quite robust due to increasing demand from several sectors, including automotive, consumer durables, oil and gas, industrial machinery, real estate and infrastructure. Though there could be a supply constraints in India in 2013-14, steel prices are likely to remain under pressure due to a steady stream of imports. However, there are many opportunities that are helping the Indian steel market grow. To exploit the opportunities, Long term marketing / technical alliances are expected in the current year. The Company is also expected to optimize its capacity utilization. The Company's end eavour is to take advantage of growth opportunities and thereby enhancing the stake holders values.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10501459 |
13/05/2014 |
200,000,000.00 |
DOMBIVLI NAGARI SAHAKARI BANK LIMITED |
5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C05906466 |
|
2 |
10377586 |
03/09/2012 |
366,800,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B58492943 |
|
3 |
80065429 |
01/10/2012 * |
30,000,000.00 |
GENERAL INSURANCE CORPORATION OF INDIA |
SURAKSHA,170 J TATA ROAD, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
B62604186 |
|
4 |
80061920 |
10/09/1997 * |
34,850,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163, BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
5 |
80027594 |
28/03/2007 * |
395,800,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DADAR(WEST), MUMBAI, MAHARASHTRA 400028, MUMBAI, MAHARASHTRA - 400028, INDIA |
A15370638 |
|
6 |
80026955 |
17/02/2007 * |
96,000,000.00 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
THE RUBY, 10TH FLOOR, 29, SENAPATI BAPAT MARG, DADAR(WEST), MUMBAI, MAHARASHTRA 400028, MUMBAI, MAHARASHTRA - 400028, INDIA |
A13323209 |
|
7 |
80049078 |
31/01/2008 * |
122,500,000.00 |
BANK OF BARODA |
OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A49293897 |
|
8 |
80049079 |
31/01/2008 * |
122,500,000.00 |
BANK OF BARODA |
OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A49293962 |
|
9 |
80049080 |
31/01/2008 * |
122,500,000.00 |
BANK OF BARODA |
OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A49294051 |
|
10 |
80049081 |
31/01/2008 * |
122,500,000.00 |
BANK OF BARODA |
OVERSEAS BRANCH,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A49294101 |
* Date of charge modification
FIXED ASSETS
- Land
- Factory Buildings
- Plant and Machinery
- Data Processing Equipment
- Motor Vehicles
- Office Equipment
- Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.